You are here » Home » Companies » Company Overview » Murugappa Holdings Ltd

Murugappa Holdings Ltd.

BSE: 508184 Sector: Financials
NSE: PARRYAGRO ISIN Code: INE187C01013
BSE 05:30 | 01 Jan Murugappa Holdings Ltd
NSE 05:30 | 01 Jan Murugappa Holdings Ltd

Murugappa Holdings Ltd. (PARRYAGRO) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To the Members of Murugappa Holdings Limited

Report on the Financial Statements

We have audited the accompanying financial statements of MURUGAPPA HOLDINGS LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2014 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 ("the Act") (which continue to be applicable in respectof Section 133 of the Companies Act 2013 in terms of General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs) and in accordance with theaccounting principles generally accepted in India. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we complywithethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Management as well as evaluating the overall presentation of thefinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch2014;

(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the Central Government in terms of Section 227(4A) of the Act we give in theAnnexure a statement 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 notified under the Act (which continueto be applicable in respect of Section 133 of the Companies Act 2013 in terms of GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs).

(e) On the basis of the written representations received from the directors as on 31stMarch 2014 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2014 from being appointed as a director in terms of Section274(1 )(g) of the Act.

For Deloitte Haskins & Sells
Chartered Accountants
(Registration No.008072S)
M K Ananthanarayanan
Chennai Partner
5th May 2014 (Membership No 19521)

Annexure to the AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

(i) Having regard to the nature of the Company's business/activities/results during theyear clauses (i) (ii) (vi) (viii) (x) (xii) (xiii) (xvi) (xviii) (xix) and (xx)of paragraph 4 of the Order are not applicable to the Company.

(ii) The Company has neither granted nor taken any loans secured or unsecured to Ifrom companies firms or other parties listed in the Register maintained under Section301 of the Companies Act 1956.

(iii) With respect to internal controls the Company does not have any fixed assets.The Company also does not purchase any inventory nor does it sell any goods and servicesin the ordinary course of its business.

(iv) According to the information and explanations given to us there are no contractsor arrangements that need to be entered in the Register maintained in pursuance of Section301 of the Companies Act 1956.

(v) In our opinion the Company has an adequate internal audit system commensurate withthe size and the nature of its business.

(vi) According to the information and explanations given to us in respect of statutorydues :

(a) The Company has been regular in depositing undisputed statutory dues includingincome-tax service tax cess and other material statutory dues applicable to it with theappropriate authorities.

(b) There were no undisputed amounts payable in respect of income tax service taxcess and other material statutory dues in arrears as at 31st March 2014 for a period ofmore than six months from the date they became payable.

(c) There are no dues of income tax service tax and cess which have not been depositedas on 31st March 2014 on account of disputes.

(vii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to debenture holders. The Company doesnot have any dues that are repayable to banks and financial institutions.

(viii) Based on our examination of the records and evaluations of the related internalcontrols the Company has maintained proper records of the transactions and contracts inrespect of its dealing in shares securities debentures and other investments and timelyentries have been made therein. The aforesaid securities have been held by the Company inits own name.

(ix) According to the information and explanations given to us the Company has notgiven guarantees for loans taken by others from banks and financial institutions.

(x) In our opinion and according to the information and explanations given to us and onan overall examination of the Balance Sheet of the Company we report that funds raised onshort-term basis have prima facie not been used during the year for long-terminvestment.

(xi) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

For Deloitte Haskins & Sells
Chartered Accountants
(Registration No.008072S)
M K Ananthanarayanan
Chennai Partner
5th May 2014 (Membership No 19521)