Post on 24-Nov-2014
N&K/IA/SBLIL/2009-10/1
INTERNAL AUDIT REPORT
Of
SRI BIOTECH LABORATORIES INDIA LIMITED
FINANCIAL YEAR- 2010-11
NISAR & KUMARChartered accountants
HYDERABAD
N&K/IA/SBLIL/2009-10/1
Brief information about audit :Company Name: SRIBIOTECH LABORATORIES INDIA LIMITED
Location: HYDERABAD
Audit Area Covered: Share CapitalSecured LoansUnsecured LoansFixed AssetsLoans and AdvancesEmployee Loans & AdvancesDepositsInvestmentsBank AccountsStatutory LiabilitiesSundry CreditorsPurchasesIndirect ExpensesSales and other incomeSecretarial RecordsCash & Journal Vouching
Period Of Audit: 1st April 2009 to 31st January, 2010 & 31st March, 2010
Person interacted With: Mr. Naresh KumarMr. AyyapareddyMr. Srinivasa Rao
Audit Team Mr. T.V.raoMr.AdityaMr.Vijay Reddy
Observations Discussed With : Mr. Naresh Kumar
Draft Report Issued On 19-05-2010
Final Report issued on 29-06-2010
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EXECUTIVE SUMMARY
The company is depositing the sales realization in Corporation Bank. It is observed that the time taken by Corporation Bank for realizing the cheques is very high and the average time taken by the Bank is 20 to 30 days. Due to these delays the company is having an opportunity loss by way of Interest.
Physical Verification of Fixed Assets did not take place during the year 2009-10 and we were informed that Verification of Buildings will be done for the year 2009-10.
Fixed Asset Register is not giving the details of Fixed Assets. Narration given in the Accounting records is incorporated in the Fixed Asset Register. Further Quantity, location etc., are also not shown separately in the Fixed Asset Register.
Capitalisation of Fixed Assets needs to be strengthened. In many cases it is observed that Assets are capitalization even though there is no Goods Receipt Note, Purchase Order, and Security Stamp on the Delivery challan attached to the invoice.
Loans and Advances are not verified periodically. Further Balance confirmations also not obtained for the advances lying in the records except for Employee Advances.
There are delays in depositing the statutory dues with the Government Authorities.
VAT returns filed with the Authorities are not in agreement with the Books of Account.
In the case of other states, VAT returns are not available for verification.
Balance confirmations from Sundry Creditors have not been obtained and in many cases advances are lying without any movement.
In most of the cases purchases are accounted without Purchase Order, Goods Receipt Note, and Security Stamp on the Delivery Challan.
It is observed that in many cases cheques issued by the customers are bounced. During the year we observe that in 429 cases cheques are bounced and still the company is supplying the material without insisting the D.D / Cash against the bounced cheques.
The company has specified the Credit Period in the Customer Master while creating the Account in the Books of Account. However it is observed that the credit period is not strictly followed and in many cases it is observed that the realizations are made only after credit period.
DETAILED REPORT
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Secured Loans
Statement showing the details of Unsecured Loans as at 31-12-2010
ParticularsOutstanding balance as at 31-12-2010
ALLAHABAD BANK 32,86,901.00
WORKING CAPITAL LOAN-YES BANK 11,13,02,887.00
BIOTECH CONSORITIMINDIA PVT LTD 12,00,000.00
TECHNOLOGY DEVELOPMENT BOARD 3,25,00,000
Unsecured Loans:
Statement showing the details of Unsecured Loans as at 31-12-2010
ParticularsOutstanding balance as at 31-12-2010
RELIANCE CAPITAL LIMITED 319729.00
BARCLAYS BANK PVT LTD 368506.00
ABN AMRO BANK 962839.00
PAYMENTS OF INSTALMENTS ON LOAN RECEIVED:-
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RELIANCE CAPITAL:-
MONTH ASPER AGREEMENT TOTALPAID AS PER AGREEMENT
AS PER BOOKS TOTAL PAID AS PER BOOKS
PRINICIPAL INTEREST PRINICIPAL INTEREST
April 10 91,074 18,893 1,09,967 91,074 18,893 1,09,967
May 10 92,516 17,451 1,09,967 92,516 17,451 1,09,967
June 10 93,981 15,986 1,09,967 93,981 15,986 1,09,967
July 10 95,469 14,498 1,09,967 95,469 14,498 1,09,967
Aug 10 96,980 12,987 1,09,967 96,980 12,987 1,09,967
Sep 10 98,516 11,451 1,09,967 98,516 11,451 1,09,967
Oct 10 1,00,076 9,891 1,09,967 1,00,076 9,891 1,09,967
Nov 10 1,01,660 8,307 1,09,967 1,01,660 8,307 1,09,967
Dec 10 1,03,270 6,697 1,09,968 1,03,270 6,697 1,09,968
ALLAHABAD BANK LTD:-
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MONTH ASPER AGREEMENT TOTALPAID AS PER AGREEMENT
AS PER BOOKS TOTAL PAID AS PER BOOKS
PRINICIPAL INTEREST PRINICIPAL INTEREST
April 10 45,598 29,502 75,500 45,598 29,502 75,500
May 10 45,757 29,743 75,500 45,757 29,743 75,500
June 10 46,992 28,508 75,500 46,992 28,508 75,500
July 10 47,155 28,345 75,500 47,155 28,345 75,500
Aug 10 47,081 28,419 75,500 47,081 28,419 75,500
Sep 10 47,549 27,951 75,500 47,549 27,951 75,500
Oct 10 47,563 27,937 75,500 47,563 27,937 75,500
Nov 10 52,682 22,818 75,500 52,682 22,818 75,500
Dec 10 56,147 19,353 75,500 56,147 19,353 75,500
ABN AMRO BANK:-
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MONTH ASPER AGREEMENT TOTALPAID AS PER AGREEMENT
AS PER BOOKS TOTAL PAID AS PER BOOKS
PRINICIPAL INTEREST PRINICIPAL INTEREST
April 10 51,514 19,978 71,492 51,514 19,978 71,492
May 10 52,222 19,270 71,492 52,222 19,270 71,492
June 10 52,940 18,552 71,492 52,940 18,552 71,492
July 10 53,668 17,824 71,492 53,668 17,824 71,492
Aug 10 54,406 17,086 71,492 54,406 17,086 71,492
Sep 10 55,154 16,338 71,492 55,154 16,338 71,492
Oct 10 55,912 15,580 71,492 55,912 15,580 71,492
Nov 10 56,681 14,811 71,492 56,681 14,811 71,492
Dec 10 57,460 14,032 71,492 57,460 14,032 71,492
BARCLAYS BANK PVT LTD:-
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MONTH ASPER AGREEMENT TOTALPAID AS PER AGREEMENT
AS PER BOOKS TOTAL PAID AS PER BOOKS
PRINICIPAL INTEREST PRINICIPAL INTEREST
April 10 1,05,830 20,703 1,26,533 1,05,830 20,703 1,26,533
May 10 1,07,418 19,115 1,26,533 1,07,418 19,115 1,26,533
June 10 1,09,029 17,504 1,26,533 1,09,029 17,504 1,26,533
July 10 1,10,665 15,863 1,26,533 1,10,665 15,863 1,26,533
Aug 10 1,12,325 14,208 1,26,533 1,12,325 14,208 1,26,533
Sep 10 1,14,009 12,524 1,26,533 1,14,009 12,524 1,26,533
Oct 10 1,15,720 10,813 1,26,533 1,15,720 10,813 1,26,533
Nov 10 1,17,455 9,078 1,26,533 1,17,455 9,078 1,26,533
Dec 10 1,19,217 7,316 1,26,533 1,19,217 7,316 1,26,533
Bank Accounts:
The company is having the following Bank Accounts as at 31st December, 2010.
