Mar 31, 2014
We have audited the accompanying financial statements of ELEGANT
FLORICULTURE & AGROTECH (I) LTD., which comprise the Balance Sheet as
at 31st March, 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.
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, 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
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 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, 2014;
ii) in the case of the Statement of Profit & Loss account, of the
Profit for the year ended on that date;
iii) 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
sub-section (4A) of section 227 of the Companies Act, 1956, 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;
(e) On the basis of written representations received from the directors
as on 31 st March, 2014, and taken on record by the Board of Directors,
none of the directors are disqualified as on 31st March , 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
b) The company has not incurred the cash losses during the financial
year into consid- eration.
c) The company has not incurred the cash losses during the financial
year immediately preceding the financial year into consideration.
xi) The Company has not defaulted on repayment of dues to any bank or
financial institution. The company has not issued any debentures.
xii) According to the Information and explanations given to us, the
Company has not granted loans and advances on basis of security by way
of pledge of shares, debenture and other securities.
xiii) As per information and explanations given to us, the nature of
the Company''s activities during the year under review is such that the
provisions of any special statute applicable to chit fund are not
applicable to the Company.
xiv) As per information and explanations given to us, the Company is
dealing or trading in shares, securities, debentures and other
investments. The proper records are maintained of the transactions and
contracts by company and timely entries have been made therein. The
shares, securities, debenture and other securities have been held by
the company, in its own name except to the extent of the exemption, if
any, granted under section 49 of the Act.
xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) As per information and explanations given to us, the company
obtained the Term Loan and the same was utilised for the purpose for
which the Term Loan was obtained during the year.
xvii) According to the information and explanations given to us, no
funds has been raised on short-term basis.
xviii) The Company has not made preferential allotment of shares to
parties & Companies cov- ered in the register maintained under section
301 of the Act during the year.
xix) No debentures have been issued by the Company during the year.
xx) During the year, the Company has not raised any money by way of
public issue.
xxi) According to the information and explanations given to us, no
fraud on or by the Company have been noticed or reported during the
financial year under review.
Jignesh Shah
Chartered Accountants
Membership No.: 117121
Place: Thane
Date : 31st May, 2014
Mar 31, 2013
We have audited the accompanying financial statements of ELEGANT
FLORICULTURE & AGROTECH (I) LTD., which comprise the Balance Sheet as
at 31 st March, 2013, and the Statement of Profit and Loss 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 preparation of these financial
statements that give a true and fair view of the financial position,
financial performance 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 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 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 31 st March, 2013;
ii) in the case of the Profit & Loss account, of the Profit 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 Companies Act, 1956, we give in
the Annexure ''A'', the 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, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss
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 directors are 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 such cess is to be paid, no cess is due
and payable by the Company.
(Referred to in paragraph 1 thereof)
i) In respect of fixed assets:
a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
during the year. We are informed that no material discrepancies were
noticed by the management on such verification.
c) The Company has not disposed any Fixed Assets during the year into
consideration.
ii) In respect of Inventories:
a) The physical verification of inventory has been conducted at regular
intervals by the management.
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 has been maintaining proper records of the inventory and
no material discrepancies were noticed.
iii) In respect of loans secured or unsecured, granted or taken by the
company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Act according to the
information and explanation given to us.
a) The company has not granted/taken loans to/from companies, firms or
other parties covered in the register mentioned in Section 301 of the
Act.
iv) In our opinion and according to the information and explanation
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.
v) In respect of transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Act, in our opinion and
according to the explanations given to us:
a) The company has not entered into transactions with parties mentioned
in the register maintained in pursuance of Section 301.
vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits covered under
section 58A and 58AA of the Act during the year. Hence, the question of
compliance with the provisions of Section 58A and 58AA of the Act does
not arise.
vii) The Company has an internal audit system commensurate with its
size and nature of the business.
