THE MEMBERS OF
NOURITRANS EXIM PRIVATE LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of the Nouritrans Exim PrivateLimited ("the Company) which comprise of the Balance Sheet as at 31st March2017 the Statement of Profit and Loss for the year ended and a summary of significantaccounting 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 financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified u/s 143(10) of the act. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31/03/2017and its Profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the order.
2. As required by section 143(3) of the Act we report that:
a. we 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 our 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.
d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash flowstatement comply with the Accounting Standards Specified under Section 133 of theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014;
e. on the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.
f. with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B'; and
g. with respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us :
I. The Company has no pending litigations so there is no need to disclose the impact ofpending litigations on its financial position 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. The Company is not required to transfer the amount to the Investor Education andProtection Fund and
IV. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company.
FOR BHAGAT & CO.
Firm Registration No.: 127250W
Shankar Prasad Bhagat
ANNEXURE A TO THE AUDITOR'S REPORT
Referred to in Paragraph 9 of our report of even date
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us all the Fixed assets have been physically verified by themanagement in a phased manner which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. No material discrepancies were noticed onsuch physical verification.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties are notheld in the name of the Company. As the company has taken immovable property on rent.
(ii) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management;
(b) The company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.
(iii) The company has not granted any loans secured or unsecured to companies firmsor other Parties covered in the register maintained under section 189 of the CompaniesAct.
(iv) The Company has complied with Provisions of sec 185 and 186 of Companies act 2013.There are no such any Transactions covered under the provision of section 185 of thecompany's act 2013.
(v) In our opinion and according to information and explanation given to us the companyhas not taken any deposit pursuant to provision of Section 73 to 76 of the Companies act2013 however the company has taken unsecured loan from below mentioned party:
|Name of Party ||Relationship ||Amount |
|Noorjahan Vohra ||Shareholder ||Rs. 254604/- |
(vi) Sub Section (1) of Ssection 148 of the Companies Act 2013 is not applicable tocompany.
(vii) (a) Based on the records produced before us the company is regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax wealth tax duty of customs duty of excise value added tax cessand any other statutory dues.
(b) According to information and explanation given to us no dues of income tax or salestax or wealth tax or service tax or duty of customs or duty of excise or value added taxor cess have not been deposited on account of any dispute.
(viii) The company has not taken any loan from financial institution banks andgovernment and has not issued debentures. Accordingly paragraph 3 (viii) of the Order isnot applicable.
(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.
(x) According to the informations & explanations given to us no fraud by thecompany or any fraud on the Company by its officers or employees has been noticed orreported during the year.
(xi) Provisions of section 197 read with Schedule V to the Companies Act 2013 relatedto managerial remuneration is not applicable to company.
(xii) Provisions specified in Nidhi Rules 2014 are not applicable to company.
(xiii) According to the informations & explanations given to us all transactionswith the related parties are in compliance with sections 177 and 188 of Companies Act2013 and the details have been disclosed in the Financial Statements etc. as required bythe applicable accounting standards.
(xiv) According to the informations & explanations given to us During the yearCompany has issued 1257787 Equity shares face value of Rs. 10 each at Price of Rs.30/- pershares (Including Premium Per Share of Rs. 20/-) on a Preferential Basis.
(xv) According to the informations & explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him sothe provisions of section 192 of Companies Act 2013 are not applicable to company.
(xvi) Provisions of section 45-IA of the Reserve Bank of India Act 1934 are notapplicable to company.
FOR BHAGAT & CO.
Firm Registration No.: 127250W
Shankar Prasad Bhagat
ANNEXURE B TO THE AUDITOR'S REPORT
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 (the Act')
We have audited the internal financial controls over financial reporting of NouritranceExim Private Limited (the Company') as of 31 March 2017 in conjunction with ouraudit of The financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the Guidance Note') and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations of themanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
FOR BHAGAT & CO.
Firm Registration No.: 127250W
Shankar Prasad Bhagat