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Name of the Bank Balance
Allahabad-565(salaries) 40,872.00
Allahabad Bank-49242 2,91,348.00
Allahabad Bank SBT-48760 3,509.00
Axis-Bank-68068 11,05,989.00
Axis-Bank-74263 13,51,420.28
Axis Bank(Bangalore)-62505 1,08,425.53
Axis Bank-Guntur 2,00,212.44
Axis-Bank-kurnool 44,373.20
Axis Bank-Nolien 88,970.00
Axis Bank-pune 6,00,000.00
Axis Bank-Raipur 39,095.00
Axis Bank-Vijayawada 18,299.00
Canara Bank 7,609.00
Citi Bank 50,000.00
PNB-1 Sanath Nagar 6,32,859.00
PNB-Sanath Nagar 40359 57,257.00
SBH 1,35,293.00
SBI 44,075.00
YES BANK(BIPP) 1,21,512.33
NAME OF THE BANK BALANCEYES-BANK-RABO 10,310.00
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YES –BANK-R&D 21,551.45
YES-BANK-(SBIRI) 56,431.42
YES –BANK (TDB) 2,20,758.15
DEPOSITS:-
RENTAL DEPOSITS:-
PARTICULARS AMOUNT OBSERVATIONS
BANGALORE GODOWN 40,000 PAID ON 11-06-2010
BANGALORE OFFICE DEPOSIT 1,50,000 1,00,000 PAID ON 03-07-2010.
HOSUR DEPO 60,000 OPENING BALANCE
KURNOOL GODOWN 58,500 PAID ON 13-04-2010
PASHAMYLARAM GODOWN 60,000 PAID ON 05-05-2010
RAIPUR OFFICE 17,000 OPENING BALANCE
VIJAYAWADA GODOWN 33,000 OPENING BALANCE
OTHER DEPOSITS:-
PARTICULARS AMOUNT OBSERVATIONS
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ELECTRICITY DEPOSIT 5,14,607 OPENING BALANCE >> 4,49,144PAID DURING THEYEAR >> 65,463
INDUSTRIAL GAS DEPOSIT 50,000 OPENING BALANCE.
INDUSTRIAL GAS DEPOSIT-PM 6,360 OPENING BALANCE.
LPG DEPOSIT-MICRO-GNT 15,000 OPENING BALANCE
VAT FOR RAIPUR DEPOSIT 5,000 OPENING BALANCE.
BANK DEPOSITS:-
PARTICULARS AMOUNT OBSERVATIONS
FIXED DEPOSIT-PNB 60,000 OPENING BALANCE.
DEPOSIT WITH ALLAHABAD (TOWARDS SUBSIDY)
8,25,000 OPENING BALANCE.
FIXED DEPOSIT –YES BANK 7,52,813 OPENING BALANCE
FIXED DEPOSIT –ALLAHABAD 97,09,764 AS ON 31-12-2010
FIXED DEPOSIT –YES BANK(RABO) 3,05,68,664 AS ON 31-12-2010
LOANS AND ADVANCES:-CASH IMPREST:-
PARTICULARS AMOUNT OBSERVATIONS
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D.PRABHAKAR –NPK-GUNTUR 1,250 Taken on 26-04-2010. No transactions in the account.
SURESH BABU .G. 11,000 OPENING BALANCE. No transactions in the account.
S.BALACHANDER –NORTH 10,000 Taken on 29-04-2010.No transactions in the account.
P.RAVI CHANDRA (RSM-TRICHY) 15,000 Taken on 07-05-2010.No transactions in the account.
M.VIJAYA KUMAR-INDORE 10,000 Taken on 10-06-2010.No transactions in the account.
A.RAJASEKHAR RAIPUR -IMPREST 8,113. Various transactions takes place ,towards office maintenance.
G.SURESH BABU-MARKETING 5,580 Towards jeep campaigning expenses.
IMPREST –UNIT1(MURTY-LAB) 20,000 Towards lab expenses.
IMPREST –UNIT2(DHARMA SINGH-FAC 74,921 Towards factory maintenance.
KKR-RAIPUR 2,198 Towards telephone and trunk calls.
K.KRUPAKAR REDDY –RAMAJIPET 17,170 Towards travelling expenses.
NAGARAJU –IMPREST-PASHAMYLARAM 68,805 Towards vehicle expenses.
P.SURENDRA MCO 8,328 Towards vehicle expenses.
SARITHA-IMPREST 2,927 Towards marketing meeting expenses.
S.SRINIVASA –MRKT 4,755 Towards jeep campaigning expenses.
V.M BASHA MRKT-IMPREST 16,094 Towards jeep campaigning expenses.
V.SRINIVASA RAO-MRKT(IMPREST) 8,242 Towards jeep campaigning expenses
SALARY ADVANCES:-
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PARTICULARS AMOUNT OBSERVATIONS
AMV PARDHA SARADHI-SAL 10,000 Taken on 27-07-2010.Till no deductions takes place.
DIGAMBAR BORNWAD (NPK) SAL
10,000 Taken on 23-10-2100.Till no deductions takes place.
G.UDAY KIRAN KUMAR-SAL 9,660 Taken on 19-10-2010.Amount 11,660.
K.SURENDRA-SAL 6,000 Taken on 9-09-2010.Amount 10,000.
MAHESH NIKAM –SAL 7,000 Taken on 19-07-2010.Till no deductions takes place.
M.SRINIVAS RAO-SAL 20,000 Taken on 08-12-2010.Till no deductions takes place.
P.ANNAPURNA –SAL 7,500 Taken on 12-11-2010.Amount 9,500
PRAMOD YADAV (NPK)-SAL 5,000 Taken on 17-09-2010.Till no deductions takes place.
R.KIRAN KUMAR-SAL 3,000 Taken on 20-12-2010.Till no deduction takes place.
R.KISHORE BABU-SAL 8,000 Taken on 15-07-2010.Till no deduction takes place.
S.A KHADAR BASHA –SAL 21,055 Taken on 19-10-2010.Amount 22,970.
SANTHOSHKUMAR SATPATHY(SAL)
15000 Taken on 04-09-2010.Till no deductions takes place.
S.SUBBA RAO –SAL 1085 Taken on 24-04-2010.Amount 6,500.
