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Ambar Protein Industries Ltd.

BSE: 519471 Sector: Industrials
NSE: N.A. ISIN Code: INE072V01017
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Ambar Protein Industries Ltd. (AMBARPROTEIN) - Auditors Report

Company auditors report

ANKUR PROTEIN INDUSTRIES LIMITED (Formerly MOTI PROTIN INDUSTRIES LIMITED) ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members of ANKUR PROTEIN INDUSTRIES LIMITED (Formerly MOTI PROTIN INDUSTRIES LIMITED) 1. We have audited the attached Balance Sheet of ANKUR PROTEIN INDUSTRIES LIMITED as at 31st March 2005, the relative profit & Loss Account for the year ended on that date and the Cash Flow Statement for the year ended on that date, both annexed thereto, which we have signed under reference to this report. 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 have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. 3. As required by Companies (Auditor's Report order 2003 issued by Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to in paragraph 3 above and Special attention is invited to Note-(6) regarding confirmation of balances and their consequential impact to the extent ascertained, on the profit for the year, reserves, assets & liabilities, 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 Accounts as required by law have been kept by the company so far as appears from our examination of those books; c) The balance Sheet, 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, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in Section 211 (3C) of the Companies Act, 1956 except of AS 22 of Deferred Tax as given in Note No. 15 & AS 28 of Impairment of Assets as given in Note No. 16 in Schedule 'O' of Notes on Accounts; e) On the basis of written representation received from the Directors of the company, as at 31st March, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2005, from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956; f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read together with the notes to the accounts and the relevant statement of accounting policies attached there to and subject to our comment in Para (4) above, give the information required by the companies act, 1956 in the manner so required and give true and fair view : i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2005; ii) In the case of the Profit and Loss Account, of the Profit for the year ended on that date, and iii) In the case of the Cash Flow Statements, of the cash flows for the year ended on that date. FOR, AGRAWAL & MANDOWARA CHARTERED ACCOUNTANTS PLACE: AHMEDABAD DATE : 30/06/2005 (S.N. MANDOWARA) PARTNER Membership No. 38413 ANNEXURE TO THE AUDITOR'S REPORT ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDIT REPORT OF EVEN DATE TO THE SHAREHOLDERS OF ANKUR PROTEIN INDUSTRIES LIMITED, ON THE ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH 2005. 1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification. c) The Company has not made substantial disposals of fixed assets during the year, which would affect the going concern assumption. 2. a) The inventories have been physically verified by the management. In our opinion, the frequency of such verification is reasonable. b) In our opinion and according to the information and explanations given to us, the procedure for physical verification of inventories followed by the management were 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, the Company has maintained proper records of the inventories and no material discrepancies were noticed on physical verification. 3. a) According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to the parties covered in the register maintained under Section 301 of the Companies Act, 1956 hence clause (iii) (a), (b), (c) & (d) of the Companies (Auditors Report) Order, 2003 is not applicable to the company. b) According to the Information and explanations given to us, the company has taken unsecured loan from Seven (7) parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.7,93,60,860/- and the year end balance of unsecured loans taken from such parties was Rs. 3,86,91,548/-. c) In our opinion, the rate of interest and other terms and conditions of the above unsecured loans taken are not, prima facie, prejudicial to the interest of the Company. d) In our opinion and according to information and explanations given to us, the Company is regular in repayment of principal amount and interest wherever applicable, as stipulated. 4. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard purchase of inventories & fixed assets and for the sale of goods & services. During the course of our audit we have not come across any continuing failure to correct major weakness in internal controls. 5. a) In our opinion and according to the information and explanations given to us, the particulars Contracts or arrangements that needed to be entered into a register in pursuance of section 301 of the Companies Act, 1956 have been so entered. b) According to the information and explanations given to us, transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. According to information and explanations given to us, the Company has not accepted any deposit falling within the purview of Section 58 - A, 58 - AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 7. In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. 8. We are informed that the Central Government has not prescribed 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 the examination of the books of Account, the Company has been generally regular in depositing the undisputed statutory dues including Provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, excise duty custom duty, cess and any other statutory dues during the year with the appropriate authorities. According to the information and explanations given to us there are no arrears of outstanding statutory dues as at 31st March, 2005, for a period of more than six months from the date they become payable. b) According to the information and explanations given to us, there are no disputed amounts payable in respect of sales of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess. 10. The accumulated losses of the company exceeded Fifty percent of its net worth at the end of the financial year. The company has not incurred cash losses during the current financial year and in the immediately preceding financial year. 11. Based on our audit procedures and on the basis of information and explanation given to us, the Company has not defaulted in the repayment of dues to financial institution and banks. 12. According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not a chit fund / nidhi / mutual benefit fund / society. 14. According to 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 explanation given to us, the Company has not given any guarantee for the loans taken by others from banks or financial institutions. 16. According to the information and explanations given to us, the Company has not availed any term loan during the year under review. 17. To the best of our knowledge and belief and according to the information and explanations given to us, the funds raised on short-term basis prima facie have not been used for the long-term purpose other than temporary deployment pending application. 18. The Company has not made any preferential allotment of shares to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956, during the year. 19. The Company has not issued any debentures and so no securities have been created during the year. 20. The Company has not raised any monies by way of public issue during the year. 21. To the best of our knowledge and belief and according to information and explanation given to us, no fraud on or by the Company was noticed or reported during the year. FOR, AGRAWAL & MANDOWARA CHARTERED ACCOUNTANTS PLACE : AHMEDABAD DATE : 30/06/2005 (S.N. MANDOWARA) PARTNER Membership No. 38413

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