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Biopac India Corporation Ltd.

BSE: 532330 Sector: Industrials
NSE: N.A. ISIN Code: INE998A01017
BSE LIVE 15:40 | 02 Dec 13.93 -1.02
(-6.82%)
OPEN

14.90

HIGH

14.90

LOW

13.60

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 14.90
PREVIOUS CLOSE 14.95
VOLUME 860
52-Week high 25.90
52-Week low 11.76
P/E
Mkt Cap.(Rs cr) 24.03
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.90
CLOSE 14.95
VOLUME 860
52-Week high 25.90
52-Week low 11.76
P/E
Mkt Cap.(Rs cr) 24.03
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Biopac India Corporation Ltd. (BIOPACINDIA) - Auditors Report

Company auditors report

To

The Members

Biopac India Corporation Limited

We have audited the accompanying financial statements of Biopac India CorporationLimited ("the Company") which comprise of the Balance Sheet as at March 312016 andtheStatement Profit and Loss and Cash Flow Statement of the Company forthe year endedonthatdate and significant accounting summaryof 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 preparationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

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 a 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) in case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

(ii) in case of Statement of Profit and Loss of the profit of the Company for the yearended on that date.

(iii) in case of cash flow statement of cash flow of the Company for the year ended onthat 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) of section 143 of the Act we give inthe Annexure A a statement on the matters specified in the paragraph 3 and 4 of theorder.

2. As required by Section143 (3) of the Act we report that:

(a) we have sought and obtained all the information and explanation which to the bestof our knowledge and belief were necessary for the purpose 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 and 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 written representations received from the Directors as on the dateof balance sheet and taken on record by the board of directors we report that none ofthe directors is disqualified as on the said date from being appointed as a director interms of Section 164 (2) of the Act.

(f) with respect to the adequacy of the internal financialcontrols over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and (g) With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us:

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 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.

FOR SHAH SHAH & SHAH
CHARTERED ACCOUNTANTS
(Mehul Shah)
PARTNER
Place : Mumbai M. No. 049361
Date: May 30 2016 FRN: 116457W

ANNEXURE "A" REFERRED TO IN REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSOF OUR REPORT OF EVEN DATE IN CASE OF BIOPAC INDIA CORPORATION LIMITED

(i) (a) The Company is maintaining proper records showing full particulars ofincluding quantitative details and situation of fixed assets.

(b) The management at reasonable intervals has verified the fixed assets. We have beeninformed no material discrepancies on such verification have been noticed. c) As perrecords presented before us all the title deeds of immovable properties are held in thename of the Company.

(ii) As per the records maintained physical verification of inventory has beenconducted at reasonable intervals by the management and material discrepancies noticedhave been properly dealt with in the books of account;

(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 Companies Act2013.

(a) Since no loans are granted the sub-clause dealing with terms and conditions beingprejudicial to the companies Interest in not applicable

(b) Since no loans are granted the sub-clause dealing with receipt of the principalamount and interest on regular basis is not applicable.

(c) Since no loans are granted the sub-clause dealing with overdue amount more thanninety days and reasonable steps taken by the Company for recovery of the principal andinterest is not applicable. (iv) As per records maintained and explanation given to usthe Company has not granted Loans to directors and other parties listed under section 185of the Companies Act 2013 or for that matter given loans and made investments or givenguarantees and securities in excess of limits prescribed by section 186 of the CompaniesAct 2013.

(v) The Company has not accepted any deposits from public within the meaning of theprovisions of section 73 or any other provisions of the Companies Act 2013 and the rulesmade there under. We have been informed by the management that there has been no orderpassed by the Company law Board or National Company Law Tribunal or Reserve Bank of Indiaor any Court or any other Tribunal on the Company with respect to compliance of theprovisions of section 73 or any other provisions of the Companies Act 2013.

(vi) We have been informed by the management that the Central Government has notprescribed the method of maintenance of cost records u/s. 148 (1) of the Companies Act2013 in relation to the Company.

(vii) (a) We have been informed by the management that the Company is generallyregular in depositing all undisputed statutory dues with the appropriate authorities andthere have been no material arrears of outstanding dues as at the last day of thisfinancial year for more than six months from the date they became payable.

(b) In our opinion and according to the information and explanation given to us thereare no dues of Income tax Sales tax Wealth Tax and Service tax Custom Duty ExciseDuty or Cess or Value Added Tax as applicable to it which have not been deposited onaccount of any dispute.

(viii) As informed to us by the management the Company has not defaulted in repaymentof any dues to financial institution or banks; whereas there are no debenture holders

(ix) We have been informed by the management that no money was raised by way of InitialPublic offer or Further Public offer( including Debt instrument) and in case of termLoans the amount was applied for the purpose for which they are taken.

(x) As informed by the management there has not been noticed or reported any fraud onor by the Company or its officers or employees during the year.

(xi) In our view Managerial remuneration has been paid or provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act.

(xii) Since the Company is not a Nidhi Company the provisions of this clause are notapplicable to the Company

(xiii) In our view and as per the explanation given to us by the managementtransactions with the related parties are in compliance with section 177 and 188 of theCompanies Act 2013 wherever applicable and details have been disclosed in the Financialstatements as required by the applicable accounting standard.

(xiv) We have been informed by the management that Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review.

ixv) As per the explanation given to us by the management and as per recordsmaintained the Company has not entered into any non-cash transactions with directors orany persons connected with him as prescribed by section 192 of the Companies Act 2013.

(xvi) In our view the Company has not carried out any activities in nature ofactivities carried out by non banking financial companies and thus is not required to getregistered under section 45-IA of the Reserve Bank of India Act 1934.

FOR SHAH SHAH & SHAH
CHARTERED ACCOUNTANTS
(Mehul Shah)
PARTNER
Place : Mumbai M. No. 049361
Date: May 30 2016 FRN: 116457W

ANNEXURE "B:" REFERRED TO IN REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS OF OUR REPORT OF EVEN DATE IN CASE OF BIOPAC INDIA CORPORATION LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BiopacIndia Corporation Limited ("the Company") as of 31 March 2016 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsibleforestablishingandmaintaininginternalfinancialcontrols based on the established by theCompany considering the essential components of internalcontroloverfinancial internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI’).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors’ 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 extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 an 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 risks ofmaterial misstatement of the financial statements whether 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 purposes 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 theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the Company’s assets that could have a materialeffect 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 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR SHAH SHAH & SHAH
CHARTERED ACCOUNTANTS
(Mehul Shah)
PARTNER
Place : Mumbai M. No. 049361
Date: May 30 2016 FRN: 116457W

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