INDEPENDENT AUDITORS' REPORT
To,
The Members of
Norris Medicines Limited
Report on the financial statements
We have audited the accompanying financial statements of NORRIS MEDICINES LIMITED (“the Company”),
which comprise the Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended and a summary of the 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 stated 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 and 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.
Auditor's Responsibility
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.
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 the 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 a true and fair view in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and
the reasonableness of the accounting estimates made by the Company's Directors, 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 standalone 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, of the state of affairs of the
Company as at 31st March, 2023, and its profit and its cash flows for the year ended on that date.
1. As required by the Companies (Auditor's Report) Order, 2016 (“the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act(hereinafter
referred to as the "Order"), and on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section 143(3) of the Act, we report that:
(a) 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.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books.
(c) 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.
(d) 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.
(e) On the basis of the written representations received from the directors as on 31st March, 2023
and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2023 from being appointed as a director in terms of Section 164(2) of the Act.
(f) The Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial control over financial reporting were operating
effectively as at 31st March, 2023, based on the internal control over financial reporting criteria
established by the Company.
(g) With respect to the other matters to be included in the Auditor's 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 disclosed the impact, if any, of pending litigations as at 31st March, 2023
onits financial position in its financial statements.
(ii) The Company did not have any long-term contracts including derivative contracts as at
31stMarch, 2023.
(iii) There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
Place : ANKLESHWAR For, BAHEDIA & ASSOCIATES,
Date : 1st September, 2023 Chartered Accountants
SF-68 &69, Hexzone Arcade, 2nd Floor,
NR. Jayaben Modi Hospital,
Valia Road, GIDC, ANKLESHWAR -393002. (CA. BADRILAL R. BAHEDIA)
PROPRIETOR
M. No. 048066
(Firm Reg. No. 114421W)
UDIN: 23048066BGWCYW1466
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