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Nutraplus India Ltd.

BSE: 524764 Sector: Health care
NSE: N.A. ISIN Code: INE230G01020
BSE 00:00 | 20 Jul 20.35 0.25
(1.24%)
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20.00

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21.75

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NSE 05:30 | 01 Jan Nutraplus India Ltd
OPEN 20.00
PREVIOUS CLOSE 20.10
VOLUME 68667
52-Week high 51.05
52-Week low 18.55
P/E 508.75
Mkt Cap.(Rs cr) 69
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.00
CLOSE 20.10
VOLUME 68667
52-Week high 51.05
52-Week low 18.55
P/E 508.75
Mkt Cap.(Rs cr) 69
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Nutraplus India Ltd. (NUTRAPLUSINDIA) - Auditors Report

Company auditors report

REPORT ON THEFINANCIAL STATEMENTS

1. We have audited the accompanying financial statements of Nutraplus India Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. 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 standalone financial statements to 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 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 financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. 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. 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.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. 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 March31 2017 and its loss and its cash flows for the year ended on that date.

Emphasis of Matters

9. We draw attention to the following matters in the Notes to the financial statements:

(a) Note 30.11 to the financial statements for financial years 2011-12 2014-15 &2015-16 which states about non filing of cost Auditors' report due to fire occurred inthe plant.

(b) Note 30.12 to the financial statements regarding temporary suspension of productionactivities of plants located at Tarapur Boisar District: Thane Maharashtra fromJanuary' 2017 due to survey conducted by National green Tribunal. The Company could notrestore normal production capacity for five months incurring losses as reported in profitand loss account for financial year 2016-17. It has impacted the working capital cyclewhich resulted in outstanding statutory dues for Rs. 13480954/= at the year end.

(c) Note 13 tofinancial statements regarding investment in Techno Point Mercantile Pvt.Ltd for Rs. 41500000/- reported as current investment instead of showing it as Longterm investment hence the current Assets is

overstated to that extent. Hence there is non-compliance with the requirements of theCompanies Act 2013 relating to Schedule III including Accounting Standards as applicableto the companies. However it will not affect the reported losses.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

10. As required by 'the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure A attached hereto ourcomments on the matters specified in paragraphs 3 and 4 of the Order.

11. 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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) Except paragraph 9(c) mentioned above relating to grouping of balances in ouropinion the aforesaid financial statements comply with the Accounting Standards specifiedunder 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 March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

(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.

(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 knowledge and belief and according to the information andexplanations given to us:

i. The Company does not have any pending litigation which would impact its financialposition;

ii. The Company has made provision as at March 31 2017 as required under theapplicable law or accounting standards for material foreseeable losses if any on longterm contracts.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund by the Company.

iv. The Company has disclosed in the financial statements as to holding as well asdealings in Specified Bank Notes (SBN) during the period from 8th November 2016 to 30thDecember 2016 and these are in accordance with books of account maintained by the Company(Refer Note 30.13 to the financial statements)

For AMPAC & ASSOCIATES Chartered Accountants Firm Registration Number: 112236W

MILAN DESAI Partner

Membership Number: 042769

Mumbai May 30 2017

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of Nutraplus India Limited on the standalone financial statements for the yearended March 31 2017.

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 312017. 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. The Company has not granted any loans to parties covered in the registermaintained under Section 189 of the Act. There are no firms /LLPs/ other parties coveredin the register maintained under Section 189 of the Act. Accordingly the provisions ofclause 3(iii) of the Order are not applicable 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 except service tax Rs. 1756432 Income Tax Rs.5619550/= Dividend Tax Rs. 1357466/= sales tax including value added tax Rs.4757506/= the Company is generally regular in depositing the undisputed statutory duesin respect of is regular in depositing undisputed statutory dues including provident fundduty of customs duty of excise cess and other material statutory dues as applicablewith the appropriate authorities. The Income Tax for Rs. 5619550/= and dividend tax forRs. 1357466/= are the undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at the last day of financial year for a period of more than six months fromthe date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income tax and service-tax which have notbeen deposited on account 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 any instance of materialfraud by the Company or on the Company by its officers or employees noticed or reportedduring the year nor have we been informed of any such case by the Management.

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. However the fund received during the year from previous preferential issueshave been used for the purposes for which the funds were raised.

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 AMPAC & ASSOCIATES Chartered Accountants Firm Registration Number: 112236W

MILAN DESAI Partner

Membership Number: 042769

Mumbai May 30 2017

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 10(f) of the Independent Auditors' Report of even date to themembers of Nutraplus India

Limited on the standalone financial statements for the year ended March 31 2017.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting ofNutraplus India Limited ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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

8. 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 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 AMPAC & ASSOCIATES Chartered Accountants Firm Registration Number: 112236W

MILAN DESAI Partner

Membership Number: 042769

Mumbai May 30 2017