Election 2014
SENSEX NIFTY
Milk Partners India | Auditor's Report > Food Processing > Auditor's Report from Milk Partners India - BSE: 519335, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > FOOD PROCESSING > AUDITORS REPORT - Milk Partners India
Milk Partners India
BSE: 519335|SECTOR: Food Processing
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
Milk Partners India is not traded in the last 30 days
Milk Partners India is not listed on NSE
Mar 12
Auditor's Report (Milk Partners India) Year End : Mar '13
1.  We have audited the attached Balance Sheet of RAVI LEELA DAIRY
 PRODUCTS LIMITED, as at March 31, 2013 and also the related Profit and
 Loss account for the year ended on that date annexed thereto. These
 financial statements are the responsibility of the Company''s
 management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 2.  We conducted our audit in accordance with the auditing standards
 generally accepted in India. Those Standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement. An audit
 includes examining, on a 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 management, as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003 as
 amended (''the Order'') issued by the Central Government of India in
 terms of sub-section (4A) of section 227 of the Companies Act, 1956
 (''the Act''), we enclose in the Annexure, a statement on the matters
 specified in paragraphs 4 and 5 of the said Order.
 
 4.  Further to our comments in the Annexure referred to in paragraph
 (3) above, we report that:
 
 (i) 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;
 
 (ii) 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;
 
 (iii) The Balance Sheet, Profit and Loss Account a dealt with by this
 report are in agreement with the books of account;
 
 (iv) In our opinion, the Balance Sheet, Profit and Loss Account dealt
 with by this report comply with the accounting standards referred to in
 sub-section (3C) of section 211 of the Act.
 
 (v) On the basis of written representations received from the
 directors, as on March 31, 2013 and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 31st March 2013 from being appointed as a director in terms of clause
 (g) of sub-section (1) of section 274 of the Act.
 
 (vi) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts together with the notes
 thereon 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 Profit and Loss Account, of the Loss for the
 year ended on that date;
 
 Annexure to the Auditors'' Report (referred to in paragraph 3 of our
 Report of even date to the Members of RAVILEELA DAIRY PRODUCTS LIMITED
 for the year ended March 31, 2013)
 
 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     Transactions During
                                Balance     the year
 
 1 P.Srinivasa Reddy           1,00,00,000   Nil
 
 2 Taruni Dairy Products 
   Pvt Ltd                     1,98,81,879   Nil
 
 3 V. Satyanaryan Reddy        4,08,75,868   Nil
 
 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 Company''s
 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.14,13,12,501 as at
 the end of the financial year and it has incurred any cash losses of
 Rs. 24,78,640 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
 31.03.2013, since there is no loans availed by the company, 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 
 
                                        Firm Reg. No.010371S
 
                                        Sd/-
 
 Place: Hyderabad                      (M. Madhusudhana Reddy) 
 
 Date 30.05.2013                        Partner
 
                                        Membership No.213077
Source : Dion Global Solutions Limited
Quick Links for milkpartnersindia
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.