THE MEMBERS OF
SAMPRE NUTRITIONS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of SAMPRE NUTRITIONS LIMITED("the company")which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of 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.
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 the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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.
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 stateof affairs of the Company as at March 31 2015; b) in the case of the Statement of Profitand Loss of the profit for the year ended on that date; and c) in the case of the CashFlow Statement of the cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe act we given in the Annexure a statement on the matters specified in the paragraph 3and 4 of the order to the extent applicable. As required by section 143(3) of the Act wereport that: a) We have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit. b) Inour opinion proper books of account as required by law have been kept by the Company sofar as appears from our examination of those books. c) the Balance Sheet the Statement ofProfit and Loss and Cash Flow Statement dealt with by this Report are in agreement withthe books of account. d) In our opinion the aforesaid financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on 31 March 2015 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2015 from being appointed as a director interms of Section 164(2) of the Act. f) With respect to the other matters included in theAuditor's Report and to our best of our information and according to the explanationsgiven to us : i. The Company does not have any pending litigations which would impact itsfinancial position ii. Company did not have any long-term contracts including derivativescontracts for which there were any material foreseeable losses iii. There has been nodelay in transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company.
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ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
(This is the Annexure referred to in our Report of even date)
i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b. All fixed assets have been physically verified by the Management during the year inour opinion is reasonable having regard to the size of the Company and the nature of it'sAssets. No material discrepancies were noticed on such verification.
ii. a. The Management has conducted physical verification of inventory at reasonableintervals during the year.
b. The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c. The Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification.
iii. The Company has granted working capital loan to one of it's associate companycovered in the register maintained under section 189 of the Companies Act 2013.
iv. In our opinion there are adequate internal control procedures commensurate withthe size of the company and the nature of it's business for the purchase of inventory andfixed assets and for the sale of goods and services. During the course of our audit nomajor weaknesses have been noticed in Internal controls in these areas.
v. The Company has not accepted any deposits from the public .
vi. In our opinion and according to the information and explanations given to us thecompany is not required to maintain cost records and accounts as provided under subsection (1) of section 148 of the Companies Act 2013.
vii. a. According to the records provided to us the Company is regular in depositingundisputed statutory dues including Income Tax Sales Tax Wealth Tax Service Tax CustomDuty Excise Duty Cess and any other statutory dues applicable to it with appropriateauthorities and according to the information and explanations given to us no undisputedamounts payable in respect of Income- tax Sales-tax Wealth-tax Service Tax CustomsDuty Excise Duty and Cess were in arrears as at 31st March 2015 for a periodof more than six months from the date they became payable.
b. According to the records of the Company and on the basis of the information andexplanations given to us the following are the particulars of dues in respect of salestax Income Tax customs duty wealth tax that have not been deposited with theappropriate authorities on account of any dispute.
|Name of the Statute || ||Amount Rs. ||Period to which the amount relates ||Forum where pending |
| || || ||Various Years covering the period || |
|Central Excise Art 1944 ||Excise Duly ||Excise Duty Rs.7445614/- & Penalty of Rs.7445614/-. ||From April-2007 To March-2011 ||CESTAT Bangalore Final Order no; 205332053512014 dated: 7/4/2014. Remand back to Commissioner of Central Excise Appeals- Attended PH during June -2015. Waiting for final Outer |
|Central Excise Art 1944 ||Excise Duly ||Excise Duty Rs.20 03700/-. & Penalty of Rs 6000000/-. ||From April-2011 To January-2012 ||CESTAT Bangalore OIA 42/2013 submitted on 31-1-2014 Remand back to Commissi oner of Central Excise Appeals Attended PH during June -2015. Waiting for final Order |
|Central Excise Act 1944 ||Excise Duly ||Interest Paid Is Rs.592.478/- & is Rs.2232/- 4 Excise Duly Paid of Rs.1341403/- ||FY 2006-09 ||Sampre Won the case NO penalties levied on Sampre |
|Central Excise Acl 1944 ||Excise Duly ||Excise Duty Paid Is Rs.340194/-& Interest and Penalty paid of Rs.1. 25.872/- & Rs.85 049/- ||From April-2008 To March-2009 ||CESTAT Bangalore. OIO No.04/2012 Dated: 12.03.2012 Wailing for final Order |
|Central Excise Acl 1944 ||Excise Duly ||Excise Duty of Rs.2183993/- and Penalty of Rs.200000/-. ||From February-2012 To September-2012. ||Remand back to Commissioner of Central Excise Appeals O. R. No 34/2013 Attended PH during June-2015. Waiting for final Order |
|Central Excise Acl 1944 ||Excise Duly ||Excise Duty of Rs.1005000/-. ||From September-2012- March 2013. ||Remand back to Commissioner of Central Excise Appeals. Attended PH during June -2015. Waiting for final Order |
|Central Excise Act 1944 ||Excise Duly ||Excise Duty on Freebies Paid Rs. 63 49974/-. ||From June-2008 To January-2013 ||Commissioner of Central Excise O.R.No.127/2013.Dated:02.07.2013 appeal filed |
|Central Excise Acl 1944 ||Excise Duly ||Excise Duty on Freebies Paid Rs. 11 54.946/-. ||From January- 2013-Dec 2013 ||SCN:40/2014 issued 3-3-2014. Appeal filed. |
|Income Tax Act 1961 ||Income Tax ||Income Tax on additional incomeRs 53 Lakhs ( approx) ||For AY 2005-06 ||Appeal filed with Commissioner of Income Tax Circle 3(1) Hyderabad. Personal hearing date given is 10-9-2015 |
c. The Company is not required to transfer any amount to investor education andprotection fund during the year in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made there under.
viii. The Company has no accumulated losses as at the end of the financial year and hasnot incurred cash losses during the financial year covered by our audit and in theimmediately preceding financial year.
ix. The Company has not defaulted in repayment of dues to the financial institutions orbanks or debenture holders.
x. The Company has not given any guarantee for loans taken by others from banks orfinancial institutions.
xi. In our opinion Term Loans were applied for the purpose for which the said loanswere obtained.
xii. As per the checks carried out by us no fraud on or by the company has beennoticed or reported during the year under report.
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