Report on the Financial Statements
We have audited the accompanying financial statements of M/S NATURA HUE
CHEM LIMITED (the Company), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information, which we have
signed under reference to this report.
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 and cash flows of the Company in accordance with
the Accounting Standards notified under ''the Companies Act, 1956'' of
India (the Act) read with the General Circular 15/ 2013 dated
September 13, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013,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.
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
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion, subject to note given below, 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 loss for the
year ended on that date; and
c. 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
1. As required by the Companies (Auditor''s Report) order, 2003
including companies (Auditors Report) (Amendment) order 2004 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 & 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 purposes of our
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
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
d. In our opinion, subject to point no. 3 given below the Balance
Sheet, 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 read with general
circular 15/2013 dated 13 September2013 of Ministry of Corporate
Affairs in respect of section 133 of the Companies Act 2013 and
e. On the basis of written representations received from all 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, 2014,
from being appointed as a director in terms of clause (g) of sub-
section (1) of section 274 of the Companies Act, 1956.
3. Attention of the members is drawn to the following Notes:-
Note No. 11 of Notes on financial statements regarding certain
disclosure relating to Micro / Small / Medium Enterprises.
ANNEXURE TO THE AUDITOR''S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
I. a. The company has maintained proper records to show its full
particulars including quantitative details and situation of fixed
b. As explained to us, all the fixed assets have been physical
verified by the management with a phased programme over the year, which
in our opinion is reasonable having regard to the size of the company
and the nature of its assets. No serious discrepancies were noticed on
such verification conducted during the year as compared with the books
c. The Company has not disposed off any fixed assets of the Company
during the year under audit.
II. The Company is a service company, primarily rendering Cargo
Handling services; Accordingly Clause 4(ii) (a) to (c) of CARO 2003 is
not applicable to the Company.
III. As informed by us, the Company has neither granted nor taken any
loans, secured or unsecured to/from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Since the Company has neither granted nor taken any loans,
secured or unsecured to/from companies, firms or other parties covered
in the register maintained under section 301 of the Companies Act,
1956, clauses 4(iii) (a) to (g) of CARO 2003 are not applicable to the
IV. In our opinion and according to the information and explanations
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
supply of services. Further, on the basis of our examination, and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance of major
weaknesses in the aforesaid internal control procedures.
V. a) According to the information and explanations given to us,
Company has not entered into any contract or arrangement referred to in
section 301 of the act.
b) As the Company has not entered into any transaction, no comments
have been given in respect of Clause 4(v) of the CARO, 2003.
VI. In our opinion according to the information and explanations
provided by the management, in our opinion, the company has not
accepted any public deposits. Hence no comments have been given in
respect of Clause 4(vi) of the CARO, 2003.
VII. The Company does not have a formal internal audit system. However,
in our opinion, there are adequate internal control procedures
commensurate with the size and nature of the business.
VIII. The Central Government of India has not prescribed the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956, for any of the services rendered by the Company.
IX. a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, undisputed statutory dues including provident fund,
employee''s state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to the Company have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, sales tax, wealth tax, service tax, customs 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 became payable.
b) As on 31st March 2014, according to the records of the Company,
there are no dues of sales tax, income-tax, customs tax / wealth tax,
excise duty, Service Tax / cess on account of any dispute.
X. The Company''s accumulated losses at the end of the financial year
are less than fifty per cent of its net worth. However, it has incurred
cash losses both in current year as well as in the immediately
preceding financial year.
XI. Since there is no borrowing from Bank / Financial Institution,
Hence no comments have been given in respect of Clause 4(XI) of the
XII. According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of pledge of shares,
debentures and other securities.
XIII. In our opinion and to the best of our knowledge and according to
the explanations provided by the management, that the company is
neither a Chit Fund nor a Nidhi/mutual benefit society. Hence, the
requirements of Clause 4(xiii) of CARO, 2003 do not apply to the
XIV. 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 CARO 2003 is not applicable to the
XV. The Company has not given guarantees for loans taken by others
from bank or financial institutions. Accordingly, the provision of
clause 4 (XV) of CARO 2003 is not applicable to the company.
XVI. The Company has neither raised any term loans during the year nor
was any unutilized amount left on this account, as at the beginning of
the year. Therefore, the provision of clause 4 (XVI) of CARO 2003 is
not applicable to the company.
XVII. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company.
XVIII. The Company has not made any fresh allotment of shares during
XIX. The Company did not issued debentures during the year.
XX. The Company has not raised any money by public issue during the
period covered by our audit report.
XXI. To the best of our knowledge and belief, and according to the
information and explanations given to us, and the records of the
Company examined by us, no material fraud on or by the Company was
noticed or reported during the course of our audit.
FOR, MADHURESH GUPTA AND CO