To the Members of
Srinivasa Hatcheries Limited
Report on the Financial Statements
1. We have audited the accompanying financial statements of Srinivasa Hatcheries
Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015,
the statement of Profit and Loss and the Cash Flow Statement for the year then ended, and
a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
2. The Companys 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
and presentation of these 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.
Auditors Responsibility
3. Our responsibility is to express an opinion on these financial statements based on
our audit.
4. 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 rules made there under.
5. 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.
6. 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
auditors 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 Companys 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 Companys Directors, as well as
evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
Opinion
8. 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, of the state of affairs of the Company as at March
31, 2015 and its Profit and its Cash Flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditors Report) Order, 2015, issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act ( hereinafter
referred to as the "Order") and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the matters specified in
the paragraph 3 and 4 of the Order, to the extent applicable.
10. 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.
(e) On the basis of the written representations received from the directors as on March
31, 2015 taken on record by the Board of Directors, none of the directors is disqualified
as on March31, 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 Auditors 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 as on March 31, 2015 on
its financial position in its financial statements;
ii. The Company has made provision, as required under the applicable law or Accounting
Standards, for material foreseeable losses, if any, on long term contracts. The Company
neither entered into any derivative contract during the year nor have any outstanding
derivative contract at the end of the year;
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company during the year ended March 31,
2015.
|
For S Daga & Co. |
|
Chartered Accountants |
|
(ICAI FRN: 000669S) |
|
(Shantilal Daga) |
| Place : Hyderabad |
M. No. 011617 |
| Date : 29.05.2015 |
Partner |
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
Referred to in paragraph 9 of the Independent Auditors Report of even date to the
members of Srinivasa Hatcheries Limited on the financial statements as of and for the year
ended March 31, 2015
(i) (a) The Company is maintaining proper records showing full particulars, including
quantitative details and situation, of fixed assets.
(b) The fixed assets are physically verified by the Management during the year and
there is regular program of verification which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
(ii) (a) The inventory has been physically verified by the management during the year.
In respect of inventory lying with the parties, these have substantially been confirmed by
them. In our opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of the company and the
nature of its business.
(c) On the basis of our examination of the inventory records, in our opinion, the
Company is maintaining proper records of inventory. The discrepancies noticed on physical
verification of inventory as compared to book records were not material.
(iii) The Company has granted unsecured loan to a firm covered in the register
maintained under Section 189 of the Act and the receipt of the principal amount and
interest thereon has been regular. There is no outstanding amount at the close of the
year.
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control procedures commensurate with the size of the Company
and the nature of its business for the purchase of inventory and fixed assets and for the
sale of goods and services. Further, on the basis of our examination of the books and
records of the Company, and according to the Information and explanations given to us, we
have neither come across, nor have been informed of, any continuing failure to correct
major weaknesses in the aforesaid internal control system.
(v) The Company has not accepted any deposits from the public within the meaning of
Sections 73 and 74 of the Act and the rules framed there under to the extent notified.
(vi) The Central Government has not prescribed the maintenance of cost records under
section 148(1) of the Act, in respect of goods traded by the company.
(vii) (a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion the company is regular in depositing undisputed
statutory dues, including provident fund, employees state insurance, Income tax, Sales
tax/CST, Wealth Tax, Service tax, duty of customs, duty of excise, cess, value added tax
and other material statutory dues as applicable to it, with appropriate authorities.
According to the information and explanations given to us, there are no material dues
of Income tax, Sales tax/CST, Wealth Tax, Service tax, duty of customs, duty of excise,
cess were in arrears, as on March 31, 2015 for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us and the records of the
company examined by us, the particulars of dues of sales tax including value added tax,
duty of customs and duty of excise as at March 31, 2015 which have not been deposited on
account of a dispute are as follows:
| Sl.No. |
Name of the Statute |
Nature of Dues |
Amount (Rs. In Lakhs) |
Period to which the amount relates |
Forum where the dispute is pending |
Amount Deposited (Rs. In Lakhs) |
| 1. |
Income Tax Act, 1961 |
Interest |
20.77 |
AY 1991-92 |
CCIT |
Nil |
| 2. |
Electricity Department |
Interest |
0.85 |
— |
Appropriate Authority |
Nil |
(c) The amount required to be transferred to Investor Education and Protection Fund has
been transferred with in the stipulated time in accordance with the provisions of the
Companies Act, 1956 and the rules made there under.
(viii) The company has no accumulated losses as at the end of the year and has not
incurred cash losses during the financial year ended on that date and in the immediately
preceding financial year.
(ix) According to the records of the examined by us, the Company has not defaulted in
repayment of dues to financial institutions, banks and bond holders during the current
financial year. There are no overdue as on March 31, 2015.
(x) In our opinion and according to the information and the explanations given to us,
the company has not given any guarantees for loans taken by others from banks and
financial institutions.
(xi) In our opinion and according to the information and explanations given to us, the
term loans have been applied on an overall basis for the purposes for which they were
obtained.
(xii) According to the information and explanations given to us, no material fraud on
or by the Company has been noticed or reported during the course of our audit nor have
been informed of such case by the Management.
|
For S Daga & Co. |
|
Chartered Accountants |
|
(ICAI FRN: 000669S) |
|
(Shantilal Daga) |
| Place : Hyderabad |
M. No. 011617 |
| Date : 29.05.2015 |
Partner |
+91-9892691696
