To The Members of NEPTUNE EXPORTS LIMITED
Report on the Financial Statements
I have audited the accompanying financial statements of NEPTUNE EXPORTSLIMITED which comprise the Balance Sheet as at 31s March 2017 the Statementof Profit and Loss the Cash Flow Statement 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 statedin Section 134(5) of the Companies Act. 2013 ("the Act) with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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.
My responsibility is to express an opinion on these financialstatements based on my audit.
I 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.
I conducted my audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act 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.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient andappropriate to provide a basis for my audit opinion on the financial statements.
Basis for Qualified Opinion
In absence of Statement of accounts from the Bank I am unable tocomment on recoverability of balance of Rs.4881.25 maintained with UCO Bank IBB BranchKolkata and on transaction if any. carried out through this account
Pinion AMITAVA SARKAR & C
In my opinion and to the best of my information and according to theexplanations given to me except for the matter prescribed in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March
2017 and its loss and its cash flows for the year ended on that date.
The company is yet to be registered with Reserve bank of India as aNon-Banking Financial Company.
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 ofsub-section(11) of section 143 of the Companies Act 2013 I give in the Annexure B astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.
2) As required by Section 143 (3) of the Act we report that:
(a) I have sought and obtained all the information and explanationswhich to the best of my knowledge and belief were necessary for the purposes of my audit.
(b) In my opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those bks.
(c) The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account.
(d) In my opinion the aforesaid 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 thedirectors as on 31s' March 2017 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March
2017 from being appointed as a director in terms of Section 164 (2) ofthe Act.
(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to my separate Report in Annexure A. My report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting
(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in my opinion and to the best of my information and according to theexplanations given to me by the Management.
i) The Company did not have any pending litigations as at 31s1March 2017 which would impact its financial position.
ii) The company did not have any long term contracts includingderivative contract as at 31s'
iii) There was no amount which was required to be transferred to theinvestors education protection
fund by the company.
iv) The company has provided requisite disclosure in its financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom November 08.2016 to December 30 2016 and these are in accordance with the books ofaccount maintained by the Company.
Refer to Note 19(5) to the financial statements.
| ||For AMITAVA SARKAR &CO. |
| ||Chartered Accountants |
|Place : Kolkata ||FjRN : 328605E |
|Date : 28"'April 2017 ||Amitava Sarkar |
| ||Proprietor |
| ||Membership No 050290 |