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Unique Agro Processors (India) Ltd.

BSE: 526915 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Unique Agro Processors (India) Ltd. (UNIQUEAGROPRO) - Auditors Report

Company auditors report

UNIQUE AGRO PROCESSORS (INDIA) LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT To, The Members of Unique Agro Processors (India) Limited 1. We have audited the attached Balance Sheet of M/s. Unique Agro Processors (India) Limited as at 31st March, 2008 and the profit and Loss Account and also the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis,, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) In our opinion, proper books of account, as required by law, have been kept by the Company, so far as appears from our examination of those books; (iii) The Balance Sheet, Profit Loss Account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion the Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report comply with the Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956; v) In our opinion, and based on information and explanations given to us, none of the Directors is disqualified as on 31st March, 2008 from being appointed as a Directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the schedules, notes thereon and accounting policies attached thereto give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. a) in the case of the Balance sheet of the state of affairs of the company as at 31st March, 2008; b) in the case. of the profit and loss account of the loss for the year ended on that date; and c) in the case of the cash flow statement of the cash flow for the year ended on that date. FOR, P.S. THAKARE & CO. CHARTERED ACCOUNTANTS (P.S. THAKARE) NAGPUR PARTNER DATED: 28-8-2008 M.NO. 34051 ANNEXURE TO THE AUDITOR'S REPORT 1. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c) The Company has not disposed off any part of its fixed assets during the year and therefore going concern status of the Company is not affected. 2. In respect of its inventories a. As explained to us, inventories have been physically verified by the management at regular intervals during the year. b. In our opinion and according the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c. The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 a) The Company had taken loan from six such companies / firms or other parties. The maximum amount involved during the year was Rs.32.85 Lacs and the year end balance of loan taken from such parties was Rs.707.66 Lacs. The company has granted loans to one such party. The maximum amount involved during the year was Rs.Nil and the year end balance of loan granted to such party was Rs.10,00 lacs. b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from / granted are not prima facie prejudicial to the interest of the Company. c) We are unable to comment on the repayment of principal amount and the payment of interest in respect of loans taken / granted by the company because no stipulation has been made for repayment of the loans and payment of interest. d) We are unable to comment an overdue amount for reasons stated in para (c) above. 4. 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 for the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls. 5. In respect of transactions covered under Section 301 of the Companies Act, 1956. a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lacs during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public to which the provisions of Sec 58A and Sec.58AA of the Companies Act, 1956 are applicable. 7. In our opinion, through the Company do not have internal audit system but have reasonable controls and internal checks within the organization commensurate with its size and nature of business. 8. Maintenance of cost records has not been prescribed by the Central Government under Clause (d) of Sub-Section (1) of Section 209(1)(d) of the Companies Act, 1956 to the Company. 9. In respect of statutory dues. a) According to the records of the Company, undisputed statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, undisputed amounts remaining payable in respect of tax deducted at source amounting to Rs.12,554/- which were outstanding as at 31st March, 2008 for a period of more than six months from the date of becoming payable. b) The dues of disputes sales tax liability of Rs.8,98,340/- pertaining to the year 1995-96 have not been deposited. The matter is in appeal before the Maharashtra Sales Tax Tribunal. 10. The company has accumulated losses to the tune of Rs.765.95 Lacs as on 31st March 2008 which exceeds fifty percent its networth. The Company has incurred cash losses during the financial year covered by our audit and during the immediately preceding financial year. 11. In our opinion and according the information and explanation given to us, company has not defaulted in repayment of dues to Financial Institutions, Banks or debenture holders. 12. In our opinion and according the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities and therefore, provisions of Clause 4(xii) of the Companies (Auditor's Report) Order 2003 are riot applicable. 13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) order 2003 is not applicable to the Company. 14. The Company has not dealt in trading in shares, securities, debentures and other investments during the financial year concerned and hence clause 4(xiv) of the Companies (Auditors Report) Cedar 2003 is not applicable to the Company. 15. The Company has not given any guarantee for loans taken by others from Bank or Financial Institutions. 16. The Company has not taken any term loan during the financial year. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilised and short term funds for long term investment and vice versa. 18. During the year, the company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 19. The company has not issued any debentures during the financial year concerned and hence question of creating securities in respect of the same does not arise. 20. The Company has not raised any money by way of public issue during the year. 21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statement to be materially misstaked. For, P.S. Thakare & Co. CHARTERED ACCOUNTANTS NAGPUR (P.S. THAKARE) DATED: 28-8-2008 PARTNER M.No. 34051