SUDHEERKUMARSINGH (NPK)-SAL
10,000 Taken on 15-09-2010.Till no deductions takes place.
T.V SRINIVASA –SAL 2168 Taken on 19-05-2010.Amount 6,500.
V.LAVANYASAL-(HEAD OFFICE)
6000 Taken on 3-11-2010.Amount 10,000.
Y.KRISHNA PRIYA (HR)-SAL 4500 Taken on 1-10-2010.Amount 9,000.
TRAVEL ADVANCES:-
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PARTICULARS AMOUNT OBSERVATIONS
D.PRATAP REDDY-TRA 15,000 Taken on 3-11-2010.Till no deductions takes place.
MANOJ KUMAR V.PATEL-TRA 15,000 Taken on 14-04-2010.Till no deductions takes place.
NVS S SHARMA (NPK)-TRA 15,000 Taken on 20-07-2010.Till no deductions takes place.
U.V SINGH –TRA 15,000 Taken on 13-07-2010.Till no deductions takes place.
P.V RAMACHANDRA RAO 2,40,000 Taken during the month of December.
VEHICLE ADVANCE:-
PARTICULARS AMOUNT OBSERVATIONS
K.VENKATA REDDY –AM NALGONDA -VEH
1,64,000 OPENING BALANCE.
V.V.NARAYANA-VEH 91,000 TAKEN ON 22-05-2010.AMOUNT 100000.
V.SREENIVAS RAO-VEH
73,000 OPENING BALANCE 100000.
V.M BASHA –AM-GUNTUR
63,000 OPENING BALANCE 90,000.
S.SRINIVASA RAO-AM KARIM NAGAR -VEH
13,000 OPENING BALANCE 40000.
LAXMINATH REDDY 20,000 OPENING BALANCE 74,000
G.SURESHA BABU –AM NIZAMABAD-VEH
293000 OPENING BALANCE >>>>240000TAKEN ON 13-09-2010.AMOUNT 80000.
DCS-ANANTHAPUR-VEH
1,22,000 OPENING BALANCE>>>>49000TAKEN ON 3-06-2010.AMOUNT 100000.
Statutory Liabilities
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Provident Fund;-
Month Amount Payable
Total Amount Paid (Rs.)
Date of Payment
Delay in days
April 102,68,448 2,68,448 19-05-2010 4
May 103,06,177 3,06,177 16-06-2010 1
June 103,48,121 3,48,121 15-07-2010
July 103,98,289 3,98,289 21-08-2010 6
Augsut 104,13,194 4,13,194 15-09-2010
September 104,16,716 4,16,716 11-10-2010
October 104,05,400 4,05,400 12-11-2010
November 103,96,783 3,96,783 11-12-2010
December 103,86,658 3,86,658 11-01-2010
Employee State Insurance
Month Amount Payable
Total Amount Paid (Rs.)
Date of Payment
Delay in days
April 10 55,291 55,291 19-05-2010
May 10 92,743 92,743 01-07-2010 10
June 10 1,07,722 1,07,722 24-07-2010 3
July 10 1,25,648 1,25,648 25-08-2010 4
Augsut 10 1,33,648 1,33,648 15-09-2010
September 10 1,32,404 1,32,404 11-10-2010
October 10 1,32,261 1,32,261 12-11-2010
November 10 1,28,236 1,28,236 09-12-2010
December 10 1,21,380 1,21,380
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Profession Tax
Month Amount Payable
Total Amount Paid (Rs.)
Date of Payment
Delay in days
April 10 17,120 16,720 5-10-2010
May 10 20,722 19,380 5-10-2010
June 10 16,649 21,160 5-10-2010
July 10 25,078 24,880 1-10-2010
Augsut 10 25,518 25,520 12-10-2010
September 10 25,689 25,690 12-10-2010
October 10 25,913 25,310 12-11-2010
November 10 24,670 24670 9-12-2010
December 10 23,309 23,910 11-01-2010
COMPARISION OF SALES AND PURCHASES WITH VAT RETURNS.Sales:-
Month Sales as per ReturnAccounted
Sales DifferenceApril 10
14,74,200 14,74,200May 10
27,04,157 27,04,157June 10
1,71,28,062 1,71,27,798 264July 10
3,89,11,788 3,89,45,489 -33,701Augsut 10
8,42,79,631 8,42,85,525 -5894September 10
4,63,55,341 4,65,82,894 -2,27,553October 10
6,33,26,423 6,36,09,923 -2,83,500November 10
3,60,15,358 3,60,15,357December 10 6,15,00,458
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Exempted Sales;-
MonthExempted Sales as per Return
Exempted Sales as per Books Difference
April 10 NEED ANNEXURE. 3,67,285
May 10 23,19,063 14,03,510 9,15,553
June 10 29,90,785 29,92,051 -1267
July 10 4,19,17,997 4,19,17,997
Augsut 10 1,08,98,056 1,08,20,751 77,304
September 10 8,55,849 7,62,495 93,354
October 10 2,84,21,686 2,83,09,864 1,11,821
November 1011,61,82,885 7,23,02,840 4,38,80,045
December 107,84,92,052
Purchases 4% :-
MonthPurchases as per Return
purchases as per Books Difference
April 10 21,25,037 11,13,514 10,11,523
May 10 91,83,459 54,08,483 37,74,976
June 10 2,16,74,837 2,05,98,472 10,76,365
July 10 5,01,61,235 5,01,19,538 41,697
Augsut 10 3,58,59,366 3,55,74,185 2,85,181
September 10 1,65,18,175 2,81,89,045 -1,16,70,870
October 10 2,06,49,350 3,97,98,121 -1,91,49,607
November 10 88,81,000 3,75,27,371 -2,86,46,371
December 10 1,62,02,411
Purchases 14.5% :-
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MonthPurchases as per Return
purchases as per Books Difference
April 10 5,35,620 620 5,35,000
May 10 2,14,472 1,16,747 97,725
June 10 1,77,266 83,966 93,300
July 10 1,06,525 1,05,744 781
Augsut 10 6,18,837 5,97,300 21,537
September 10 1,00,052 1,70,577 -70,525
October 10 2,13,848 4,14,884 -2,01,036
November 10 15,255 67,614 -52,359
December 10 58,205
VAT RECONCILATION:-
MONTHVAT PAID AS PER RETURN
VAT AS PER BOOKS
DIFFERENCE
DUE DATE OF FILING RETURN
ACTUAL DATE FILING OF RETURN
April 10 -72,143 14,337 86,480 20-05-2010 21-05-2010
