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Natraj Proteins Ltd.

BSE: 530119 Sector: Industrials
NSE: N.A. ISIN Code: INE444D01016
BSE LIVE 12:36 | 15 Nov 29.80 1.30
(4.56%)
OPEN

29.80

HIGH

29.80

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29.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 29.80
PREVIOUS CLOSE 28.50
VOLUME 1
52-Week high 36.45
52-Week low 21.35
P/E 25.04
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 29.80
Sell Qty 49.00
OPEN 29.80
CLOSE 28.50
VOLUME 1
52-Week high 36.45
52-Week low 21.35
P/E 25.04
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 29.80
Sell Qty 49.00

Natraj Proteins Ltd. (NATRAJPROTEINS) - Auditors Report

Company auditors report

To the Members of

Natraj Proteins Ltd.

ITARSI

Report on the audit of the Financial Statements:

We have audited the attached financial statements of Natraj Proteins Ltd. (theCompany) which comprise the Balance Sheet as at March 312017 the Statement of Profit andLoss and the Cash Flow Statement for the year ended on that date and a summary ofsignificant accounting 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 principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities: selection and application of appropriateaccounting policies: making judgments and estimates that are reasonable and prudent : andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and Rules made there under. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountant of Indiaas specified under section 143(10) of the Act. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorsconsiders internal financial control relevant to the company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the company has in place an adequate internal financial controls system overfinancial reporting and the operating and effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the company's Directors as well as evaluating theoverall presentation of 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 at31-03-2017.

ii) In the case of Statement of Profit and Loss Profit of the Company for the yearending on 31-03-2017.

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 of the Act we give in the AnnexureA a statement on the matters specified in paragraphs 3 and 4 of the order to the extentapplicable.

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 March312017 and taken on record by the Board of Directors none of the directors aredisqualified as on March 312017 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 26 B 1 (b) (c) (d) and (e) 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 004465 C

CA R. GOKULAKRISHNAN

PARTNER

M.NO 402792

Place: Camp Itarsi

Date: 24-05-2017

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor Report of even date to the members of NATRAJPROTEINS LTD ("The Company") on the financial statements for the year endedMarch 312017]

(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 Section 73 to 76 of the Companies Act 2013 read with The companies(Acceptance of Deposits) Rules 2014 and other relevant provisions of the Act.

(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(1) 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 with a view to determining whether they are accurate or complete.

(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 2017 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 value added tax and cess whichhave not been deposited 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 MP High Court Jabalpur for stay.
MP VAT Act 2002 VAT 6.32 2006-07 MP Commercial Appellate Board Bhopal
MP VAT Act 2002 VAT 4.70 2011-12 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
FRN - 004465C
CA R. GOKULAKRISHNAN
(Partner)
Place: Camp Itarsi Membership No.402792
Date: 24.05.2017

Annexure - B to Independent Auditors' Report

[Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditors' Report of even date to the member of NATRAJPROTIENS LTD. on the Financial Statements for the year ended March 31 2017 ]

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 2017 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 safeguarding ofits 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 both 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 controls systemover 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 2017 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
FRN - 004465C
CA R. GOKULAKRISHNAN
(Partner)
Place: Camp Itarsi Membership No.402792
Date: 24.05.2017