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Auditor Report of Super Bakers (India) Ltd.
Mar 31, 2024
We have audited the financial statements of Super Bakers (India) Limited (âthe Companyâ), which comprise
the balance sheet as at 31st March 2024, and the statement of Profit and Loss and statement of cash flows
for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Act in the manner so requiredand give a true and
fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2024, its profit and its cash flows for the year ended on that date,
a) In the case of the balance sheet, of the state of affairs of the company as at March 31,2024
b) In the case of the Profit and Loss Account, of the profit for the period ended on that date and
c) In the case of cash flow statement, for the cash flows for the year ended on that date
d) And the changes in equity for the year ended on that date
Basis for Opinion
We conducted our audit in accordance with the Indian Accounting Standards (Ind AS) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the standalone financial statements of the current period. These matters were addressed in the context of
our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Information other than the financial statements and auditorsâ report thereon
The Company''s board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board''s Report including Annexures to Board''s
Report but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditorâs Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are
also responsible for expressing our opinionon whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report
to the related disclosures in the financial statements or, if such disclosures are in adequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s
report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in
the âAnnexure A'', a statement on the matters specified in paragraphs 3 and 4 of the 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 best of our
knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards
(Ind AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2023
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2023 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
âAnnexure B''.
g) With respect to the matter to be included in the Auditor''s Report under section 197(16), In our
opinion and according to the information and explanations given to us, the remuneration paid by
the Company to its directors during the current year is in accordance with the provisions of section
197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under
section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under
section 197(16) which are required to be commented upon by us.
h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information
and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. (a) The management has represented that, to the best of its knowledge and belief, other than
as disclosed in the notes to the accounts, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person(s) or entity(ies), including foreign entities
(âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the company (âUltimate
Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
(b) The management has represented, that, to the best of it''s knowledge and belief, other
than as disclosed in the notes to the accounts, no funds have been received by the
company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ),
with the understanding, whether recorded in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material mis-statement.
v. No dividend have been declared or paid during the year by the company.
For N.K. Aswani & Co.
Chartered Accountants
FRN:100738W
Place: Ahmedabad CA NarainK.Aswani
Date : 30.05.2024 (Proprietor)
M.No:033278
UDIN : 24ABH033278BKA 2946
Mar 31, 2015
We have audited the accompanying financial statements of SUPER BAKERS
(INDIA) LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a Summary of the Significant
Accounting Policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend
on the auditor''s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Company''s preparation of the
financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in
place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
Company''s Directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements 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 31st March, 2015;
ii. In the case of the Statement of Profit & Loss, of the Loss for the
year ended on that date; and
iii. In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2015, we give in
the Annexure, a statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.
2. As required by Section143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters included in the Auditor''s Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in our report to the members of Super Bakers
(India) Ltd. for the year ended on 31.03.2015. We report that:
1. Fixed Assets
a) The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) We are informed that certain assets have been physically verified by
the Management. As explained to us the Company has a policy to carry
out a physical verification of all Fixed Assets at reasonable
intervals, which in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. We are informed by the
management that no material discrepancies were noticed on such
verification.
2. Inventory
a) As explained to us, we are informed that inventories have been
physically verified by the management at reasonable intervals during
the year.
b) In our opinion and according to information and explanation 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) In our opinion and according to information and explanation given to
us, the company has maintained proper records of its inventory and no
material discrepancies were noticed on physical verification.
3. Loans and Advances
The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act.
4. Internal Control
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 for the sale of goods. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control systems.
5. Acceptance of Deposits
According to information and explanation given to us the company has
not accepted any deposit from public. Hence the directives issued by
the Reserve Bank of India and the provisions of Section 73 to 76 or any
other relevant provisions of the Companies Act and the rules framed
there under in this respect are not applicable.
6. Cost Records
We have broadly reviewed the Cost Records maintained by the Company as
specified by the Central Government under sub section 1 of section 148
of the Companies Act and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records.
7. Statutory Dues
a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees'' state insurance, income tax, sales tax, and other material
statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax, sales
tax, were in arrears, as at 31st March, 2015 for a period of more than
six months from the date they became payable
b) According to the information and explanation given to us, there were
no dues of sales tax and income tax that have not been deposited on
account of any dispute,
c) According to the information and explanation given to us, there was
no amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. Accumulated Loss
The Company''s accumulated losses at the end of the financial year are
less than fifty percent of its net worth and it has not incurred cash
losses in the current financial year as well as in the immediately
preceding financial year.
