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Simran Farms Ltd.

BSE Live

Aug 05, 09:25
94.85 2.85 (3.10%)
Volume
AVERAGE VOLUME
5-Day
14,363
10-Day
12,315
30-Day
18,939
1,807
  • Prev. Close

    92.00

  • Open Price

    89.20

  • Bid Price (Qty.)

    91.90 (1)

  • Offer Price (Qty.)

    94.35 (10)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
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  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Simran Farms is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of SIMRAN FARMS LIMITED, INDORE (MP.) which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation 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 of 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. Auditor''s Responsibility 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 thereunder. 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. 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 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, 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 Balance Sheet of the state of affairs of the Company as at 31st March, 2015 b) In the case of Profit & Loss Account of the profit for the year ended on that date c) In the case of Cash Flow Statement of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1) As required by the Companies (Auditor''s Report) order, 2015 issued by the central government of India in terms of subsection (11) of Section 143 of the Act, we give in the annexure a statement on the matters specified in the Paragraph 3&4 of the order, to the extent applicable. 2) 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 accounts. (d) In our opinion, the 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 31st March, 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 Auditor''s 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 on its financial position in its financial statements Refer Para 7(b) of Annexure to the Auditors Report. ii. The Company did not have any long term contracts including derivative contracts for which there were any foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Auditor''s Report The Annexure referred to in our report to the members of Simran Farms Limited for the year ended 31st March 2015. We report that: 1. (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) The Management has physically verified the fixed assets at reasonable intervals during the year and on the basis of the explanations given to us, no discrepancies were noticed on such verification. 2. (a) In our opinion, physical verification of inventories has been conducted at reasonable interval by the management of the company. (b) In our opinion, the procedure of physical verification of stocks followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion, the Company is maintaining proper records of inventories and the discrepancies noticed on verification between the physical stock and book and book records were not significant and the same have been properly dealt with in the books of accounts. 3. (a) The Company has not granted any loan to any company, firms or other party covered under section 189 of the Companies Act, 2013. (b) There was no overdue amount more than one lacs by borrower as there is no stipulation regarding repayment of Loan Amount. 4. In our opinion and according to the information and explanations given to us, and on such checks carried out during the course of Audit, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for the purchase of stores, raw material, including components, plant and machinery, equipments, other assets, and for the sale of goods. During the course of our audit, no major weakness has been observed in the internal controls. 5. The Company has not accepted any deposits from public and hence this clause is not applicable. 6. The Central Govt. has not prescribed the maintenance of cost records under Section 148(1) of the Act, for any of the services rendered by the Company or goods produced or sold by the Company. 7. (a) According to the information and explanations given to us and the books and records examined by us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Sales Tax and other statutory dues applicable to it with the appropriate authorities. (b) According to the information and explanations given to us and as per records of the Company, the dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise Duty, Cess which have not been deposited on account of dispute are as follows: Name of the Nature of dues Amount (In Lacs) Forum where dispute Statute is pending Income Tax Act, 1961 Income Tax Demand 12.21 Madhya Pradesh High Court Income Tax Act, 1961 Income Tax Demand 11.50 Commissioner of Income Tax (A.Y. 2010-2011) (Appeals) (c) According to the information and explanations given to us no such amounts is there which was required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules there under. 8. The Company has been registered for more than 5 years and has no accumulated losses at the end of the year, which is 50% of its net worth. The Company has incurred cash losses in the previous year but not in the current year. 9. The company had not defaulted in repayment of dues to a financial institution or bank. 10. The Company has not given any guarantee for loan taken by others from Banks and Financial Institutions. 11. Based on information and explanations given to us by the management, term loans taken in earlier years were applied for the purpose for which the loans were obtained. No new term loan was obtained during the year. 12. 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 year. Place: Indore For KHANDELWAL KAKANI & Co. Chartered Accountants Date: 29.05.2015 FRN: 001311C CA V.K. KHANDELWAL PARTNER M No. 070546