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Classic Biotech & Exports Ltd.

BSE: 531670 Sector: Others
NSE: N.A. ISIN Code: INE038C01018
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Classic Biotech & Exports Ltd. (CLASSICBIOTECH) - Auditors Report

Company auditors report

CLASSIC BIOTECH AND EXPORTS LIMITED ANNUAL REPORT 2008-2009 AUDITORS' REPORT To The Members Classic Biotech & Exports Limited We have audited the attached Balance Sheet of Classic Biotech & Exports Limited, as at 31st March, 2009, the Profit and Loss Account and also the 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 the 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 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. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) 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. Further to our comments in the Annexure referred to in paragraph (3) above: We report that: We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. 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 such books; The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement, subject to note no. II(e) & (1) in schedule 13 regarding non provision for retirement benefits and non ascertainment of Impairment loss, are in compliance with accounting standards referred to in Section 211 (3C) of the Companies Act, 1956, to the extent applicable; On the basis of written representations received from the directors, as on 31st March, 2009 and taken on record by the board of directors, we report that none of the directors is disqualified as on 3111 March, 2009 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956; In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, subject to Note No. 116) & (k) in schedule 13, regarding understatement of loss due to non-provision of interest on term loan & over draft and understatement of liability to the extent of Rs. of Rs.5,75,96,457/- excluding the last two financial years interest and note no. II(e) & (f) in schedule 13 regarding non provision for retirement benefits and non ascertainment of Impairment loss, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2009; in the case of the Profit and Loss Account, of the loss of the company for the year ended on that date; and in the case of Cash Flow Statement, of the cash flows for the year ended on that date. for Krishnam Raju & Associates Chartered Accountants. For Krishnam Raju & Associates Chartered Accountants (A.S. Naidu) Partner Membership No.: 208582 Place: Hyderabad Date : 02-09-2009 ANNEXURE TO AUDITORS' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. A major portion of fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets and no material discrepancies were noticed on such physical verification. c. In our opinion, the Company has not disposed off substantial part of fixed assets during the year and therefore do not affect going concern status of the company. ii. a. The inventory has been physically verified by the management during the year. In our opinion, the 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. On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventory as compared to book records were not material. iii. a. 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. Accordingly, clause 4 (iii) (a), (b), (c) and (d) of the Companies (Auditor's Report) Order, 2003 is not applicable. e. The Company has taken unsecured loan in the previous years, from three parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved was Rs. 23,70,000/- and the year end balance of loan taken from such patties was Rs. 23,70,000/-. f. In our opinion and according to the information and explanations given to us, the loans taken by the company are interest free and other terms and conditions are not prima facie prejudicial to the interest of the company. g. In respect of interest free unsecured loans taken by the company from the above parties, the principal amount is repayable on demand. iv. 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 with regard to purchases of inventory and fixed assets and for sale of goods. During the course of our audit, no major weakness has been noticed in internal control system. v. 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. vi. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. vii. The company has an internal audit system, which, is commensurate with the size of the company and nature of its business. viii. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956, in respect of activities carried out by the company. ix. a. According to the information and explanations given to us and the records of the Company examined by us, the company has generally been regular in depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income-Tax, Sales tax, Wealth Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues as applicable with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues, except Income Tax of Rs. 9391 and Tax Deducted at Source of Rs. 23,785/- were outstanding as at 31st March, 2009 for a period of more than six months from the date they becoming payable. b. According to the information and explanations given to us and the records of the company examined by us, there are no dues of Sales-tax, income-tax, wealth tax, service tax, customs duty, excise duty and cess as at 31st March, 2009 which have not been deposited on account of a dispute. x. According to the records of the company, its accumulated losses at the end of the financial year are more than fifty percent of its net worth. The company has incurred cash losses in the financial year under report and in the immediately preceding financial year. xi. The company has defaulted in repayment of dues to Bank. The loans and interest including un provided interest amounting to Rs. 9,67,65,257/- excluding the interest for the last two years became due as on 31st March, 2009 and the default continuing over a period of Eight years. xii. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4 (xii) of the Companies (Auditor's Report) Order, 2003 is not applicable. xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly; clause 4(xiii) of the Companies (Auditor's Report) Order 2003, is not applicable. xiv. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause 4 (xiv) of the Companies (Auditor's Report) Order, 2003 is not applicable. xv. According to the information and explanations given to us and records examined by us, the company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 4 (xv) of the Companies (Auditor's Report) Order, 2003 is not applicable. xvi. The company has not raised any new term loans during the year under report. The term loans outstanding at the beginning of the year were applied for the purposes for which they were obtained. xvii. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments. xviii. During the year, 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. Accordingly, clause 4 (xviii) of the Companies (Auditor's Report) Order, 2003 is not applicable. xix. The Company has not issued any secured debentures during the year. Accordingly, clause 4 (xix) of the Companies (Auditor's Report) Order, 2003 is not applicable. xx. The company has not raised any money by public issues during the year. Accordingly, clause 4 (xx) of the Companies (Auditor's Report) Order, 2003 is not applicable. xxi. 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 Krishnam Raju & Associates Chartered Accountants (A.S. Naidu) Partner Membership No.: 208582 Place: Hyderabad Date : 02-09-2009

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