Mar 31, 2015
We have audited the accompanying financial statements of NIMBUS FOODS
INDUSTRIES LIMITED
("the Company"), which comprise the Balance Sheet as at 31st March ,
2015, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of the significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error..
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements..
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flow of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. 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 best of 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 the Company 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 statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under 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 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2015, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements .
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
ANNEXURE OF THE AUDITORS' REPORT
(Referred to in paragraph 5(i) of our report of even date)
(i) In respect of Fixed Assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) All the assets have been physically verified by the management
during the year and also there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
(ii) In respect of Inventories :
a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
b) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) In respect of Loans & Advances granted during the year :
The company has granted loan to companies, firms or other parties
covered in the register maintained under section 189 of the Companies
Act.
a) The receipt or the principal amount and interest are regular.
c) According to the information and explanation given to us there is no
overdue amounts of loans granted to companies, firms or other parties
listed in the register maintained under section 189 of the Companies
Act., 2013.
(iii) In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) During the year, the company has not accepted any deposits and
hence the directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed there under are not applicable to
the company.
(vi) As per the information and explanation given to us the company is
not required to maintain the cost records as per the provisions of
Companies (Cost Records and Audit) Rules, 2014, hence Clause (vi) of
the Companies (Auditor's Report) Order, 2015.
(vi) In respect of Statutory Dues :
a) According to the records of the Company the company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, employees' state insurance, income tax, sales
tax, wealth tax, service tax, custom duty, excise duty, VAT, cess and
other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, custom
duty, excise duty and cess were in appears, as at 31st March, 2015 for
a period of more than six months from the date they became payable.
c) According to the information and explanations given to us During the
year no amount is required to be transferred to the Investor Education
and Protection Fund and hence clause (c) of clause (vii) of Companies
(Auditor's Report) Order, 2015 is not applicable to the company.
(vi) In our opinion, the company has no accumulated losses and has not
incurred cash loss during the year.
(vi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayments of its dues to
banks or financial institution.
(vi) According to the information and explanation given to us the
company has given guarantee for loan taken by other from banks and
financial institutions.
(vi) In our opinion, the term loans have been applied for the purpose
for which they were raised..
(vi) Accordingly to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For, B.S. RAJPUT & ASSOCIATES
Chartered Accountants
(FRN : 119760W)
Bhupendra Singh Rajput
Place : Ahmedabad Partner
Date : 30/05/2015 (Mem. No. 106729)
Mar 31, 2014
We have audited the accompanying financial statements of NIMBUS FOODS
INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March , 2014, the Statement of Profit and Loss for the year
then ended, and a summary of the significant accounting policies and
other explanatory information. Management''s Responsibility for the
Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date. Report on Other Legal and
Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, subject to our comment in
below paragraph 3, we report that:
(a) We have obtained all the information and explanations which to the
best of 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 the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act
ANNEXURE OF THE AUDITORS'' REPORT
TO THE MEMBERS OF
NIMBUS FOODS INDUSTRIES LIMITED
(Referred to in paragraph 3 of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have been physically verified by the management
during the year and also there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
c) According to information and explanation given to us the company has
not disposed off substantial parts of fixed assets during the year.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) a) The company has taken loan of Rs. 15.00 lacs from one party in
earlier years which is covered in the register maintained under section
301 of the Companies Act., 1956. During the year under consideration
the Company has taken Rs. 8.47 from two parties which is covered in the
register maintained under section 301 of the Companies Act, 1956 .The
year-end balance of loans taken remains Rs. 8.47 lacs. During the year
under consideration the company given the advances amounting to Rs.
321.49 lacs against supply of goods and services to such related
parties which is covered in the register maintained under section under
section 301 of the Companies Act, 1956. The year-end balance of advance
given to such parties was remaining Rs. 852.98 lacs.
b) In our opinion, the rate of Interest is NIL and other terms and
condition on which loans have been taken / granted to companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act.,1956 are not , prima facie , prejudicial to the
interest of the Company.
c) The Company is regular in repaying amounts as stipulated and has
been regular in the payments
d) According to the information and explanation given to us there is no
overdue amounts of loans taken or granted to / from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act., 1956
(iv) In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act., 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act.,1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public and
hence directives issued by the Reserve Bank of India and provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under are not applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under 209(1)(d) of the Companies Act., 1956.
(ix) a ) According to the records of the Company the company is regular
in depositing with appropriate authorities undisputed statutory dues
including employees'' state insurance, income tax, sales tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, custom
duty, excise duty and cess were in appears, as at 31st March, 2014 for
a period of more than six months from the date they became payable.
(x) In our opinion, the company has no accumulated losses and has not
incurred cash loss during the year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayments of its dues to
banks or financial institution .
(xii) The company has not granted any loans or advances on the basis of
securities by the way of pledge on shares, debentures or other
securities .
