You are here » Home » Companies » Company Overview » Nutraplus India Ltd

Nutraplus India Ltd.

BSE: 524764 Sector: Health care
NSE: N.A. ISIN Code: INE230G01020
BSE 00:00 | 18 Sep 8.05 -0.36
(-4.28%)
OPEN

8.80

HIGH

8.80

LOW

7.99

NSE 05:30 | 01 Jan Nutraplus India Ltd
OPEN 8.80
PREVIOUS CLOSE 8.41
VOLUME 135641
52-Week high 23.00
52-Week low 6.70
P/E 8.66
Mkt Cap.(Rs cr) 27
Buy Price 8.05
Buy Qty 50.00
Sell Price 8.05
Sell Qty 50.00
OPEN 8.80
CLOSE 8.41
VOLUME 135641
52-Week high 23.00
52-Week low 6.70
P/E 8.66
Mkt Cap.(Rs cr) 27
Buy Price 8.05
Buy Qty 50.00
Sell Price 8.05
Sell Qty 50.00

Nutraplus India Ltd. (NUTRAPLUSINDIA) - Auditors Report

Company auditors report

To The Members of Nutraplus India Limited Report on the Ind AS Financial Statements

We have audited the accompanying Ind As financial statements of Nutraplus India Limited(the "Company") which comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss (including other comprehensive income) Statement of Changesin Equity and the Cash Flow Statementfor the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 Ind AS financial statements to give a true and fair view of the state of affairs(financial position) profit or loss (financial performance including other comprehensiveincome) cash flows and changes in equityof the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards (Ind AS)specified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Auditors' Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

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 of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

We are a Iso res po ns i ble to co nciude on the app ropri aten e s s of fr anage me nt's use of t h e goi n g con cern bas is of accounting and based on the audit evidenceobtained whether a material uncertainty exists related to events or conditions that maycast significant doubt on the entity's ability to continue as a going concern if we1conclude that a material uncertainty exists we are required to draw attention inthe auditor's report to the rel ated disci osures i n the fina nets I state m e n ts orif s uch disclos u re s are i na d eq ua te to modify the opi n i on. Our conclusions arcbased on the audit evidence obtained up to the date of the auditor's report. Howeverfuture events or conditions may cause an entity to cease to continue as a going concern.

We believe that the audit evidence obtained by us and the audit evidence obtained bythe other auditors in terms of their reports referred to in sub-paragraph of the OtherMatters paragraph below is sufficient and appropriate to provides basis for our qualifiedaudit opinion on the Ind AS financial statements.

Opinion

In ouropinionand to the bestofourmformation and according totheexplanationsgiventousthe aforesaid Ind AS financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state oT affairs (financial position) ofthe Company as at March 31 2013 and its Profit (financial performance including othercom pre h e nsive income} it s tas h flows a nd t h e ch anges in eq u ity f? r t he year en d ed o n th a t date

Matter of Emphasis

1. Financial Storemenfs regarding investment in Techno Point Mercantile Private Limitedfoe Rs. 41500000/- reported as Current Investment instead of shewing it as Long TermInvestment hence the Current Assets is overstated to that extent. Hence there is noncompliance with the requirements of the Companies Act 2013 relating to Schedule HIincluding Accounting Standards as applicable to the Companies. However it will not affectthe financial results.

ii. As per Section 138of Companies Act 2013 read with flutes 13 of Companies(Accounts) Rules 2014 outlines the application of Internal Audit. Since management fadedfp appoint Interna! Auditors far financial year 2017-18 therefore no Internal Audit wasconducted during the said financial year

ili. The comparative financial information of the Company far the year ended3$st March2017 and the transition date opening Balance Sheet os at 1st April 2016 prepared inaccordance with Ind AS included in these ind ASflnancictl statements hove been audited bythe predecessor auditor who hod audited the fin oncroi statements for the relevantperiods. I'he report of the predecessor auditor on the comparative financial informationand the opening balance sheet doted 30th June 2017 expressed an unmodified opinion.

Our opinion is not modified in respect of these matter.

Re p ort on Ot he r Legal a nd Regu I at or y Re q uire merits!

1. As required by the Companies (Auditor's Report) Order 20IS ("the Order")issued by the Central Government of india in exercise of powers conferred by sub-section11 of section 143 of the Act and on the basis of such checks of books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give In tiie Annexure A attached hereto our comments on the mattersspecified 'n the paragraphs 3 and 4 of the said Order

2 As required by Section 143(3) of the Act wereportthat:

(a) We have sought and obtained all the information and explanations which to thehestofour 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 a p p ea rs from our exa m i n at io n of tho se boo ks.

(c) The Bala nee Sheet the Statement of Profit and Loss State m e nt of Charge smEquityandthe Cash Flow Statement dealt with by th i 5 Re po rt a re i P agreement vyi t hth e books of aOU nt

(d) Except the comments mentioned in matter of emphasis referred in Paragraph (i) aboverelating to investment in our opinion the afore said finance I statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Account) Rules 2014.