May 10 -86,896 -1,25,101 -38,205 20-06-2010 22-06-2010
June 10 21,961 -1,51,002 -1,29,041 20-07-2010 20-07-2010
July 10 8,42,535 -4,62,295 13,04,830 20-08-2010 26-08-2010
Aug 10 24,08,299 18,61,845 -5,46,454 20-09-2010 23-09-2010
Sep 10 11,78,978 7,11,020 -4,67,958 20-10-2010 20-10-2010
Oct 10 16,76,075 8,92,280 -7,83,794 20-11-2010 20-11-2010
Nov 10 10,83,162 -63,185 11,46,347 20-12-2010 20-12-2010
Dec 10 18,03,482 20-1-2011
CST Sales:-
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VIEW OF SUNDRY CREDITOR
IN THE FOLLOWING CREDITORS ,ADVANCES HAS GIVEN BY THE COMPANY,BUT PURCHASES HAS BEEN NOT MADE FROM THAT PARTIES:-
NAME AMOUNT REMARKS
BIO-SYNERGIES INDIA PVT LTD 1,95,200 OPENING DEBIT BALANCE
SRI MURUGAN CHEMICALS 14,484 OPENING DEBIT BALANCE
NEEHARIKA ENTERTAINMENT PVT LTD 3,33,084 OPENING DEBIT BALANCE
TURBO MACHINERYENGINEERING INDUSTRIES
35,00,000 OPENING DEBIT BALANCE
SRI SAI FABRICATIONS & CONTRACTORS 67,750 OPENING DEBIT BALANCE
I VISION FARMERS 1,00,000 OPENING DEBIT BALANCE
SNEHA HYDRO SYSTEMS 5,42,266 OPENING DEBIT BALANCE
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Month
CST Sales as per return
CST Sales as per Books
Difference
April 1051,850 51,850
May 106,36,768 6,36,768
June 1010,70,680 10,71,680 1,000
July 101,27,259 1,27,259
Augsut 1056,288 56,288
September 1063,719 63,719
October 1057,601 57,601
November 10 NIL
December 10 NIL
N&K/IA/SBLIL/2009-10/1
JBN FABRICATION & ERECTION 2,65,001 OPENING DEBIT BALANCE
\\JAI RAJ ISPAT LTD 5,64,811 OPENING DEBIT BALANCE
INTELLIGENCE INDIA LTD 1,50,000 OPENING DEBIT BALANCE
GS AGENCIES 6,75,050 OPENING DEBIT BALANCE
AMR CONSTRUCTION LTD 1,97,946 OPENING DEBIT BALANCE
AHLADA ENGINEERS PVT LTD 65,327 OPENING DEBIT BALANCE
ANNURAJ EQUIPMENTS PVT LTD 67,311 OPENING DEBIT BALANCE
BOTTEL BOY LTD 89,888 OPENING DEBIT BALANCE
MAGHMA ENGINEERING INDUSTRIES 13,733 OPENING DEBIT BALANCE
GANJI ENTERPRISES 8,650 OPENING DEBIT BALANCE
LAKSHMI PRIYA PRINTERS 18,818 OPENING DEBIT BALANCE
NATIONAL TOXICOLOGYCENTRE 11,315 OPENING DEBIT BALANCE
SRI SHIRIDI SAI ENTERPRISES 16,816 OPENING DEBIT BALANCE
SK NAGUR MICRO GUNTUR 10,000 OPENING DEBIT BALANCE
PRUDHVI CONSULTANT 18,000 OPENING DEBIT BALANCE
VARUN TECHNO SERVICES 51,999 OPENING DEBIT BALANCE
INDIAN ENG WORKS 40,000 OPENING DEBIT BALANCE
SHALIMAR ENGINEERING 21,560 OPENING DEBIT BALANCE
SOUTHERN PLANTAIDS PVT LTD 19,995 OPENING DEBIT BALANCE
SREE VAJRA PAINTS PVT LTD 17,836 OPENING DEBIT BALANCE
SRI DURGA ENGINEERING SERVICES 6,000 OPENING DEBIT BALANCE
SRI NAGENDRA TRADERS 21,640 OPENING DEBIT BALANCE
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FAIZULLAH KHAN 7,000 OPENING DEBIT BALANCE
RAINBOW SOLUTIONS 3,720 OPENING DEBIT BALANCE
SAI POOJA CONSULTANTS 4,500 OPENING DEBIT BALANCE
SRI OLIMA INTERNATIONAL 18,700 OPENING DEBIT BALANCE
Y.NAGESWARA RAO 2,609 OPENING DEBIT BALANCE
IN THE FOLLOWING CREDITORS ,ADVANCES HAS GIVEN BY THE COMPANY,BUT PURCHASES HAS BEEN NOT MADE FROM THAT PARTIES:-
NAME AMOUNT REMARKS
CONFEDERATION OF WOMEN ENTREPRENEURS
2284141 PAID ON 16-07-2010
SR PACKAGING SYATEMS2,99,000 PAID ON 25-08-2010
PATEL&CO10,202 PAID ON 17-06-2010
VITRUAL ENGINEERS SOFTWARE LABS PVT LTD
33,099 PAID ON 30-04-2010
UNIQUE INFLATABLES LTD44,082 PAID ON 15-06-2010—22,000
PAID ON 22-06-2010—22,082
STITCHWELL QUALITEX 10,000 PAID ON 27-07-2010
RAJEEV KUMAR YADAV –LUCKNOW 62,000 PAID ON 12-07-2010
P.SRIHARSHA REDDY 5,200 PAID ON 16-06-2010
NAGARJUNA FERTILIZERS &CHEMICALS LTD
10,000 PAID ON 20-07-2010
HYPER CITY RETIAL IND LTD 64,697 PAID ON 10-07-2010
ELICO LIMITED 25,090 PAID ON 08-06-2010
CENTRAL DEPOSITARY SERVICES IND LTD
16,545 PAID ON 15-04-2010
SHAUNAK EXPORTS 39,696 PAID ON 7-07-2010
PROJECT DIRECTOR RICE RESEARCH
6,00,000 PAID ON 26-07-2010
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TDS
TDS HAS NOT BEEN DEDUCTED FOR THE FOLLOWING PERSONS UNDER SEC192 OF INCOME TAX ACT 1961.
NAME OF EMPLOYEE DEPARTMENT EMPLOYEE CODE
SALARY AFTER DEDUCTION P.M
K.KRISHNA VENI FINANCE 1004 21,241
G.SESHAGIRI RAO NPK PLANT 9621 19,220
WALUNJ DIGAMBAR SALES 5509 20,000
S.SANTHOSH KUMAR NPK PLANT 1027 15,000
RAJ KUMAR SHIVRAM NPK PLANT 9612 15,000
A.PAVAN KUMAR FINANCE 1012 17,946
R.ROHITH KUMAR ARR 12042 15,220
S.P.BANGARU SALES 7503 16,220
P.K.MANJUNATH SALES 7504 15,720
SUNIL SALES 4001 16,710
NARENDRA BHATI SALES 5513 15,000
TDS HAS NOT BEEN DEDUCTED FOR THE RENT UPTO JUNE-2010 UNDER SEC 194I OF INCOME TAX ACT 1961.
NAMEAMOUNT PER
MONTHREMARKS
SANAGAPALLI KOTARATTAIAH(VIJ GODOWN)
11,000 TDS TO BE DEDUCTED FOR THREE MONTHS.
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K.SUDHAKARAN(BANGALORE) 14,000 TDS TO BE DEDUCTED FOR THREE MONTHS.