9. Default in Repayment of Dues
Based on our audit procedures and on the information and explanations
given by the Management, we are of the opinion that the Company has not
defaulted in repayment of dues to a financial institution or bank or
debenture holders.
10. Guarantees
According to the information and explanations given to us, the company
has not given any guarantee for the loans taken by others from banks or
financial institutions.
11. Application of Loans
In our opinion, term loans were applied for the purpose for which the
loans were obtained.
12. Frauds
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 T. K. TEKWANI & CO.,
Chartered Accountants
[FRN : 110851W]
Place: Ahmedabad (TULSIRAM TEKWANI)
Date : 20th May, 2015 Proprietor
M. No. 33551
Mar 31, 2014
We have audited the accompanying Financial Statements of Super Bakers
(India) Limited (the Company), which comprise the Balance Sheet as at
31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended on 31st March, 2014 and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company''s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements 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:
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2014;
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013
e) On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under the heading of "report on other
legal and regulatory requirements" of our report of even date)
1. 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. We are informed that certain assets have been physically verified by
the Management. As explained to us the Company has a policy to carry
out a physical verification of all Fixed Assets at reasonable
intervals, which in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. We are informed by the
management that no material discrepancies were noticed on such
verification.
c. During the year, the company has disposed off a part of the fixed
assets, however, such disposal is not substantial and it has not
effected going concern of the company.
2. a. As explained to us, we are informed that inventories have been
physically verified by the management at reasonable intervals during the year.
b. In our opinion and according to information and explanation 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. In our opinion and according to information and explanation given to
us, the company has maintained proper records of its inventory and no
material discrepancies were noticed on physical verification.
3. a. As informed to us the company has not given any loans secured or
unsecured covered in the register maintained under section 301 of the
Companies Act, 1956. b. As informed to us, the company has not taken
any fresh unsecured loan from parties listed in the register maintained
under section 301 of the Companies Act, 1956. The maximum amount
involved during the year of the existing loan was Rs.4.00 lacs and year
end balance was Rs.4.00 lacs. The terms of interest and repayment were
not stipulated and no interest has been provided on the said loan.
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 with regard to purchases of inventory, fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control
systems.
5. 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. The transactions have been made by the company 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. However considering the nature of business and
transactions, we have relied on management representation that the
prices were fair and reasonable.
6. According to information and explanation given to us the company has
not accepted any deposit from public. Hence the provisions of Section
58A and 58AA of the Companies Act, 1956, Companies (Acceptance of
Deposits) Rules, 1975 and directives issued by the Reserve Bank of
India in this respect are not applicable.
7 In our opinion, the Company has an internal audit system commensurate
with the size and nature of its business.
8 We have broadly reviewed the Cost Records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained . We have, however, not
made a detailed examination of the cost records.
9. a. The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees'' state insurance, income tax, sales tax, and other material
statutory dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2014 for a period of more than six months
from the date they became payable except in case of payment of
installment of Advance Tax payable under the Income Tax Act.
c. According to the information and explanation given to us, there were
no dues of sales tax, income tax, wealth tax and cess that have not
been deposited on account of any dispute, except the Income Tax of
Block Period which is pending as order giving effect of ITAT is not yet
received.
10. The Company''s accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has not incurred
cash losses in the current financial year as well as in the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. In our opinion and according to the explanations given to us and
based on the information available, 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.
13. The provisions of any special statutes applicable to the chit
funds, nidhi or mutual benefit society are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us, the
company has not given any guarantee for the loans taken by others from
banks or financial institution.
16. In our opinion, the term loans have been applied for the purpose
for which they were raised.
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 there are no funds raised on short-term basis that have
been used for long-term investment.
18. 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
Act.
19. The company does not have any debentures, and so the clause of the
order is not applicable.
20. The company has not raised any money by way of public issues during
the year, and so the clause of the order is not applicable.
