You are here » Home » Companies » Company Overview » Shri Mahalaxmi Agricultural Developments Ltd

Shri Mahalaxmi Agricultural Developments Ltd.

BSE: 539010 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE317G01025
BSE LIVE 15:30 | 16 Dec Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.42
PREVIOUS CLOSE 3.42
VOLUME 200
52-Week high 3.42
52-Week low 0.00
P/E 48.86
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.42
Sell Qty 147242.00
OPEN 3.42
CLOSE 3.42
VOLUME 200
52-Week high 3.42
52-Week low 0.00
P/E 48.86
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.42
Sell Qty 147242.00

Shri Mahalaxmi Agricultural Developments Ltd. (SHMAHALAAGRI) - Auditors Report

Company auditors report

To The Members Shree Mahalaxmi Agricultural Development Ltd. Ahmedabad

We have audited the attached Balance Sheet of M/S SHREE MAHALAXMI AGRICULTURALDEVELOPMENT LTD.as at 31st March 2015 and also the Profit and Loss account of theyear ended on the date annexed thereto and cash flow statement for the year ended on thatdate. These financial statements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

1. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

2. In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of the books.

3. The said Balance Sheet and Profit & Loss Account are in agreement with the booksof accounts.

4. In our opinion the balance sheet profit & loss account and cash flow statementdealt with by this report comply with the Accounting Standards referred to in sub-section(3C) of section 211 of the Companies Act 1956;

5. On the basis of written representations received from the Directors as on 31stMarch 2015 and taken on record by the Board of Directors We report that none of thedirectors is disqualified as on 31st March 2015 from being appointed as adirector in terms of clause (g) of sub-section (1) of section 274 of the Companies Act1956.

6. As required by the Companies (Auditor’s Rep[ort) order 2003 issued by thecentral government of India in terms of sub-section (4A) of the section 227 of theCompanies Act 1956. We enclose in the annexure a statement on the matters specified inparagraph 4 and 5 of the said order.

7. In our opinion and to the best of our information and according to the explanationsgiven to us the Accounts together with the schedules annexed thereto read with the noteson account made thereon subject to annexure attached to this report and notes in the Notesof Accounts given the information required by the Companies Act 1956 in the manner sorequired and give a true and fair view in conformity with accounting principles generallyaccepted in India:

i. In the case of the Balance Sheet of the state of the affairs of the Company as at31st

March 2015 and;

ii. In the case of the Profit and Loss Account of the profit for the year ended on thatdate. iii. In the case of the Cash Flow Statement for the year ended on that date.

PLACE : MUMBAI FOR AND ON BEHAIF OF
FOR RATHI K.K & CO.
DATE : 02-09-2015 CHARTERED ACCOUNTANTS
Sd/-
(PROPRIETOR)
M.No.36461

Annexure to the Auditors’ Report For the Year Ended on 31-03-2015

(Referred to in paragraph (3) of our report of even date)

(i) (a) The Company has maintained proper record to show full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management. In our opinionthe frequency of verification is reasonable. No material discrepancies have been noticedon such verifications.

(ii) (a) As explained to us physical verification of the inventory (except material intransit and lying with third parties) has been conducted by the management at reasonableintervals. In our opinion the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company and thenature of the business.

( c) On the basis of our examination of the records of inventory we are of the opinionthat the company is maintaining proper records of inventory. However no verification ofinventory took place during the year.

(iii) (a) (i) The Company has not granted any loans secured or unsecured to Companiesfirm or other parties listed in the register maintained under Section 301 of the CompaniesAct 1956 and as such information regarding rate of interest overdue amounts and otherterms & conditions of loans granted is not required to be furnished.

(ii) The Company has not taken any loans during the year from the parties covered inthe registered maintained u/s. 301 of the Companies Act 1956.

(b) In our opinion the rate of interest and other terms and conditions on which loanshave been taken from Companies firms or other parties listed in the register maintainedu/s. 301 are prima facia not prejudicial to the interest of the Company.

(c) in our opinion the company is regular in replying the principal amounts as perstipulations & has been regular in payment of interest whatever applicable.

(d) As per records of the company there is no overdue amounts of loan taken fromcompanies firms or other parties listed in the register maintained u/s. 301 of thecompanies Act 1956.

(iii) In our opinion and according to the information and explanations given to us.There are adequate internal control system commensurate with size of the company and thenature of its business with regards to purchase of inventory and fixed assets and for thesale of goods and services. Further on the basis of our examination of the books andrecords of the company carried out in according with the auditing standards generallyaccepting in India we have not observed any continuing failure to correct majorweaknesses in the foresaid internal control procedure.

(v) (a) According to the information and explanations given to us we are of the opinionthat the transactions that need to be entered into the registered maintained u/s. 301 ofthe Companies Act 1956 have been so entered (b) In our opinion and according to theinformation and explanations given to us no transactions of purchase and sale of goodsmaterials and services made in pursuance of contracts or arrangements to be entered intothe registered maintained u/s. 301 of the Companies Act 1956 aggregate during the yearto Rs. 5 Lacs in respect of any party.

(vi) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposit within the provision of section 58A and 58AA of theCompanies Act 1956 and the Companies (Acceptance of Deposit) Rules 1975.

(vii) In our opinion the company has an adequate internal audit system commensuratewith the size and the nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company pursuantto the order made by the Central Government for the maintenance of cost records u/s.210(1) (d) of the Companies Act 1956 and we are of the opinion that prima facia theprescribed accounts and records have been made and maintained.

(ix) (a) According to the records of the Company and as explained to us the company isregular in depositing with the appropriate authorities undisputed statutory dues includingProvident Funds Service tax Investor Education and Provident Fund Employees StateInsurance Income Tax Wealth Tax Custom Duty Excise Duty Cess and other Statutorydues to the extent applicable to it.

(b) According to the information and explanation given to us there are no undisputedamounts payable in respect of income tax wealth tax custom duty excise duty and cesswere outstanding as at 31st March 2015 for a period or more than six monthsfrom the date they become payable.

(x) Based on our examination of documents and record maintained by the company we areof the opinion that since the company has not granted any loan and advance on the basis ofsecurity by way of pledge of shares debenture and other securities it is not required tomaintain records in respect thereof.

(xi) In our opinion the company is neither a chit fund nor nidhi / mutual benefit fund/ Society and hence clause 4 (xii) of the Order is not applicable.

(xii) Based on our examination of the records we are of the opinion that the companyhas not given any guarantee for loans taken by others from banks or financialinstitutions.

(xiii) According to the information and explanations given to us and on over allexamination of the balance sheet of the company we report that the funds raised on shortterm basis have not been used for long term investment.

(xiv) Material changes after the date of balance sheet :- The company haveprovided for certain revenue receipt in the previous year which got cancelled after thedate of the balance sheet since the contracts were of material nature the profit and lossa/c and balance sheet have being restated to give a true and fair picture of the balancesheet and profit and loss account for the year ended 31.3.2015

(xiv) During the year the company has not made any preferential allotment of shares toparties and companies covered in the register maintained u/s. 301 of the Companies Act1956.

(xv) During the year the company has not issued any debenture.

(xvii) During the year under review no money was raised by public issue.

(xviii) During the course of examination of the books and records of the companycarried out in accordance with auditing standards generally accepted in India we haveneither come across any instance of fraud by the Company noticed or reported during theyear not have been informed of such case by the management.

FOR AND ON BEHAIF OF
PLACE : MUMBAI FOR RATHI K.K &CO.
DATE : 02-09-2015 CHARTERED ACCOUNTANTS
Sd/-
(PROPRIETOR)
M.No.36461