We have audited the accompanying financial statements of Adinath
Bio-Labs Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, 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, 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
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 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 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st, 2015;
b) In the case of the Statement of Profit and Loss, of the profit 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-Section (11) of Section 143 of the Companies Act, 2013 (hereinafter
referred to as the "Order"), we give in the Annexure a statement on the
matters specified in Paragraphs 4 and 5 of the 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 the 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, 2015 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f. 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, we report that:
i. The Company does not have any pending litigations which would
impact financial position;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The Annexure Referred to in paragraph 1 under the heading 'Report on
Other Legal and Regulatory Requirements' of our Report of even date to
the members of Adinath Bio-Labs Limited,('the Company') on the
financial statements for the year ended 31st March, 2015.
The Comments given below are based on the data compiled by the Company
in order to comply with requirements of the order and on the basis of
such test checks of the books and records of the Company as we
considered appropriate and in terms of the information and explanations
given to us, we report that:
(i) In respect of its 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 at
reasonable intervals; No material discrepancies were noticed on such
verification.
(ii) In respect of its inventories:
(a) The inventories have been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business;
(c) The Company is maintaining proper records of inventory and there
were not any material discrepancies were noticed on physical
verification of inventories as compared to the book records.
(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, 2013 and hence provisions of
Paragraph 3(iii) of the aforesaid Order are not applicable to the
Company.
(iv) There exist an adequate internal control system commensurate with
the size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system in respect of the aforesaid areas.
(v) The company has not accepted any deposits from the public to which
provisions of Sections 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014 are applicable. No order has been passed by Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or
any other Tribunal.
(vi) The maintenance of cost records under sub-section (l) of Section
148 of the Companies Act, 2013 has not been specified by the Central
Government.
(vii) According to the records of the Company:
(a) The Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
employees' state insurance, income-tax, sales-tax, wealth tax, service
tax, duty of customs, duty of excise, value added tax, cess and any
other statutory dues, as applicable to it . There are no undisputed
amounts payable in respect of aforesaid dues outstanding as at 31st
March, 2015 for a period of more than six months form the date they
became payable;
(b) No dues of income tax ,sales tax , wealth tax , service tax, duty
of customs, duty of excise, value added tax or cess that have not been
deposited on account of any disputes;
(c) There were no amounts required to be transferred to Investor
Education and Protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder.
(viii) The Company does not have accumulated losses. The Company has
not incurred any cash losses during the financial year covered by our
audit and in the immediately preceding financial year.
(ix) The company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
(x) The Company has not given any guarantee for loans taken by others
from bank or financial institutions and accordingly requirement of
Paragraph 3(x) of the aforesaid Order are not applicable to the Company.
(xi) The Company has not raised term loans during the year.
(xii) Based upon the audit procedure performed and as per information
and explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year.
For Mohindra Arora & Co
(Chartered Accountants)
FRN :: 006551N
Ashok Kumar Katial
Place: Mumbai (Partner)
Date: 27/05/2015 M. No. 09096 |