Mar 31, 2015
1. We have audited the accompanying financial statements of Nuway
Organic Naturals (India) Limited, ("the Company"), which comprise the
Balance Sheet as at 31/03/2015, 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
2. The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Art, 2013 the Act") with
respect to the preparation of these financial statements that give a true
and fair view of the financial position and financial performance 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 of 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.
Auditor's Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. 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
there under.
5. 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.
6. 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. 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.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
8. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid 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, of the state of
affairsoftheCompanyasat31/03/2015,anditsLossfortheyearendedonthatdate.
Report on Other Legal and Regulatory Requirements
9. As required by 'the companies (Auditor's report) order 2015' issued
by the Central Government of India in terms of Sub-section (ii) of 143
of the Act (hereinafter referred to as the 'order') and on the basis of
such checks of the books and records of the company as we considered
appropriate and according to the information and explanation given to
us. We give in the Annexure a statement on the matters specified in
paragraph 3 and 4 of the order.
10.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)
Inouropinion.properbooksofaccountasrequiredbylawhavebeenkeptbytheCompany
so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and dealt with
by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid 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 31/03/2015 taken on record by the Board of Directors,
none of the directors is disqualified as 31/03/2015from being appointed
as a director in terms of Section 164 (2) of the Act.
(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, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(g) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
(h) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, the
company did not done any derivative contracts.
(i) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 9 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
1. In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at
reasonable intervals; No material discrepancies were noticed on such
verification
2. In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable
intervals by the management
(b) Procedures for physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business. There is no inadequacies in
such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
3. Loans and advances to parties covered under section 189
No such loans were found ,in respect of the loans, secured or
unsecured, granted by the Company to companies, firms or other parties
covered in the register maintained under Section 189 of the Act.
Therefore the provisions of clause 3(iii), (iii) (a) and (iii) (b) of
the said order are not applicable to the company.
4. Internal Control in reference to Purchase of Inventory and Fixed
Assets and whether there is continue failure of Internal control
In our opinion and according to the information and explanations given
to us there are adequate internal control systems commensurate with the
size of the company and the nature of its business for the purchase of
inventory and fixed assets and for the sale of goods and services.
During the course of audit We have not observed continuing failure to
correct major weaknesses in internal control system.
5. Rules followed while accepting Deposits
No deposits within the meaning of Sections 73 to 76 or any other
relevant provision of the Act and rules farmed there under have been
accepted by the Company.
6. Maintenance of cost records
We have broadly reviewed the books of account maintained by the company
in respect of products where, pursuant to the rules made by the Central
Government of India, the maintenance of cost records has been specified
under section (1) of section 148 of the Act, and are of the opinion
that, prime facia, the prescribed accounts and records have been made
and maintained, we have not, however made a detailed examination of the
records with a view of determine whether they are accurate or complete.
7. According to the information and explanations given to us in respect
of statutory dues
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident fund, Investor education
protection fund, Employees" state insurance, Income tax, Sales tax,
Wealth tax, Service 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 provident fund, employees
'state insurance, income-tax, sales-tax, wealth tax, service tax, duty
of customs, duty of excise, value added tax or cess and any other
statutory dues with the appropriate authorities were in arrears, as at
31st March,15 for a period of more than six months from the date they
became payable
(c) N.A.
8. Company which has been registered for a period less than five years
and accumulated losses are more than 50% of Net worth Reporting of cash
Losses
The company's accumulated losses at the end of the financial year are
more than Fifty percent of its net worth.
The company has incurred cash loss during the year. In the immediately
preceding financial year the company had incurred cash loss.
9. Default in Repayment of Loans taken from Bank or Financial
Institutions
The company has not defaulted in repayment of dues to financial
institution or bank
10-Terms for Loans and Advances from Banks or Financial Institutions
prejudicial to the interest of the company On the basis of records
examined by us and information provided by the management, we are of
the opinion that the company has not given guarantees for loans taken
by other from banks or financial institutions
11. Application versus purpose for which Loan Granted
In our opinion, the term loans raised by the company during the year
have been applied for the purpose for which it was raised
12. Reporting of Fraud During the Year Nature and Amount
During the year, no fraud on or by the Company has been noticed or
reported during the course of our audit.
Place : Rajpura
Date : 05/06/2015
Mar 31, 2014
We have audited the accompanying financial statements of Nuway Organic
Naturals India Limited which comprise the Balance Sheet as at March 31,
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 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.