viii) The Central Government has not prescribed maintenance of cost
records for the Company under section 209(1 )(d) of the Act.
ix) According to the information and explanation given to us in respect
of statutory and other dues:
a) The Company is generally regular in depositing undisputed statutory
dues including, Income-tax, Sales-tax, Customs Duty and other statutory
dues with appropriate authorities when applicable. According to
information and explanations given to us, provision of the statutes
relating to ESIC and Provident Fund are not applicable to the company.
b) There are no disputed statutory dues.
x) According to the information and explanation given to us, the
Company has been registered for more than five years.
a) The Company is having the accumulated Loss at the end of the
financial year into consideration.
b) The company has not incurred the cash losses during the financial
year into consideration.
c) The company has not incurred the cash losses during the financial
year immediately preceding the financial year into consideration.
xi) The Company has not defaulted on repayment of dues to any bank or
financial institution. The company has not issued any debentures.
xii) According to the information and explanations given to us, the
Company has not granted loans and advances on basis of security by way
of pledge of shares, debenture and other securities.
xiii) As per information and explanations given to us, the nature of
the Company''s activities during the year under review is such that
the provisions of any special statute applicable to chit fund are not
applicable to the Company.
xiv) As per information and explanations given to us, the Company is
dealing or trading in shares, securities, debentures and other
investments. The proper records are maintained of the transactions and
contracts by company and timely entries have been made therein. The
shares, securities, debenture and other securities have been held by
the company, in its own name except to the extent of the exemption, if
any, granted under section 49 of the Act.
xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) As per information and explanations given to us, the company
obtained the Term Loan and the same was utilized for the purpose for
which the Term Loan was obtained during the year.
xvii) According to the information and explanations given to us, no
funds has been raised on short-term basis.
xviii) The Company has not made preferential allotment of shares to
parties & Companies covered in the register maintained under section
301 of the Act during the year.
xix) No debentures have been issued by the Company during the year.
xx) During the year, the Company has not raised any money by way of
public issue.
xxi) According to the information and explanations given to us, no
fraud on or by the Company have been noticed or reported during the
financial year under review.
For Shiv Pawan & Company
Chartered Accountants
Partner
(S. H. Garg)
Membership No. : 085517
Firm Regn. No. : 120121W
Place : Navi Mumbai
Date : 10th May, 2013
Mar 31, 2010
We have audited the attached Balance Sheet of ELEGANT FLORICULTURE &
AGROTECH (I) LIMITED, MUMBAI, as at 31st March, 2010, and the Profit
and Loss Account of the Company for the year ended on that date, both
annexed thereto. These financial statements are the responsibility of
the Companys Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
1 We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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.
2 As required by 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 to the
Company.
3 Further to our comments in the Annexure referred to in paragraph 2
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 purposes of our
audit;
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the above books of accounts;
(d) In our opinion, the Profit and Loss Account and Balance Sheet dealt
with by this report 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 presentations received from directors as on
31 st March, 2010 and taken on records by the Boards of Directors, we
report that none of the Directors are disqualified as on 31st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (i) of section 274 of the Companies Act, 1956 on the
accounts for the year ended on 31st March, 2010.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Profit and
Loss account 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) insofar as it relates to the Balance Sheet, of the state of affairs
of the company as at 31st March, 2010, and
ii) insofar as it relates to the Profit & Loss account, of the Profit
of the company for the year ended on that date.
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE
(Referred to in paragraph 3 thereof)
i) In respect of fixed assets:
a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
during the year. We are informed that no material discrepancies were
noticed by the management on such verification.
c) A substantial part of fixed assets have not been disposed of during
the year into consideration.
ii) In respect of Inventories:
a) The physical verification of inventory has been conducted at regular
intervals by the management.
