Mar 31, 2016
Independent Auditorsâ Report
TO THE MEMBERS OF,
SAFAL HERBS LIMITED,
- Report on the Financial Statements
We have audited the accompanying financial statements of Safal Herbs Limited, which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
- Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to 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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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.
- Auditorâs Responsibility
(1) Our responsibility is to express an opinion on these 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 there under.
(2) 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.
(3) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the financial statements that give true and fair view 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 Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
(4) 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
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;
1. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
2. In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
3. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
- Report on other Legal and Regulatory Requirements
As required by the Companies (Auditorâs Report) Order, 201 5 (âthe 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 Paragraph 3 and 4 of the Order.
As required by section 143(3) of the Act, we report that:
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.
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 [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us-}
[The reports on the accounts of the branch offices of the Company audited under Section 14 3(8) of-the Act by branch auditors have been sent to us and have been properly dealt by us in preparing this report.}
o d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account. [And the returns received from the branches not visited by us.}
o e) 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.
oâf) The going concern matter described in sub-paragraph (b) under the Emphasis of Matters paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.
o g) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
o h) In our Opinion and to the best of our information and according to the explanation given to us, we report as under with respect to the other matters included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rule 2014 :
1. The company does not have any pending litigations which would impact its financial statement.
2. The company did not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.
3. There has not been an occasion in case of the company during the year under report to transfer any sums to the Investors Education and Protection Fund. The question of delay in transferring such sums does not arise.
The Annexure referred to in our report to the members of SAFAL HERBS LIMITED for the year ended 31st March, 2016.
On the basis of the information and explanation given to us during the course of our audit, we report that:
1. (a) There is no Fixed Assets, Hence Not Applicable.
(b) N.A.
2. (a) There is No Inventory at the end of the Year, hence Not Applicable.
(b) N.A.
(c) N.A.
3. The company has granted loans secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 1 89 of the Companies Act, 2013.
(a) All terms and conditions are as per the benefits of company and are not prejudicial to the companyâs Interest.
(b) Schedule of repayment of principal and interest has been stipulated and receipts are regular.
(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.
4. In respect of loans, investments, guarantees, and security all mandatory provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.
5. The company has not accepted any deposits.
6. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.
7 (a) The company is regular in depositing undisputed statutory dues including provident fund, Employeeâs state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities.
(b) Dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax have been deposited on time there is no dispute is pending on the part of company.
8. The company hasnât made any default in repayment of loans or borrowing to a financial institution, bank, Government or dues to debenture holders.
9. The company doesnât raise any money by way of initial public offer or further public offer (including debt instruments)
10. Neither company has done any fraud nor by its officers or employees so nothing to be disclosed separately.
11. Managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. Company is not a Nidhi Company hence nothing to be disclosed for any provisions applicable on Nidhi Company.
13. All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards;
14. The company hasnât made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. The company hasnât entered into any non-cash transactions with directors or persons connected with him.
16. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1 934.
FOR, Niranjan Jain & Co.
CHARTERED ACCOUNTANTS
Sd/-
(Niranjan Jain)
PARTNER
PLACE: AHMEDABAD Membership # 47811
DATE : 30th May, 2016 FRN No. 113913W
Mar 31, 2015
We have audited the accompanying financial statements of Safal Herbs
Limited, which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the 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
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 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, 201 4. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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
(1) Our responsibility is to express an opinion on these 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 there under.
(2) 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.
(3) 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 financial control relevant
to the Company's preparation of the financial statements that give
true and fair view 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 Company's Directors, as well as
evaluating the overall presentation of the financial statements.
(4) 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
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;
1. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
2. In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
3. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
- Report on other Legal and Regulatory Requirements
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 Paragraph 3 and 4 of the Order.
As required by section 143(3) of the Act, we report that:
- 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.
- 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 [and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us-]
- [The reports on the accounts of the branch offices of the Company
audited under Section 143(8) of-the Act by branch auditors have been
sent to us and have been properly dealt by us in preparing this
report.]
o d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account. [And the returns received from the branches not visited by
us.]
o e) 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.
oÂf) The going concern matter described in sub-paragraph (b) under
the Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company.
o g) On the basis of written representations received from the
directors as on 31 March, 201 5, 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.
o h) In our Opinion and to the best of our information and according to
the explanation given to us, we report as under with respect to the
other matters included in the Auditor's Report in accordance with
Rule 1 1 of the Companies (Audit & Auditors) Rule 2014 :
1. The company does not have any pending litigations which would impact
its financial statement.
