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Nuway Organic Naturals India Ltd.

BSE: 531819 Sector: Others
NSE: N.A. ISIN Code: INE414L01012
BSE LIVE 15:29 | 18 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.01
PREVIOUS CLOSE 7.37
VOLUME 50
52-Week high 10.44
52-Week low 7.01
P/E
Mkt Cap.(Rs cr) 7
Buy Price 7.01
Buy Qty 150.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.01
CLOSE 7.37
VOLUME 50
52-Week high 10.44
52-Week low 7.01
P/E
Mkt Cap.(Rs cr) 7
Buy Price 7.01
Buy Qty 150.00
Sell Price 0.00
Sell Qty 0.00

Nuway Organic Naturals India Ltd. (NUWAYORGANIC) - Auditors Report

Company auditors report

TO

THE MEMBERS OF NUWAY ORGANIC NATURALS (INDIA) LIMITED. Report on the FinancialStatements

We have audited the accompanying financial statements of Nuway Organic Naturals(India) Limited ("the Company") which comprise the Balance Sheet as at 31/03/2016the Statement of Profit and Loss for the year then ended and a summary of thesignificant 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 preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

Opinion

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 31/03/2016and its Loss for the year ended on that date. Emphasis of matter

Without qualifying our opinion we draw attention to Note 2(a) in the financialstatements which discloses the premise upon which the Company has prepared its financialstatements by applying the going concern assumption notwithstanding that its net worthhas been fully eroded the Company incurred a net loss of Rs.3.53 Cr. during the yearended 31st March2016 and as of that date the Company's current liabilitiesexceeded its current assets by Rs. 8.90 Cr. These conditions indicate the existence of amaterial uncertainty that may cast significant doubt about the Company's ability tocontinue as a going concern.

Report on Other Legal and Regulatory Requirements

This report doesn't include a statement on the matters specified in paragraph 3 and 4of the Companies (Auditor's Report) Order 2015 issued by the department of companyaffairs in terms of sub section 11 of section 143 of the companies Act 2013 since in Ouropinion and according to the information and explanation given to us the said order isnot applicable to the company.

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 dealt with by this Reportare in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31/03/2016taken on record by the Board of Directors none of the directors is disqualified as 31/03/2016from being appointed as a director in terms of Section 164 (2) of the Act.

(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 2014 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 longterm 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.

Date : 06/06/2016 FOR Miglani Rakesh & Associates
Place : Rajpura (Chartered Accountants)
Reg No. :012227N
R.K. Miglani
Proprietor
M.No. : 090734

Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2016

To

The Members of NUWAY ORGANICS NATURAL INDIA LTD.

(1) In Respect of Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us the tittle deeds are inname of company.

(2) In Respect of Inventories

Physical verification of inventory has been conducted at reasonable intervals by themanagement.

(3) Compliance under section 189 of The Companies Act 2013

The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained u/s 189 of the companies Act-2013.

(a) N.A.

(b) N.A.

(c) N.A.

(4) Compliance under section 185 and 186 of The Companies Act 2013

While doing transaction for loans investments guarantees and security provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rules framedthereunder while accepting Deposits

The company has not accepted any Deposits.

(6) Maintenance of cost records

The Company is not required to maintain cost cecords pursuant to the Rules made by theCentral Govenment for the maintenance of cost records under sub-section (1) of section 148of the Companies Act 2013.

(7) Deposit of Statutory Dues

(a) The company is regular in depositing with appropriate authorities statutory duesincluding provident fund employees' state insurance income tax sales-tax service taxduty of customs duty of excise value added tax cess and any other statutory duesapplicable to it.

(b) As per the information and explanations given by the management there is nodispute with the revenue auhorities regarding any duty or tax payable.

(8) Repayment of Loans and Borrowings

Based on our audit procedures and as per the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto a financial institution bank of debenture holders.

(9) Utilization of Money Raised by Public Offers and Term Loan For which they Raised

The Company has not applied term loans for the purposes other than for which those areraised

(10) Reporting of Fraud During the Year

Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year.

(11) Managerial Remunearion

Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio

As per information and records available with us The company is not Nidhi Company.

(13) Related party compliance with Section 177 and 188 of companies Act - 2013

Yes All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(14) Compliance under section 42 of Companies Act - 2013 regarding Private placement ofShares or Debentrues

The company has not made any prefrential allotment or private placement.

(15) Compliance under section 192 of Companies Act - 2013

The company has not entered into any non-cash transactions with directors or personsconnected with him.

(16) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934

The company is not required to be registered under section 45-IA of the Reserve Bank oflndia Act.

FOR Miglani Rakesh & Associates
(Chartered Accountants)
Place : Rajpura Reg No. :012227N
Date : 06/06/2016
R.K. Miglani
(Proprietor)
Membership No : 090734