To,
THE MEMBERS OF NOURITRANS EXIM LIMITED
Report on the Financial Statements.
We have audited the accompanying financial statements of the Nouritrans Exim Limited
("the Company) which comprise of the Balance Sheet as at 31st March
2020, the Statement of Profit and Loss for the year ended and a summary of significant
accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation
and presentation of these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these 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, as specified u/s 143(10) of the act. Those
Standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
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
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Companys 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 entitys 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 on the financial statements.
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 affairs of the Company as at 31/03/2020.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("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, a statement on the matters specified in the paragraph
3 and 4 of the order.
2. As required by section 143(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 and Cash Flow Statement dealt with
by this Report are in agreement with the books of account.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash flow
statement comply with the Accounting Standards Specified under Section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of written representations received from the directors as on 31st March
2020, and taken on record by the Board of Directors, none of the directors is disqualified
as on 31st March 2020, from being appointed as a director in terms of Section
164(2) of the Companies Act, 2013.
f. with respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in ‘Annexure B; and
g. with respect to the other matters to be included in the Auditors 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 :
I. The Company has no pending litigations so there is no need to disclose the impact of
pending litigations on its financial position in its financial statements.
II. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.
III. The Company is not required to transfer the amount to the Investor Education and
Protection Fund.
IV. The Company has provided requisite disclosures in its financial statements as to
holdings as well as dealings in Specified Bank Notes during the period from 8 November,
2016 to 30 December, 2016 and these are in accordance with the books of accounts
maintained by the Company.
For, Parth Shah and Associates
Chartered Accountants
SD/-
Parth N. Shah
(Proprietor)
No: 173468
FRN No. 144251W
Date: 31/07/2020
Place: Ahmedabad
ANNEXURE A TO THE AUDITORS REPORT
(i) (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 in a phased manner, which in our opinion is reasonable, having regard to the
size of the Company and nature of its assets. No material discrepancies were noticed on
such physical verification.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are not
held in the name of the Company. As the company has taken immovable property on rent.
(ii) (a) Physical verification of inventory has been conducted at reasonable intervals
by the management;
(b) The company is maintaining proper records of inventory and no material
discrepancies were noticed on physical verification.
(iii) The company has not granted any loans, secured or unsecured to companies, firms
or other Parties covered in the register maintained under section 189 of the Companies
Act.
(iv) The Company has complied with Provisions of sec 185 and 186 of Companies act 2013.
There are no such any Transactions covered under the provision of section 185 of the
companys act 2013.
(v) In our opinion and according to information and explanation given to us the company
has not taken any deposit pursuant to provision of Section 73 to 76 of the Companies act,
2013.
(vi) Sub Section (1) of Section 148 of the Companies Act, 2013 is not applicable to
company.
(vii) (a) Based on the records produced before us the company is regular in depositing
undisputed statutory dues including provident fund, employees state insurance, income-
tax, sales-tax, wealth tax, duty of customs, duty of excise, value added tax, cess and any
other statutory dues. (b) According to information and explanation given to us no dues of
income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise
or value added tax or cess have not been deposited on account of any dispute.
(viii) The company has not taken any loan from financial institution, banks, and
government and has not issued debentures. Accordingly, paragraph 3 (viii) of the Order is
not applicable.
(ix) The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) and term loans during the year. Accordingly,
paragraph 3 (ix) of the Order is not applicable.
(x) According to the informations & explanations given to us no fraud by the
company or any fraud on the Company by its officers or employees has been noticed or
reported during the year.
(xi) Provisions of section 197 read with Schedule V to the Companies Act, 2013 related
to managerial remuneration is not applicable to company.
(xii) Provisions specified in Nidhi Rules, 2014 are not applicable to company.
(xiii) According to the informations & explanations given to us all transactions
with the related parties are in compliance with sections 177 and 188 of Companies Act,
2013 and the details have been disclosed in the Financial Statements etc., as required by
the applicable accounting standards.
(xiv) According to the informations & explanations given to us During the year
Company has not issued any shares by way of initial public offer or further public offer.
(xv) According to the informations & explanations given to us the company has not
entered into any non-cash transactions with directors or persons connected with him so,
the provisions of section 192 of Companies Act, 2013 are not applicable to company.
(xvi) Provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not
applicable to company.
For, Parth Shah and Associates
Chartered Accountants
Sd/-
Parth N. Shah
(Proprietor)
No: 173468
FRN No. 144251W
Date: 31/07/2020
Place: Ahmedabad
ANNEXURE B TO THE AUDITORS REPORT
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section
143 of the Companies Act, 2013 (‘the Act)
We have audited the internal financial controls over financial reporting of Nouritrans
Exim Limited (‘the Company) as of 31 March 2020 in conjunction with our audit of The
financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the Companys policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(‘the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of the
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2020, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For, Parth Shah and Associates
Chartered Accountants
Sd/-
Parth N. Shah
(Proprietor) M
No: 173468
FRN No. 144251W
Date: 31/07/2020
Place: Ahmedabad
+91-9892691696
