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Neptune Exports Ltd.

BSE: 512522 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Neptune Exports Ltd. (NEPTUNEEXPORTS) - Auditors Report

Company auditors report

AUDITORS

To the Members

1. I have audited the accompanying financial statements of NEPTUNE EXPORTS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2014 and theStatement of Profit and Loss for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance of the Company inaccordance with the Accounting Standards referred to in sub-section (3C) of section 211 ofthe Companies Act 1956 ("the Act") which continue to be applicable in respectof Section 133 of the Companies Act 2013 in terms of General Circular 15/2013 dared 13thSeptember 2013 of Ministry of Corporate Affairs. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

2. My responsibility is to express an opinion on these financial statements based on myaudit. I conducted my audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that I comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

3. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

4. I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion.

5. In my opinion and to the best of my information and according to the explanationsgiven to me the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2014; b) in the case of the Statement of Profitand Loss of the profit for the year ended on that date ; c) in the case of the Cash FlowStatement of the cash flow for the year ended on that date.

Subject to the following observations :

(a) The Company has filed suit against one of its Ex-Director for recovery of sumswhich include cash in hand of Rs. 46173.87.

(b) No provision has been made in the accounts in respect of advances amounting to Rs389179.00 and Security Deposit of Rs 12000.00 which in my opinion aredoubtful of recovery.

The cumulative effect of (a) & (b) may adversely effect the profit for the year aswell as year end net assets to the extent of Rs 447352.87.

6. As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act I give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

7. As required by section 227(3) of the Act we report that:

a) I have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b) In my opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books; c) The Balance Sheet andStatement of Profit and Loss dealt with by this Report are in agreement with the books ofaccount;

d) In my opinion the Balance Sheet and Statement of Profit and Loss and the Cash FlowStatement comply with the Accounting Standards notified under the Act which continue tobe applicable in respect of Section 133 of the Companies Act 2013 in terms of GeneralCircular 15/2013 dared 13th September 2013 of Ministry of Corporate Affairs.

e) On the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 1956;

f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.

For L.B. JHA & CO. CALCUTTA
Chartered Accountants
FRN 301086E
Amitava Sarkar
Place : Kolkata Proprieter
Date : 29th May 2014 Membership No.: 050290

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in paragraph 7 of our report of even date to the shareholdersof NEPTUNE EXPORTS LIMITED on the accounts of the company for the year ended March 312014

On the basis of such checks as I considered appropriate and according to theinformation and explanation given to me during the course of the audit I report that 1.a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets. The fixed assets have beenphysically verified by the management at reasonable intervals.

Material discrepancy was not noticed on such verification. In my opinion the frequencyof verification is reasonable. b) None of the fixed assets have not been revalued duringthe year. c) The company has not disposed off substantial part of its fixed assets.

2. The company did not have any inventory during the year under review.

3. The company has neither granted nor taken any loan secured or unsecured to/fromcompanies firms or other parties covered in the register maintained under section 301 ofthe Companies Act 1956.Consequently the provisions of sub-clauses b c d f g of theorder are not applicable to the company.

4. The internal control procedure for the purchase of Fixed Assets and Income earned isadequate and commensurate with the size of the company and nature of its business. I haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control procedure.

5. a) There are no transactions that need to be entered in the register maintainedunder section 301 of the Companies Act 1956. b) There is no transaction made in pursuanceof a contract or arrangement entered in the register in pursuance of Section 301 of theCompanies Act 1956.

6. The Company has not accepted deposits from the public as per provisions of Section58A and 58AA of the Companies Act 1956.

7. The Company has an internal audit system commensurate with its size and nature ofits business.

8. I have been informed that maintenance of cost records has not been prescribed by theCentral Government under section 209(1)(d) of the Companies Act 1956 in respect of thecompany’s activities.

9. a) The Company is regular in depositing the undisputed statutory dues. There are noundisputed amounts payable in respect of Statutory Dues in arrears on 31.03.2014 for aperiod of more than six months from the date they became payable. b) The Company has notdeposited following dues on account of dispute with appropriate authority:-

Name of Statute Nature of Dues Amount Period to which the amount relates Forum where dispute is pending
Income Tax Income Tax 927052/- 2001-02 ITAT
Act 1961 1736488/- 2002-03 ITAT
307736/- 2006-07 CIT (A)

10. The Company has no accumulated losses as on 31st March 2014 and it has notincurred cash loss during the financial year under review and also in the immediatelypreceding financial year.

11. The Company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.

12. The Company has not granted any loan or advances on the basis of security by way ofpledge of any of shares debentures and other security.

13. The provisions of any special statute applicable to chit fund/mutual benefitfund/societies are not applicable to the company.

14. In my opinion the company is not a dealer or trader in share securities debentureand other securities. 15. The Company has not given any guarantee for loans taken byothers from banks or financial institution. 16. The Company has not obtained any termloan.

17. The Company has not raised any short term funds.

18. The Company has not made any allotment of shares during the year. 19. The Companyhas not issued any debenture during the year. 20. The Company has not raised any money bypublic issues during the year.

21. I have neither come across any instance of material fraud on or by the companynoticed or reported during the year nor have I been informed of such case by themanagement.

For L.B. JHA & CO. CALCUTTA
Chartered Accountants
FRN 301086E
Amitava Sarkar
Place : Kolkata Proprietor
Date : 29th May 2014 Membership No.: 050290