Independent Auditor
To The Members of
Milk Partners India Limited
(Formerly Known as Ravileela Dairy Products Limited)
Report on the financial Statements
We have audited the accompanying financial Statements of M/s. Milk Partners India
Limited (Formerly Known as Ravileela Dairy Products Limited) which comprise the
Balance Sheet as at 31st March 2014, The statement of Profit & Loss Account and the
cash flow Statement for the year ended, and a summary of the significant accounting
policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companies management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and financial
performance of the company in accordance with the accounting standards referred to in
Sub-section (3C) of section 211 of the companies Act, 1956. This responsibility includes
the design, Implementation and maintenance of internal control relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free
from material misstatements, whether due to fraud or error.
Auditors Responsibility
We have audited the attached Balance Sheet of M/s. Milk Partners India Limited
(Formerly Known as Ravileela Dairy Products Limited), as at 31st March 2014, the Profit
& Loss Account and also the Cash Flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in
India. These standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatements. An
audit includes examining on test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by the management as well as evaluating the overall
financial statement presentation.
We believe that our audit evidence, we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by
the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a) We have 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 Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the
Act.
e) On the basis of the written representations received from the directors as on March
31, 2014 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2014 from being appointed as a director in terms of Section 274(1)(g) of
the Act.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us the said accounts read with other notes to accounts and accounting policies
give the information required by the Companies Act 1956, in the manner so required and
give a true and fair view:-
i) In the case of Balance Sheet of the state of the affairs of the Company as at 31st
March 2014 and
ii) In the case of Profit & Loss Account of the Profit of the Company for the year
ended on that date.
iii) In the Cash Flow statement of the Cash Flow for the year ended on that date.
|
For M M Reddy & Co. |
|
Chartered Accountants |
|
FRN: 010371S |
| Place: Secunderabad |
Sd/- |
| Date: 13.08.2014 |
M. Madhusudhana Reddy |
|
Partner |
|
Membership No. 213077 |
Annexure to the Auditors Report (referred to in paragraph 3 of our Report of even date
to the Members of MILK PARTNERS INDIA LIMITED (Formerly Known as Ravileela Dairy Products
Limited) for the year ended March 31, 2014)
1. (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) Fixed Assets have been physically verified by the management and, in our opinion,
the verification is reasonable having regard to the size of the company and the nature of
its assets. No discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during the year.
2. In respect of its inventories:
a) The Inventory of the Company has been physically verified during the year by the
management. In our opinion, the 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 has maintained proper record of inventories. As explained to us, there
were no material discrepancies notices on physical verification of inventories as compared
to the book records
3. As informed the Company has taken loans, secured unsecured from companies, firms or
other parties covered in the register maintained under Section 301 of the Companies Act,
1956. Details are given below
| S.No |
Name of the party |
Closing Balance |
Transactions During the year |
| 1 |
P.Srinivasa Reddy |
Nil |
1,00,00,000 |
| 2 |
Taruni Dairy Products Pvt Ltd |
1,98,81,879 |
1,98,81,879 |
| 3 |
V. Satyanaryana Reddy |
2,08,75,868 |
4,08,75,868 |
4. On the basis of checks carried out during the course of audit and as per
explanations given to us, we are of the opinion that there are adequate internal control
procedures commensurate with the size of the company and the nature of its business; for
the purchases of inventory and fixed assets and for the sale of goods. During the course
of our audit, no major weakness has been noticed in the internal controls.
5. a) In our opinion and according to the information and explanations given to us, we
are of the opinion that the transactions that need to entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations given to us,
transactions made in pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rupees
five Lakhs in respect of each party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations given to us, the
company has not accepted any deposits with in the meaning of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to
the deposits accepted from the public.
7. In our opinion, the company has an internal audit system commensurate with the size
and nature of its business.
8. To the best our knowledge and as explained, the Central Government has not
prescribed maintenance of cost records under Section 209 (i) (d) of the of the Companies
Act, 1956 in respect of the Companys nature of business.
9. (a) According to the records of the company, the company is regular in depositing
undisputed statutory dues including provident fund, employees state insurance, Income
Tax, Wealth Tax, Customs Duty, Excise duty, cess and other material statutory dues
applicable at the end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there are no income tax,
wealth tax, sales tax, customs duty and excise duty, which have not been deposited on
account of any dispute. There were no dues on account of cess under 441A of the Companies
Act 1956, since the date from which the aforesaid section comes into force has not yet
been notified by the Central Government.
10. The company has the accumulated losses of Rs.6, 69, 88, 772/- as at the end of the
financial year and it has not incurred any cash losses during the current financial year
covered by our audit and the immediately preceding financial year.
11. Based on our audit procedures and on the information and explanations given by the
management, we are of the opinion that the company did not have any outstanding dues to
financial Institutions, Banks or Debenture holders.
12. According to the information and expiations given to us, the Company has not
granted loans and advances on the basis of security by way of pledge of shares, debentures
and other securities.
13. In our opinion, the Company is not a chit or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to
the Company.
14. The company is not in the business of dealing or trading in shares, securities,
debenture and other instruments. Accordingly, the provisions of clause 4(xiv) of the Order
are not applicable to the Company.
15. The company has not given any guarantee for loans taken by others from banks or
financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the Balance Sheet of the company as at 31.03.2014,
since there is no loans availed by the company from the banks, the utilization of funds
does not arise.
18. The company has not made any preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not have any
outstanding debentures during the year.
20. During the year the company has not raised money through the Public Issue, the
utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M M Reddy & Co. |
|
Chartered Accountants |
|
FRN: 010371S |
| Place: Secunderabad |
Sd/- |
| Date: 13.08.2014 |
M. Madhusudhana Reddy |
|
Partner |
|
Membership No. 213077 |
+91-9892691696
