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Mar 12
Auditor's Report (Premier Proteins) Year End : Mar '13
We have audited the accompanying financial statements of PREMIER
 PROTEINS LIMITED which comprises of the Balance Sheet as at March 31,
 2013, and the Statement of Profit and Loss and the Cash Flow Statement
 for the year ended, and a summary of significant accounting policies
 and other explanatory information.
 
 Management''s Responsibility
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position and
 financial performance in accordance with the Accounting Standards
 referred to in sub-section (3C) of section 211 of the Companies Act,
 1956 (the Act). 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 misstatement, whether due
 to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and 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 control relevant to the Company''s
 preparation and fair presentation of the financial statements in order
 to design audit procedures that are appropriate in the circumstances.
 An audit also includes evaluating the appropriateness of accounting
 policies used and the reasonableness of the accounting estimates made
 by management, as well as evaluating the overall presentation of the
 financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us except for the effects of the matter described
 in the other matter paragraph. The 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:
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2013 and
 
 (b) In the case of the Statement of Profit and Loss, of the Loss for
 the year ended on that date.
 
 (c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Other Matters .
 
 a.  Note no.9 in respect of transfer of funds to Investor Education &
 Protection Fund.
 
 b.  Note no. 29 (a) 4 (b) in respect of Accounting for Employee
 benefits as per revised AS-15 to some extent only.
 
 c) Note no .34 regarding contingent liabilities in respect of non
 provision of demand of Commercial Tax of Rs.31,55,443/-
 
 d) The company has not adjusted interest @ 12 % on loans taken from
 related parties as agreed on Rs.7,63,25,742/- .The amount of interest
 on such loans is of Rs.92,34,089/-.
 
 The Impact of item (a) to (c) is not their but considering the impact
 of item (d) above if the interest would have been charged the loss for
 the year would have been Rs.3,12,53,016/- before tax and
 Rs.2,43,59,942/- after tax and accordingly the Reserves and Surplus
 would have been Rs.(-)14,91,51,489/-.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 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 purpose of our
 audit;
 
 b.  In our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books and proper returns adequate for the purposes of our audit have
 been received from branches not visited by us;
 
 c.  The Balance Sheet, 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, Statement of Profit and Loss and
 the Cash Flow Statement comply with the Accounting Standards referred
 to in subsection (3C) of section 211 of the Companies Act, 1956;
 
 e.  On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 Annexure Referred to in paragraph 1 of our Audit report of even date on
 the accounts for the year ended 31st March 2013 of PREMIER PROTEINS
 LIMITED
 
 As required by the companies (Auditors report) order 2003 issued by the
 Company law Board in the terms of section 227(4A) of the Companies Act
 1956, we have further to report that: -
 
 1. (a) In respect of fixed assets; the Company has maintained proper
 records showing full particulars including quantitative details and
 situation of fixed assets.
 
 (b) These Fixed Assets have been physically verified by the management,
 in accordance with the programme of verification adopted by the
 company. In our opinion, the frequency of verification is reasonable
 having regard to the size of the company and the nature of its assets.
 
 (c) There was no substantial disposal of fixed assets during the year.
 
 2 (a) The inventory of the Company has been physically verified by the
 management during the year and at the year end. 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 inventory
 followed by the management were found 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 records of inventory, in our
 opinion, the Company has maintained proper records of inventory and
 discrepancies noticed on physical verification between the physical
 stocks and the book records were not material in relation to the
 operations of the Company.
 
 3.  (a) According to the information and explanations given to us,
 
 the company has not granted any loans secured or unsecured to
 Companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956.Accordingly the provision
 of Clause 4(iii)(a) to
 
 (d) of the Companies (Auditor''s Report )0rder,2003(as amended) are
 not applicable to company and hence not commented upon.
 
 (b) According to the information and explanations given to us, the
 company has taken unsecured loan from one party covered in the register
 maintained under section 301 of the Companies Act, 1956. However
 interest for the year as per agreed rate 12% has not been adjusted
 during the year and were considered as without Interest .The
 outstanding balance as on 31.03.2013 was Rs.76325742/- and the maximum
 balance outstanding was Rs.77506133/-.
 
 4.  In our opinion and according to the information and explanation
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods and sen/ices. During the course of our
 audit, we have not observed any continuing failure to correct major
 weaknesses in internal controls.
 
 5.  (a) In our opinion and according to the information and
 
 explanations given to us, the particulars of contracts or arrangements
 or transactions referred to in section 301 of the Companies Act, 1956
 have been entered in the register required to be maintained under
 Section 301 of the companies Act, 1956.
 
