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सुनील एग्रो फूड्स

बीएसई: 530953  |  NSE: N.A  |  ISIN: INE224D01012  |  Miscellaneous

खोजें सुनील एग्रो फूड्स कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
We have audited the accompanying financial statements of Sunil Agro
 Foods Limited (the Company), which comprise the Balance Sheet as at
 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 2.  Management''s Responsibility for the Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014.  This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 3.  Auditors'' Responsibility
 
 3.1 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the provisions
 of the Act, the accounting and auditing standards and matters which are
 required to be included in the audit report under the provisions of the
 Act and the Rules made thereunder. We conducted our audit in accordance
 with the Standards on Auditing specified under Section 143(10) of the
 Act. Those Standards require that we comply with ethical requirements
 and plan and perform the audit to obtain reasonable assurance about
 whether the financial statements are free from material misstatement.
 
 3.2 An audit involves performing procedures to obtain audit evidence
 about the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 3.3 We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 standalone financial statements.
 
 4.  Basis for Qualified Opinion
 
 4.1 As per Accounting Policy number 2.8, the company has valued the
 investment at cost. As on March 31, 2015 there is a fall in the value
 of investments to the extent of Rs.30.07 lacks. The company has created
 provision for fall in the value of investment only to the extent of
 Rs.0.91 lacks in the earlier years. The impact of non-provision for the
 fall in the value of investment is,
 
 * Profit is overstated to the extent of Rs.29.16 lacks and investment
 are overstated to the same extent
 
 5.  Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanation given to us, except for the effects of the matter described
 in the Basis for Qualified Opinion paragraph above, the aforesaid
 
 financial statements give the information required by the Act in the
 manner so required and give a true and fair view in conformity with the
 accounting principles generally accepted in India, of the state of
 affairs of the company as at 31 st March, 2015 and its profit and its
 cash flows for the year ended on that date.
 
 6.  Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India:
 
 * in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2015;
 
 * in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 * in the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 7.  Report on Other Legal and Regulatory Requirements
 
 7.1 As required by the Companies (Auditor''s Report) Order, 2015 (the
 order), issued by the Central Government of India in terms of sub
 section (11) of section 143 of the Act, we give in the Annexure a
 statement of the matters specified in paragraphs 3 and 4 of the Order.
 
 7.2 As required by Section 143(3) of the Act, we report that:
 
 a.  We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 b.  In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 c.  The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 d.  In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. Except in para 4.1
 above.
 
 e.  On the basis of the written representations received from the
 directors as on 31 st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 f.  With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - refer note 30.
 
 ii.  the Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. there were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company;
 
 ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
 
 Referred to in paragraph 7.1 of our report of even date
 
 Based upon the information and explanations furnished to us and the
 books and records examined by us in the normal course of audit and to
 the best of our knowledge and belief, we report that:
 
 1.  In respect of Fixed Assets:
 
 a.  The company has maintained proper records showing particulars of
 fixed assets and has been updated.
 
 b.  As explained to us, the fixed assets have been physically verified
 by the management during the year in a phased periodical manner, which
 in our opinion is reasonable, having regard to the size of the company
 and nature of its assets. As informed to us, no material discrepancies
 were noticed on such physical verification.
 
 c.  The company has not disposed off substantial part of fixed assets
 during the year and therefore do not affect the going concern
 assumption.
 
 2.  In respect of its inventories:
 
 a.  As explained to us, inventories have been physically verified by
 the management during the year. In our opinion, frequency of
 verification is reasonable.
 
 b.  In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c.  The Company is maintaining proper records of inventory. As
 explained to us, there were no material discrepancies noticed on
 physical verification of inventory as compared to the book records.
 
 3.  In respect of loans secured or unsecured, granted or taken by the
 Company to/from Companies, firms or other parties covered in the
 register maintained under Section 189 of the Companies Act, 2013:
 
 During the period covered by our audit, company has not granted any
 loan to any person covered under the register maintained under section
 189 of the Companies Act, 2013. Hence, provisions of paragraph 3(iii)
 of the Order are not applicable.
 
 4. In our opinion and according to the information and explanations
 given to us, there exists an adequate internal control system
 commensurate with the size of the Company and the nature of its business
 for the purchase of inventory, fixed assets and with regard to the sale
 of goods and services. During the course of our audit, no major weakness
 has been noticed in the internal control system in respect of these
 areas.
 
 5.  During the year covered under our audit, the company has not
 accepted any deposits from the public. Hence commenting on the
 compliance of Section 73 to 76 of the Companies Act, 2013 read with
 rule framed thereunder and the directives issued by the Reserve Bank of
 India does not arise.
 
 6.  According to the information and explanations given to us,
 maintenance of cost records under sub section (1) of section 148 of the
 Companies Act, 2013 read with companies (cost records and audit)
 Rules,2014 has been prescribed to the Company. We are of the opinion
 that, prima facie, the prescribed cost records are maintained. We have,
 however, not made a detailed examination of the cost records with a
 view to determine whether they are accurate or complete.
 
 7.  In respect of statutory dues:
 
 a.  Undisputed statutory dues including Provident Fund, Investor
 Education and Protection Fund, Employees'' State Insurance, Sales Tax,
 Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
 dues applicable to it have generally been regularly deposited with the
 appropriate authorities though there have been slight delays in
 remittance of Tax deducted at source and Value Added Tax in a few
 cases.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Provident Fund, Investor
 Education and Protection Fund, Employees'' State Insurance, Wealth Tax,
 Custom Duty, Excise Duty, Cess and other undisputed statutory dues were
 outstanding, at the year end, for a period of more than six months from
 the date they became payable.
 
 b.  According to the information and explanations given to us, except
 income tax dues as detailed below there are no dues of sales tax,
 custom duty, wealth tax, excise duty, and cess which have not been
 deposited on account of any dispute.
 
 Name of the Act         Financial Year   Amount of Demand  Amount paid
                                           (In Rs.)        under protest
                                                             (In Rs.)
 
 Income Tax Act, 1962   2010-2011         17,782            17,782
 
 
 Name of the Act                      Forum where
                                     dispute is pending
 
 
 Income Tax Act, 1962                CIT (Appeals)  - VI
                                         Bangalore
 
 c.  According to the information and explanations given to us, there
 are no amounts required to be transferred to Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made thereunder.
 
 8.  The company does not have any accumulated losses as at the end of
 the financial year. Further, the Company has not incurred any cash
 losses during the financial year covered by our audit and also in the
 immediately preceding financial year.
 
 9.  Based on our audit procedures performed and according to the
 information and explanations given by the management, the company has
 not defaulted in the repayment of dues to any banks / financial
 institutions. Also, the company has not issued any debentures.
 
 10.  According to information given to us and based on the records and
 documents produced to us, the company has not given any security /
 guarantee for loan taken by others from banks/ financial institutions.
 
 11. During the year covered under our audit, the company has taken a
 term loan. According to the information and explanations given to us,
 the term loan was utilized for the purpose for which it was availed.
 
 12. Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no fraud on or by the company has been noticed or reported during
 the course of our audit
 
                                                          For MSSV & CO.
                                                   Chartered Accountants
                                                   Firm Reg. No. 001987S
 
 Place : Bangalore                                       D. R. Venkatesh
 Date : May 30, 2015                                             Partner
                                                    Membership No. 25087
 
 
 
स्रोत: रेलीगरे टेचनोवा

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