|
|
 |
| CONSOLIDATED
STATEMENT |
|
- We have audited the attached Consolidated Balance Sheet of
E.I.D.- Parry
(India) Limited, its subsidiaries and joint venture company as at
31" March,
2004 and also the related Consolidated Profit and loss
account for the year
ended on that date annexed thereto and the Consolidated Cash Flow
Statement for the year ended on that date which we have signed under
reference to this report. These consolidated financial statements are the
responsibility of E.I.D.- Parry (India) Limited's management. Our responsibility
is to express our opinion on these consolidated financial statements based
on our audit.
- We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are prepared, in all material respects, in accordance
with an identified financial reporting framework and are free of
material misstatements. 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.
- The financial statements of E.I.D.-Parry (India) Limited incorporate the Dewas
Parryware unit and Netlon unit audited by branch auditors. We did not audit
the financial statements of subsidiary companies viz, Coromandel Fertilisers
Limited, I Parry Chemicals Limited, Parrys Confectionery Investment
I Finance Company Limited, Santhanalakshmi Investments
I Private Limited, East India Sugars Private Limited, and I Parry America Inc. whose financial statements
reflect total I assets of Rs. 111606 Lakhs as at
31 st March, 2004 and total revenues of Rs. 122803 Lakhs for the year ended on that
date. These financial statements, have been audited by other auditors whose reports
have been furnished to us, and in our opinion, in so far as it relates to the
amounts included in respect of these subsidiaries, is based solely on the
report of the other auditors. As stated in note 16 schedule 18 the valuation
of investments in associate companies and joint venture company has been
done based on un-audited financial statements.
- We report that the Consolidated Financial Statements have been prepared by
the company in the accordance with the requirements of Accounting
Standard 21 - Consolidated Financial Statements, Accounting Standard 23 -
Accounting for Investments in Associates in Consolidated Financial
Statements, Accounting Standard 27 - Financial Reporting of Interests in
Joint ventures issued by the Institute of Chartered Accountants of India and
on the basis of the separate audited financial statements of E.I.D. - Parry
(India) Limited and its subsidiaries, unaudited financial statements of
associates and joint venture company included in the Consolidated Financial
Statements
- On the basis of the information and explanations given to us and on
consideration of the separate audit reports on individual audited financial
statements of E.I.D.- Parry (India) Limited, its aforesaid subsidiaries and
un-audited financial statements of its associates and joint venture company,
in our opinion, the Consolidated Financial Statements give a true and fair
view in conformity with the accounting principles generally accepted in India:
-
iin the case of the Consolidated Balance Sheet, of the consolidated state of affairs of E.I.D.- Parry (India) Limited, its subsidiaries and joint venture
company as at 31st March, 2004;
- in the case of the Consolidated Profit and Loss account, of the consolidated results of operations of E.I.D.- Parry (India) Limited, its subsidiaries and joint venture company for the year ended on that date;
- in the case of the Consolidated Cash Flow statement, of the consolidated cash flows of
E.I.D.- Parry (India) Limited, its subsidiaries and joint venture company for the year ended on that date.
Chennai
31st May, 2004 |
N. RAMESH RAJAN
Partner
Membership Number 223311
For and on behalf of
LOVELOCK & LEWES
Chartered Accountants |
|
|
Click here to download pdf
|
|
|
|
|
|