C.A VENKATESH VERMA(KNL) 10,600 TDS TO BE DEDUCTED FOR THREE MONTHS.
TDS HAS NOT BEEN DEDUCTED FOR INTEREST PAID ON THE LOAN TAKEN FROM RELIANCE CAPITAL LIMITED UNDER SEC194A OF INCOME TAX ACT 1961.
MONTH PRINICIPAL PAYMENT INTEREST PAYMENT
April 10 91,074 18,893
May 10 92,516 17,451
June 10 93,981 15,986
July 10 95,469 14,498
Aug 10 96,980 12,987
Sep 10 98,516 11,451
Oct 10 1,00,076 9,891
Nov 10 1,01,660
8,307
Dec 10 1,03,270 6,697
IN THE FOLLOWING CASES TDS HAS BEEN PAID AFTER DUE DATE.
MONTH SECTION OF TDS
AMOUNT DUE DATE DATE OF PAYMENT.
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Aug 10 194J 8,000 07-09-2010 15-09-2010
July 10 194J 8,000 07-08-2010 21-08-2010
June 10 194C 1,877 07-07-2010 17-07-2010
May 10 192 12,634 07-06-2010 08-06-2010
May 10 192 1,50,265 07-06-2010 23-06-2010
Aug 10 192 49,379 07-09-2010 15-09-2010
April 10 192 49,379 07-05-2010 10-05-2010
SALES
THE FOLLOWING SALES WERE WRONGLY ENTERED IN TALLY DUE TO QUANTITY DIFFERENCE
NAME INVOICE AMOUNT PREVIOUS AMOUNT
STATE MONTH
Sree Venkateswara Agro Chemicals
SBT/BIO/BLR/INV/10-11/572
15094.12 2541.04 Ka Sep
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Lavanya Traders - Telungupalayam
SBT/BIO/HSR/INV/10-11/145
89095.08 84391.32 Tn June
A.G. Traders – Badnagar SBT/BIO/MP/INV/10-11/168
24957.00 2495.70 Mp August
P.Ramasamy & Sons Ferti & Pesti
SBT/BIO/HSR/INV/10-11/249
23148.88 22143.08 Ka July
Sree Venkateswara Agro Chemicals
SBT/BIO/BLR/INV/10-11/713
37255.76 33116.00 Tn Sep
Goswami Enterprises-Piploda
SBT/BIO/MP/INV/10-11/076
19063.20 17453.92 Mp July
THERE IS PRICE VARIANCE IN THE FOLLOWING SALES INVOICE.NAME INVOICE AMOUNT MONTH STATERaj Pesticides Raisinghnagar.
SBT/BIO/RJ/INV/10-11/115
34133.28 August Rajastan
Shri Agro Agencies – Chikhali
SBT/BIO/MH/INV/10-11/600
36878.08 June Mh
Mauli Agro Services – Jaikheda
SBT/BIO/MH/INV/10-11/482
17750.00 Sep Mh
Sri Bairaveshwara Enterprises -
SBT/BIO/BLR/INV/10-11/259
53234.08 July Ka
Lavanya Traders - Telungupalayam Pirivu
SBT/BIO/HSR/INV/10-11/145
84391.32 June Tn
Nirwana Siddeswara Traders-Gerumara
SBT/BIO/BLR/INV/10-11/477
70229.28 Aug Ka
Sree Venkateswara Agro Chemicals-Bellary
SBT/BIO/BLR/INV/10-11/572
2541.04 Sep Ka
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N&K/IA/SBLIL/2009-10/1
Kapila Krushi Seva Kendra - Bramangaon
SBT/BIO/MH/INV/10-11/363
32289.00 August Mh
3 .THE FOLLOWING INVOCES WERE NOT AVAILABLE DUE TO DEBTORS APPLICATION.
NAME INVOICE AMOUNT MONTH STATENew Jagdamba Enterprises SBT/BIO/RJ/INV/10-
11/157256445.00 Sep Rj
Shri Om Agro Services – Phaltan
SBT/BIO/MH/INV/10-11/572
54400.00 June Mh
Vijay Machinery Krushi - Morshi
SBT/BIO/AK/INV/10-11/111
47301.60 Aug Mhak
Nirwana Siddeswara Traders-Gerumara
SBT/BIO/BLR/INV/10-11/477
70229.28 Aug Ka
Raghavendra Enterprises - Yadgiri
SBT/BIO/BLR/INV/10-11/704
24116.64 Sep Ka
Guru Krupa Agro Centre - Rajkot
SBT/BIO/GJ/INV/10-11/017
21037.20 July Gj
Priyanka Seeds – Surajpur SBT/BIO/CH/INV/10-11/016
31394.12 Sep Ch
Sri Amman Agri Clinic – Eariyur
SBT/BIO/HSR/INV/10-11/531
42935.44 Aug Tn
SALES RETURNS:-
1. THE FOLLOWING SALES WERE NOT ENTERED IN TALLY ,BUT CREDIT NOTES FOR THE FOLLOWING SALES RETURN ARE AVAILABLE. STATE UP
CREDIT NOTE NO. 41 AND 42.
2. THERE IS PRICE DIFFERENCE FOR THE FOLLOWING SALES RETURN.
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PARTY: SRI SHIVA KUMAR AGRO AGENCIES-DAVANGERE. STATE : KA MONTH: JULY,PREVIOUS AMOUNT 7566,CURRENT AMOUNT 7394.
PURCHASES:-
FOR THE FOLLOWING PURCHASES ,PURCHASE INVOICES ARE NOT AVAILABLE.
NAME VCH TYPE AMOUNT MONTH STATEAsian Minerals Purchase
NPK10200.00 July Ap
Lak Mineral Trading Co Purchase NPK
10540.00 JULY Ap
Anu Powers Purchase BIO
12000.00 July Ap
Sai Tirumala Polymers Purchase BIO
12051.00 July Ap
Sunil Cloth Printers Purchase BEJ
17225.00 July Ap
Nagaraju Mineral Industries Purchase NPK
24975.00 July Ap
Prathyusha Chemicals and Fertilizers Ltd
Purchase NPK
51000.00 July Ap
FOR THE FOLLOWING PURCHASES GRN AND STAMPS ARE NOT AVAILABLE:-.
