The Members of
Bacil Pharma Limited
Report on the Financial Statements
We have audited the accompanying financial statements of BACIL PHARMA LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2016 andthe Statement of Profit and Loss and 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India and as specified under section 143(10) of theCompanies Act 2013. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management 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.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2016 and 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 2016 ("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 statement on the matters specifiedin the paragraph 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 it appears from our examination of those books
c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in Section 133 of the CompaniesAct 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.
e. On the basis of 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 2016 from being appointed as a director in terms ofSection 164(2) of the Companies Act 2013.
f. With respect to the adequacy of the Internal Financial Controls over FinancialReporting of the Company and the operating effectiveness of such controls we report thatthe Company has established an adequate Internal Financial Controls over FinancialReporting of the Company and the operating effectiveness of such controls.
g. With respect to the other matters to be included in the auditor's 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 explanation given to us:
i) The Company has disclosed the impact if any of pending litigations as at 31 March2016 on its financial position in its financial statements.
ii) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses as at 31 March 2016.
iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|Place: Mumbai ||For A. W. KETKAR & CO. |
|Dated: 30 May 2016 ||Chartered Accountants Registration No. :105006W |
|Address: ||4 "SOUKHYA" Opp. B.M.C. Hospital ||A. W. KETKAR |
| ||V. N. Purav Marg ||Proprietor |
| ||Chunabhatti Mumbai - 400 022 ||Membership No.: 012287 |
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our report of even date on the accounts of BACIL PHARMALIMITED for the year ended on 31st March 2016.)
1) The Company has maintained proper record showing full particulars includingquantitative details and situation of fixed assets.
2) The Company does not have any inventory Therefore the provisions of clause 3(ii) ofthe Order are not applicable.
3) During the year the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Act.
4) in respect of loans investments guarantees and security whether provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with
5) The Company has not accepted any deposits from the public.
6) The Central Government has not prescribed the maintenance of Cost Records underSection 148(1) of the Companies Act 2013 for any of the products of the company.
7) (a) According to the information and explanations given to us and on thebasis of our examination of the records of the Company amounts deducted/ accrued in thebooks of account in respect of undisputed statutory dues including provident fund incometax sales tax wealth tax service tax duty of customs value added tax Cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees state insurance and duty of excise.
According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax Cess and other material statutory dues were in arrears as at31 March 2016 for a period of more than six months from the date they became payable.
According to the information and explanations given to us there are nomaterial dues of income tax or sales tax or service tax or duty of customs or duty ofexcise or value added tax which have not been deposited with the appropriate authoritieson account of any dispute.
8) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.
9) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year.
10) To the best of our knowledge and belief and according to the information andexplanations given to us no any fraud by the company or any fraud on the Company by itsofficers or employees has been noticed or reported during the year.
11) Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.
12) The Company is not a Nidhi Company.
13) All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;
14) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.
15) The company has not entered into any non-cash transactions with directors orpersons connected with him.
|Place: Mumbai ||For A. W. KETKAR & CO. |
|Dated: 30 May 2016 ||Chartered Accountants |
| ||Registration No. :105006W |
|Address: 4 "SOUKHYA" Opp. B.M.C. Hospital || |
|V. N. Purav Marg ||A. W. KETKAR |
|Chunabhatti Mumbai 400 022 ||Proprietor |
| ||Membership No.: 012287 |