Auditor''s 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
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 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 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 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 March 31,2014;
(b) In the case of the Profit and Loss Account, of the profit/ loss for
the year ended on that date;
(c) In case of the Cash Flow Statement, of the Cash flows 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, we report that:
* 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;
* In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books
* The balance sheet, statement of profit and loss, dealt with by this
report are in agreement with the books of account
* In our opinion, the balance sheet, statement of profit and loss,
comply with the accounting standards referred to in subsection (3c) of
section 211 of the Companies Act 1956;
* On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the board of directors,
none of the directors is disqualified as on March 31,2043, from being
appointed as a director in terms of clause (g) of sub-section(1) of
section 274 of the Companies Act, 1956.
* Since the central government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. In respect of its fixed assets:-
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, the management during the year has physically
verified all the fixed assets and we are informed that no material
discrepancies were noticed on such verification.
(c) In our opinion, the Company has not disposed off any substantial
part of its fixed assets during the year and the going concern status
of the Company is not affected.
2. In respect of its inventories:
(a) As explained to us, the Inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The company is maintaining proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book record.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act,1956:
(a) The company has not granted any fresh unsecured advance to any
person covered in the registers maintained under Section 301 of the
Companies Act, 1956.
(b) Since the company has not granted any loan to parties listed in the
register maintained under section 301 of the Companies Act, 1956, so
clause 5 (iii) (b), (c), and (d) of CARO 2003 are not applicable on the
Company.
(e) The company has taken unsecured loan of Rs. 20.50 lacs from parties
covered under section 301 of the Companies Act, 1956. The year-end
balance of loan taken from such parties was Rs. 551.03 lakhs.
(f) The terms and conditions of the loan are prima facie not
prejudicial to the interest of the company.
(g) The parties are regular in repaying the principal amounts as
stipulated and have been regular in payment of interest wherever
applicable.
4. 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 purchase of inventory, fixed assets and with
regard to the sale of goods. There is no continued failure to correct
major weaknesses in internal control system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts 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
each party during the year have been made at a price which appear
reasonable as per information available with the Company.
6. In our opinion and according to the information and explanations
given to us, the provisions of Section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and Companies (Acceptance of
Deposit) Rules, 1975 with regard to the deposits accepted from the
public are not applicable on the Company as the company has not
accepted any deposits from public and only unsecured loans from the
directors, their relatives and associates have been accepted in earlier
years due to condition imposed by the bankers of the company from whom
loans have been raised.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. As per information and explanations given to us, the company has
maintained cost records as prescribed by Central Government under
clause (d) of sub-section (1) of Section 209 of the Companies Act,
1956.
9. In respect of statutory dues:
(a) According to the records of the Company, it is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sales tax, wealth tax, service tax ,custom
duty, excise duty, cess and other material statutory dues applicable to
it. According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, service
tax, sales tax, custom duty, excise duty and cess were in arrears, as
at 31st March, 2014, for a period of more than six months from the date
they become payable.
(b) As per information and explanations given to us, there is no
disputed amount in respect of sales tax, income tax, custom tax, wealth
tax, service tax, excise duty or cess, which has not been deposited on
account of any dispute.
10. The company has accumulated losses of Rs 1325.96 Lacs at the end
of the financial year. The company has incurred cash losses of
Rs.144.46 Lacs in the financial year under audit.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks.
12. According to information and explanations given to us, the company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit
fund/society. Therefore, the Provisions of clause 4(xiii) of the
Companies (Auditor"s Report) Order, 2003 (as amended) are not
applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor"s Report) Order,
2003 (as amended) are not applicable to the company.
15. As informed to us, the Company has not given any guarantee for
loans taken by others from bank or financial institutions.
16. The Company has not raised new term loans during the year. The
term loans outstanding at the beginning of the year and those raised
during the year have been applied for the purposes for which they were
raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in Registered maintained under Section
301 of the Company Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issue during the
financial year covered by our audit.
21. According 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 Miglani Rakesh & Associates
Chartered Accountants
Sd/-
R.K Miglani
(Prop.)
Place: Rajpura FRN: 012227N
Date: 30.05.2014 Membership No. 090734
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of NUWAY ORGANIC
NATURALS INDIA LIMITED, which comprise the Balance Sheet as at March
31,2013, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the presentation 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. 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
risks of material misstatements of 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 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 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 case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
(b) In case of the Statement Profit and Loss Account, of the Loss for
the year ended on that date;
(c) In case of the Cash Flow Statement, of the cash flows 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, issued
by the Central Government of India in terms of sub -section (4A) of
section 227 of the Companies Act, 1956, we give in Annexure a statement
on the matters specified in paragraph 4 and 5 of the said order.
