You are here » Home » Companies » Company Overview » Advik Laboratories Ltd

Advik Laboratories Ltd.

BSE: 531686 Sector: Health care
NSE: N.A. ISIN Code: INE537C01019
BSE LIVE 15:40 | 21 Sep 4.87 0.15
(3.18%)
OPEN

4.92

HIGH

4.92

LOW

4.51

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.92
PREVIOUS CLOSE 4.72
VOLUME 4508
52-Week high 9.02
52-Week low 4.18
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.92
CLOSE 4.72
VOLUME 4508
52-Week high 9.02
52-Week low 4.18
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Advik Laboratories Ltd. (ADVIKLABS) - Auditors Report

Company auditors report

The Members of Advik Laboratories Limited

Report on the Financial Statements

We have audited the accompanying financial statements of ADVIK LABORATORIES LIMITEDNewDelhi ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of 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 in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position andfinancial performance and Cash Flow Statement of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

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 accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s 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 Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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.

Opinion

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 of the state of affairs of the Company as at 31stMarch 2016 and its profit and its 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 2016 ("theOrder") Issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act2013 we give in the "Annexure A" a statement onthe 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 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 appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith 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 written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such control refer to ourseparate report in "Annexure B"; and

g) 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:

I. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Note no. 22 to the financial statements.

II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

III. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31stMarch 2016

For M/s. RMA & Associates
Chartered Accountants
Firm Regn. No. 000978N
Sd/-
Place: New Delhi Santosh Kumar
Dated : 30th May 2016 Partner
Membership No. 533944

ANNEXURE "A" TO THE INDEPENDENT AUDITORS'

The Annexure referred to in our report of even date

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich all fixed assets are verified ina phased manner over a period of three years. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its. Certain fixed assets were verified during this yearas per this program. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the Company.

2. The inventories have been physically verified by the management during the year. Inour opinion the frequency of physical verification is reasonable. The discrepanciesnoticed on verification between the physical stocks and the book stocks were not materialand have been properly dealt with in the books of account.

3. Accordingly to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act. Accordingly paragraph 3 (iii) ofthe order is not applicable.

4. Provisions of Section 185 and 186 of the Act in respect of grant of loans makinginvestments and providing guarantees and securities are not applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposits from the public. Therefore the provision of Clause (v) of the Para3 of the Order are not applicable to the Company.

6. As per notification no. F.No.1/40/2013-CL-V dated 31.12.2014 maintenance of costrecords has not been prescribed by the Central Government U/s. 148(1) of the CompaniesAct 2013.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account of Company the company is generally regular indepositing undisputed statutory dues including provident fund employees state insuranceincome-tax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues as applicable with the appropriate authorities.According to theinformation and explanation given to us no other undisputed amounts are payable onaccount of provident fund employees state insurance income-tax service tax duty ofcustoms duty of excise value added tax as at 31.03.2016 for a period of more than sixmonths from the date they become payable.

(b) According to the information’s and explanations given to us there are nopending dues in respect of Sales Tax Wealth Tax Service Tax Value Added Tax Duty ofCustoms and Cess which has not been deposited on account of any dispute.

8. According to information & explanation given to us and the records of theCompany examined by us the Company has defaulted in payment of dues to Indian Overseasbank. The details of default are as under:-

Sno. Amount in lacs Nature of Dues Period of default of repayment
1. 105.61 Interest (Term loans) 01.06.14 to 31.03.16 (22 months)
2. 179.34 Principal (Term loans 01.06.14 to 31.03.16 (22 months)
3. 106.55 Interest (Cash credit) 01.10.14 to 31.03.16(18 months)

9. According to the information & explanation given to us and the records of theCompany examined by us the Company has not raised any money by way of initial public offeror further public offer (including debt instruments) or term loans during the year.

10. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given tous by the Management no material fraud by the Company and no fraud on the Company by itsofficers or employees has been noticed or reported during the year.

11. No Managerial Remuneration is paid by the company during the year hence provisionsof Section 197 read with Schedule V to Companies Act 2013 are not applicable.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanation given to us the Company has enteredinto transactions with related parties in compliance with the provisions of Section 177and 188 of the Act. The details of such related party transactions have been disclosed inthe financial statements as required by the applicable accounting standards.

14. The requirement of Section 42 of the Companies Act 2013 in relation topreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review have been complied with and the amount raised havebeen used for the purposes for which the funds were raised.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with its Directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

16. According to the information and explanation given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3(xvi) of the Order is not applicable.

For M/s. RMA & Associates
Chartered Accountants
Firm Regn. No. 000978N
Sd/-
Place: New Delhi Santosh Kumar
Dated : 30th May 2016 Partner
Membership No. 533944

ANNEXURE "B" To THE INDEPENDENT AUDITOR’S REPORT OF "ADVIKLABORATORIES LIMITED"FOR THE YEAR ENDED 31st MARCH 2016.

Report on the internal Financial Controls under Clause (i) of Sub-Section 143 of theCompanies Act 2013.

Report on the Internal Financial Controls

We have audited the Internal Finance Controls over Financial reporting of "ADVIKLABORATORIES LIMITED" (the Company) as of 31st March 2016 in conjunctionwith our audit of the Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls.

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Controls overFinancial Reporting issued by the institute of Chartered Accountants of India (ICAI) Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of internalFinancial Controls and both issued by the institute of Chartered Accounts of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining and understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risk ofmaterial misstatement of the financial statement where due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purpose in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For M/s. RMA & Associates
Chartered Accountants
Firm Regn. No. 000978N
Sd/-
Place: New Delhi Santosh Kumar
Dated : 30th May 2016 Partner
Membership No. 533944