(xiii) In our opinion the company is not a chit fund or a nidhi ,
mutual benefits fund society . Therefore the provisions of clause
4(xiii) of the Companies ( Auditors report ) order, 2003 are not
applicable to the company .
(xiv) In our opinion the company is not dealing in trading of shares ,
securities , debenture , or the investments and hence requirement of
clause 4(xiv) of the Companies ( Auditors report ) order, 2003 are not
applicable to the company .
(xv) According to the information and explanation given to us the
company has given guarantee for loan taken by other from banks and
financial institutions .
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term fund has been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made any preferential allotment of shares
to parties and companies which is covered in the register maintained
u/s 301 of the Companies Act.,1956.
(xix) No debentures have been issued by the company and hence, the
question of creating securities in the respect thereof does not arise.
(xx) The company has not raised any money by way of public issue during
the year.
(xxi) Accordingly to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.S. RAJPUT & ASSOCIATES
Chartered Accountants
FRN:119760W
Bhupendra Singh Rajput
Date : 30/05/2014 Partner
Place : Ahmedabad Mem.No.106729
Mar 31, 2013
1. We have audited the attached Balance Sheet of Nimbus Foods
Industries Limited as at 31st March, 2013 and the Profit and Loss
Account of the Company for the year ended on 31st March, 2013 annexed
thereto and report thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Manufacturing and other Companies (Auditors
Report) order, 1988 issued by the Company Law Board in terms of Section
227 (4A) of the Companies Act., 1956 and in terms of information and
explanation given to us and also on the basis of such checks as we
considered appropriate, we give in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that :
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of accounts, as required by Law, have
been kept by the Company so far as appears from our examination of the
books.
iii) The Balance Sheet and Profit and Loss Account, dealt with by this
report, are in agreement with the books of Accounts.
iv) In our opinion, the Profit & Loss Account and Balance Sheet comply
with the Accounting Standard referred to in Sec. 211(3) (C) of the
Companies Act.,1956, as amended by the Companies (Amendment )
Act.,1999.
v) On the basis of the written declaration received from the directors
and taken on record by the board of directors, we report that none of
the Directors of the Company is disqualified as at 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act., 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information as
required by the Companies Act.,1956, in the manner so required and give
a True and Fair view in conformity with the accounting principles
generally accepted in India :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2013 and
b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
c) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE OF THE AUDITORS'' REPORT
TO THE MEMBERS OF
NIMBUS FOODS INDUSTRIES LIMITED
(Referred to in paragraph 3 of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have been physically verified by the management
during the year and also there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
c) According to information and explanation given to us the company has
not disposed off substantial parts of fixed assets during the year.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) a) The company has taken loan of Rs. 15.00 lacs from one party in
earlier years which is covered in the register maintained under section
301 of the Companies Act., 1956. During the year under consideration
the Company has not taken any further loans .The year-end balance of
loans taken remains Rs. 15.00 lacs. During the year under
consideration the company given the advances amounting to Rs. 495.41
lacs against supply of goods and services to such related parties which
is covered in the register maintained under section under section 301
of the Companies Act, 1956. The year-end balance of advance given to
such parties was remaining Rs. 689.12 lacs.
b) In our opinion, the rate of Interest is NIL and other terms and
condition on which loans have been taken / granted to companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act.,1956 are not , prima facie , prejudicial to the
interest of the Company.
c) The Company is regular in repaying amounts as stipulated and has
been regular in the payments
d) According to the information and explanation given to us there is no
overdue amounts of loans taken or granted to / from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act., 1956
(iv) In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act., 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act.,1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public and
hence directives issued by the Reserve Bank of India and provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under are not applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under 209(1)(d) of the Companies Act, 1956.
(ix) a ) According to the records of the Company the company is regular
in depositing with appropriate authorities undisputed statutory dues
including employees'' state insurance, income tax, sales tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, custom
duty, excise duty and cess were in appears, as at 31st March, 2013 for
a period of more than six months from the date they became payable.
(x) In our opinion, the company has no accumulated losses and has not
incurred cash loss during the year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayments of its dues to
banks or financial institution .
(xii) The company has not granted any loans or advances on the basis of
securities by the way of pledge on shares, debentures or other
securities .
(xiii) In our opinion the company is not a chit fund or a nidhi ,
mutual benefits fund society. Therefore the provisions of clause
4(xiii) of the Companies ( Auditors report ) order, 2003 are not
applicable to the company.
(xiv) In our opinion the company is not dealing in trading of shares ,
securities , debenture , or the investments and hence requirement of
clause 4(xiv) of the Companies ( Auditors report ) order, 2003 are not
applicable to the company .
(xv) According to the information and explanation given to us the
company has not given any guarantee for loan taken by other from banks
and financial institutions .
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term fund has been used to finance
short-term assets except permanent working capital.
