Satguru Agro Industries Ltd. के अकाउंट के लिये नोट

Mar 31, 2010

1) Company background :

Satguru Agro Industries Limited is a limited company, incorporated on 15.11.1991. The company is licensed to produce De-oiled Cake (DOC) & Soya been/ sunflower-Crude & Refined oil & related products out of the crushing of Soya & Sunflower Seeds.

a.In the opinion of the management, there is no contingent liability other than stated above and adequate provision have been made for all known liabilities, except Service Tax under GTA, interest and penalty as may arise.

b.ln the opinion of the management, value on realization of current assets, loans and advances in the ordinary course of business will be at least equal to the amount at which they have been stated in the financial statements.

c.All balances are subject to confirmations and reconciliation.

d.ln absence of the Information to that extent, the figures of Sundry Creditors cannot be bifurcated in to those payable to those units which are registered under Small & Medium Enterprises Development Act 2006 .

The Company is not a Small & Medium sized Company (SMC) as defined in the general instructions in respect of Accounting Standards notified under the Companies Act, 1956 .

i. Quantitative details of Principal Items of Raw Material, Finish Product for the year ended 31.03.2010

j: In the Opinion of the Board of Directors, the Current Assets, Loans and Advances as reflected in the Balance Sheet represent the value they would realize in the ordinary course of business.

k.Debtors, Creditors, Loans & Advances and deposits are subject to confirmation by the Management. We were not produced the balance confirmations from these parties some of the examples are given in separate list -1.

l.Cash and Closing Stock on 31.03.2010 have not been physically verified by us and it is taken as certified by the Directors of. the Company as on that date.

m.ROC Challans in respect of various Forms submitted by the company with the Office of the Registrar of Companies,Pune not produced to me for verification.

n. In case of following Bank a/cs Statement or balance confirmation as on 31.03.2010 not produced before me for verification.

In absence of verification of above bank statements & as Management has given us a representation letter to the extent that there are no transactions in the above accounts during Financial Year 2009-10 and we state that we have relied on this Management Representation Letter and thus In case any material misstatement and suppression of fact is observed on the part of the management which may affect position of the Financial Statement as on 31st March 2010, we disclaim our liability resulting whether directly or indirectly out of the same.

o.Hedging Transactions.: Company has secured the rates of Raw Material i.e Seeds by performing 'Hedging' in the National Commodity Exchange Ltd.and in some cases has also performed 'Hedging' of the Finished Goods i.e Oil in the same way.

Company thus has reduced 'Hedging' gain from Raw Material Consumption Cost and accordingly prepared the Financial Statements and produced before us for audit purpose.