NAME VCH.TYPE AMOUNT MONTH GRN STAMP
SREE SAI SINDHURA POLY PRODUCTS
PURCHASE INORG 94,045 AUG N N
SRUJANA DESIGN &PACKAGING LAND
PURCHASE BIO 4,500 JULY N N
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N&K/IA/SBLIL/2009-10/1
SRUJANA DESIGN &PACKAGING LAND
PURCHASE BIO 7,500 JULY N N
SRUJANA DESIGN &PACKAGING LAND
PURCHASE BIO 17,750 JULY N N
CHEMI PACK IND LTD PURCHASE BIO 1,986 JULY N N
CHEMI PACK IND LTD PURCHASE BIO 27,300 JULY N N
SAI HARI TEJA POLYMERS PVT LTD
PURCHASE BEJ 30,498 JUNE N N
SREE SAI SINDHURA POLY PRODUCTS
PURCHASE INORG 83,728 JUNE N N
SUKHJIT STARCH MILLS
PURCHASE BIO 5,956 JUNE N N
SUNIL CLOTH PRINTERS
PURCHASE BEJ 78,000 MAY N N
BLISS PACKAGING PVT LTD
PURCHASE BEJ 75,494 MAY N N
SREE SAI SINDHURA POLY PRODUCTS
PURCHASE BIO 86,457 MAY N N
ABDUAL SATTAR KASIM
PURCHASE BEJ 1,62,500 MAY N N
FOR THE FOLLOWING PURCHASES, PURCHASE ORDERS ARE NOT AVAILABLE;-
1. THERE IS NO PURCHASE ORDERS FOR SRIVIN BIOTECH AND SRI BIO REMEDIES PURCHASES.
2. THERE IS NO PURCHASE ORDERS FOR NAVYA POLY PLAST AND BECKLAND
PLASTICS PVT LTD FOR NOVEMBER PURCHASES.
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3. THERE IS PRICE DIFFERENCE BETWEEN PRICE INVOICE AND PURCHASE ORDERS WITH REGARD TO SRUJANA DESIGN AND PACKAGING FOR NOVEMBER AND DECEMBER PURCHASES.
EG:-VOUCHER NO.803 AND 807 FOR NOVEMBER PURCHASES.4. THERE IS HUGE PRICE DIFFERENCE BETWEEN PURCHASE ORDER AND
PURCHASE INVOICE FOR THE FOLLOWING PARTIES FOR OCTOBER PURCHASES.
A) SRI PADMAVATHI FERTILIZERS & GENERAL GOODS .
IN PURCHASE ORDER 481 PER METRIC TONN. IN PURCHASE INVOICE 9615 PER METRIC TONN.
B) FLORIS CHEMI TECH. IN PURCHASE ORDER 7.50 PER UNIT. IN PURCHASE INVOICE 375 PER UNIT. 5. FOR THE FOLLOWING PARTIES THERE IS NO PURCHASE ORDERS .
DATE NAME AMOUNT
28-06-2010 GENORGANICS 59,841
14-05-2010 SREE SAI SINDHURA 40,075
25-05-2010 SREE SAI SINDHURA 90,915
27-06-2010 BLISS PACKAGING PVT LTD 6,819
28-09-2010 PRINCE TRADERS 3,783
JVS:-
PARTICULARS VCH TYPE AMOUNT MONTHFire wood expenses Jv npk 29328.00 Aug
Jeep Campaigning Expenses
Journal BIO
46777.00 Aug
Security Service Charges Journal 50168.00 Aug
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N&K/IA/SBLIL/2009-10/1
NPK
Diesel Expenses Journal 106933.00 Aug
Marketing Meeting Expenses
Journal BIO
158285.00 Aug
Geethika Consultancy – NPK
Journal BIO
32240.00 Aug
Jaspal Singh Journal BEJ
45000.00 Aug
Review of Sundry Debtors
NAME OF CUSTOMER NO OF TIMES CHEQUE BOUNCED
AMOUNT OUTSTANDING
REMARKS
ANANTH AGRO SERVICE –ANIKKADAVU 5 768999 pending since 30-11-2010
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N&K/IA/SBLIL/2009-10/1
BHARATHI SEEDS &PESTICIDES -PRODDATUR
4 588681 Pending since 29-11-2010
GURUKRUPA KRUSHI SEVA KENDRA -VIJ 3 64,737 Only 35,060 paid during the year
Sale value upto 31-12-2010 is 76,275.EXCEEDED THE CREDIT LIMIT.
LAKSHMI TRADRS -BAGEPALLI 6 291364 Pending since 30-11-2010
MAA SHARDA ENTERPRISES-VIDISHA 3 1171769 Pending since 18-12-2010
MITAKSHARA AGRO AGENCIES PALUS 4 538260 Pending since 29-05-2010
Sale value upto 31-12-2010 is 498069Only 14000 paid during the year.
NACHIYAR CROPCARE -ANAIMALAI 7 436544 Pending since 22-12-2010
NEW SHIVANI SEEDS-LUCKNOW 3 71,654 Pending since 27-12-2010
NIRWANA SIDDESWARA TRADERS -GERUMARA 4 255672 Pending since 30-10-2010
RIHAN ENTERPRISES -SIRIGIRI
4 242661Pending since 1-06-2010Sale value upto 31-12-2010 is 221994Only 14000 paid during the year.
SAI RAM AGRO AGENCIES -MULUGU 3 285564 PENDING SINCE 30-11-2010.
Sale value upto 31-12-2010 is 387532.Only
SAI SRI SEEDS & PESTICIDES-ADILABAD 3 840279 Pending since 30-11-2010
SHREE GANESH FERTILIZERS-BARAMATHI
5 377660 Pending since 10-12-2010Sale value upto 31-12-2010 is 452875Only 90000 paid during the year.EXCEEDED THE CREDIT LIMIT.
SHREE JEE KRISHI SEVA KENDRA-BHERAVGARH 4 335987 PENDING SINCE 20-12-2010
Sale value upto 31-12-2010 is 497400.
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N&K/IA/SBLIL/2009-10/1
Only 111230 paid during the year.EXCEEDED THE CREDIT LIMIT.
SHREE LAKSHMI AGRI SERVICE-JAYAMKONDAN
7 840301 PENDING SINCE 15-07-2010Sale value upto 31-12-2010 is 905069Only 25000 paid during the year.EXCEEDED THE CREDIT LIMIT.
SHRI BALAJI KRUSHI SEVA KENDRA –GULANA 3 241112 PENDING SINCE 22-12-2010
Sale value upto 31-12-2010 is 299934Only 47639 paid during the year.EXCEEDED THE CREDIT LIMIT.
SHRI GANESH TRADING -MALLA 5 608155 PENDING SINCE 10-11-2010
SHRI SHIVASHAKTI AGRO TRADERS-MALLA 6 393374 PENDING SINCE 30-10-2010
SRI BHUVANESHWARI FERT-KAPPAGAL 4 131150 PENDING SINCE 16-09-2010
Sale value upto 31-12-2010 is nil.Only 40000 paid during the year.EXCEEDED THE CREDIT LIMIT.
SRI GANAPATHY AGRO SERVICE-UDUMALPET 3 119260 PENDING FROM YEAR BEGINNING.
Sale value nilAll payments during the year bounced.
SRI MANIKANTA TRADERS-CHENAMAVANDI
3 447769 PENDING FROM 10-12-2010Sale value upto 31-12-2010 is 587642.Only 130000 paid during the year.EXCEEDED THE CREDIT LIMIT.
SRI MARUTHI FERTILIZERS-KOLAR 5 366892 PENDING SINCE 30-11-2010
SRI MATHA AGRI CLINIC -TURUVEKERE 3 88605 PENDING SINCE 30-11-2010
SRI SATISH AGRO AGENCIES-CHITYAL 3 201954 PENDING FROM YEAR BEGINNING.
