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Premier Proteins Ltd.

BSE: 519178 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Premier Proteins Ltd
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Premier Proteins Ltd. (PREMIERPROTEINS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

PREMIER PROTEINS LTD.

REPORT OF THE FINANCIAL STATEMENT

We have audited the accompanying financial statements of PREMIER PROTEINSLIMITED (The Company) which comprises the Balance sheet as at 31st March 2015and the statement of Profit and Loss and Cash Flow statement for the year then ended anda summary of significant accounting policies and other explanatory information.

MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for matters stated in Section 134(5) ofthe Companies Act 2013 (“The Act") with respect to the preparation of thesesfinancial statements that give a true and fair value of the financial positions financialperformance and cash flows of the company in accordance with the accounting standardsreferred to in section 133 of the Act read with rule 7 of the Companies (Accounts) Rule2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provision of act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view In order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312015 and its Loss and its cash flows for the year ended on that date.

EMPHASIS ON MATTERS

We draw attention to the following matters In the Notes to the financial Statement:

b) Note No.36 regarding contingent liabilities In respect of nonprovision of demand ofCommercial Tax of Rs. 1626224.

Our opinion is not modified In respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) order 2015 (“the order”)issued by foe Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the annexure a statement on the matters specified inparagraphs 3 and 4 and 5 of foe order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for thepurpose of our audit. .

b) In our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of those books of foe Company.

c) The Balance Sheet and statement of Profit and Loss Account and Cash Flow statementdealt with by these reports are in agreement with the books of account of the Company.

d) In our opinion the Balance Sheet and Profit & Loss Account and Cash Flowstatement dealt with by this report comply with foe account standards specified undersection 133 of the Act read with rule 7 of Companies (Accounts) Rules 2014.

e) On foe basis of written information received from the directors of the Company andtaken on record by the Board of Directors as on 31“ March 2015 and the Informationand explanations given to us we report that none of the directors is'dlsqualified as on31“ March 2015 from being appointed as a director In terms of subsection (2) ofsection 164 of the Act.

f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to In Note No. 36 to the financialstatements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsIncluding derivative contracts.

(iii) The Company has not transferred a sum of Rs. 4281561- to the InvestorEducation and Protection Fund.

Place: Indore For: M.MEHTA& COMPANY
Dated: 31/07/2015 Chartered Accountants
(Firm Regn. No. 000957C)
CA Nitin Band!
PARTNER
(M. No. 400394)

Annexure referred to In our Independent Auditor’s Report to

the Members of the Company on the Financial Statements for the year ended 31st March2015 we report that:

i. (a) The Company has maintained proper records showing full particulars Includingquantitative details and situation of its fixed assets

(b) The fixed assets of the Company have been physically verified by the management atreasonable Intervals. As informed to us no discrepancies have been noticed on suchverification.

ii. (a) As explained to us the inventory of the Company has been physically verifiedduring the year by the management in our opinion the frequency of the verification isreasonable.

(b) According to the information and explanation given to us In our opinion theprocedures of physical verification of stocks followed by the management are reasonableand adequate in relation of the size of the Company and the nature of its business.

(c) In our opinion and information and explanation given to us the Company Ismaintaining proper records of inventory and no material discrepancies were noticed onverification between the physical stocks and book records.

III. According to the information's and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013 hence the clause 3(ili) does not apply to Company.

iv. In our opinion and according to the Information and explanations given to us thereare adequate Internal control systems commensurate with the size of the Company and thenature of Its business. During the course of our audit we have not observed any majorweakness In the Internal control system. *

v. In our opinion and according to the information and explanations given to us thecompany has not accepted deposit from public with the meaning of Section 73 to 76 or anyother relevant provision of the Companies Act 2013.

vi. According to information and explanation given to us the Central Government has notprescribed maintenance of cost records under sub-section (1)of section 148 of theCompanies Act 2013.

vil. (a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the company is regular in depositing Statutorydues of provident Fund Employee state Insurance Income Tax Sales Tax Service taxWealth Tax Customs duty Excise duty cess and any other statutory dues with theappropriate authorities are being paid late In few cases except in case of the Entry TaxRs. 617969/- which has not been paid.

(b) According to the Information and explanations given to us there are no undisputedstatutory dues of Provident Fund Employee state Insurance Income Tax Sales . TaxWealth Tax Service Tax Customs duty Excise duty

Value added Tax cess and any other statutory dues with the appropriate authoritieswere outstanding tor more than six months from the date they became payable exceptfollowing Sales Tax & Entry tax for earlier years were due for payment for more thansix months.

Sr. No. Name of the Statue Nature of Due Amount Period
*1. M.P. Commercial Tax Act 1994 Regular 13468153/- Before 2003 - 04 & 2014-15

(c) According to the Information and explanation given to us there are no dues ofIncome Tax Sales Tax Wealth Tax Customs Duty Excise Duty Value Added Tax and cesswhich have not been deposited as on 31st March 2015 on account of dispute except cases asgiven below: .

Name of the Statute Nature of the Dues Forum where dispute is pending Period to which ttie amount relates Amount
M.P. Commercial Tax Act 1994 Sales Tax Entry Tax and CST demand Commissioner of Commercial tax Indore Before 2003042010-11 & 2011-12 1626224/-

(d) According to the information and explanation given to us an amount of Rs. 429156Is required to be transferred to investor education and protection fond In accordance withthe relevant provisions of the Companies Act 1956 read with the Note No.9 of Notes toaccounts have not been deposited.

viii The Company has accumulated losses as at 31st March 2015 and the same Is morethan 50% of its net worth the company has incurred cash losses during the financial yearcovered buy our audit and the company has also incurred cash loss in the immediatelypreceding financial year.

ix. In our opinion and according to Information and explanation given to us theCompany did not have any outstanding dues to financial Institutions banks on debentureholders during frie year.

x According to information and explanation given to us the Company has not given anyguarantee for loans taken by others from banks or financial institutions.

xi To the best our knowledge and beliefs and according to the information andexplanations given to us the company has not raised any terms-loans during the year underaudit hence paragraph 3 (xi) of the Order Is not applicable.

xii To the best of our knowledge and belief and according to the Information andexplanation given to us we report that no material fraud on or by the company has beennoticed or reported during the year.

Place: Indore For: M.MEHTA & COMPANY
Dated: 31/07/2015 Chartered Accountants
(Firm Regn. No. 000957C)
CA Nltln Bandl
PARTNER
(M. No. 400394)