2. As required by section 227(3) of the Act, 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 purpose of our
audit;
(b) 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
those books;
(c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in arrangement with the books
of accounts;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in Sub-section (3C) of section 211 of the Companies Act, 1956;
(e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the director is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act 1956 nor has it issued any Rules under the said section,
prescribing the manner in which cess is to be paid, no cess is due and
payable by the Company
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, the management during the year has physically
verified all the fixed assets and we are informed that no material
discrepancies were noticed on such verification.
(c) In our opinion, the Company has not disposed off any substantial
part of its fixed assets during the year and the going concern status
of the Company is not affected.
2. In respect of its inventories:
(a) As explained to us, the Inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The company is maintaining proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book record.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
(a) The company has not granted any fresh unsecured advance to any
person covered in the registers maintained under Section 301 of the
Companies Act, 1956.
(b) Since the company has granted any loan to parties listed in the
register maintained under section 301 of the Companies Act, 1956, so
clause 5 (iii) (b), (c), and (d) of CARO 2003 are not applicable on the
Company.
(e) The company has taken unsecured loan of Rs. 250 lacs from parties
covered under section 301 of the Companies Act, 1956. The year-end
balance of loan taken from such parties was Rs. 596.21 lakhs.
(f) The terms and conditions of the loan are prima facie not
prejudicial to the interest of the company.
(g) The parties are regular in repaying the principal amounts as
stipulated and have been regular in payment of interest wherever
applicable.
4. 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 purchase of inventory, fixed assets and with
regard to the sale of goods. There is no continued failure to correct
major weaknesses in internal control system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of contracts 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
each party during the year have been made at a price which appear
reasonable as per information available with the Company.
6. In our opinion and according to the information and explanations
given to us, the provisions of Section 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and Companies (Acceptance of
Deposit) Rules, 1975 with regard to the deposits accepted from the
public are not applicable on the Company as the company has not
accepted any deposits from public and only unsecured loans from the
directors, their relatives and associates have been accepted in earlier
years due to condition imposed by the bankers of the company from whom
loans have been raised.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. As per information and explanations given to us, the company has
maintained cost records as prescribed by Central Government under
clause (d) of sub-section (1) of Section 209 of the Companies Act,
1956.
9. In respect of statutory dues:
(a) According to the records of the Company, it is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education protection fund, employees
state insurance, income tax, sales tax, wealth tax, service tax ,custom
duty, excise duty, cess and other material statutory dues applicable to
it. According to the information and explanations given to us, no
undisputed amount payable in respect of income tax, wealth tax, service
tax, sales tax, custom duty, excise duty and cess were in arrears, as
at 31st March, 2013, for a period of more than six months from the date
they become payable.
(b) As per information and explanations given to us, there is no
disputed amount in respect of sales tax, income tax, custom tax, wealth
tax, service tax, excise duty or cess, which has not been deposited on
account of any dispute.
10. The company has accumulated losses of Rs 618.56 Lacs at the end of
the financial year. The company has not incurred cash losses in the
financial year under audit and neither in the immediately preceding
financial year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks.
12. According to information and explanations given to us, the company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit
fund/society. Therefore, the Provisions of clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the company.
15. As informed to us, the Company has not given any guarantee for
loans taken by others from bank or financial institutions.
16. The company has not availed fresh Term Loans during the financial
year covered by our audit.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. The Company has made any preferential allotment of shares to
parties covered under section 301 of Companies Act, 1956 during the
financial year covered by our audit. As per information and
explanations given the price at which shares are issued is not prima
facie prejudicial to the interest of the company.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issue during the
financial year covered by our audit.
21. According 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 Shanti Prashad & Company
Chartered Accountants
Sd/-
Place : Delhi (Ashish Kumar Aggarwal)
Dated : 31.05.2013 Partner
M No. 522443
Mar 31, 2011
We have audited the attached Balance Sheet of NUWAY ORGANIC NATURALS
INDIA LIMITED as at 31st March, 2011 and also the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those 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 amounts and
disclosures in the financial statements. An audit 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.
1. As required by the Companies (Auditor's Report) order, 2003 (as
amended), issued by Central Government in terms of section 227(4A) of
the Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to in paragraph 1
above, 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 purpose of our
audit.
(b) 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
such books at 22, Pratap Colony, Model Gram, Ludhiana, 141002.