Sale vaue upto 31-12-2010 is 24237.EXCEEDED THE CREDIT LIMIT.
SRI SHAKTHI AGRI WORLD CUMBUM 3 477728 PENDING SINCE 30-11-2010
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N&K/IA/SBLIL/2009-10/1
SRI SRINIVASA AGRO AGENCIES-CHERLA 3 30448 PENDING SINCE 30-10-2010
SRI TIRUMALA AGRI CLINIC –ANEKAL 3 66786 PENDING SINCE 30-11-2010
SURAKSHA AGRO AGENCIES-ALMEL 3 2231136 PENDING SINCE 10-12-2010
SUVIDHA KRUSHI SEVZ KENDRA -MURTIZAPUR 4 370377 PENDING SINCE 13-12-2010
VASAVI FERTILIZERS & PESTICIDES -KURAVI 4 466985 PENDING SINCE 09-09-2010
VENKATESH AGRO AGENCIES-KHED 4 160955 PENDING SINCE 22-11-2010
VETRIVEL MURUGAN AGRO AGENCIES -KALLIPATTYJAY BHADRA AGRO SALES-AMALNER
3 75503 PENDING FROM YEAR BEGINNING.Sale value upto 31-12-2010 is 91358All payments during the year were bounced.EXCEEDED THE CREDIT LIMIT.
SRI MATHA AGRI CLINIC -TURUVEKERE 3 88605 PENDING SINCE 30-11-2010
JAY BHARDA AGRO SALES -AMALNER
3 385737 PENDING SINCE 30-10-2010
Sale vaue upto 31-12-2010 is 414337Only 2000 paid during the year.EXCEEDED THE CREDIT LIMIT.,
OBSERVATIONS FROM DEBTORS CONFORMATION AS ON 30-09-2010.
S.NO NAME OF THE PARTY OBSERVATIONS:-
1 SARAVANA TRADERS(AMBILIKAI)
ACCORDING TO PARTY 37,000/-. PAID TO BANGARU FOR OOTY MEETING EXPENSES.BUT ,STILL THIS AMOUNT HAS NOT BEEN CREDITED TO PARTY.
2 AMMAN AGENCIES ACCORDING TO PARTY 25000/- PAID FOR OUR COMPANY
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N&K/IA/SBLIL/2009-10/1
(POLLACHI) MEETING EXPENSES.BUT,STILL THIS AMOUNT HAS NOT BEEN CREDITED TO PARTY.
3 SRIMA AGRO AGENCIES (ARIYALUR)
ACCORDING TO PARTY 10,893/- HAS BEEN GIVEN TO SALES MANAGER (MR.RAVICHANDRAN).BUT STILL THIS AMOUNT HAS NOT BEEN CREDITED TO PARTY.
4 NEW KISAN BEEJ BHANDAR (NAMPUR)
ACCORDING TO PARTY CREDIT NOTE FOR 7,000/- HAS BEEN SENT.BUT NO ADJUSTMENT HAS BEEN MADE IN HIS ACCOUNT FOR THE SAME.
5 JAGADAMBA KRISHI SEVA KENDRA (BHIGVAN)
ACCORDING TO PARTY GOODS HAVE BEEN RETURNED .BUT NO ADJUSTMENT HAS BEEN MADE IN HIS ACCOUNT FOR THE SAME.
6 MODERN AGRO AGENCIES (UDUMALPET)
CREDIT BALANCE OF 7355/- HAS BEEN SHOWN IN HIS ACCOUNT.
7 SRI ANJANEYA AGRO SEEDS (HOSADURGA)
CREDIT BALANCE OF 7045/- HAS BEEN SHOWN IN HIS ACCOUNT.
8 SRI VEERABHADRAESHWARA FERTILIZERS
CREDIT BALANCE OF 3578/- HAS BEEN SHOWN IN HIS ACCOUNT.
IN THE FOLLOWING CASES THERE IS NO MOVEMENT IN THE ACCOUNT.THE DETAILS ARE AS UNDER.
PARTICULARS DEBIT CREDIT
OHM FERTILIZERS -MAHEMDABAD 1475.72
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N&K/IA/SBLIL/2009-10/1
THE DISTRICT CO-OPERATIVE MKG SOCIETY LTD -KANIGIRI 93,809.85
THE DISTRICT CO-OPERATIVE MKG SOCIETY LTD –GIDDALUR 52,832.27
PUNJAB CHEMICALS &CROP PROTECTION LTD-HYDERABAD 2,13,034.84
JASMINE BIOLOGICAL PVT LTD 60,867.63
NANDAN BIOMATRIX LTD 100000
NEELAGIRI FOUNDATION –ATMAKUR 171253.00
APFDC LTD-CHINTAPALLI 23,568
APSAIDC –LTD-HYDERABAD 2159.87
APSSDC-NIRMAL 7050
PATIDAR AGRO AGENCIES –BARWAH 2984
AMBIKA KRISHI BEEJ VIKAS –DHAR 8123.56
GOVINDARAM BABURAM –SRIKARANPUR 5751
SRI NAMDAV AGRO AGENCY –ANUPHGARH 3694
VISHNU ENTERPRISES-SRI KARANPUR 1500HARI OM AGRO-KOTA 466
EXPENDITURE SCRUTINY:
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N&K/IA/SBLIL/2009-10/1
1. PREVIOUS YEAR RENT WAS ACCOUNTED IN THE CURRENT YEAR FOR 33,000 AND THERE IS RENT PAYABLE ACCOUNT FOR 33,000.
2. PREVIOUS YEAR CONSULTANCY CHARGES ACCOUNTED IN THIS YEAR FOR 5000,AND THERE IS CONSULTANCY CHARGES PAYABLE ACCOUNT FOR 5,000.
3. PREVIOUS YEAR ELECTRICITY CHARGES ACCOUNTED IN THIS YEAR FOR 26595,AND THERE IS ELECTRICITY CHARGES PAYABLE ACCOUNT FOR 26,595.
S.NO NAME OF THE PARTY OBSERVATIONS:-
1 SARAVANA TRADERS(AMBILIKAI)
ACCORDING TO PARTY 37,000/-. PAID TO BANGARU FOR OOTY MEETING EXPENSES.BUT ,STILL THIS AMOUNT HAS NOT BEEN CREDITED TO PARTY.
2 AMMAN AGENCIES (POLLACHI)
ACCORDING TO PARTY 25000/- PAID FOR OUR COMPANY MEETING EXPENSES.BUT,STILL THIS AMOUNT HAS NOT BEEN CREDITED TO PARTY.
3 SRIMA AGRO AGENCIES (ARIYALUR)
ACCORDING TO PARTY 10,893/- HAS BEEN GIVEN TO SALES MANAGER (MR.RAVICHANDRAN).BUT STILL THIS AMOUNT HAS NOT BEEN CREDITED TO PARTY.
