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Virat Crane Industries Ltd.

BSE: 519457 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE295C01014
BSE LIVE 15:40 | 23 Oct 40.45 0
(0.00%)
OPEN

40.95

HIGH

41.45

LOW

39.55

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 40.95
PREVIOUS CLOSE 40.45
VOLUME 10514
52-Week high 62.50
52-Week low 33.05
P/E 39.27
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 40.95
CLOSE 40.45
VOLUME 10514
52-Week high 62.50
52-Week low 33.05
P/E 39.27
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Virat Crane Industries Ltd. (VIRATCRANEINDS) - Auditors Report

Company auditors report

VIRAT CRANE INDUSTRIES LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT The Members Of Virat Crane Industries Limited, Guntur. We have audited the attached Balance Sheet of M/s.Virat Crane Industries Limited as at 31st March, 2012 the Profit and Loss account and the cash flow statement for the year ended on that date annexure there to. 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. We conducted our audit in accordance with the 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 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 a statement on the matters specified in paragraphs 4 and 5 of the said order. Subject to Further to our comments in the Annexure referred to above, we report that: 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. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books. The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report is in agreement with the books of account. 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 to in sub-section (3C) of section 211 of the Companies Act, 1956 except AS-15 retirement benefit to employees. On the basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012. in the case of the Profit and Loss account of the profit for the year ended on that date and in the case of the cash flow statement of the cash flows for the year ended on that date. For Jawahar & Associates Chartered Accountants Firm Regn. No: 001281S V. UMAPATHI Place: Guntur Partner Date : 30-8-2012 M. No. 21887 ANNEXURE TO AUDIT REPORT Ref: Virat Crane Industries Ltd., Guntur Referred to in paragraph 3 of our report of even date, (i)(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. According to Information and explanations given to us, There is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. During the year, the company has not disposed off any part of the fixed assets. (ii)(a) The inventory has been physically verified during the year by the management. In Our opinion, the frequency of verification is reasonable. (b) 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 is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii)(a) The Company has granted interest free unsecured loans to Virat Crane Agri Tech Ltd. a parties covered under register maintained under section 301 of the companies act. As per the explanation given to us the loan the terms and conditions on which the loans has been granted to the body corporate listed in the register maintained under section 301 of the Companies Act 1956are not prima facie prejudicial to the interest of the company. In case of loans granted to the body corporate listed in the register maintained under section 301 of the Companies Act 1956, the borrower has been regular in the payment principal amount as and when demanded. The terms of the loan agreement does not stipulate any repayment schedule and is repayable on demand. There are no overdue amounts of more than one lakh rupees in respect of loans graned to a body corporate listed in the register maintained under section 301 of the Companies Act 1956. Nature of Parry & Max. Amount Closing Balance Transaction Relation involved as on 31.03.2012 Rs. in Lakhs Rs. in Lakhs Advance Virat Carne Agri Tech Ltd. 5.04 Crores 5.04 Crores (The above company is related by virtue of common director Mr. .G V S L Kantha Rao) The Company has not obtained any loans during the year from companies and parties covered in the register maintained u/s 301 of Companies Act 1956. Consequently the requirements of Para iii (f) & (g) are not applicable. On the basis of selective checks carried out during the course of audit. 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 inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into 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 lakhs in respect of any party during the year. In our opinion and according to the information and explanations given to us, the Company has not collected any deposits from the public as per the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. As per the section 209(1)(d) of the Companies Act, 1956 maintenance of the cost records is not compulsory. (ix)(a) The Company is generally regular in depositing monies except with P.F/ESI authorities . According to the information and explanations given to us, there are no undisputed statutory dues outstanding for a period of more than six months from the date they became due except in respect of P.F.- Rs.205242 (c) According to the information and explanation given to us, there are statutory dues which were deposited under dispute. They are Ghee Division Nature of Nature of Amount Forum where the Stature the Dues (Rs) Lacs dispute is pending Agricultural Cess 10.55 Lacs Supreme Court of India market committee Income Tax Income tax 7.30 Lacs Commissioner of Act, 1961 Appeals Income tax (Hyderabad) (x) The accumulated losses of the company are not more than fifty percent of net worth. The company has not incurred any cash loss during the financial year under audit. (xi) In our opinion and according to the information and explanations given to us, during the year the Company has not borrowed any loans from any financial institution, bank or debenture holders. Accordingly, the provisions of clause 4(xi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. (xii) In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order. 2003 are not applicable to the company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. (xv) In our opinion and according to the information and explanations given to us, company has given corporate guarantees to IDBI for the term loan of Rs. 10 Crore taken by Virat Crane Bottling Limited and Virat Agritech for the term loan of Rs 13.24 Crores and the same is not prejudicial in the interest of the company (xvi) In our opinion, the company has not raised any term loans during the year under audit. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that the funds raised on short-term basis not been used for long-term purpose. (xviii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) According to the information and explanations given to us, during the period covered by our audit report, the Company had not issued any debentures. (xx) As per the information and explanation given to us the company have not raised any monies through public issue. (xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For Jawahar & Associates Chartered Accountants Firm Regn. No: 001281S V. UMAPATHI Place: Guntur Partner Date : 30-8-2012 M. No. 21887