21. 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 T. K. TEKWANI & CO.,
Chartered Accountants
[FRN : 110851W]
Place: Ahmedabad (TULSIRAM TEKWANI)
Date : 30th May, 2014 Proprietor
M. No. 33551
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of Super Bakers (India)
Limited as at 31stMarch, 2013, the Statement of Profit and Loss Account
and also the Cash Flow Statement for the year ended on 31st March,
2013, annexed thereto.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements 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:
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2013;
(b) In the case of the Statement of Profit and Loss Account, of the
Profit for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act, 1956, and on
the basis of information and explanation given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. As required by section 227(3) of the Act, 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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) The Balance Sheet, Statement of Profit and Loss Account and Cash
Flow Statement dealt with by this report are in agreement with the
books of accounts;
iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
Account and Cash Flow statement dealt with by this report, read with
the notes to accounts and accounting policies, comply with the
applicable accounting standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956, to the extent applicable;
v) On the basis of review of the written representations received from
the directors, as on March 31, 2013, and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2013, from being appointed as a Director in terms of
clause (g) of sub Âsection (1) of section 274 of the Companies Act,
1956;
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date)
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. We are informed that certain assets have been physically verified
by the Management. As explained to us the Company has a policy to carry
out a physical verification of all Fixed Assets at reasonable
intervals, which in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. We are informed that no
material discrepancies were noticed on such verification.
c. During the year the company has not disposed off any part of the
fixed assets.
2. a. As explained to us, we are informed that inventories have been
physically verified by the management at reasonable intervals during
the year.
b. In our opinion and according to information and explanation 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. In our opinion and according to information and explanation given
to us, the company has maintained proper records of its inventory and
no material discrepancies were noticed on physical verification.
3. a. As informed to us the company has not given any loans secured
or unsecured covered in the register maintained under section 301 of
the Companies Act, 1956.
b. As informed to us, the company has taken unsecured loan from one
party listed in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.4.00 lacs and year end balance was Rs.4.00 lacs. The terms of
interest and repayment were not stipulated and no interest has been
provided on the said loan.
c. The company has not given any advance to any party listed in the
register maintained u/s 301 of the Companies Act, 1956 and accordingly
no interest has been charged.
d. The terms and conditions of rate of interest or repayment of
unsecured loan are also not stipulated.
e. The company has not repaid any loans during the year to the parties
listed in the register maintained under Section 301 of the Companies
Act, 1956.
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 with regard to purchases of inventory, fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control
systems.
5. 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. The transactions have been made by the company 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. However considering the nature of business and
transactions, we have relied on management representation that the
prices were fair and reasonable.
6. According to information and explanation given to us the company has
not accepted any deposit from public. Hence the provisions of Section
58A and 58AA of the Companies Act, 1956, Companies (Acceptance of
Deposits) Rules, 1975 and directives issued by the Reserve Bank of
India in this respect are not applicable.
7 In our opinion, the coverage of internal audit carried out by firm of
Chartered Accountants appointed by the management, as well as, by the
officials of the Company during the year can be considered as an
adequate internal audit system commensurate with the size of the
Company and the nature of its business.
8 We have broadly reviewed the Cost Records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records.
9. a. The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees'' state insurance, income tax, sales tax and other material
statutory dues applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2013 for a period of more than six months
from the date they became payable except in case of payment of
installment of Advance Tax payable under the Income Tax Act.
c. According to the information and explanation given to us, there
were no dues of sales tax, income tax, wealth tax and cess that have
not been deposited on account of any dispute.
10. The Company''s accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has not incurred
cash losses in the current financial year as well as in the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. Based on our examination of documents and records, we are of the
opinion that the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures or other
securities.
13. The provisions of any special statutes applicable to the chit
funds, nidhi or mutual benefit society are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, the
company has not given any guarantee for the loans taken by others from
banks or financial institution.
16. In our opinion, the term loans have been applied for the purpose
for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. 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
Act.
19. The company does not have any debentures, and so the clause of the
order is not applicable.
20. The company has not raised any money by way of public issues
during the year, and so the clause of the order is not applicable
21. 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 T. K. TEKWANI & CO.,
Chartered Accountants
[FRN : 110851W]
Place: Ahmedabad (TULSIRAM TEKWANI)
Date:30th May, 2013 Proprietor
M. No. 33551
Mar 31, 2012
1. We have audited the attached Balance Sheet of Super Bakers (India)
Limited as at 31st March, 2012, the Statement of Profit and Loss
Account and also the Cash Flow Statement for the year ended on 31st
March, 2012, annexed thereto. These financial statements are the
responsibility of the companyÃs management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. 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.
