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Sagar Soya Products Ltd.

BSE: 507663 Sector: Industrials
NSE: N.A. ISIN Code: INE131O01016
BSE LIVE 11:10 | 11 Oct 1.04 -0.05
(-4.59%)
OPEN

1.04

HIGH

1.04

LOW

1.04

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.04
PREVIOUS CLOSE 1.09
VOLUME 1250
52-Week high 1.38
52-Week low 1.04
P/E 2.81
Mkt Cap.(Rs cr) 1
Buy Price 1.04
Buy Qty 2800.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.04
CLOSE 1.09
VOLUME 1250
52-Week high 1.38
52-Week low 1.04
P/E 2.81
Mkt Cap.(Rs cr) 1
Buy Price 1.04
Buy Qty 2800.00
Sell Price 0.00
Sell Qty 0.00

Sagar Soya Products Ltd. (SAGARSOYAPROD) - Auditors Report

Company auditors report

To

The Members of

M/s SAGAR SOYA PRODUCTS LTD.

Mumbai.

Report on the Financial Statement

We have audited the accompanying financial statements of M/s Sagar Soya ProductsLimited (‘the Company’) which comprise the balance sheet as at March 312015 and the statement of profit & loss and cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statement

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under section 133 of the Act. Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditor’s 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 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 theauditor’s judgment including the assessment of the risks of material misstatement offinancial 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. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall 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.

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 fare 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 atMarch 31 2015;

(b) In the case of Profit & Loss Account of the profit of the Company for the yearended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and regulatory Requirements

1. As required by required by the Companies (Auditor’s Report) Order2015("the Order") issued by Central Government of India in terms of sub-section (11)of section 143 of the Act we give in the Annexure a statement on the matters specified inparagraph 3 and 4 of the Order to the extent applicable.

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 account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss Account and Cash Flow Statementdealt with by this report are in agreement with the books of Accounts;

(d) In our opinion Balance Sheet Statement of Profit and Loss Account and Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representation received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as the directors in terms of Section-164 (2) ofthe Act;

For O.T.GANDHI & CO
Chartered Accountants
FRN No. 001120C
PLACE : Indore By the hand of SAMEEP GANDHI
DATED : 29th May 2015 Partner
M.NO.411107

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany for the year ended 31 March 2015 we report that:

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

(b) The fixed assets have been physically verified by the management under a regularprogramme in a phased manner over a period of three years. Certain Fixed assets wereverified during the year in which no material discrepancies were noticed. In our opinionthe frequency of verification is reasonable having regard to size of the Company andnature of its assets.

2. a) The inventory has been physically verified by the management at reasonableintervals during the year. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and book records were not material.

3. (a) The Company has taken loans from nine persons covered in the register maintainedu/s 189 of the Companies Act 2013. The maximum amount involved during the year was Rs.539.38 lakhs and the year ended Balance Sheet of the loans taken from such persons was Rs.505.73 lakhs. The Company has not granted any loans to the Companies firms or otherparties listed in the register maintained u/s 189 of the Companies Act 2013.

(b) The terms of arrangements do not stipulate any repayment schedule and the loans arerepayable on demand. Accordingly paragraph 3(iii) (b) is not applicable to the company interms of repayment of Principle amount.

(c) There is no overdue amount in respect of loans taken from a company listed in theregister maintained under section 189 of the Act.

4. The company has not accepted any deposits from the public.

5. According to the information and explanations given to us we are of the opinionthat no cost records maintenance has been prescribed by the Central Government undersection 148 (1) of the Companies Act 2013.

6. a) According to the information and explanations given to us there is no undisputedstatutory dues payable in respect of income tax wealth tax custom duty excise dutyservice tax value added tax and cess were in arrears as at the last day of the financialyear concerned for a period of more than six months from the date they become payableexpect reported in forgoing Para.

(b) According to the information and explanations given to us the disputed amountpayable which has not been deposited on account of any dispute are as under:

S. No. Name of the Statute Year Nature of Dues Forum where dispute is pending Amount (Rs.)
1 Sales-tax Act 2000-01 Sales-tax / Commercial Tax / Entry-tax Supreme Court / 5756471/-

7. The company has accumulated losses at the end of the financial year which is morethan fifty percent of its net worth and has incurred cash loss during the financial yearcovered by our audit & in the immediately preceding financial year.

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to the financial institution and banks.

9. In our opinion and according to the information and explanation given to us thecompany has not given any guarantee for loans taken by others from banks and financialinstitutions the tems and conditions whereof are prejudicial to the interest of thecompany.

10. In our opinion the term loans have been applied for the purpose for which theywere obtained.

11. According to the information and explanations given to us we report that there isno fraud on or by the company has been noticed or reported during the course of our audit.

For O.T.GANDHI & CO
Chartered Accountants
Firm Registration Number: 001120C
Sd/-
PLACE : Indore SAMEEP GANDHI
DATED : 29th May 2015 Partner
M.NO.411107