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Nimbus Foods Industries Ltd.

BSE: 531598 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE301B01020
BSE LIVE 15:14 | 03 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.40
PREVIOUS CLOSE 0.42
VOLUME 25
52-Week high 1.15
52-Week low 0.40
P/E 20.00
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.40
Sell Qty 3275.00
OPEN 0.40
CLOSE 0.42
VOLUME 25
52-Week high 1.15
52-Week low 0.40
P/E 20.00
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.40
Sell Qty 3275.00

Nimbus Foods Industries Ltd. (NIMBUSFOODS) - Auditors Report

Company auditors report

To the Members of

NIMBUS FOODS INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of NIMBUS FOODS INDUSTRIESLIMITED

("the Company") which comprise the Balance Sheet as at 31st March 2015 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error..

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe 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 financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements..

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us 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 state of affairs of the Company as at 31stMarch 2015;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date.

(c) In the case of the Cash Flow Statement of the cash flow of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that:

(a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) the balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2015 in our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements .

ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For B.S. RAJPUT & ASSOCIATES
Chartered Accountants
(FRN : 119760W)
Bhupendra Singh Rajput
Place : Ahmedabad Partner
Date : 30/05/2015 (Mem. No. 106729)

ANNEXURE OF THE AUDITORS’ REPORT

(Referred to in paragraph 5(i) of our report of even date)

(i) In respect of Fixed Assets :

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) All the assets have been physically verified by the management during the year andalso there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(ii) In respect of Inventories :

a) The inventory has been physically verified during the year by the management. In ouropinion the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and nature of itsbusiness.

b) The company is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stock and the book records were not material.

(iii) In respect of Loans & Advances granted during the year :

The company has granted loan to companies firms or other parties covered in theregister maintained under section 189 of the Companies Act.

a) The receipt or the principal amount and interest are regular.

c) According to the information and explanation given to us there is no overdue amountsof loans granted to companies firms or other parties listed in the register maintainedunder section 189 of the Companies Act. 2013.

(iii) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business with regard to purchases of inventory fixed assets andwith regard to the sale of goods. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal controls.

(v) During the year the company has not accepted any deposits and hence the directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the Companies Act and the rules framed there under are notapplicable to the company.

(vi) As per the information and explanation given to us the company is not required tomaintain the cost records as per the provisions of Companies (Cost Records and Audit)Rules 2014 hence Clause (vi) of the Companies (Auditor’s Report) Order 2015.

(vi) In respect of Statutory Dues :

a) According to the records of the Company the company is regular in depositing withappropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income tax sales tax wealth tax service tax customduty excise duty VAT cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax sales tax custom duty excise duty and cess were inappears as at 31st March 2015 for a period of more than six months from thedate they became payable.

c) According to the information and explanations given to us During the year no amountis required to be transferred to the Investor Education and Protection Fund and henceclause (c) of clause (vii) of Companies (Auditor’s Report) Order 2015 is notapplicable to the company.

(vi) In our opinion the company has no accumulated losses and has not incurred cashloss during the year.

(vi) In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayments of its dues to banks or financial institution.

(vi) According to the information and explanation given to us the company has givenguarantee for loan taken by other from banks and financial institutions.

(vi) In our opinion the term loans have been applied for the purpose for which theywere raised..

(vi) Accordingly to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

For B.S. RAJPUT & ASSOCIATES
Chartered Accountants
(FRN : 119760W)
Bhupendra Singh Rajput
Place : Ahmedabad Partner
Date : 30/05/2015 (Mem. No. 106729)