| We have audited the accompanying financial statements of R J Biotech
Limited, which comprise the Balance Sheet as at March 31, 2015, and the
Statement of Profit and Loss and Cash Flow Statement for the year
ended, and a summary of significant accounting policies and other
explanatory information.
02) 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.
03) 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.
04) 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 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 Balance Sheet, of the state of affairs of the company
as at 31st March, 2015
b) In the case of Statement of Profit & Loss, of the Profit for the
year ended as on 31st March, 2015
c) In the case of Cash Flow, the Cash Flow of the company for the year
ended as on 31st March, 2015
05) 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, 2015, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2) As required by section 143(3) of the Act, we report that:
a) We have sought & 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, 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 written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Companies Act
2013.
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:
i. The Company does not have any pending litigations which would
impact its 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 AUDITOR'S REPORT
REFERRED TO IN PARAGRAPH 5 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF
R J BIO-TECH LIMITED ON THE FINANCIAL STATEMENTS;
FOR THE YEAR ENDED AS ON 31.03.2015
(i) 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) Inventory:
(a) As explained to us, the management has conducted physical
verification of inventory at reasonable intervals.
(b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and nature of its business.
(c) The company is maintaining proper records of inventory of stocks of
raw materials, finished goods of seeds, etc. No material discrepancies
were noticed on physical verification of stock as compared to book
records.
(iii) Loans:
(a) During the year under review, the company has granted unsecured
loan of Rs. 57,58,732/- to one company covered in the register
maintained under section 189 of the Companies Act, 2013. Balance of
said loan as on 31.03.2015 is Rs. NIL
(b) The loan amount outstanding as on 31.03.2015 is Rs. NIL. Hence, Not
Applicable (b) The loan amount outstanding as on 31.03.2015 is Rs. NIL.
Hence, Not Applicable
(iv) Internal Control System:
In our opinion and according to the information and explanations given
to us, there is adequate internal control system commensurate with the
size of the company and the nature of its business for the purchase of
inventory and fixed assets and for the sale of goods and services and
there are no major weaknesses in internal control system.
(v) Deposits:
In our opinion & according to the information & explanation given to
us, the company has not accepted any deposits during the year. Hence,
Not Applicable.
(vi) Cost Records :
As explained to us Central Government has not prescribed for
maintenance of cost records under sub-section (1) of section 148 of
Companies Act, 2013.
(vii) Statutory Dues:
(a) As observed by us during the course of our examination of the books
of accounts carried out in accordance with generally accepted auditing
principles in india, company has generally been regular in depositing
undisputed statutory dues including Provident Fund, Income Tax, Sales
Tax, Local Body Tax, Service Tax, Cess and any other statutory dues
with the appropriate authorities.
(b) According to explanation given to us, there are no disputed dues of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Cess arrears as at
31.03.2015.
(c) There are no such amounts which are required to be transferred to
Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 2013 and rules made thereunder.
(viii) Sickness Indicator:
The company does not have any accumulated losses at the end of the
financial year and it has also not incurred cash losses during current
financial year and the financial year immediately preceding to current
financial year.
(ix) Default to FIS & Banks:
In our opinion & according to the information given to us, the company
has not defaulted in repayment of dues to the financial institutions
and bank.
(x) Guarantees:
In our opinion & according to the information & explanations given to
us, during the year under review, the company has not given any
guarantee for loans taken by others from banks or financial
institutions.
(xvi) Application of Term Loans:
During the current financial year, the company has not raised & applied
any fresh term loan, hence not applicable.
(xxi) Frauds:
During the course of our examinations of the books & records of the
company, carried out in accordance with the generally accepted auditing
practices in India, & according to the information & explanations given
to us, we have neither come across any instances of material fraud on
or by the Company, noticed or reported during the year, nor have we
been informed of such case by management.
As per our report of even date
For Ashok Patil & Associates
Chartered Accountants
Firm Reg. No. 122045W
Sd/-
(Ashok P.Patil)
Date : 05.05.2015 Partner
Place : Aurangabad M. No. 34423
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