(xviii) The company has made any preferential allotment of shares to
parties and companies which is not covered in the register maintained
u/s 301 of the Companies Act.,1956.
(xix) No debentures have been issued by the company and hence, the
question of creating securities in the respect thereof does not arise.
(xx) The company has not raised any money by way of public issue during
the year.
(xxi) Accordingly to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.S. RAJPUT & ASSOCIATES
Chartered Accountants FRN:119760W
Bhupendra Singh Rajput
Date:30/05/2013 Partner
Place: Ahmedabad Mem.No.106729
Mar 31, 2012
1. We have audited the attached Balance Sheet of Nimbus Foods
Industries Limited as at 31st March, 2012 and the Statement of Profit &
Loss of the Company for the year ended on 31st March, 2012 annexed
thereto and report thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Manufacturing and other Companies (Auditors
Report) order, 1988 issued by the Company Law Board in terms of Section
227 (4A) of the Companies Act., 1956 and in terms of information and
explanation given to us and also on the basis of such checks as we
considered appropriate, we give in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that :
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of accounts, as required by Law, have
been kept by the Company so far as appears from our examination of the
books.
iii) The Balance Sheet and Statement of Profit & Loss, dealt with by
this report, are in agreement with the books of Accounts.
iv) In our opinion, the Statement of Profit & Loss and Balance Sheet
comply with the Accounting Standard referred to in Sec. 211(3) (C) of
the Companies Act.,1956, as amended by the Companies ( Amendment )
Act.,1999.
v) On the basis of the written declaration received from the directors
and taken on record by the board of directors, we report that none of
the Directors of the Company is disqualified as at 31st March, 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act., 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information as
required by the Companies Act.,1956, in the manner so required and give
a True and Fair view in conformity with the accounting principles
generally accepted in India :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
b) In the case of the Statement of Profit & Loss, of the Profit for the
year ended on that date.
c) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
ANNEXURE OF THE AUDITORS' REPORT
TO THE MEMBERS OF
NIMBUS FOODS INDUSTRIES LIMITED
(Referred to in paragraph 3 of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have been physically verified by the management
during the year and also there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
c) According to information and explanation given to us the company has
not disposed off substantial parts of fixed assets during the year.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) a) The company has taken loan of Rs. 15.00 lacs from one party in
earlier years which is covered in the register maintained under section
301 of the Companies Act., 1956. During the year under consideration
the Company has not taken any further loans. The year-end balance of
loans taken remains Rs. 15.00 lacs. During the year under
consideration the company given the advances amounting to Rs. 359.42
lacs against supply of goods and services to such related parties which
is covered in the register maintained under section under section 301
of the Companies Act, 1956. The year-end balance of advance given to
such parties was remaining Rs. 496.36 lacs.
b) In our opinion, the rate of Interest is NIL and other terms and
condition on which loans have been taken /granted to companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act.,1956 are not , prima facie , prejudicial to the
interest of the Company.
c) The Company is regular in repaying amounts as stipulated and has
been regular in the payments.
d) According to the information and explanation given to us there is no
overdue amounts of loans taken or granted to/from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act., 1956
(iv) In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act., 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act.,1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public and
hence directives issued by the Reserve Bank of India and provisions of
Section
58A and 58AA of the Companies Act, 1956 and the rules framed there
under are not applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under 209(1)(d) of the Companies Act.,1956 .
(ix) a) According to the records of the Company the company is regular
in depositing with appropriate authorities undisputed statutory dues
including employees' state insurance, income tax, sales tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, custom
duty, excise duty and cess were in appears, as at 31st March, 2012 for
a period of more than six months from the date they became payable.
(x) In our opinion, the company has no accumulated losses and has not
incurred cash loss during the year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayments of its dues to
banks or financial institution .
(xii) The company has not granted any loans or advances on the basis of
securities by the way of pledge on shares, debentures or other
securities.
(xiii) In our opinion the company is not a chit fund or a nidhi, mutual
benefits fund society. Therefore the provisions of clause 4(xiii) of
the Companies ( Auditors report ) order, 2003 are not applicable to the
company.
(xiv) In our opinion the company is not dealing in trading of shares ,
securities , debenture , or the investments and hence requirement of
clause 4(xiv) of the Companies ( Auditors report ) order, 2003 are not
applicable to the company .
(xv) According to the information and explanation given to us the
company has given guarantee for loan taken by other from banks and
financial institutions, (during the year under review).
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term fund has been used to finance
short-term assets except permanent working capital.
(xviii) The company has made preferential allotment of shares to
parties and companies which is covered in the register maintained u/s
301 of the Companies Act.,1956.
(xix) No debentures have been issued by the company and hence, the
question of creating securities in the respect thereof does not arise.
(x) The company has not raised any money by way of public issue during
the year.
