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Suvarna Aqua Farm & Exports Ltd.

BSE: 519305 Sector: Others
NSE: SUVARNAQUA ISIN Code: N.A.
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Suvarna Aqua Farm & Exports Ltd. (SUVARNAQUA) - Auditors Report

Company auditors report

SUVARNA AQUA FARM EXPORTS LIMITED AUDITORS' REPORT To The Members of M/s Suvarna Aqua Farm & Exports Limited. We have audited the attached Balance Sheet of M/s SUVARNA AQUA FARM & EXPORTS LIMITED as at 31st March '98 and the Profit and Loss Account for the year ended on that date annexed thereto and report that: 1. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. Further to our comments in the Annexure referred to the paragraph 1 above, we state that: a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by the law have been kept by the Company so far as appears from our examination of such books. c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of account. d) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit and Loss Account read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 1998. AND In so far as it relates to the Profit and Loss account of the PROFIT of the Company for the year ended on that date. for KARVY & COMPANY, Chartered Accountant (K. AJAY KUMAR) PARTNER PLACE: HYDERABAD DATE : 23.04.1998 Annexure: I. The company is maintaining proper records showing full particulars including quantitative details and situation of all its fixed assets. As per the phased programme designed by the company the Fixed Assets have been physically verified by the management at reasonable intervals. No material discrepancies have been noticed on such verification. II. None of the fixed assets have been revalued during the year. III. The stocks of finished goods, spare parts and raw materials have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. IV. The procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. V. The discrepancies noticed on verification between the physical stocks and the book records were not material. Vl. On the basis of our examination of stock records, we are of the opinion that the valuation of,stocks is fair and proper in accordance with the normally accepted accounting principles, and is on the same basis as in the preceeding year. Vll. The company has not taken any loans secured or unsecured from companies, firms or other parties listed in the registers maintained under Section 301 of the companies Act, 1956. As explained to us, there are no companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956. Vlll. The company has not granted any loans to companies, firms or other parties as listed in the register maintained under Section 301 of the Companies Act, 1956. As explained to us, there are no companies under the same management within the meaning of Section 370 (1B) of the Companies Act, 1956. IX. The company has not given any loans or advances in the nature of loans during the year. X. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of stores, raw materials including components, plant and machinery, equipment and other assets and with regard to the sale of goods. Xl. In our opinion, and according to the information and explanations given to us, the transactions of purchase of goods and materials and sale of goods, materials and services, made in pursuance of contracts or arrangements entered in the registers maintained under section 301 and aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to prevailing market prices for such goods, materials or services where such market prices are available with the company or the prices at which transactions for similar goods, materials or services have been made with other parties. Xll. Unserviceable or damaged stores, raw materials or finished goods, are determined and provision for the loss has been made in the accounts. XIII. The company has not accepted any deposits from the public under section 58A of the Companies Act, 1956. XIV. The company has no by-products and it has maintained reasonable records for the sale and disposal of realisable scrap. XV. In our opinion, the company has an Internal Audit Department commensurate with the size and nature of its business. XVI. In respect of this company, maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. XVII. As explained to us, the provisions of Employees Provident Fund and other miscellaneous provisions Act and the Employees State Insurance Act are not applicable to the company for the time being. XVIII. According to the information and explanations given to us, no undisputed amounts payable in respect of Income-tax, Wealth-tax, Sales-tax, Customs duty and Excise duty were outstanding, as at 31-3-1998 for a period of more than six months from the date they became payable. XIX. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account. XX. The company has become a sick industrial company as on 31-3-98 within the meaning of clause (O) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. for KARVY & COMPANY, Chartered Accountants (K. AJAY KUMAR) PARTNER PLACE: HYDERABAD DATE : 23.04.1998