3. As required by the Companies (AuditorÃs Report) Order, 2003 as
amended by Companies (AuditorÃs Report) Order, 2004 (together ÃThe
OrderÃ) issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Companies Act, 1956, and on the
basis of information and explanation given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we enclose in the Annexure A statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. 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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Statement of Profit and Loss Account and Cash
flow statement dealt with by
this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Statement of Profit and Loss
Account and Cash Flow statement dealt with by this report, read with
the notes to accounts and accounting policies, comply with the
applicable accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956, to the extent applicable;
(v) On the basis of review of the written representations received from
the directors, as on March 31, 2012, and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2012, from being appointed as a Director 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 explanations given to us, the said accounts read with notes thereon
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, 2012;
(b) In the case of the Statement of Profit and Loss Account, of the
Profit for the year ended on that date; and
(c) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative
details and situation of fixed assets.
(b) We are informed that certain assets have been physically verified
by the Management. As explained to us the Company has a policy to carry
out a physical verification of all Fixed Assets at reasonable
intervals, which in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. We are informed that no
material discrepancies were noticed on such verification.
(c) During the year the company has not disposed off any part of the
fixed assets.
2. (a) As explained to us, we are informed that inventories have been
physically verified by the management at reasonable intervals during
the year.
(b) In our opinion and according to information and explanation 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) In our opinion and according to information and explanation given
to us, the company has maintained proper records of its inventory and
no material discrepancies were noticed on physical verification.
3. (a) As informed to us the company has not given any loans secured or
unsecured covered in the register maintained under section 301 of the
Companies Act, 1956.
(b) As informed to us, the company has taken unsecured loan from one
party listed in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs. 4.00 lacs and year end balance was Rs. 4.00 lacs. The terms of
interest and repayment were not stipulated and no interest has been
provided on the said loan.
(c) As the company has not given any advance to a party listed in the
register maintained u/s 301 of the Companies Act, 1956, no interest has
been charged.
(d) The terms and conditions of rate of interest or repayment of loan
is also not stipulated.
(e) The company has not repaid any loans during the year form the
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
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 with regard to purchases of inventory, fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control
systems.
5. (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) The transactions have been made by the company 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. However considering the nature of business and
transactions, we have relied on management representation that the
prices were fair and reasonable.
6. According to information and explanation given to us the company
has not accepted any deposit from public. Hence the provisions of
Section 58A and 58AA of the Companies Act, 1956, Companies (Acceptance
of Deposits) Rules, 1975 and directives issued by the Reserve Bank of
India in this respect are not applicable.
7. In our opinion, the coverage of internal audit carried out by firm
of Chartered Accountants appointed by the management, as well as, by
the officials of the Company during the year can be considered as an
adequate internal audit system commensurate with the size of the
Company and the nature of its business
8. The company is not required to maintain any cost records u/s
209(1)(d) of the Companies Act, 1956, and as such clause 4(viii) of the
aforesaid order is not applicable to the company.
9. (a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employeesà state insurance, income tax, sales tax, and other material
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2012 for a period of more than six months
from the date they became payable except in case of payment of
installment of Advance Tax payable under the Income Tax Act.
(c) According to the information and explanation given to us, there
were no dues of sales tax, income tax, wealth tax and cess that have
not been deposited on account of any dispute.
10. The Company's accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has not incurred
cash losses in the current financial year as well as in the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. Based on our examination of documents and records, we are of the
opinion that the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures or other
securities.
13. The provisions of any special statutes applicable to the chit
funds, nidhi or mutual benefit society are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, the
company has not given any guarantee for the loans taken by others from
banks or financial institution.
16. In our opinion, the term loans have been applied for the purpose
for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. 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
Act.
19. Since the company does not have any debentures, the question of
creation of securities for debentures does not arise.
