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Hatsun Agro Products Ltd.

BSE: 531531 | NSE: HATSUN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE473B01035 | SECTOR: Food Processing

BSE Live

Oct 14, 16:00
1456.85 -3.25 (-0.22%)
Volume
AVERAGE VOLUME
5-Day
3,040
10-Day
4,267
30-Day
9,458
934
  • Prev. Close

    1460.10

  • Open Price

    1468.10

  • Bid Price (Qty.)

    1450.05 (197)

  • Offer Price (Qty.)

    1456.85 (51)

NSE Live

Oct 14, 15:59
1457.65 -3.40 (-0.23%)
Volume
AVERAGE VOLUME
5-Day
52,254
10-Day
121,650
30-Day
284,850
18,918
  • Prev. Close

    1461.05

  • Open Price

    1469.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1457.65 (197)

Annual Report

For Year :
2018 2017 2016 2015 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of Hatsun Agro Product Limited (the Company) as at 31st March 2006, the Profit and Loss account and also the Cash Flow Statement for the year ended on that dated 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. 2. We conducted our audit in accordance with 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 financing 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 (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. As more fully described in Note 2 (b) (iii) of Schedule 20 to the financial statements, certain income tax matters (financial estimate by the management of Rs. 15 million) in respect of the financial year ended 31st March 1996 are being contested by the Company and the matter is pending with the High Court of Judicature, Chennai. Pending a final resolution of the uncertainties in this connection, no provision towards tax and other consequential adjustment, if any, have been considered in the financial statements. 5. Without qualifying our opinion, we draw attention to Note 2 (a) of Schedule 20 to the financial statements. The funds received by the Company under the farmer loan schemes of ICICI Bank and UTI Bank (the Banks) are required to be disbursed to the farmers in accordance with the Management and Agency Agreements entered with the Banks. However, the Company has utilized the funds received under such farmer loan schemes in their capacity as an agent, to make payments against the trade payables. Accordingly, such funds are treated as unsecured loan funds and the interest is expended thereon. 6. Further to our comments in the annexure referred to above in paragraph 3, 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 the books of account; (c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable; (e) on the basis of written representations received from the Directors as at 31st March 2006 and taken on record by the Board of Directors, we report that no Director is disqualified from being appointed as a Director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and (f) in our opinion, to the best of our information and according to the explanations given to us, subject to the effect of adjustment, if any, that may be required had the outcome of the matter referred to paragraph 4 above been known, the said financial statements give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2006; (ii) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date, and (iii) in the case of Cash Flow Statement, of the flows for the year ended on that date For BSR & Co., Chartered Accountants Rajesh Arora Place : Goa Partner Date : 27th June 2006 Membership No : 76124 ANNEXURE TO AUDITORS REPORT The Annexure referred to in Auditors Report to the members of Hatsun Agro Product Limited (the Company) for the year ended 31st March 2006. We report that: 1. (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of two years. In our Opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) Fixed assets disposed off during the year were not substantial and therefore do not affect the going concern assumption 2. (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. (b) 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. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. The company has neither granted nor taken any loan, secured or unsecured to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit. 5. In our opinion, and according to the information and explanations given to us, there are no contracts and arrangements, the particulars of which need to be entered into the register maintained under section 301 of the Companies Act 1956. 6. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Sections 58A, 58AA or other relevant provisions of the Companies Act, 1956 and the rules framed thereunder/the directives issued by the Reserve Bank of India (as applicable) with regard to deposits accepted from the | public. Accordingly, there have been no proceedings before the National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal in this matter and no order has been passed by any of the aforesaid authorities. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. The Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for any of the products manufactured by the Company. 9. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Investor Education and Protection Fund and Cess. According to the information and explanations given to us, no undisputed amounts Payable in respect of Provident Fund, Employees State Insurance, Wealth Tax, Service Tax, Customs Duty, Excise Duty and other material statutory dues were in arrears as at 31st March 2006 for a period of more than six month from the date they became payable except in relation to Sales Tax payable pertaining to previous years amounting to Rs. 1,512 thousands. (b) According to the information and explanations given to us, the following dues of Income-tax and Sales Tax have not been deposited by the Company on account of disputes. Name of the Nature of the Amount Period to Forum where Statute Dues (Rs. which the dispute is thousands) amount pending relates Income-tax Act Disallowance of ** 1996-97 High Court of Non Compete fees Judicature, Chennai Income-tax Act Disallowance of 1,515 2003-04 Commissioner of expenses and Income-tax reduction of (Appeals) deduction under Chapter VIA Sales Tax Act as Sales Tax in 36 1993-94 Commercial Tax applicable in dispute Officer Tamil Nadu Sales Tax Act as Sales Tax in 119 1995-96 Sales Tax applicable in dispute Appellate Tamil Nadu Tribunal Sales Tax Act as Sales Tax in 3,638 1995-96 Commercial Tax applicable in dispute Officer Tamil Nadu Tamil Nadu Sales Tax Act as Sales Tax in 932 1996-97 Commercial applicable in dispute Officer Tamil Nadu Tamil Nadu Sates Tax Act as Sales Tax in 1,083 1996-97 Appellate applicable in dispute Assistant Tamil Nadu Commissioner Sales Tax Act as Sales Tax in 42 1997-98 Appellate applicable in dispute Assistant Tamil Nadu Commisioner Sales Tax Act as Sales Tax in 39 1998-99 Appellate applicable in dispute Assistant Tamil Nadu Commisioner Sales Tax Act as Sales Tax in 235 1999-00 Appellate applicable in dispute Tribunal Tamil Nadu Sales Tax Act as Sales Tax in 4,010 2000-01 High Court of applicable in dispute Judicature, Tamil Nadu Chennai Central Sales Tax Sales Tax in 172 2000-01 Appellate dispute Assistant Commissioner Total 11,821 ** Refer to Note 2 (b) (iii) of Schedule 20 to the financial statements. 10. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers or to any financial institutions. The Company did not have any outstanding debentures during the year. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of share, debentures and other securities. 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. 14. According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. 15. According to the information and explanations given to us, the Company has not given any Guarantee for loans taken by others from banks or financial institutions. 16. In our opinion and according to the information and explanations given to us, the term loans taken by the company have been applied for the purpose for which they were raised. 17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the funds raised on short-term basis amounting to approximately Rs. 328,030 thousands have been used for long term investment. 18 The Company has not made any preferential allotment of shares to companies/firms/parties covered in the register maintained under section 301 of the Companies Act, 1956. 19 The Company did not have any outstanding debentures during the year. 20 The Company has not raised any money by public issues during the year. 21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For BSR & Co., Chartered Accountants Rajesh Arora Place : Goa Partner Date : 27thJune 2006 Membership No : 76124