HERUK AGRO FOODS LIMITED
ANNUAL REPORT 2002-2003
We have audited the attached Balance Sheet of HARUK AGRO FOODS LTD. as at
31st March, 2003 and Profit & Loss Account of the Company for the ended on
that date annexed thereto and report 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 the audit.
b) In our opinion, proper books of account as required by law have been
kept by the company so for as appears for our examination of the books of
c) In our opinion, the Balance Sheet and Profit & Loss Account comply with
the Accounting Standards referred in Section 211(3c) of the Companies Act,
1956 to the extant applicable.
d) The Balance Sheet and Profit & Loss Account dealt with by the report are
in agreement with the Books of Account of the Company.
e) On the basis of written representation from the Directors none of the
Director is disqualified as on 31-03-2003 from being appointed as director
u/s 274(1)(g) of the Act.
f) In our opinion, and to the best of our information and according to the
explanations given to us the accounts give the information required by the
of the Companies Act, 1956 in the manner so required and give a true and
I) In the case of the Balance Sheet, of the state of affairs of this
Company as at 31st March 2003.
II) In the case of the Profit & Loss Account, of the loss of M/s Heruk Agro
Foods Ltd., of for the year ended on that date.
For JAIPURIAR & CO.
Date : 2nd Sep. 03
ANNEXURE TO THE AUDITOR'S REPORT
As required by the Manufacturing and Other Companies (Auditors' Report)
Order, 1988 issued by the Companies Law Board in terms of Section 227(4-A)
of the Companies Act, 1956 and on the basis of such checks as we considered
appropriate, we further state that since the Company has not started
production all clauses of MAOCRO's are not applicable. Only the relevant
clauses are reported here:
1) The Company has maintained proper records and situation of its fixed
assets as well as its two division.
2) None of the Fixed assets of the Company have been revalued during the
3) The Company has not taken any loans, secured of unsecured from
Companies, firms or other parties as per provisions of Section 301 & 370(1-
B) listed in the register maintained under section 301 of the Companies
Act, 1956 or which are otherwise Companies under the same management as
4) The Company has not granted any loans secured or unsecured, to
Companies, firms or other parties listed in the registers maintained under
section 301 and/or to the Companies under the same management as defined
under section 370(1-B) of the Companies Act, 1956. But the Company has
granted interest free loans/advances to different companies as specified in
Schedule 'C' on which no interest is beaning received provided by the
5) In our opinion and according to the information and explanation given to
us, there are adequate internal control procedures commensurate with the
size of the Company.
6) According to the information and explanations given to us there was no
transactions during the year for supply of services with the party listed
in the Register maintained in the Section 301 of the Companies Act, 1956
aggregating Rs.50000 or more.
7) As explained to us the Provident Fund and Employee State Insurance Act
is not applicable.
8) On the basis of (i) the examination of the Books of Accounts, (ii) the
vouchers produced to us for our verification. (iii) the explanations given
and representations made to us on our inquires and (iv) the check and
control relating to authorising the expenditure on the basis of contractual
obligations to the employees, accepted business practices having regard to
the Company's needs and exigencies, we have not come across any judgment
and to the best of our knowledge and belief, could be regarded as personal
9) According to information given to us the company does not have any
undisputed amounts payable in respect of wealth Tax Sale Tax and Excise
Duty outstanding as at the last day of the financial year for a period of
more than six months from the date they became payable. But in the case of
custom duty a case is pending with the custom official for non-fulfillment
export obligation. Provision for the same has not been made.
10) The Company does not fall within the meaning of clause (O) of the
Section 3(1) of the Sick Industrial Companies (Special Provisions) Act,
11) The Company has started two of its division for date processing,
software development and training centre for Medical Transcription The
Company has maintained the records properly. Balance Sheet & Profit & Loss
Account includes the figures of its two division also.
12) Other provision of MACRO is not applicable so not reported to.
For JAIPURIAR & CO.
Date : 2nd Sep. 03