PRAG AGRO FARM LIMITED - ITC i

PRAG AGRO FARM LIMITED
are within the borrowing limits of the Company and that necessary
resolutions as per Section 293(1)(d) of the Act have been passed.
25. The Company has not made any loans and investments or given
guarantees or provided securities to other bodies corporate and
consequently no entries have been made in the register kept for the
purpose.
26. The Company has not altered the provisions of the Memorandum with
respect to situation of the Company’s registered office from one State
to another during the financial year under review.
27. The Company has not altered the provisions of the Memorandum with
respect to the objects of the Company during the financial year under
review.
28. The Company has not altered the provisions of the Memorandum with
respect to name of the Company during the financial year under review.
29. The Company has not altered the provisions of the Memorandum with
respect to share capital of the Company during the financial year under
review.
Annexure A
Statutory Registers as maintained by the Company:
1. Register of Investments under Section 49.
2. Register of Charges under Section 143.
3. Register of Applications for and Allotment of Shares.
4. Register of Members under Section 150.
5. Registers and Returns under Section 163.
6. Minutes Book of Board Meetings and General Meetings
under Section 193.
7. Books of Accounts under Section 209.
8. Register of Contracts, Companies and Firms in which Directors are
interested under Section 301.
9. Register of Directors, Managing Director, Manager and Secretary under
Section 303.
10. Register of Directors’ Shareholdings under Section 307.
Other Registers:
1. Register of Transfers
AUDITORS’ REPORT
TO THE MEMBERS OF PRAG AGRO FARM LIMITED
We have audited the attached balance sheet of Prag Agro Farm Limited
(’the Company’) as at 31 March, 2012 and the related statement of profit
and loss and 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.
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 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 (’the Order’),
issued by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956 (’the Act’), we enclose in the
Annexure, a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
Further to our comments in the Annexure referred to above, we 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
our audit;
(b) 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;
30. The Company has not altered its Articles of Association during the
financial year under review.
31. As per the information given by the management, there was no
prosecution initiated against or show cause notices received by the
Company and no fines or penalties or any other punishment was
imposed on the company during the financial year, for offences under
the Act.
32. As per the information given by the management, the Company has
not received any money as security from its employees during the
financial year.
33. As per the information given by the management, the Company has
not constituted a provident fund for its employees and therefore
provisions of Section 418 of the Companies Act, 1956 with regard to
deposit of contribution to provident fund are not applicable to the
company.
Name of CP Holder: Anchal R. Jain
Chennai, 15th June 2012 CP Number: 5168
Annexure B
Forms and Returns as filed by the Company with Registrar of Companies,
Regional Director, Central Government or other authorities during the
financial year ending 31st March, 2012.
1. Form 23AC-XBRL/Form 23ACA-XBRL alongwith required documents
u/s 220 of the Companies Act, 1956 for the year 2011 filed on
25.11.2011 with normal filing fees.
2. Form 20B alongwith Schedule V u/s 159 of the Companies Act, 1956
for the year 2011 filed on 16.11.2011 with normal filing fees.
3. Form 66 alongwith Compliance Certificate u/s 383A of the Companies
Act, 1956 for the year 2011 filed on 18.10.2011 with normal
filing fees.
Name of CP Holder: Anchal R. Jain
Chennai, 15th June, 2012 CP Number: 5168
(c) the balance sheet, statement of profit and loss and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) in our opinion, the balance sheet, statement of profit and loss 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 Act;
(e) on the basis of written representations received from the directors of
the Company as at 31 March, 2012 and taken on record by the Board
of Directors, we report that none of the directors is disqualified as on
31 March, 2012 from being appointed as a director in terms of
clause (g) of sub-section (1) of Section 274 of the Act; and
(f) 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 Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted
in India:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March, 2012;
(ii) in the case of the statement of profit and loss, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows of the
Company for the year ended on that date.
For BSR & Co.
Chartered Accountants
Firm’s Registration No: 101248W
Bhavesh Dhupelia
Partner
Mumbai, 26th April, 2012 Membership No: 042070
ANNEXURE TO THE AUDITORS’ REPORT – 31 MARCH, 2012
(Referred to in our report of even date)
(i) (a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of
its fixed assets by which all fixed assets are verified annually. In our
opinion, this periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
discrepancies were noticed upon such verification during the year.
(c) The Company has not disposed off any fixed assets during the year.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of such verification
is reasonable.
(b) The procedures for the 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)
(iv)
(v)
(vi)
The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in
the register maintained under Section 301 of the Companies Act,
1956 (’the Act’). Accordingly, the provisions of paragraph 4(iii) of
the Order are not applicable to the Company.
In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regard to purchase of inventory and fixed assets and with regard to
the sale of goods. The activities of the Company do not involve sale
of services. We have not observed any major weakness in the internal
control system during the course of the audit.
In our opinion and according to the information and explanations
given to us, there are no contracts and arrangements, the particulars
of which need to be entered into the register maintained under
Section 301 of the Act.
The Company has not accepted any deposits from the public.
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