20. Since the company has not raised any money by way of public issues
during the year, the clause of the order is not applicable
21. 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 T. K. TEKWANI & CO.,
Chartered Accountants
(FRN : 110851W)
(TULSIRAM TEKWANI)
Proprietor
M. No. 33551
Place: Ahmedabad
Date : 30th May, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Super Bakers (India)
Limited as at 31st March, 2011, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on 31st March, 2011, 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 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.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) Order, 2004 (together 'The
Order') issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Companies Act, 1956, and on the
basis of information and explanation given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. 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 accounts 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 and Loss Account and Cash flow
statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit and loss account and
Cash Flow statement dealt with by this report, read with the notes to
accounts and accounting policies, comply with the applicable accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable;
(v) On the basis of review of the written representations received from
the directors, as on March 31, 2011, and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2011, from being appointed as a Director 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 explanations given to us, the said accounts read with notes thereon
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, 2011;
(b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(c) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) We are informed that certain assets have been physically verified
by the Management. As explained to us the Company has a policy to carry
out a physical verification of all Fixed Assets at reasonable
intervals, which in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. We are informed that no
material discrepancies were noticed on such verification.
(c) During the year the company has not disposed off any part of the
fixed assets.
2. (a) As explained to us, we are informed that inventories have been
physically verified during the year by the management at reasonable
intervals during the year.
(b) In our opinion and according to information and explanation 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) In our opinion and according to information and explanation given
to us, the company has maintained proper records of its inventory and
no material discrepancies were noticed on physical verification.
3. (a) As informed to us the company has not given any loans secured
or unsecured covered in the register maintained under section 301 of
the Companies Act, 1956.
(b) As informed to us, the company has taken unsecured loan from one
party listed in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.4.00 lacs and year end balance was Rs.4.00 lacs. The terms of
interest and repayment were not stipulated and no interest has been
provided on the said loan.
(c) As the company has not given any advance to a party listed in the
register maintained u/s 301 of the Companies Act, 1956, no interest has
been charged.
(d) The terms and conditions of rate of interest or repayment of loan
is also not stipulated.
(e) The company has not repaid any loans during the year form the
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
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 with regard to purchases of inventory, fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control
systems.
5. (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) The transactions have been made by the company 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. However considering the nature of business and
transactions, we have relied on management representation that the
prices were fair and reasonable.
6. According to information and explanation given to us the company
has not accepted any deposit from public. Hence the provisions of
Section 58A and 58AA of the Companies Act, 1956, Companies (Acceptance
of Deposits) Rules, 1975 and directives issued by the Reserve Bank of
India in this respect are not applicable.
7 In our opinion, the coverage of internal audit carried out by firm of
Chartered Accountants appointed by the management, as well as, by the
officials of the Company during the year can be considered as an
adequate internal audit system commensurate with the size of the
Company and the nature of its business.
8 The company is not required to maintain any cost records u/s
209(1)(d) of the Companies Act, 1956, and as such clause 4(viii) of the
aforesaid order is not applicable to the company.
9. (a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees' state insurance, income tax, fringe benefit tax, sales tax,
cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2011 for a period of more than six months
from the date they became payable except in case of payment of
installment of Advance Tax payable under the Income Tax Act.
(c) According to the information and explanation given to us, there
were no dues of sales tax, income tax, wealth tax and cess that have
not been deposited on account of any dispute.
10. The Company's accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has not incurred
cash losses in the current financial year as well as in the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. Based on our examination of documents and records, we are of the
opinion that the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures or other
securities.
13. The provisions of any special statutes applicable to the chit
funds, nidhi or mutual benefit society are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, the
company has not given any guarantee for the loans taken by others from
banks or financial institution.
16. In our opinion, the term loans have been applied for the purpose
for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. 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
Act.
19. Since the company does not have any debentures, the question of
creation of securities for debentures does not arise.
