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Goa Fruit Specialities Ltd.

BSE: 531477 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE230M01010
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Goa Fruit Specialities Ltd. (GOAFRUITSPEC) - Auditors Report

Company auditors report

GOA FRUIT SPECIALITIES LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To The Members, GOA FRUIT SPECIALITIES LIMITED, Goa. 1. We have audited the attached Balance Sheet of GOA FRUIT SPECIALITIES LIMITED as at 31st March, 2012 of the company for the year ended on that date annexed there to. 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 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 test basis evidence supporting the amounts and disclosure in the financial statement. 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. 3. As required by the manufacturing and other Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4-A) of section 227 of Companies Act, 1956, we enclose 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 refereed to above, we report that:- a. We have obtained all the information and explanation, to the best of our Knowledge and belief, which 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 the examination of those books: c. The Balance Sheet dealt with by this report are in agreement with the books of accounts. d. In our opinion the Balance Sheet dealt with the applicable accounting standards referred to in subsection (3C) of section 211 of the Companies Act, 1956: e. On the basis of information and explanation given to us and representations obtained from the company and taken on by the Board of directors, we report that there are no Director of the company who as at 31st March, 2012, is disqualified u/s 274(1) of the companies Act, 1956 from being appointed as a director, and f. In our opinion, and to the best of our information and according to the explanation given to us the said Balance Sheet read together with the significant accounting policies and notes to account required by the Companies Act, 1956 in the manner so required and give a true and fair view. i. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012. For Krishan Kumar Gupta & Associates, Chartered Accountants Sd/- (B.B. Sharma) Partner Place: New Delhi Date : 20/08/2012. Statement under para 4 & 5 in terms of sub section (4-A) of section 227 of the Companies Act, 1956: 1) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. These assets have been physically verified by the management at reasonable intervals during the year and as explained to us no material discrepancies were notice on such verification. 2) This para related to inventory is not applicable as company has not commenced business during the year. 3) a) According to the information and explanation given to us, The Company had granted loans & advances to one party covered in the register maintained under section 301 of the Companies Act, 1956 the maximum amount involved during the year aggregated to Rs.0.29 lacs and the year end balance of loan given to the company amounted to Rs. Nil. b) The Company had taken unsecured interest free loans from parties/companies covered in the register maintained under section 301 of the Companies Act, 1956 and the maximum amount involved during the year aggregated to Rs. 40.00 lacs and the year end balance of loan taken from such parties/company amounted to Rs.115.22 lacs. c) The above loan and advances granted and taken without any interest. There is no written agreement as to other terms and conditions. d) As per the information made available to us, the aforesaid loans and advances given & taken by the company were payable on demand. 4) According to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business. 5) a) According to the information and explanation given to us, the transactions that need to be entered into a register on pursuance of section 301 of the act have entered and have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of contracts or arrangement entered in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6) In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of sections 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the national company law tribunal. 7) The company has no formal internal audit system but its control through personal supervision of the management ensures reasonable internal checking to the financial and other records applicable to the company. 8) The maintenance of cost records has not been prescribed by the central Government under section 209(1)(d) of the Companies Act, 1956, for any of the products of the Company. 9) A) The relevant provisions of law relating to Employee's provident fund scheme and Employee's state Insurance Act are not applicable to the Company. B) According to the information and explanation given to us, no undisputed amount payable in respect of income tax, wealth tax, sales tax, were outstanding as at 31st March, 2012 for a period of more than six months from the date they become payable. 10) The company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. 11) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 12) 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) In our opinion the company is not a chit fund or a nidhi/mutual benefit fund/society therefore, the provision of clause 4(xiii) of the companies (Auditor's Report) Order, 2003 are not applicable to the company. 14) In our opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 15) The company has not given and guarantee for loans taken by others from bank or financial institutions. 16) In our opinion no term loans have been applied by the company. 17) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that there are no funds raised on short-term basis that have been used for long term investment. 18) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year. 19) According to the information and explanations given to us, the company has not issued any debentures during the year and hence, the question of creating securities or charge in respect thereof does not arise. 20) In our opinion and according to the information and explanations given to us, the company has not raised any money by public issue during the year covered by our audit report. 21) 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 has been noticed or reported during the year. For Krishan Kumar Gupta & Associates On behalf of the Board of Chartered Accountants Goa Fruit Specialities Limited, (B.B. Sharma) Sd/- Sd/- Partner Director Director Place: New Delhi Date : 20/08/2012.