4 NEW KISAN BEEJ BHANDAR (NAMPUR)
ACCORDING TO PARTY CREDIT NOTE FOR 7,000/- HAS BEEN SENT.BUT NO ADJUSTMENT HAS BEEN MADE IN HIS ACCOUNT FOR THE SAME.
5 JAGADAMBA KRISHI SEVA KENDRA (BHIGVAN)
ACCORDING TO PARTY GOODS HAVE BEEN RETURNED .BUT NO ADJUSTMENT HAS BEEN MADE IN HIS ACCOUNT FOR THE SAME.
Secretarial Records
The company has filed the Annual Return in Form 20B on 21-11-2009. According to Section 159 of the Companies Act, 1956 the company is required to file the Annual return in Form 20B within 60 days from the end of the Annual General Meeting and the company has filed the Annual Return within the due date.
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The company has filed the Form 23AC and 23 ACA for Balance Sheet and Profit & Loss Account with the Registrar of Companies on 19-11-2009 whereas the due date for filing these forms was 30-10-2009. According to Section 220 of the Companies Act, 1956 the company is required file the Balance sheet and Profit & Loss account with the ROC within 30 days from the end of the Annual General Meeting.
The company has updated the Minutes of the Board Meetings and Annual General Meetings. However Minutes of the Extra Ordinary General Meeting held on 13-11-2000 are not available for our verification.
Minutes of the Audit Committee are not available for our verification. Further According to section 292A of the Companies Act, 1956, Annual Financial Statements are to be approved by the Audit Committee before taken by the Board. It is observed that the financial statements for the year 2008-09 were not considered by the Audit Committee. We were informed that though audit committee was formed there were no meetings held during the year 2009-10 (till January10).
The company has appointed the Company Secretary on 14-10-2009 for which Board resolution passed on 03-10-2009. However Board minutes for the said meeting are not made available for verification.
The company has filed Form 32 for Appointment and resignation of directors with the Registrar of Companies and also filed the Form 8 for creation of Charge in favour of Yes Bank for the Secured loans sanctioned to the company
During the year the company has opened the Bank Accounts in the following Banks whereas there was no reference for these bank accounts in the Board Minutes.
Axis Bank – Bangalore State Bank of India Allahabad Bank
The details of Meetings held during the year 2009-10 are as under
Board Meetings:
Annual General Meeting held on 30-09-2009Extraordinary General Meeting held on 13-11-2009
36
Date Remarks30-06-2009 Minutes available12-08-2009 Minutes available03-10-2009 Minutes not available
N&K/IA/SBLIL/2009-10/1
Cash & Journal Vouching
We have verified the Cash Vouchers for the months of April09 to June09 and October 09 to December 09. We have not found any major discrepancy during our Cash Vouching. However in some cases we observe that supportings are not attached with the Voucher.
The company is not taking the printouts of the Journals hence we have not verified all the journal entries.Deposits
Particulars Amount ObservationsElectricity Deposit 449144 O.B. No details available. Deposit with Allahabad Bank towards Subsidy
825000 O.B. No confirmation available
Hosur Rent Deposit 60000 Agmt dtd28-09-09 is available. This is for Hosur @6000 pm rent and Deposit of Rs.60000
Raipur Office Deposit 17000 Agreement effective 01-09-09 at 8500pm rent and deposit Rs.17000 for Raipur Office
Bangalore Office Deposit 50000 Agreement is WEF 05-05-2009 at a rent of Rs.4500/-.
Rent Deposit 120000 Informed that Rs.60000/- relates to Office deposit. While going thru the account it is observed that the agreement was expired in Aug09. The balance Rs.60000 relates to deposit paid on behalf of Srivin Biotech Ltd. In the absence of documents we can’t comment on the deposit amount of Rs.60000/-.
Raipur VAT Deposit 5000 No documents available for verificationVijayawada Godown Rent Deposit
33000 As per Agmt.dtd 01-08-09 rent is 11000 and deposit is Rs.33000.
As per the Agreement Dtd.16-01-09 rent for Bellary is Rs.1680 P.M and Deposit of Rs.10000/- but deposit has not been accounted in the books. Further rent is being accounted as 3300/-.
Management Reply:
Allahabad Bank Deposit is for NABARD subsidy and the confirmation is obtained for the same. Rental Deposits are all recently paid and agreements are available. Office Rental Deposit is cleared. Investments
During the year the company has not made any investments. The company is having an investment in Sri Bio Remedies Pvt Limited. Loans and Advances:
Employee Loans and Advances:
In the following cases there is no movement in the Account . The details are as under
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Management Reply:
We have recovered all the Cash Imprest by March 2010. Other than Mr. D Walunj and Mr. Suresh Babu G. We have recovered Rs. 5000 for Mr. DD Walunj during March 2010.
We have advised for the recovery of Salary Advances and B. Thippa Reddy Salary advance is closed. Mr. D Ramesh we have recovered Rs. 5000 during March 2010. Mr. K Shiva Subha Rao Balance is now Rs. 8000. Mr. V Venkateshwarlu account is closed.
V Sreenivasa Rao Vehicle loan recovery is started effective April 2010.
In the following cases the company has deducted the lesser number of installments than the Installments that are required to be deducted.
Particulars Outstanding Amount (Rs.)
Remarks
DCS-ANANTHAPUR - VEH 61000 Rs.3000 deducted monthly for 8 months instead of 10 months
G.Suresha Babu - AM Nizamabad – VEH
252000 Rs.3000 deducted monthly for 8 months instead of 10 months
K.Venkata Reddy - AM Nalgonda – VEH
167000 Rs.3000 deducted every month from apr09 to June09. No deductions thereafter.
P.Bhargavram – VEH 85000 Rs.3000p.m deducted for 5 months.S.Srinivasrao - AM Karim Nagar – VEH
52000 Rs.3000 deducted monthly for 8 months instead of 10 months
The company has given personal loan of Rs.3,00,000/- to Mr.Subramanian during the month of September 09 against which the company has deducted Rs.6000/- from the salary and received back rs.1,50,000/- in the month of December09 and the balance of Rs.1,44,000/- is still to be received from the employee. We were informed that this employee is no longer with the company and the balance amount to be recovered from him.
In most of the cases balance confirmations are not made available for verification. We suggest that the company should obtain the balance confirmations from all the employees and reconcile the same for differences, if any.
Management Reply:
Vehicle loans recovery for July 2009 payroll is not accounted which is now rectified and accounted. Further the Balance receivable from Mr. Subramanian is provided since the same is doubtful as the employee has left the company and is not responding to our correspondence.
We have obtained confirmation of Balances as of 31.03.2010 from the Employees for Vehicle and Salary Advances given.
Audit Comments:
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Balance confirmations obtained and found it in order
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Other Loans and Advances
Non Moving Loans and advancesParticulars Outstanding
Amount (Rs.)Remarks
Big Shere Srvices Pvt Ltd 1500000 O.B. No movement in the account. Further no documents available for verification
Credit Analysis&Reserch Ltd (Care) 687756 - do -Director , IIIM 1100000 - do -Fox Mondal 609946 - do -SREI Capital Markets 96593 - do -
40