To the Members of CAMSON BIO TECHNOLOGIES LIMITED
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of Camson BioTechnologies Limited ( the Company ) which comprise the Balance Sheet as at March 312015 and the Statements of Profit and Loss and Cash Flow for the year then ended and asummary of the significant accounting policies and other explanatory information.
Management s Responsibility for the Financial Statements
2. 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 preparation of thesestandalone 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 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols 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
3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
4. 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
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor s judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making these risk assessments theauditor considers internal financial control relevant to the Company s preparation of thefinancial statements that give a 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 the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company s Directors as well asevaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
8. 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 lndia of the state of affairs of the Companyas at March 31 2015 and its loss and cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor s Report} Order 2015 issued by the CentralGovernment of lndia in terms of sub section (11) of section 143 of the Act (the Order )and on the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
10. 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 purpose 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 dealt with by thisReport 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 (as amended);
e. On the basis of written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.
f. 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 (as amended) inour opinion and to the best of our information and according to the explanations given tous: 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 derivate 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 B. K. Khare 8: Co.
Firm s Registration Number 105102W
Padmini Khare Kaicker
Membership Number: 044784
Dated May 19 2015
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 9 under Report on other legal and regulatory requirements ofour report of even date on the financial statements for the year ended on March 31 2015of Camson Bio Technologies Limited)
i. la) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) According to information and explanation the fixed assets of the company werephysically verified by the management during the year and no material discrepancies werenoticed on such verification.
ii. (a) Physical verification of inventory was conducted by the management atreasonable interval during the year.
(b) In our opinion and according to the information and explanations given to us theprocedure of physical verification of stocks followed by the management is reasonable andadequate in relation to the size of the company and nature of its business.
(c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory and discrepancies noticed on physicalverification by the Management have been properly adjusted in the books of account.
iii. There are no companies firms or other parties covered in the register maintainedunder Section 189 of the Act. Therefore the provisions of Clause 3(iii] of the said orderare not applicable to the Company.
iv. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services During the course of our audit we have not observed any major weaknessor continuing failure to correct any major weakness in the internal control system of theCompany in respect of these areas.
v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 7374 75 and 76 of the Act and rules framed there under to the extent notified.Consequently no order has been passed by the Company Law Board or National Company LawCommission or Reserve Bank of India or any court or any other tribunal on the Company.
vi. We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules made by the central government for the maintenance of cost records undersection 209 1(d) of the companies Act 2013 in respect of fertilizer products and are ofthe opinion that prima facie the prescribed accounts and records have been made andmaintained.
vii (a) According to information and explanation given to us and as per ourverification of records of the company the company is regular in depositing withappropriate authorities undisputed statutory dues deducted/accrued in the books of accountin respect of provident fund investor education and protection fund employees stateinsurance income tax service tax sales tax wealth tax custom duty excise duty cessand other material statutory dues have been regularly deposited with the appropriateauthorities.
(b) According to the information and explanations given to us and records of theCompany examined by us there are no dues of income tax sales tax wealth tax servicetax duty of excise duty of customs value added tax and cess which have not beendeposited on account of any dispute.
(c) According to information and explanation given to us there is no amount to betransferred to investor education and protection fund in accordance with relevantprovisions of the companies act.
viii. The Company has no accumulated losses at the end of the financial year. TheCompany has not incurred cash losses in current financial year as well as in theimmediately preceding financial year
ix. Based on the records examined by us and according to the information andexplanations given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank as at the Balance Sheet date.
x. In our opinion and according to the information and explanations given to us theCompany has not granted any loans and advances on the basis of security by way of pledgeof shares debentures and other securities.
xi. According to the information and explanation given to us term loans have beenapplied for the purpose for which the loans were obtained.
xii. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of any such case by the Management.
For B. K. Khare & Co.
Firm s Registration Number 105102W
Padmini Khare Kaicker
Membership Number: 044784
Bangalore May 19 2015