(e) On the basis of the written representations received from thedirectorsason 31stMarch 20 IB taken o n record by the Boa rd of Di rectors no n e of t he d 1 rectors i sd isq u alified as o n 31 st Ma rch 2018 from being a p po i nted as 3 d i rector i nterms sect io n 164 {2) of the Act.

(f) With respect to The adequacy of the internal financial controls over financialreporting of the Company a n d the 0 perating effective n es s 0 F su e h c on tro I srefer to ou r sepa rate report in 'Annexii re BP

(g) 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 a ccord i ng to the esp I anations g ive n to u s:

(i) The Company does not have any pending litigations on its financial position In itsfinancial statements-

(ii] The Company did not have any long-term contracts including derivative contractsfor which there were a ny materia t fore seea b I e tosses.

(iii} There has been no delay in transferring amounts required to be transferred to theinvestor Ed uca tion and Pro te ctl on F u n d by th e Co m pa ny.

(ivj The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 8th November 2016 to 30th December 2016have not been made since they do not pertain to the financial year ended 31st March 2QJ 8.However a mounts as appearing In ihe audited Standalone ind AS financial statements forthe period ended 31st March 2017 have been disclosed.

For Raman S Shah & Associates

Chartered Accountants

Firm Registration Noll989lW

Pla; Mumbai Date. 3O'"May 2018 Santosh A. Sankhe Partner

Membership No. 100976

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT - 31st March 2018

With reference to the Annexure referred to in paragraph 1 in Report on Other Legal andRegulatory Requirements of the Independent Auditors' Report to the members of the Companyon the Ind AS financial statements for the year ended 31st March 2018 we report that:

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets. However item fixed asset registerwise is under process of preparation for details refer to note 10(iv) under fixed assetsrelating to financial statements.

(b) The fixed assets are physically verified by the Management in our opinion isreasonable having regard to the size of the Company and the nature of its assets and nomaterial discrepancies have been noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 10 on fixed assets tothe financial statements are held in the name of the Company except for leasehold landacquired for which advance have been given and Company is in process of completion offinal lease deed/ agreement having a carrying value of Rupees 5000000/= as at March 312018. The four cars are held in the name of the director having a carrying value Rupees2487610/= at cost.

ii. The physical verification of inventory excluding stocks with third parties has beenconducted at reasonable intervals by the Management during the year. In respect ofinventory lying with third parties these have substantially been confirmed by them. Thediscrepancies noticed on physical verification of inventory as compared to book recordswere not material and have been appropriately dealt with in the books of accounts.

iii. Except the advances given to Aster Generic Private Limited an associated Concernfor promotion of Joint Venture project for Rs. 2227000/= the Company has not grantedany loans to parties covered in the register maintained under Section 189 of the Act.There are no firms /LLPs/ other parties covered in the register maintained under Section189 of the Act. Accordingly the provisions of clause 3 (iii) of the Order are notapplicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

vi. Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148(1) of the Act in respectof its products. We have reviewed the same and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records with a view to determine whether they are accurateor complete as the Company has yet to complete the Cost Audit in Compliance of Section148 of the Companies Act 2013 for detail refer to note 30.11 forming part of financialstatements.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues in respect of is regular in depositing undisputed statutorydues including provident fund duty of customs duty of excise cess and other materialstatutory dues as applicable with the

appropriate authorities. The Value Added Tax for Rs.1003744/= and interest on latepayment of VAT for Rs. 858470/= are the undisputed amounts payable in respect of theaforesaid dues were outstanding as at the last day of financial year for a period of morethan six six months from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined b y

us there are no dues of income tax and service-tax which have not been deposited onaccount of any

dispute.

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government as at the balance sheet date. TheCompany has not taken any loan from debenture holder.

ix. In our opinion and according to the information and explanations given to us theterm loans have been applied for the purposes for which they were obtained.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

xiv. During the year Company has not made preferential allotment of shares during theyear under review and the requirement of section 42 of the Companies Act 2013 have beencomplied with.

xv. The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Raman S. Shah & Associates Chartered Accountants Firm Registration No.119891W
Place: Mumbai Date: 30thMay 2018 Santosh A. Sankhe Partner

Membership No. 100976

Annexure B to the Independent Auditors' Report on the Ind AS Financial Statements ofNutraplus India

Limited

Referred to in paragraph 2(f) in Report on Other Legal and Regulatory Requirements ofthe Independent Auditors' Report to the members of Nutraplus India Limited on the Ind ASfinancial statements for the year ended 31st March 2018.

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 NutraplusIndia Limited ("the Company") as of March 31 2018 in conjunction with our auditof the Ind AS 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 company's policies the safeguarding ofits 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 Act.

Auditors' Responsibility

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 deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.

Opinion

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 March 31 2018 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 ICAI.

For Raman S. Shah & Associates Chartered Accountants Firm Registration No.119891W
Santosh A. Sankhe
Place: Mumbai Partner
Date: 30thMay 2018 Membership No. 100976