(c) The Balance Sheet, Profit and loss and cash flow statement account
referred to in this report are in agreement with the books of account.
(d) In our opinion, the Profit and Loss Account, the Balance Sheet and
cash flow statement comply with the Accounting standards referred to in
Section 211(3C) of the Companies Act, 1956, to the extent applicable.
(e) On the basis of the information received from the management, We
report that none of the Directors is disqualified, from being appointed
as a director of the company in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, the Profit and
Loss account and cash flow statement read together with the notes
thereon give the information 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:
(i) in the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date and
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management during the year at reasonable intervals and
we are informed that no material discrepancies were noticed on physical
verification.
(c) The Company has not disposed off a substantial part of its fixed
assets during the year and the going concern status of the Company is
not affected
2. (a) The inventories have been physically verified during the year
by the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The company is maintaining proper records of inventory and the
discrepancies noticed on physical verification of inventory as compared
to book records, which were not material, have been properly dealt with
in the books of account.
3. (a) The company has not granted any secured or unsecured loans to
companies, firms or other parties covered in the registers maintained
under Section 301 of the Companies Act, 1956.
(b) As the company has not granted any Secured / Unsecured loan,
therefore clause (iii)(b) of the Companies (Auditor Report) Order 2003
(as amended) is not applicable.
(c) As the company has not granted any Secured / Unsecured loan,
therefore clause (iii)(c) of the Companies (Auditor Report) Order 2003
(as amended) is not applicable.
(d) As the company has not granted any Secured / Unsecured loan,
therefore clause (iii)(d) of the Companies (Auditor Report) Order 2003
(as amended) is not applicable.
(e) The company has taken fresh unsecured loan of Rs. 1240.00 Lakhs
from persons covered in the register maintained under section 301 of
the Companies Act, 1956. The year end balance of the loan taken from
such persons is Rs.1930.00 Lakhs.
(f) The terms and conditions of the loan are prima facie not
prejudicial to the interest of the company.
(g) The repayment of loan and interest amount is regular.
4. 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 purchase of inventory and fixed assets and for
the sale of goods and services. There was no continuing failure to
correct major weaknesses in the internal control systems.
5. (a) According to information and explanation given to us, we are in
the opinion that the particulars of contract or arrangement referred to
in section 301 of The Companies Act, 1956 have been entered in the
register maintained under that section.
(b) In our opinion and as per information and explanations given to us,
the transaction made in pursuance of contacts or arrangements entered
in the register maintained under Section 301 of the Companies Act, 1956
in respect of any party with which transaction during the year have
been made at prices which are reasonable having regard to prevailing
market price at the relevant time.
6. In our opinion and as per information and explanations given to us,
The company has complied with the provisions of Sec 58A and 58AA of the
companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975
with regard to deposit accepted from the public. As informed to us, the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any other tribunal has passed no order in this regard against
the company.
7. In our opinion, the company has a system of internal audit, which
is commensurate with its size and nature of the business.
8. The Central Government has not prescribed maintenance of cost
records under clause (d) of sub-section (1) of Section 209 of the
Companies Act, 1956 for any of the products of the Company.
9. (a) According to the records of the Company, it is regular in
depositing undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax and other applicable statutory dues with the appropriate
authorities. According to the information and explanations given to
us, no undisputed statutory dues in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise
Duty, and Cess were outstanding, as at 31st March, 2011, for a period
of more than six months from the date they become payable.
(b) As per information and explanations given to us, there is no
disputed amount in respect of sales tax, income tax, custom tax, wealth
tax, service tax, excise duty or cess, which has not been deposited on
account of any dispute.
10. The company has no accumulated losses at the end of the financial
year. The company has not incurred cash losses in the financial year
under audit and neither in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. As explained to us, the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. Provisions of any special statute applicable to Chit Fund are not
applicable to the Company.
14. In our opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4(xiv) of the Companies(Auditors report) Order,
2003 are not applicable to the company. The Investments made in shares
is held in the name of the company.
15. As informed to us, the Company has not given any guarantee for
loans taken by others from bank or financial institutions.
16. During the year the company has availed various fresh term Loan of
Rs. 1850 Lakhs from Oriental Bank of Commerce. Further In our opinion
and according to information and explanations received by us from the
management, we report that the term loans were applied for the purpose
for which the loans were obtained.
17. According to the information and explanations given to us and on
as overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investments. No long term funds have been used to finance short-term
assets except permanent working capital.
18. The Company has not made any preferential allotment of shares
during the year to the persons covered in the register maintained under
section 301 of Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issue during the
year.
