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Milk Partners India Ltd.

BSE: 519335 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE301N01017
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Milk Partners India Ltd. (MILKPARTNERS) - Auditors Report

Company auditors report

Independent Auditor

To The Members of

Milk Partners India Limited

(Formerly Known as Ravileela Dairy Products Limited)

Report on the financial Statements

We have audited the accompanying financial Statements of M/s. Milk Partners IndiaLimited (Formerly Known as Ravileela Dairy Products Limited) which comprise theBalance Sheet as at 31st March 2014 The statement of Profit & Loss Account and thecash flow Statement for the year ended and a summary of the significant accountingpolicies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companies management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the company in accordance with the accounting standards referred to inSub-section (3C) of section 211 of the companies Act 1956. This responsibility includesthe design Implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatements whether due to fraud or error.

Auditors Responsibility

We have audited the attached Balance Sheet of M/s. Milk Partners India Limited(Formerly Known as Ravileela Dairy Products Limited) as at 31st March 2014 the Profit& Loss Account and also the Cash Flow statement for the year ended on that dateannexed thereto. These financial statements are the responsibility of the company'smanagement. Our responsibility is to express an opinion on these financial statementsbased on our audit.

We conducted our audit in accordance with auditing standards generally accepted inIndia. These standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatements. Anaudit includes examining on test basis evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by the management as well as evaluating the overallfinancial statement presentation.

We believe that our audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 (the Order) issued bythe Central Government in terms of Section 227(4A) of the Act we give in the Annexure astatement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards referred to in Section 211(3C) of theAct.

e) On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(1)(g) ofthe Act.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read with other notes to accounts and accounting policiesgive the information required by the Companies Act 1956 in the manner so required andgive a true and fair view:-

i) In the case of Balance Sheet of the state of the affairs of the Company as at 31stMarch 2014 and

ii) In the case of Profit & Loss Account of the Profit of the Company for the yearended on that date.

iii) In the Cash Flow statement of the Cash Flow for the year ended on that date.

For M M Reddy & Co.
Chartered Accountants
FRN: 010371S
Place: Secunderabad Sd/-
Date: 13.08.2014 M. Madhusudhana Reddy
Partner
Membership No. 213077

Annexure to the Auditors' Report (referred to in paragraph 3 of our Report of even dateto the Members of MILK PARTNERS INDIA LIMITED (Formerly Known as Ravileela Dairy ProductsLimited) for the year ended March 31 2014)

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management and in our opinionthe verification is reasonable having regard to the size of the company and the nature ofits assets. No discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

2. In respect of its inventories:

a) The Inventory of the Company has been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company has maintained proper record of inventories. As explained to us therewere no material discrepancies notices on physical verification of inventories as comparedto the book records

3. As informed the Company has taken loans secured unsecured from companies firms orother parties covered in the register maintained under Section 301 of the Companies Act1956. Details are given below

S.No Name of the party Closing Balance Transactions During the year
1 P.Srinivasa Reddy Nil 10000000
2 Taruni Dairy Products Pvt Ltd 19881879 19881879
3 V. Satyanaryana Reddy 20875868 40875868

4. On the basis of checks carried out during the course of audit and as perexplanations given to us we are of the opinion that there are adequate internal controlprocedures commensurate with the size of the company and the nature of its business; forthe purchases of inventory and fixed assets and for the sale of goods. During the courseof our audit no major weakness has been noticed in the internal controls.

5. a) In our opinion and according to the information and explanations given to us weare of the opinion that the transactions that need to entered into the register maintainedunder Section 301 of the Companies Act 1956 have been so entered.

b) In our opinion and according to the information and explanations given to ustransactions made in pursuance of contracts or arrangements entered in the registermaintained under Section 301 of the Companies Act 1956 and exceeding the value of Rupeesfive Lakhs in respect of each party during the year have been made at prices which arereasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits with in the meaning of Sections 58A and 58AA of theCompanies Act 1956 and the Companies (Acceptance of Deposits) Rules 1975 with regard tothe deposits accepted from the public.

7. In our opinion the company has an internal audit system commensurate with the sizeand nature of its business.

8. To the best our knowledge and as explained the Central Government has notprescribed maintenance of cost records under Section 209 (i) (d) of the of the CompaniesAct 1956 in respect of the Company's nature of business.

9. (a) According to the records of the company the company is regular in depositingundisputed statutory dues including provident fund employees' state insurance IncomeTax Wealth Tax Customs Duty Excise duty cess and other material statutory duesapplicable at the end of the year for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no income taxwealth tax sales tax customs duty and excise duty which have not been deposited onaccount of any dispute. There were no dues on account of cess under 441A of the CompaniesAct 1956 since the date from which the aforesaid section comes into force has not yetbeen notified by the Central Government.

10. The company has the accumulated losses of Rs.6 69 88 772/- as at the end of thefinancial year and it has not incurred any cash losses during the current financial yearcovered by our audit and the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company did not have any outstanding dues tofinancial Institutions Banks or Debenture holders.

12. According to the information and expiations given to us the Company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.

13. In our opinion the Company is not a chit or a nidhi / mutual benefit fund /society. Therefore the provisions of clause 4(xiii) of the Order are not applicable tothe Company.

14. The company is not in the business of dealing or trading in shares securitiesdebenture and other instruments. Accordingly the provisions of clause 4(xiv) of the Orderare not applicable to the Company.

15. The company has not given any guarantee for loans taken by others from banks orfinancial institutions.

16. The company has not taken term loans from banks.

17. Based on our examination of the Balance Sheet of the company as at 31.03.2014since there is no loans availed by the company from the banks the utilization of fundsdoes not arise.

18. The company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the Companies Act 1956.

19. During the year covered by our audit report the Company does not have anyoutstanding debentures during the year.

20. During the year the company has not raised money through the Public Issue theutilization of funds does not arise.

21. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

For M M Reddy & Co.
Chartered Accountants
FRN: 010371S
Place: Secunderabad Sd/-
Date: 13.08.2014 M. Madhusudhana Reddy
Partner
Membership No. 213077