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Natraj Proteins Ltd.

BSE: 530119 Sector: Industrials
NSE: N.A. ISIN Code: INE444D01016
BSE LIVE 13:59 | 21 Sep 23.25 -1.20
(-4.91%)
OPEN

23.25

HIGH

23.25

LOW

23.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 23.25
PREVIOUS CLOSE 24.45
VOLUME 2289
52-Week high 36.45
52-Week low 21.35
P/E
Mkt Cap.(Rs cr) 9
Buy Price 23.25
Buy Qty 11.00
Sell Price 25.50
Sell Qty 250.00
OPEN 23.25
CLOSE 24.45
VOLUME 2289
52-Week high 36.45
52-Week low 21.35
P/E
Mkt Cap.(Rs cr) 9
Buy Price 23.25
Buy Qty 11.00
Sell Price 25.50
Sell Qty 250.00

Natraj Proteins Ltd. (NATRAJPROTEINS) - Auditors Report

Company auditors report

To

The Members Natraj Proteins Ltd. Itarsi

REPORT ONTHE FINANCIAL STATEMENTS:

We have audited the attached financial statements of Natraj Proteins Ltd. (theCompany) which comprise of the Balance Sheet as at March 31 2016 the Statement of Profitand Loss and Cash Flow for the year ended on that date and a summary of significantaccounting policies and other explanatory information.

Management Responsibility for the Financial Statements:

The Company’s Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (the Act) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting frauds and other irregularities: selection andapplication of appropriate accounting policies: making judgments and estimates that arereasonable and prudent : and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility:

Our responsibility is to express and give opinion on these financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and Rules made there under. We conducted our audit inaccordance with the Standards on Auditing as specified under section 143(10) of the Act.Those standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the matters anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditors considers internal financial control relevant to the company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial reporting and the operating and effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the company’sDirectors as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the financial statements.

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

Opinion:

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

i) In the case of Balance Sheet of the state of affairs of the Company as at31-03-2016.

ii) In the case of Statement of Profit and Loss of the Loss of the Company for theyear ending on 31-03-2016.

iii) In the case of Cash Flow Statement of the cash flows of the Company for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("the order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we enclose in the "Annexure A" a statement on the matersspecified in paragraphs 3 and 4 of the order.

2. As required by section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof 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 thecompany so far it appears from our examination of those books.

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow statement dealt withby this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2016 from being appointed as a director in terms of section164(2) of the Act.

(f) With respect to adequacy of the internal financial controls over financialreporting of the Company and operating effectiveness of such controls refer our separatereport in Annexure B.

(g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in the financial statements. Refer to Note No 26B 1(b) (c) and (d) to thefinancial statements.

ii. The company does not have any long term contract or long term derivative contractsand there is no requirement of making any provision on such contracts/derivatives.

iii. There is no incidence of any requirement of transfer any amount to the investorEducation and Protection fund by the company during the year.

For BHUTORIA GANESAN & CO.

Chartered Accountants

ICAI Registration No. 4465C

R.GANESAN

PARTNER

M.NO 26164

Place : Camp Itrarsi

Date: 30-05-2016

ANNEXURE ATOTHE AUDITORS REPORTES NATRAJ PROTEINS LTD 2015-16 dt 30-05-2016

Annexure referred to in paragraph 1 under the heading " Report on other legal andRegulatory Requirement" of our report of even date:

(i). (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management in accordance withregular program of verification which in our opinion is reasonable having regard to thesize of the company and the nature of its assets. Discrepancies have been appropriatelydealt with in the books of account.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The management has conducted physical verification of inventories at all itslocations at reasonable intervals during the year. The procedures of physical verificationof inventory followed by management are in our opinion reasonable and adequate inrelation to the size of the company and the nature of its business. The company ismaintaining proper records of inventory and no material discrepancies were noticed onphysical verification.

(iii) The company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013 and there are no overdue amount of any loan granted to companies or firm or otherparties mentioned in the register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loan or made investment or guarantee or offered security toany party which requires compliance of provisions of section 185 and 186 of the Act.

(v) The company has not accepted deposits from the public during the year withreference to sec 73 to 76 of the Companies Act 2013.

(vi) We have broadly reviewed the books of account maintained by the company pursuantto rules made by the Central Government for the maintenance of cost records under section148 of the Companies Act 2013 and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities to the extent applicable.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material statutory dues were in arrears as at 31March 2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and as per the recordsof the company there are no material dues which have not been deposited with theappropriate authorities on account of any dispute. However according to information andexplanations given to us the following dues of income tax sales tax service tax dutyof customs or excise electricity duty value added tax and cess which have not beendeposited on account of dispute are given below:

Name of the Statue Nature of the dues Amount (Rs. in lacs) Year to which it pertains Forum at which case is pending
Income Tax Act 1961 Income Tax 15.90 1994-95 Before Settlement
1995-96 Commission Petition
1996-97 filed before M.P.High Court Jabalpur for stay.
M.P VAT Act 2002 VAT 6.32 2006-2007 M.P Commercial Tax Appellate Board Bhopal
M.P VAT Act 2002 VAT 4.70 2011-2012 Commissioner Appeals

(viii) The Company has not defaulted in repayment of loan or borrowings from thefinancial institution banks and government or debenture holders. The company has notissued any debentures.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) Based on our audit procedures and according to the information and explanationsgiven to us no material fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For : BHUTORIA GANESAN & CO.

Chartered Accountants

ICAI Registration No. 4465C

R.GANESAN

PARTNER

M.NO 26164

Place : Camp Itrarsi

Date: 30-05-2016

Annexure - B to the Auditors’ Report

[Referred to in our Report of even date on the Accounts of NATRAJ PROTIENS LTD. as atand for the year ended 31st March 2016 DT 30-05-2016]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NATRAJPROTEINS Limited ("the Company") as of 31 March 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that;

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For : BHUTORIA GANESAN & CO.

Chartered Accountants

ICAI Registration No. 4465C

R.GANESAN

PARTNER

M.NO 26164

Place : Camp Itrarsi

Date: 30-05-2016