The Members of
Adinath Bio-Labs Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Adinath Bio-Labs Limited("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Companys Directors aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
a) In the case of the Balance Sheet of the state of affairs of the Company as at March31st 2015;
b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and
c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-Section (11) ofSection 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 theorder.
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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account;
d. In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164 (2) of the Act.
f. With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us wereport that:
i. The Company does not have any pending litigations which would impact financialposition;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For Mohindra Arora & Co |
| ||(Chartered Accountants) |
| ||FRN :: 006551N |
| ||Ashok Kumar Katial |
|Place : Mumbai ||(Partner) |
|Date : 27/05/2015 ||M. No. 09096 |
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
The Annexure Referred to in paragraph 1 under the heading Report on Other Legaland Regulatory Requirements of our Report of even date to the members of AdinathBio-Labs Limited(the Company) on the financial statements for the year ended31st March 2015.
The Comments given below are based on the data compiled by the Company in order tocomply with requirements of the order and on the basis of such test checks of the booksand records of the Company as we considered appropriate and in terms of the informationand explanations given to us we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;
(b) The Fixed assets have been physically verified by the management at reasonableintervals; 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. Inour opinion the frequency of verification is reasonable;
(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness;
(c) The Company is maintaining proper records of inventory and there were not anymaterial discrepancies were noticed on physical verification of inventories as compared tothe book records.
(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the CompaniesAct 2013 and hence provisions of Paragraph 3(iii) of the aforesaid Order are notapplicable to the Company.
(iv) There exist an adequate internal control system commensurate with the size of theCompany and the nature of its business with regard to purchase of inventory and fixedassets and with regard to the sale of goods and services. During the course of our auditwe have not observed any continuing failure to correct major weaknesses in internalcontrol system in respect of the aforesaid areas.
(v) The company has not accepted any deposits from the public to which provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and theCompanies (Acceptance of Deposits) Rules 2014 are applicable. No order has been passed byCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any courtor any other Tribunal.
(vi) The maintenance of cost records under sub-section (l) of Section 148 of theCompanies 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 authoritiesundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues as applicable to it . There are noundisputed amounts payable in respect of aforesaid dues outstanding as at 31stMarch 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 dutyof excise value added tax or cess that have not been deposited on account of anydisputes;
(c) There were no amounts required to be transferred to Investor Education andProtection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules made thereunder.
(viii) The Company does not have accumulated losses. The Company has not incurred anycash losses during the financial year covered by our audit and in the immediatelypreceding financial year.
(ix) The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.
(x) The Company has not given any guarantee for loans taken by others from bank orfinancial institutions and accordingly requirement of Paragraph 3(x) of the aforesaidOrder 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 explanationsgiven to us by the management no fraud on or by the Company has been noticed or reportedduring the year.
| ||For Mohindra Arora & Co |
| ||(Chartered Accountants) |
| ||FRN :: 006551N |
| ||Ashok Kumar Katial |
|Place: Mumbai ||(Partner) |
|Date: 27/05/2015 ||M. No. 09096 |