20. Since the company has not raised any money by way of public issues
during the year, the clause of the order is not applicable
21. 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 T. K. TEKWANI & CO.,
Chartered Accountants
[FRN : 110851W]
(TULSIRAM TEKWANI)
Proprietor
M. No. 33551
Place : Ahmedabad
Date : 30th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Super Bakers (India)
Limited as at 31st March, 2010, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on 31st March, 2010, annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2 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 Ihe 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.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) Order, 2004 (together The
Order) issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Companies Act, 1956, and on the
basis of information and explanation given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. 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 accounts 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 and Loss Account and Cash
flow statement dealt with by this report are in agreement with the
books of accounts;
(iv) In our opinion, the Balance Sheet, Profit and loss account and
cash flow statement dealt with by this report, read with the notes to
accounts and accounting policies, comply with the applicable accounting
standards (AS-1 to AS-32) referred to in sub-section (3C) of section
211 of the Companies Act, 1956. to the extent applicable:
(v) On the basis of review of the written representations received from
the directors, as on March 31, 2010, and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2010, from being appointed as a Director 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 explanations given to us, the said accounts read with notes thereon
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, 2010;
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(c) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) We are informed that certain assets have been physically verified
by the Management. As explained to us the Company has a policy to carry
out a physical verification of all Fixed Assets at reasonable
intervals, which in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. We are informed that no
material discrepancies were noticed on such verification.
(c) During the year the Company has not disposed off any part of the
fixed assets.
2. (a) As explained to us, we are informed that inventories have been
physically verified during the year
by the management at reasonable intervals during the year.
(b) In our opinion and according to information and explanation given
fo 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) In our opinion and according to information and explanafion given
to us, the Company has maintained proper records of its inventory and
no material discrepancies were noticed on physical verification,
3. (a) As informed to us the Company has not given any loans secured
or unsecured covered in fhe
register maintained under section 301 of the Companies Act, 1956.
(b) As informed to us, the Company has taken unsecured loan from two
other parlies listed in the register maintained under seciion 301 of
the Companies Act. 1956. The maximum amount involved during the year
was Rs.4.20 lacs and year end balance was Rs.4.00 lacs. The terms of
interest and repayment were not stipulated.
(c) The company has not charged interest on loan granted to party
listed in the register maintained u/s 301 of the Companies Act, 1956.
(d) The repayment of loan is also not stipulated. However the Company
has repaid loans of Rs. 0.20 Lacs to one party.
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 with regard to purchases of inventory, fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal control
systems.
5. (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) The transactions have been made by the Company in pursuance ot
contracts or arrangements entered in the register maintained under
section 301 ot the Companies Act, 1956 and exceeding the value of
rupees live lacs. However considering the nature of business and
transactions, we have relied on management representation that the
prices were fair and reasonable.
6. According to information and explanation given to us the Company
has not accepted any deposit from public. Hence the provisions of
Section 58A and 58AA of the Companies Act, 1956, Companies (Acceptance
of Deposits) Rules, 1975 and directives issued by the Reserve Bank of
India in this respecl are not applicable.
7 In our opinion, the coverage of internal audit carried out by firm of
Chartered Accountants appointed by the management, as well as, by the
officials of the Company during the year can be considered as an
adequate internal audit system commensurate with the size of the
Company and the nature of its business.
8. The Company is not required to maintain any cost records u/s209(1)(d)
of the Companies Act, 1956, and as such clause 4(viii) of the aforesaid
order is not applicable to the Company.
9. (a) The Company is generally regular in depositing with appropriate
authorities undisputed statutory
dues including provident fund, employees state insurance, income tax,
fringe benefit tax. sales tax, cess and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax. customs duty, excise duty and cess were in
arrears, as at 31st March, 2010 for a period of more than six months
from the date they became payable except in case of payment of
installment of Advance Tax payable under the Income Tax Act.
(c) According to the information and explanation given to us, there
were no dues of sales lax, income tax, wealth tax and cess that have
not been deposited on account of any dispute.
10. The Companys accumulated losses at the end of the financial year
are less than fifty per cent of its net worth and it has not incurred
cash losses in the current financial year as well as in the immediately
preceding financial year.
11 Based on our audit procedures and on the information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. Based on our examination of documents and records, we are of the
opinion that the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures or other
securities.
13. The provisions of any special statutes applicable to the chit
funds, nidhi or mutual benefit society are not applicable to the
Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for the loans taken by others from
banks or financial institution.
16. In our opinion, the term loans have been applied for the purpose
tor which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. 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
Act.
19. Since the Company does not have any debentures, the question of
creation of securities for debentures does not arise.
20. Since the Company has not raised any money by way of public issues
during the year, the clause of the order is not applicable.
21. 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 T. K. TEKWANI & CO.,
Chartered Accountants
Place: Ahmedabad (TULSIRAM TEKWANI)
Date : 29th May, 2010 Proprietor
M. No. 33551
[FRN : 110851W]
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