| 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
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