We have audited the accompanying financial statements of RATNAMANI AGRO
INDUSTRIES LIMITED( now known as MAHAVIR GREEN CROP LIMITED) (the
company), which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 (the Act) with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flow 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 the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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. Auditor''s
Our responsibility is to express an opinion on these financial
statements based on our audit. 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 the Rules made there under.
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 mis-statement.
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 financial control relevant to the Company''s
preparation of the financial statements that give true and fair view 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 Company''s Directors, 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 on the financial
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;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
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 appears from our examination of those
books [and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us ]
c) The reports on the accounts of the branch offices of the Company
audited under Section 143(8) of the Act by branch auditors have been
sent to us and have been properly dealt by us in preparing this report.
d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account. [And the returns received from the branches not visited by
e) 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.
f) The going concern matter described in sub-paragraph (b) under the
Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company.
g) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
h) With respect to the other matters included in the Auditor''s Report
and to our best of our information and according to the explanations
given to us:
i) .The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All fixed assets were physically verified by the management in the
previous year in accordance with a planned program of verifying them
one in three years which, in our opinion, is reasonable have regard to
the size of the company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(2) In Respect of Inventory
(a) The management has conducted physical verification of inventory at
reasonable intervals during the year.
(b) 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) Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
(3) Loans and advances to parties covered under section 189
The Company has granted loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under Section
189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a)
and (iii)(b) of the said Order are applicable to the Company.
(a) In respect of loans granted, repayment of the principal amount is
as stipulated and payment of interest have been regular.
(b) There is no overdue amount of any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act
(4) Internal Control in reference to Purchase of Inventory and Fixed
Assets and whether there is continue failure of Internal control
In our opinion and according to the information and explanations given
to us there are adequate internal control system 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.
During the course of audit We have not observed continuing failure to
correct major weaknesses in internal control system.
(5) Rules followed while accepting Deposits
In our opinion and according to the information and explanation given
to us the company has complied with the provisions of section 73 to 76
or any other relevant provisions of the companies Act, 2013 and
companies (Acceptance of deposits) Rules 2014 with regard to deposits
from the public. No order has been passed by Company Law Board or
national company law tribunal or Reserve Bank of India or any court or
any other tribunal in this regard.
(6) Maintenance of cost records
To the best of our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under sub-section (1) of
section 148 of the Companies Act for the products of the company.
(7) According to the information and explanations given to us in
respect of statutory dues
(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
generally regular in depositing the undisputed statutory dues in
respect of service tax, though there has been a slight delay in a few
cases, and is regular in depositing undisputed statutory dues,
including provident fund, employees'' state insurance, income-tax, sales
tax, wealth tax, duty of customs, duty of excise, value added tax, cess
and other material statutory dues, as applicable, with the appropriate
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of wealth tax
and value added tax which have not been deposited on account of any
(c) The amount required to be transferred to Investor Education and
Protection Fund has been transferred within the stipulated time in
accordance with the provisions of the Companies Act, 1956 and the rules
(8) Company which has been registered for a period less than five years
and accumulated losses are more than 50% of Net worth, Reporting of
The company''s accumulated losses at the end of the financial year are
more than Fifty percent of its net worth. The company has not incurred
cash loss during the year. In the immediately preceding financial year
the company had incurred cash loss.
(9) Default in Repayment of Loans taken from Bank or Financial
As the Company does not have any borrowings from any financial
institution or bank nor has it issued any debentures as at the balance
sheet date, the provisions of Clause 3(ix) of the Order are not
applicable to the Company.
Terms for Loans and Advances from Banks or Financial Institutions
prejudicial to the interest of the company
On the basis of records examined by us and information provided by the
management, we are of the opinion that the company has not given
guarantees for loans taken by other from banks or financial
Application versus purpose for which Loan Granted
The company did not have any term loans outstanding during the year.
Reporting of Fraud During the Year Nature and Amount
According to the information and explanation given to us, no fraud on
or by the company has been noticed or reported during the year.
FOR P D BRAHMKSHATRIYA & CO.
Place : Ahmedabad Reg No. :135919W
Date : 01/09/2015
Parth D Brahmkshatriya
Membership No : 153767