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Artemis Global Life Sciences Ltd.

BSE: 540616 Sector: Health care
NSE: AGLSL ISIN Code: INE517U01013
BSE LIVE 15:00 | 18 Dec 117.60 -1.20
(-1.01%)
OPEN

119.10

HIGH

119.10

LOW

117.60

NSE 15:27 | 18 Dec 118.25 0.75
(0.64%)
OPEN

120.00

HIGH

120.00

LOW

117.15

OPEN 119.10
PREVIOUS CLOSE 118.80
VOLUME 1040
52-Week high 159.15
52-Week low 100.20
P/E 5880.00
Mkt Cap.(Rs cr) 756
Buy Price 117.60
Buy Qty 5.00
Sell Price 119.70
Sell Qty 18.00
OPEN 119.10
CLOSE 118.80
VOLUME 1040
52-Week high 159.15
52-Week low 100.20
P/E 5880.00
Mkt Cap.(Rs cr) 756
Buy Price 117.60
Buy Qty 5.00
Sell Price 119.70
Sell Qty 18.00

Artemis Global Life Sciences Ltd. (AGLSL) - Auditors Report

Company auditors report

THE MEMBERS

ARTEMIS GLOBAL LIFE SCIENCES LIMITED (Formerly known as PTL Projects Limited)

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ARTEMIS GLOBAL LIFESCIENCES LIMITED (Formerly known as PTL Projects Limited) which comprise the BalanceSheet as at 31st March 2017 the Statement of Profit and Loss and the Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 adequateinternal financial 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 standalone financial statementsbased on our audit.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting 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.

Emphasis of Matter

We draw attention to the Note No. C-3 in the Notes to the financial statementsregarding Scheme of Arrangement under sections 391 to 394 of the Companies Act 1956 readwith section 230 to 232 of the Companies Act 2013 between the company and PTL EnterprisesLimited.

Our opinion is not modified in respect of this matter.

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 2017 its loss 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 2017 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure-A a statement on the matters Specified in paragraphs 3and 4 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 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 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 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31st March 2017 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 controls refer to ourseparate Report in Annexure-B

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014

i. The Company does not have any pending litigations which would impact its financialposition

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.

For Anand Dua & Associates
Chartered Accountants
FRN: 04263N
Sd/-
(Anand Dua)
Place : Delhi Partner
Dated : 04-05-2017 M. No: 083503

Annexure referred to in our report to the members of Artemis Global Life SciencesLimited (Formerly known as PTL Projects Limited) for the year ended on March 312017.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full including quantitativedetails and situation of its fixed assets.

(b) As explained to us and as per information provided to us fixed assets have beenphysically verified by the management at reasonable intervals; no material discrepancieswere noticed on such verification. In our opinion and according to the information andexplanations given to us no fixed asset has been disposed of during the year andtherefore does not affect the going concern assumption.

(c) As explained to us and as per information provided to us the title deeds ofimmovable properties are held in the name of the company.

2. The company did not have any inventory during the year. Therefore clause (ii) ofthe order is not applicable on the company

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loan secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act. Thus sub clause (a) (b) and (c) of the clause (iii) ofthe order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. According to the information and explanations given to us and on the basis of ourexamination of the books of

account the company has not accepted any deposits. Therefore the directives issued bythe Reserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under are not applicable tothe company. No order has been passed by Company Law Board or National Company LawTribunal or Reserve Bank of India or any court or any other tribunal.

6. Maintenance of cost records as specified by the Central Government under sub-section(1) of section 148 of the Companies Act is not applicable to the company.

7. In respect of Statutory Dues:

a. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company is generally regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax duty of customs duty of excise value added tax cess and anyother statutory dues to the appropriate authorities and there were no arrears ofoutstanding statutory dues as on 31st March 2017 for a period of more than six monthsfrom the date they became payable.

b. According to the information and explanations given to us and on the basis of ourexamination of the books of account there is no amounts payable in respect of income taxor sales tax or service tax or duty of customs or duty of excise or value added tax orcess have not been deposited on account of any dispute.

8. Based on our audit procedures and on the information and explanations given to usthe company has not defaulted in repayment of dues to a financial institution or bank ordebenture holders.

9. The company has not raised any amount by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

10. According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during theyear.

11. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has neither paid nor provided anymanagerial remuneration during the year.

12. According to the information and explanations given to us the company is not aNidhi company; therefore clause (xii) of the order is not applicable.

13. According to the information and explanations given to us and on the basis of ourexamination of the books of account all the transactions with the related parties are incompliance with the sections 177 and 188 of the Companies Act 2013 and the details havebeen disclosed in the financial statements as required by the applicable accountingstandards.

14. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review. Therefore clause (xiv) of the order is not applicable.

15. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not entered into any non-cashtransactions with directors or persons connected with him.

16. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For Anand Dua & Associates
Chartered Accountants
FRN: 04263N
Sd/-
(Anand Dua)
Place : Delhi Partner
Dated : 04.05.2017 M. No:083503