2. The company did not have any long term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise.
3. There has not been an occasion in case of the company during the
year under report to transfer any sums to the Investors Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our report to the members of SAFAL HERBS
LIMITED for the year ended 31st March, 2015.
On the basis of the information and explanation given to us during the
course of our audit, we report that:
1 a) There is no Fixed Assets, Hence Not Applicable. b) N.A.
2 a) There is No Inventory at the end of the Year, hence Not
Applicable.
b) N.A.
c) N.A.
3 According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
granted any loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act. Thus sub clauses (a) & (b) are not applicable to the
company.
4 In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5 In our opinion and according to the information and explanations
given to us company hasn't accepted any deposits, from the directives
issued by the Reserve Bank of India and as per the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
6 As per information & explanation given by the management, maintenance
of cost records has been prescribed by the Central Government under
clause (d) of sub- section (1) of section 148 of the Act and we are of
the opinion that prima facie the prescribed accounts and records have
been made and maintained.
7 a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2015 for a period of more than six months from the date
they became payable.
b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
c) In our opinion company has transferred the amount which is required
to be transferred to investor education and protection fund in
accordance with the relevant provisions of the Companies Act, 1956 (1
of 1956) and rules made thereunder within time.
8 The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9 Based on our audit procedures and on the information and explanations
given by the management, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders.
10 According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11 In our opinion Terms Loans were applied for the purpose for which
loans were obtained
12 Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Niranjan Jain & Co.
Chartered Accountants
Sd/-
( Niranjan Jain)
Proprietor
M. No. 047811
FRN No. 11 3913w
Date : 29.05.2015
Place : Ahmedabad.
Mar 31, 2014
We have audited the accompanying financial statements of Safal Herbs
Limited, which comprise the Balance Sheet as at March 31, 2014, 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
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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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
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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. 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
iln 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 Iso 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 Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows 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 Section
227(4A) 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:
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 account as required by law have
been kept by the Company so far as 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated-
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. I
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(l)(g) of the
Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Parikh Herbals Limited, on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. There is no Fixed Assets, Hence not applicable.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
NIL
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the Company: 15, 81, 22,
417/-
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, 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) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has no an internal audit system commensurate with its size and
the nature of its business.
8. As per information & explanation given by the management, No
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have not been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted 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 provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
for , NIRANJAN JAIN & CO.
Chartered Accountants
FRNNO.:-113913W
Sd/-
(NIRANJAN JAIN)
PARTNER
MEMBERSHIP NO.: 47811
PLACE; Ahmedabad
DATE : May 14th, 2014.
Mar 31, 2013
Report on Financial Statements
1. We have audited the accompanying Financial Statements of Safal
Herbs Limited which comprise the Balance Sheet as at 31st March 2013,
Profit and Loss Account for the year then ended, and other explanatory
information.
Management''s Responsibility for the Financial Statements:
2. Management of the Branch is responsible for the preparation of
these Financial Statements that give true and fair view of the
financial position and financial performance of the Branch in
accordance with the Banking Regulation Act, complying with Reserve Bank
of India Guidelines from time to time. This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and fair presentation of the financial statements that
are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility:
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
Procedures selected depend on the auditors'' judgment, including the
assessment of the risks of material misstatement of the financial
statement, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity''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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our Audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to
the explanation given to us, read with the Memorandum of Changes
mentioned in paragraph 11 below, the financial statements 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
Branch as at March 31, 2013;and
(b) in the case of Profit and Loss Account, of the Profit for the year
ended on that date;
Report on Other Legal and Regulatory Requirements
7. The Balance Sheet and the Profit and Loss Account have been drawn
up in accordance with Section 29 of the Banking Regulation Act, 1949;
8. Subject to the limitations of the audit as indicated in Paragraphs
3 to 5 above and paragraph 10 below, we report that:
We further report that:
- The Balance Sheet and Profit and Loss account dealt with by this
report are in agreement with the books of account and returns;
- We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
- In our Opinion, the Balance Sheet and Statement of Profit & Loss
Account comply with the Accounting Standards referred to in subsection
(3C) of section 211 of the companies Act, 1956.
- In our opinion, proper books of account as required by law have been
kept by the branch so far as appears from our examination of those
books;
- We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of the
audit and have found them to be satisfactory.
- On the basis of written representation received from the directors as
on March, 2013 and taken on record by the Board of Directors, none of
the directors 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.
