TO THE MEMBERS OF SAFAL HERBS LIMITED
> Report on the Financial Statements
We have audited the accompanying financial statements of Safal Herbs Limited whichcomprise the Balance Sheet as at 31 March 201 7 the Statement of Profit and Loss theCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.
> Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in section 1 34(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principle^generally 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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
(1) Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.
(2) 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.
(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 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.
(4) We believe that the audit evidence we have obtained is sufficient and appropriateto provide 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;
1. In the case of the Balance Sheet of the state of affairs of the Company as at March312017;
2. In the case of the Statement of Profit and Loss of the Profit for the year ended onthat date; and
3. In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
> Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 201 5 ("the Order) issuedby the Central Government of India in terms of sub-section (11) of Section 143 of the Actwe give in the Annexure a statement on the matters Specified in Paragraph 3 and 4 of theOrder.
As required by section 143(3) of the Act we report that:
> 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.
> 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 (and-preper returns adequatefor the purposes of our audit have-been received from the branches not visited by us-}
> [The reports on the accounts of the branch offices of the Company audited underdealt by as-in preparing this report.}
d) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statementdealt with by this Report are in agreement with the books of account. [And the returnsreceived-from the branches not visited by us.}
e) 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.
g) On the basis of written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164(2) of the Act.
h) In our Opinion and to the best of our information and according to theexplanation given to us we report as under with respect to the other matters included inthe Auditor's Report in accordance with Rule 11 of the Companies (Audit & Auditors)Rule 2014 :
1. The company does not have any pending litigations which would impact its financialstatement.
2. The company did not have any long term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.
3. There has not been an occasion in case of the company during the year under reportto transfer any sums to the Investors Education and Protection Fund. The question of delayin transferring such sums does not arise.
For Niranjanjain & Co.
M. No. 047811
FRN No. 113913w
ANNEXURE TO THE AUDITORS* REPORT
The Annexure referred to in our report to the members of SAFAL HERBS LIMITED for theyear ended 31st March 2017.
On the basis of the information and explanation given to us during the course of ouraudit we report that:
1. (a) There is no Fixed Assets Hence Not Applicable.
2. (a) There is No Inventory at the end of the Year hence Not Applicable
3. The company has granted loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 201 3.
(a) All terms and conditions are as per the benefits of company and are not prejudicialto the company's Interest.
(b) Schedule of repayment of principal and interest has been stipulated and receiptsare regular.
(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.
4. In respect of loans investments guarantees and security all mandatory provisionsof section 185 and 186 of the Companies Act 2013 have been complied with.
5. The company has not accepted any deposits.
6. Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013.
7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund Employee's state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.
(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value added tax have been deposited on time there is no dispute is pending on the partof company.
8. The company hasn't made any default in repayment of loans or borrowing to afinancial institution bank Government or dues to debenture holders.
9. The company doesn't raise any money by way of initial public offer or further publicoffer (including debt instruments)
10. Neither company has done any fraud nor by its officers or employees so nothing tobe disclosed separately.
11. 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. Company is not: a Nidhi Company hence nothing to be disclosed for any provisionsapplicable on Nidhi Company.
1 3. All transactions with the related parties are in compliance with sections 1 77 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. The company hasn't made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.
15. The company hasn't entered into any non-cash transactions with directors or personsconnected with him.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
| ||FOR Niranjan Jain & Co. |
| ||CHARTERED ACCOUNTANT^ |
| ||(Niranjan Jain) |
|PLACE: AHMEDABAD ||Membership # 47811 |
|DATE : 30th May 2017 ||FRN No. 113913W |