iv. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements Refer Note 37 to thestandalone financial statements; ii. As required by Section 143(3) of the Act we report(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit. Annual Secretarial Compliance Report for the year ended 31st March, 2020. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the companyhas internal financial controls with reference to standalone financial statements in placeand the operating effectiveness of such controls. Eva luate the appropriateness of accounting used and thereasonableness of accounting estimates and related disclosures made by management. Co nclude on the appropriateness of management's of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. Accordingly the provisions stated in paragraph 3(xii) of the Orderare not applicable to the Company.xiii.
In our opinion and according to the and explanations given to us the Company isnot a Nidhi Company.
Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. We have broadly reviewed the books ofaccount relating to materials labour and other items of cost maintained by the Companypursuant as specified by the Central Government for the maintenance of cost records undersub-section (1) of section 148 of the Act and we are of the opinion that prima facie theprescribed accounts and records have been made and maintained.
These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.Information Other than the Standalone Financial Statements andAuditor's Report ThereonThe Company's Board of Directors is responsible for the otherinformation.
The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls with reference to standalone financial statements.Meaning of Internal Financial Controls With Reference to StandaloneFinancial StatementsA Company's internal financial control with reference tostandalone financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of standalonefinancial statements for external purposes in accordance with generally acceptedaccounting principles. Prabhat Dairy Balance Sheets - Get the latest Financial Reports, Balance Sheets of Prabhat Dairy on The Economic Times.
(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Accordingly provisions stated in paragraph 3(xv) of the Order are notapplicable to the Company. Audit Committee. Dur ing the course of our audit examination books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employees.xi.
(e) On the basis of the written representations received from thedirectors as on March 31 2019 taken on record by the Board of Directors none of thedirectors are disqualified as on March 31 2019 from being appointed as a director interms of Section 164 (2) of the Act. of the xv. Report on the Audit of the Standalone Financial StatementsWe have audited the standalone financial statements of Prabhat DairyLimited ("the Company") which comprise the balance sheet as at March 31 2019and the statement of Profit and Loss statement of changes in equity and statement of cashflows for the year then ended and notes to the standalone financial statements includinga summary of significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act') in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2019and profit changes in equity and its cash flows for the year ended on that date.We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act.
Accordingly stocksprovisions stated in paragraph 3(iv) of the Order are not applicable to the Company. We have not however madea detailed examination of the records with a view to determine whether they are accurateor complete. Add to Watchlist. ii.
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