PICCADILY AGRO INDUSTRIES LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To
The Members of,
Piccadily Agro Industries Limited.
We have audited the attached Balance Sheet of M/s PICCADILY AGRO INDUSTRIES
LIMITED as at 31st March 2012 and the Profit & Loss Account and Cash Flow
Statement of the Company 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.
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 amount 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.
1. As required by Companies (Auditors` Report) Order 2003, issued by the
Central Government of India in terms of Section 227(4A) of the Companies
Act 1956, we annex hereto a statement on the matters specified in paragraph
4 and 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
above, 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, the Company has kept proper books of account as required
by law so far as appears from our examination of the books.
c) The Balance Sheet and Profit and Loss Account 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, Profit & Loss Account are in
compliance with accounting standards specified by The Institute Of
Chartered Accountants of India referred to in Section 211(3C) of Companies
Act, 1956.
e) On the basis of the written representations received from the Directors
as on 31.3.2012 & taken on record by the Board of Directors, we report that
none of the Directors is disqualified from being appointed as a Director in
terms of Clause (g) of subsection (1) of Sec 274 of the Companies Act,
1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with Accounting
Policies & notes thereon, give the information required by the Companies
Act, 1956 in the manner so required and also give a true and fair view in
conformity with the accounting principles generally accepted in India.
i) In the case the Balance Sheet, of the state of affairs of the Company as
at 31st March 2012.
ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
iii) In case of Cash Flow Statement, of the cash flows for the year ended
on that date.
FOR JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEERAJ JAIN
PLACE: CHANDIGARH (PARTNER)
DATE : 25-05-2012 M. NO. 89477
Firm Regd. No. 01361N
ANNEXURE TO THE AUDITORS` REPORT
I. In respect of its fixed assets:
a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) According to the information and explanations given to us, the company
has a system of physical verification of all its fixed assets during the
year. In our opinion having regard to the size of the company and the
nature of its assets, the programme of verification is reasonable. No
material discrepancies have been noticed in respect of assets physically
verified.
c) During the year, Company has not disposed of any substantial/major part
of fixed assets.
II. In respect of its inventories:
a) The inventory was physically verified during the year by the management.
In our opinion, 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) In our opinion and according to the information and explanations given
to us and on the basis of our examination of the records of inventory, the
Company is maintaining proper records of its inventory. The discrepancies
noticed on physical verification of inventory as compared to the book
records were not material and have been properly dealt with in the books of
account.
III. 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.
b) According to the information and explanations given to us, the company
has not taken secured or unsecured loans from companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act 1956.
IV. 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 for the purchase of
inventory and fixed assets and for the sale of goods.
V. In respect of particulars of contracts or arrangements and transactions
entered in the register maintained in pursuance of section 301 of the
Companies Act 1956.
To the best of our knowledge and belief and according to the information
and explanation given to us, the Company has not entered into any
transaction that needed to be entered into the register maintained u/s 301
of the Companies Act, 1956.
VI. In our opinion, the Company has not accepted deposit under the
provisions of section 58A and 58AA of the Companies Act 1956 and the rules
framed there under and the directives issued by the Reserve Bank of India.
VII. In our opinion, the Company has internal audit system which
commensurate with the size and nature of its business.
VIII. The Company is required to maintain cost records under section
209(1)(d) of the Companies Act, 1956 for the products of the company for
its Sugar and Distillery Unit and according to the information and
explanation given to us, the company has maintained proper records as
prescribed by the Central Government.
IX. According to the information and explanations given to us in respect of
Statutory and other dues:
a) The company is regular in depositing undisputed statutory and other
dues, including provident fund, Employees` State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any
other statutory dues with the appropriate authorities during the year.
b) As per the information and explanation given to us, no disputed amounts
payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax,
Custom Duty and Cess were outstanding as on 31.03.2012.
X. The Company has no accumulated losses as at the end of the year and the
Company has not incurred cash losses during the current and the immediately
preceding financial year:
XI. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to financial
institutions and banks.
XII. According to the information and explanations, given to us, the
Company has not granted loans or advances on the basis of security by way
of pledge of shares, debentures and other securities.
XIII. The Company does not fall within the category of Chit
fund/Nidhi/Mutual Benefit fund/Society and hence the related reporting
requirements are not applicable.
XIV. According to information and explanations given to us, the Company is
not dealing or trading in shares, securities, debentures and other
investments and hence the related reporting requirements are not
applicable.
XV. The Company has not given any guarantee to third party from banks or
financial institutions.
XVI. To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the company
were, prima facie, applied by the company during the year for the purposes
for which the loans were obtained.
XVII. According to the records examined and as per the information and
explanations given to us, on an overall basis, funds raised on short term
basis have, prima facie, have not been used during the year for long term
investment and vice-versa.
XVIII. 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, during the year.
XIX. The Company has not issued any debentures during the year.
XX. The Company has not raised any monies by way of public issue during the
year.
XXI. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company was
noticed or reported during the year.
FOR JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEERAJ JAIN
(PARTNER)
PLACE: Chandigarh M NO. 89477
DATE : 25-05-2012 Firm Regd. No. 01361N |