- Since 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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Parikh Herbals Limited, on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. There is no Fixed Assets, Hence not applicable.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
NIL
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company. -
15,81,22,417/-
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, 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) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has no an internal audit system commensurate with its size and
the nature of its business.
8. As per information & explanation given by the management, No
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have not been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted 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 provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Niranjan Jain & Co.
Chartered Accountants
Sd/-
(Niranjan Jain)
Partner
Place: Ahmedabad Membership: 47811
Date: 30th May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of SAFAL HERBS LIMITED as at
31st March 2012 and also the annexed Profit and Loss Account of the
Company 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 misstatements. An Audit includes
examining, on a test basis, evidence supporting the amount and
disclosures in financial 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.
As per the Companies (Auditors report) order, 2003 issued by the
Central Government of India in terms of Section 227 (4-A) of the
Companies Act, 1956, we do hereby state that the company is exempted
under the Companies (Auditors report) order, 2003, on the matter
specified paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
1. 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.
2. 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.
3. The Balance Sheet & Profit & Loss Account dealt with by this report
is in agreement with the books of accounts and comply with the
Accounting Standards referred to in Sub- Section 3(C) of section 211 of
the Companies Act, 1956.
4. According to information and explanations given to us and on the
basis of written representations from the directors of the Company,
none of the Director is disqualified from being appointed as a director
of the Company under section 274(1) (g) of the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and the Profit and
Loss Account, 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: -
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 Profit & Loss Account of the Profit for the year
ended on that date.
i) (a)There is no Fixed Assets, Hence Not Applicable.
ii) (a) The Company has inventory, which are stated at cost or market
value which ever is less.
iii) (a) As informed to us, the company has not granted any loans,
secured or unsecured to companies, firms or other parties covered in
the register maintained under section 301 of the Act. However, year end
Balance of Loan taken from relatives of director is Rs NIL
(b)The company had no taken loan from any other companies covered in
the register maintained under section 301 of the Companies Act,1956.
And the year end balance of loans taken from such parties was Rs. NIL
(c) There are to firms covered in the register maintained under section
301 of the Companies Act, 1956 to which the company has granted loans..
(d) In our opinion the rate of interest and other terms and conditions
on which loans have been taken from/ 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.
(e) In respect of the aforesaid loans, the amount is payable on demand,
the company is repaying the principal amount as & when demanded & has
not been paying any interest.
(f) The aforesaid loan is repayable on demand & therefore the question
of overdue amount does not arise.
iv) In our opinion and according to information &. 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. During the
course of audit, no major weakness has been noticed in these 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.
vi) In our opinion, according to the information and explanations given
to us, the company has not taken any deposit from the public.
vii) In our opinion the company has an internal audit system
commensurate with its size and nature of its business.
viii) As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209(1) (d) of the products of
the company.
ix) (a) The company is generally regular in depositing with the
appropriate authorities, undisputed statutory dues including Provident
Fund, Income tax, Sales-tax, Excise Duty, investors education and
protection fund, wealth Tax, Custom Duty, Cess and other material
Statutory dues applicable to it except Income Tax Liability of
Rs.NIL/-. There were no arrears for a period of more than six month
from the date they became payable as at 31st March 2012
x) According to the information and explanation given to us, there are
no cases of non-deposits with the appropriate authorities of disputed
dues of sales tax /excise duty /custom duty / wealth tax / cess.
xi) The accumulated losses of the company are not more than 50% of its
Net Worth. The company has not incurred any cash losses in current year
xii) According to the information and explanations given to us, the
company has not defaulted in any repayment of dues of loan.
xiii) According to the 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.
xiv) The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore, the provision of clause 4 (xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the company.
xv) According to the information and explanations given to us, the
company is not dealing or trading in Shares, Securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditor's Report) Order 2003 is not applicable to the
company.
xvi) In our opinion, the terms and condition on which the company has
given guarantees for loans taken by others from Bank or Financial
Institutions are, prima facie, not prejudicial to the interest of the
company.
xvii) According to the information and explanations given to us in this
year there is no term loan during the loan.
xviii) 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
investment.
xix) The company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
xx) According to the information and explanations given to us, no
debentures and/or preference shares have been issued during the year.
xxi) The company has not raised any money through a public issue.
xxii) Based upon the audit procedures performed and information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit
For NIRANJAN JAIN & CO .
CHARTERED ACCOUNTANT
PLACE : AHMEDABAD. Sd/-
DATE : 1st September,2012 (NIRANJAN JAIN)
Proprietor
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