21. According to the informations and explanations given to us no
material fraud on or by the company has been noticed or reported during
the year.
For Shanti Prashad & Company
Chartered Accountants
Sd/-
Place: Delhi (Satish Agrawal)
Dated: 02nd Sep 2011 Partner
M No. 505969/ FRN 019923N
Mar 31, 2010
We have audited the attached Balance Sheet of Nuway Organic Naturals
India Limited (the company) as at 31st March 2010 and also the Profit &
Loss Account for the year ended on that date annexed thereto. These
financial state-ments are the responsibility of the Companys
Management. Our responsibility is to express an opinion on those
financial statements based on our audit
We conducted our audit in accordance with auditing stan- dards
generally accepted in India Those 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 amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of Sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order
Further to our comments in the Annexure referred to above,we report
that:
(i) We have obtained all the informations and explanations, which to
the best of our knowledge and belief were necessary for purposes of our
audit:
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books maintained at the registered office of the company at 22,
Pratap Colony Model Gram , Ludhiana, 141002:
(iii) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting Standards referred to in Sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the Direc-tors is disqualified as on
31st 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
required by the Compa-nies 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, 2010, and
(b) in the case of 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 to the Auditors Report
STATEMENT REFERRED TO IN PARAGRAPH ABOVE OF OUR AUDITORS REPORT OF
NUWAY ORGANIC NATURALS INDIA LIMITED FOR THE YEAR YEAR ENDED ON 31st
MARCH 2010.
i) a) The Company has generally maintained proper records showing full
particulars including quantit tive details and situation of fixed
assets.
b) According to the information and explanations given to us, the fixed
assets have been physically verified by the management during the year
in a phased periodical manner, which, in our opinion, is reasonable,
having regard to the size of the Company and nature of the assets. No
material discrepancies were noticed on such verification.
c) The substantial assets were not been disposed off during the year
affecting the going concern.
ii) (a) As explained to us, the inventories have been physically
verified by the management at reason able intervals during the year. In
our opinion, the frequency of such verification is reasonable having
regard to the size of the Company and the nature of its business.
(b) In our opinion and according to the information and explanations
given to us, the procedures of phys cal verifications of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verifica tion between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii) The Company has not taken or given any secured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. How- ever the unsecured loan without
interest amounting to Rs. 140 Lacs taken from companies, firms or other
parties covered in the register maintained under section 301 of the Act
and the terms of repayment are not prima facie prejudicial to the
interest of the company.
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 for the purchase of inventory and fixed assets and for the
sale of goods and services. In our opinion and according to the infor-
mation and explanations given to us, there is no continu-ing failure to
correct major weaknesses in internal con-trol.
v) (a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
(b) The transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vi) The Compliance with directives issued by RBI, the provi-sions of
Sections 58A, 58AA or any other relevant provi- sions of the Act and
rules framed there under with regard to the deposits accepted from the
public are not appli-cable.
vii) In our opinion, the Company has built up the internal audit system
commensurate with the size and nature of its business.
viii) The requirement of maintenance of cost record pursuant to rule
made by Central government for maintenance of cost record under section
209 (1)(d) of the Companies Act, 1956 is not applicable.
ix) The company is regular in depositing undisputed statu- tory dues
including , Provident fund, Investor Education Protection Fund,
Employees State Insuance, Income- tax, Sales-tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and any other statutory dues
appli- cable with appropriate authorities. The arrears of out- standing
dues as at the last day of the financial year concerned for a period of
more than 6 months from the date they became payable were NIL.
x) The company has no accumulated losses at the end of the Financial
Year. No cash losses were incurred in the concerned Financial Year and
in the immediately preced- ing Financial Year.
xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank.
xii) The Company has not granted any loans and a vances on the basis of
the security by way of pledge of shares, debentures or other
securities.
xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence, the requirements of item of paragraph 4 of the Order is not
applicable to the company.
xiv) The requirement of maintenance of record of tran actions and
contracts in shares, securities, debentures and other investments are
not applicable as the Company has not entered into such transactions
during the year.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions
xvi)The Company has not taken any term loan during the year.
xvii) The funds raised on short-term basis amounting to Rs.
9,72,52,921/- against the increase in current liabili- ties were used
for long term Investment during the year.
xviii) According to the information and explanations given to us, no
preferential allotment of Equity shares including Fully/Partly
Convertible Debentures or other instruments has been made by the
company to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act. 1956
xix)The company has not issued any debentures Hence. the requirements
of clause (xix) of pargraph 4 of the Order is not applicable to the
company.
xx) The Company has not raised any money by public issues during the
year.
xxi)According to the information and explanations given to us, a fraud
on or by the company has not been noticed or reported during the year.