 (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 have been made at prices which are prima facie
 reasonable, having regard to prevailing market prices at the relevant
 time where such market prices are available.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has. not accepted any deposit from public in
 contravention with the provisions of Section 58-A and 58AA or any other
 relevant provisions of the Act and the Companies (Acceptance of
 Deposits) Rules, 1975. No order has been passed by the Company Law
 Board or National Company Law Tribunal or Reserve Bank of India or any
 Court or any other Tribunal on the Company in respect of any deposits.
 
 7.  The Company has an Internal Audit System, which in our opinion is
 adequate and commensurate with the size of the Company and nature of
 its business.
 
 8.  In our opinion and as per explanation given to us the Cost Records
 are not required to be maintained by the Company pursuant to the
 Companies (Cost Accounting Records) Rules 2011 prescribed by the
 Central Government u/s209 (1) (d) of the Companies Act 1956.
 
 9.  (a) According to the information and explanations given to us, the
 Company is generally regular in depositing provident fund and employees
 state insurance with appropriate authorities during the year.
 
 (b) According to the information and explanations given to us, no
 undisputed amount payable in respect of income-tax, sales tax,
 wealth-tax, service-tax customs duty, excise duty, cess as on 31.3.2013
 were outstanding for a period of more than six months from the date
 they became payable except for Sales tax, Entry tax & T.D.S.
 aggregating to Rs.13218257/- for earlier years were due for payment for
 more than 6 months.
 
 (c) As on 31st March 2013, According to the records of the company and
 the information and explanations given to us, the following are the
 particulars of dues on account of Income tax, Excise Duty, Cess, Sales
 Tax Service Tax Custom duty and wealth Tax matters that have not been
 deposited on account of disputes:-
 
 S.     Name of the ''   Nature of Dues     Amount    Forum where
 No.    Statute         Disputed       (Rs.in lacs)  PendinG
 
 1.     M.P Commercial  Sales Tax       31,55,443/-  Commissioner
        Tax             & EntryTax 
                        Demand                       of Sales tax
        Act 1994        including 
                        interest                     Indore
                        & Penalty
 
 10.  (a) The Company has not made cash profit during the financial
 
 year covered by our audit and also in the immediately preceding
 financial year and it has accumulated losses as on 31.03.2013 exceeding
 its net worth.
 
 (b) According to the information provided by the company , the company
 is a Sick Industrial Company within the meaning of section 3 (I) (o) of
 the Sick Industrial Companies (Special Provision) act,1985 and is duly
 registered with BIFR.
 
 11.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to
 financial institutions, banks during the year.
 
 12.  According to the information and explanations given to us, the
 Company has not granted any loans and advances on the basis of security
 by way of pledge of shares, debentures and other securities. Therefore,
 the other provisions of clause 4 (xii) of the companies (Auditor''s
 Report) Order, 2003 are not applicable to the Company.
 
 13.  In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund or a nidhi/mutual benefit
 fund / society. Therefore, the provisions of clause 4(xiii) of the
 Companies (Auditor''s Report) Order, 2003 are not applicable to the
 Company.
 
 14.  In our opinion, according to the information and explanations ,
 given to us, the Company is not dealing in or trading in shares,
 securities, debentures and other investments.
 
 15.  According to the information and explanation given to us, the
 Company has not given any guarantees for loans taken by others from
 banks or financial institutions during the year.
 
 16.  According to the information and explanation given to us, the
 company has not taken any term loans during the year.
 
 17.  According to the information and explanations given to us and an
 overall examination of the Balance Sheet of the company, we report that
 funds raised on short-term basis, have been used for short term purpose
 only.
 
 18.  The Company has not made preferential allotment of share to
 parties and Companies covered in the register maintained under Section
 301 of the Companies Act, 1956 during the year covered by our audit.
 
 19.  The company has not issued any debentures during the year under
 review.
 
 20.  The company has not raised any money by public issues during the
 year under review.  .
 
 21.  To the best of our knowledge and belief and according to the
 information and explanation given to us, no fraud on or by the Company
 has been noticed or reported during the course of our audit.
 
                                     For MIs. M. MEHTA & CO.
 
                                     Chartered Accountants 
 
                                     Firm Reg. No. 000957C
 
 Place : INDORE                      CA P.R. BANDI
 
 Date : 31/08/2013                  (Partner)
 
                                     M.No. 016402
Source : Dion Global Solutions Limited
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