(xxi) Accordingly to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B.S. RAJPUT & ASSOCIATES
Chartered Accountants
FRN: 119760W
Bhupendra Singh Rajput
Partner
M.No.: 106729
Place : AHMEDABAD
Date : 14/08/2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of Nimbus Foods
Industries Limited as at 31st March, 2010 and the Profit and Loss
Account of the Company for the year ended on 31s1 March, 2010 annexed
thereto and report thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement: An audit
includes examining, on a test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Manufacturing and other Companies (Auditors
Report) order, 1988 issued by the Company Law Board in terms of Section
227 (4A) of.the Companies Act., 1956 and in terms of information and
explanation given to us and also on the basis of such checks as we
considered appropriate, we give in the Annexure a statement on the
matters specified in paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that :
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of accounts, as required by Law, have
been kept by the Company so far as appears from our examination of the
books.
iii) The Balance Sheet and Profit and Loss Account, dealt with by this
report, are in agreement with the books of Accounts.
iv) In our opinion, the Profit & Loss Account and Balance Sheet comply
with the Accounting Standard referred to in Sec. 211(3) (C) of the
Companies Act.,1956, as amended by the Companies ( Amendment)
Act.,1999.
v) On the basis of the written declaration received from the directors
and taken on record by the board of directors, we report that none of
the Directors of the Company is disqualified as at 31s1 March, 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act., 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information as
required by the Companies Act., 1956, in the manner so required and
give a True and Fair view in conformity with the accounting principles
generally accepted in India subject to :
(i) Re: Non-Provision of depreciation amounting to Rs. 25,267/- As
required by Accounting Standardf AS-6) " Depreciation Accounting"
issued by the Institute Of Chartered Accountants Of India which results
in the under statement of loss to the tune of Rs.25,267/- ( Please
refernote no.: 13 )
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31s1 March,2010 and
b) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
c) In the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
NIMBUS FOODS INDUSTRIES LIMITED
Referred to in paragraph 3 of our report of even date.
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the assets have been physically verified by the management
during the year and also there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
c) According to information and explanation given to us the company has
not disposed off substantial parts of fixed assets during the year.
(ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) a) The company has taken loan of Rs. 10.63 lacs from six parties
in earlier years which is covered in the register maintained under
section 301 of the Companies Act., 1956. During the year under
consideration the Company is also taken further loans from two parties
amounting to Rs. 2.00 lacs. The year-end balance of loans taken from
such parties was remaining Rs. 12.63 lacs. During the year under
consideration the company given the advances amounting to Rs. 99.34
lacs against supply of goods and services to such related parties which
is covered in the register maintained under section 301 of the
Companies Act, 1956.
b) In our opinion, the rate of Interest is NIL and other terms and
condition on which loans have been taken / granted to companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act.,1956 are not , prima facie , prejudicial to the
interest of the Company.
c) The Company is regular in repaying amounts as stipulated and has
been regular in the payments
d) According to the information and explanation given to us there is no
overdue amounts of loans taken or granted to / from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act., 1956
(iv) In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) a) According to the information and explanations given to us, we
are of the opinion that the Transactions that need to be entered into
the register maintained under section 301 of the Companies Act. 1956
have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act., 1956 and exceeding the value of rupees five lakhs
in respect of any party during the year have been made at prices which
are reasonable having to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public and
hence directives issued by the Reserve Bank of India and provisions of
Section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under are not applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under 209(1 )(d) of the Companies Act., 1956 .
(ix) a) According to the records of the Company the company is regular
in depositing with appropriate authorities undisputed statutory dues
including employees state insurance, income tax, sales tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, custom
duty, excise duty and cess were in appears, as at 31s1 March, 2010 for
a period of more than six months from the date they became payable.
(x) In our opinion, the company has no accumulated losses and has not
incurred cash loss during the year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayments of its dues to
banks or financial institution.
(xii) The company has not granted any loans or advances on the basis of
securities by the way of pledge on shares, debentures or other
securities.
(xiii) In our opinion the company is not a chit fund or a nidhi, mutual
benefits fund society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors report) order, 2003 are not applicable to the
company.
(xiv) In our opinion the company is not dealing in trading of shares,
securities, debenture, or the investments and hence requirement of
clause 4(xiv) of the Companies (Auditors report) order, 2003 are not
applicable to the company.
(xv) According to the information and explanation given to us the
company has not given any guarantee for loan taken by other from banks
and financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term fund has been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained u/s 301 of
the Companies Act., 1956.
(xix) No debentures have been issued by the company and hence, the
question of creating securities in the respect thereof does not arise.
(xx) The company has not raised any money by way of public issue during
the year.
(xxi) Accordingly to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For B. S. RAJPUT & ASSOCIATES
Chartered Accountants
Place : Ahmedabad BHUPENDRA SINGH RAJPUT
Date : 09/08/2010 Partner
Mem. No. 106729
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