For Alok Bajaj & Associates
Chartered Accountants
Sd/-
(ALOK BAJAJ)
B.COM (HONS) F.C.A.
Membership No. 084515
PROPRIETOR
Place : New Delhi
Date : 30/08/2010
Mar 31, 2009
We have audited the attached Balance Sheet of Nuway Organic Naturals
India Limited (the company) as at 31st March 2009 and also the Profit &
Loss Account for the year ended on that date annexed thereto. These
financial state- ments are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financiai statements based on our audit.
We conducted our audit in accordance with auditing stan- dards
generally accepted in India. Those 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 amounts
and disclo- sures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of Sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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 purposes of our
audit;
(ii) In. our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books maintained at the registered office of the company at
22,Pratap Colony Model Gram, Ludhiana, 141002;
(iii) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting Standards referred to in Sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2009 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2009 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
required by the Compa- nies 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, 2009; and
(b) in the case of 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 TO THE AUDITORS REPORT
STATEMENT REFERRED TO IN PARAGRAPH ABOVE OF OUR AUDITORS REPORT OF
NUWAY ORGANIC NATURALS INDIA LIMITED FOR THE YEAR YEAR ENDED ON 31"
MARCH 2009.
i) (a) The Company has generally maintained proper records showing full
particulars including quanti- tative details and situation of fixed
assets.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year in a phased periodical manner, which, in our opinion, is
reasonable, having regard to the size of the Company and nature of the
assets. No material discrepancies were noticed on such verification.
(c) The substantial assets were not been disposed off during the year
affecting the going concern.
ii) (a) As explained to us, the inventories have been physically
verified by the management at reason- able intervals during the year.
In our opinion, the frequency of such verification is reasonable hav-
ing regard to the size of the Company and the nature of its business.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifications of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verifica- tion between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii) The Company has not taken or given any loans, secured or unsecured
, from/to companies, firms or other parties covered in the register
maintained under section 301 of the Act.
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 for the pur- chase of inventory and fixed assets and for the
sale of goods and services. In our opinion and according to the
information and explanations given to us, there is no continuing
failure to correct major weaknesses in inter- nal control.
v) (a) The particulars of contracts or arrangements re- ferred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
(b) The transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vi) The Compliance with directives issued by RBI, the provisions of
Sections 58A, 58AA or any other relevant provisions of the Act and
rules framed there under with regard to the deposits accepted from the
public are not applicable.
vii) In our opinion, the Company has built up the internal audit system
commensurate with the size and nature of its business.
viii) The requirement of maintenance of cost record pursu- ant to rule
made by Central government for mainte- nance of cost record under
section 209(1) (d) of the Companies Act, 1956 is not applicable.
ix) The company is regular in depositing undisputed statu- tory dues
including , Provident fund, Investor Educa- tion Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Cus- toms Duty, Excise Duty, Cess and any other statutory dues
applicable with appropriate authorities. The ar- rears of outstanding
dues as at the last day of the financial year concerned for a period of
more than 6 months from the date they became payable were NIL.
x) The company has no accumulated losses at the end of the Financial
Year. No cash losses were incurred in the concerned Financial Year and
in the immediately pre- ceding Financial Year.
xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bank.
xii) The Company has not granted any loans and advances on the basis of
the security by way of pledge of shares, debentures or other
securities.
xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence, the requirements of item (xiii) of para- graph 4 of the Order is
not applicable to the company.
xiv) The requirement of maintenance of record of transac- tions and
contracts in shares, securities, debentures and other investments are
not applicable as the Com- pany has not entered into such transactions
during the year.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) The Company has not taken any term loan during the year.
xvii) The funds raised on short-term basis have not been used for long
term Investment.
xviii) According to the information and explanations given to us, no
preferential allotment of Equity shares including Fully/Partly
Convertible Debentures or other instru- ments has been made by the
company to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
xix) The company has not issued any debentures. Hence, the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
xx) The Company has not raised any money by public issues during the
year.
xxi) According to the information and explanations given to us, a fraud
on or by the company has not been noticed or reported during the year.
For Alok Bajaj & Associates
Chartered Accountants
Sd/-
(ALOK BAJAJ)
B.COM. (HONS)F.C.A.
Place : New Delhi PROPRIETOR
Date : 29/08/2009 Membership No. 084515