TO THE MEMBERS OF
M/S. WELLNESS NONI LIMITED
I have audited the attached Balance Sheet of M/s. WELLNESS NONI LIMITED as on 31stMarch 2012 and Profit and loss account for the year ended as on that date both signed byme under reference to this report. These financial statements are the responsibility ofthe Management of the Company. My responsibility is to express an opinion on thesefinancial statements based on my Audit. I have conducted the Audit in accordance withauditing standards generally accepted in India. Those standards require that I plan andperform the Audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An Audit includes examining on a test basis evidencesupporting the amounts and disclosures in the functional statements. An Audit alsoincludes assessing the accounting principles used and significant estimates made by themanagement as well as evaluating the overall financial statement presentation. I believethat my audit provides a reasonable basis for my opinion.
A. As required by the Company (Auditor's Report) Order 2003 issued by the Governmentof India in terms of section 227 (4A) of the Companies Act 1956 and on the basis of suchchecks as I considered appropriate and according to the information and explanations givento me during the course of Audit I enclosed in the Annexure a statement on the mattersspecified in paragraphs 4 and 5 of the said order.
B. Further to my comments in the annexure referred to in the paragraph 'A' above Ireport that
1) I have obtained all the information and explanations which to the best of myknowledge and belief were necessary for the purpose of my Audit.
2) In my opinion the company has kept proper books of account as required by law sofar as appears from my examination of those books.
3) The balance Sheet and Profit And Loss Account dealt by this report are in agreementwith the Books of Account.
4) In my opinion the Profit and Loss Account and the Balance Sheet of the companycomply with the Mandatory accounting standards referred to in Sub-Section (3C) of Section211 of the Companies Act 1956
5) Based on the representations made by the Directors of the Company and taken onrecord by the Board of Directors I report that directors of the company do not primafacie have any disqualification as referred to in clause (g) of sub-section (1) to Section274 of the Act
6) In my opinion and to the best of my information and according to the explanationsgiven to me the aforesaid Balance Sheet and Profit and Loss Account read with thestatement on significant Accounting policies and notes to the Accounts give theinformation as required by the Companies Act 1956 in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia.
i) In the case of Balance sheet of the state of affairs of the company as at 31stMarch 2012 and ii) In the case of the profit and loss account the Profit for the yearended on that date.
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|PLACE: CHENNAI - 34. ||B. BALASUBRAMANIAN |
|DATE: 31.05.2014 ||CHARTERED ACCOUNTANT |
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to the paragraph 1 of the Auditor's report of even date)
1. In respect of Fixed Assets
a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
b) As informed to me the fixed assets have been physically verified by the Managementat reasonable intervals and no material discrepancies have been noticed on suchverification.
c) No substantial part of the fixed assets has been disposed off during the year.
2. In respect of the inventories:
a) As explained to me inventories have been physically verified by the management atregular intervals during the year.
b) In my opinion and according to the information and explanations given to meprocedures of physical verification of inventories followed by management are reasonableand adequate in relation to the size of the company and the nature of its business.
c) The Company has maintained proper records of inventories. As explained to me therewas no material discrepancies noticed on physical verification of inventory as compared tothe book records.
3. In respect of loans secured or unsecured granted or taken by the company to/fromcompanies firms or other parties covered in the register maintained under section 301 ofthe Companies Act 1956;The Company has not availed loans from companies /firms falls u/s301 of the Companies Act 1956 and since no report required to be given.
4. In my opinion and to the information and explanations given to me there areadequate internal control procedures commensurate with the nature and size of the companyand the nature of its business for the purchase of inventory fixed assets and also forthe sale of goods.
5. In respect of transaction covered under section 301 of the Companies Act 1956;
a) In my opinion and according to the information and explanations given to me thetransactions made in pursuance of contracts or arrangements that needed to be entered inthe register maintained under section 301 of the Companies Act 1956 have been so entered.
b) In my opinion and according to the information and explanations given to me thetransaction made in pursuance of contracts or arrangements entered in the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5Lakhs. Transaction with related party concern M/S NONI BIOTECH PRIVATE LIMITED sales madeRs. 3957322.61/- during the year.
6. The Company has not accepted any deposits from the public.
7. In my opinion the internal audit system of the Company is commensurate with itssize and nature of its business.
8. According to the information and explanations given to me the Central Governmenthas not prescribed the maintenance of cost records under section 209(1) (d) of theCompanies Act 1956.
9. In respect of statutory dues:
According to the records of the Company undisputed statutory dues including providentfund Employees State Insurance Income Tax Sales Tax Wealth Tax Customs Duty. Cess andother statutory dues have been regularly deposited with the appropriate authorities.According to the information and explanations given to me no undisputed amounts payablein respect of the aforesaid dues were outstanding as at 31st March 2013 for a period ofmore than six months from the date of becoming payable.
10. The Company has an early year's loss of Rs.12716579.71 and the same is decidedby the Board to treat as Intangible assets in the Balance sheet. More over the losses arenot eligible to carry forward and set off in the future earnings. The Company earnedprofit during the year.
11. Based on our audit procedures and according to the information and explanationsgiven to me we are of the opinion that the company has not defaulted in repayment of duesto financial institutions and banks.
12. In my opinion and according to the information and explanation given to me noloans and advance have been granted by the company on the basis of security by way ofpledge of shares debentures and other securities.
13. The Company has not raised any term loan during the year.
14. According to the information and explanations given to me and on an overallexamination of the balance sheet of the Company in my opinion considering the nature ofits business and activity being carried on short term funds have not been utilized forlong term purposes and vice-versa.
15. During the year the company has not made any preferential allotment of shares toparties and companies covered in the Register maintained under section 301 of theCompanies Act 1956.
16. The Company has not raised any money by way of public issue during the year.
17. In my opinion and according to the information and explanations given to me nofraud on or by the company has been notice or reported during the year that causes thefinancial statements to be materially misstated.
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|PLACE: CHENNAI - 34 ||B. BALASUBRAMANIAN |
|DATE: 31.05.2014 ||CHARTERED ACCOUNTANT |