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 has been maintaining proper records of the inventory and
no material discrepancies were noticed.
iii) In respect of loans secured or unsecured, granted or taken by the
company, to or from companies, firms or other parties covered in the
register maintained under section 301 of the Act according to the
information and explanation given to us.
a) The company has granted loans to companies, firms or other parties
covered in the register mentioned in Section 301 of the Act as per
point 6 of Schedule N of the Balance Sheet.
b) The terms and conditions of the loans granted and the rate of
interest are not prima facie prejudicial to the interest of the
company.
c) According to the information provided to us, the payment schedule
for the loans appears to be reasonably regular.
d) According to the information provided to us, in cases where the
amounts involved are more than Rs. 1 lac, reasonable steps are being
taken for the recovery of the principal and interest.
iv) In our opinion and according to the information and explanation
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.
v) In respect of transactions that need to be entered in the register
maintained in pursuance of Section 301 of the Act in our opinion and
according to the explanations given to us:
a) The company has entered in to transactions with parties mentioned in
the register maintained in pursuance of Section 301. The company has
maintained the necessary records for the same.
b) According to the information provided to us, the company has entered
in the transaction which are reasonable and at prevailing market
prices.
vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits covered under
section 58A of the Act during the year. Hence, the question of
compliance with the provisions of Section 58A of the Act does not
arise.
vii) The Company has an internal audit system commensurate with its
size and nature of the business.
viii) The Central Government has not prescribed maintenance of cost
records for the Company under section 209(1 )(d) of the Act.
ix) According to the information and explanation given to us in respect
of statutory and other dues:
a) The Company is generally regular in depositing undisputed statutory
dues including, Income-tax, Sales-tax, Customs Duty and other statutory
dues with appropriate authorities when applicable. According to
information and explanations given to us, provision of the statutes
relating to ESIC and Provident Fund are not applicable to the company.
b) There are no disputed statutory dues.
x) According to the information and explanation given to us in respect
of Loss :
a) The Company has accumulated losses at the end of the financial year
into consideration is Rs. 40,222/-.
b) The company has not incurred the cash losses during the financial
year into consideration.
c) The company has not incurred the cash losses during the financial
year immediately preceding the financial year into consideration.
xi) The Company has not defaulted on repayment of dues to any bank or
financial institution. The company has not issued any debentures.
xii) According to the information and explanations given to us, the
Company has not granted loans and advances on basis of security by way
of pledge of shares, debenture and other securities.
xiii) As per information and explanations given to us, the nature of
the Companys activities during the year under review is such that the
provisions of any special statute applicable to chit fund are not
applicable to the Company.
xiv) As per information and explanations given to us, the Company is
dealing or trading in shares, securities, debentures and other
investments. The proper records are maintained of the trasactions and
contracts by company and timely entries have been made therein. The
shares, securities, debenture and other securities have been held by
the company, in its own name except to the extent of the exemption, if
any, granted under section 49 of the Act.
xv) As per information and explanations given to us, the company has
not given any guarantee for loans taken by others from bank or
financial institutions.
xvi) As per information and explanations given to us, the company has
not obtained any term loans during the year.
xvii) According to the information and explanations given to us, no
funds has been raised on short-term basis.
xviii) The Company has made preferential allotment of convertible
shares warrant during the year as mentioned in Point no. 11 of
Schedule M of the Balance Sheet.
xix) No debentures have been issued by the Company during the year.
xx) During the year, the Company has allotted 93,65,000 Equity Shares
of Rs. 10/- each on conversion of warrants on 19-12-2009. Out of the
total 93,65,000 Equity Shares, 7,65,000 Equity Shares are allotted to
the promoters and 86,00,000 Equity Shares are allotted to persons other
than promoters. The price at which the said equity shares have been
issued is not prejudicial to the interest of the Company.
xxi) According to the information and explanations given to us, no
fraud on or by the Company have been noticed or reported during the
financial year under review.
For SHIV PAWAN & COMPANY
Chartered Accountants
Sd/-
Place : Navi Mumbai (S.H.GARG)
Date : 15th June, 2010 Partner
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