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Citurgia Biochemicals Ltd.

BSE: 506373 Sector: Industrials
NSE: CITURGIBIO ISIN Code: INE795B01023
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Citurgia Biochemicals Ltd. (CITURGIBIO) - Auditors Report

Company auditors report

TO

THE MEMBERS

M/S CITURGIA BIOCHEMICALS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CITURGIA BIOCHEMICALSLIMITED (CIN: L24100MH1974PLC017773) ("the company") which comprise theBalance Sheet as at 31 March 2015 the Statement of Profit and Loss the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 there under.

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 procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2015 we give in the Annexure a statement on the matters specified inparagraphs 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) Company does not have any branch office accordingly reports on the accounts of thebranch offices of the Company audited under Section 143(8) of the Act are not applicable.

d) 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.

e) 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.

f) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

Thanking you.

Yours faithfully

For M/s. Ranjan Gupta & Co

Chartered Accountants

Sd/-

Mr. CA. Ranjan Gupta (Prop.)

Membership No. 082408

FRN: 17319N

Date: 30.05.2015

Place: New Delhi

CITURGIA BIOCHEMICALS LIMITED

Annexure to the Auditors' Report Companies (Auditor's Report) Order 2015 ("theOrder")

The Annexure referred to in our report to the members of CITURGIA BIOCHEMICALSLIMITED for the year Ended on 31st March 2015. We report that:

1. (a) Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us the management has physically verified the fixed assets duringthe year and there is a regular programme of verification which in our opinion isreasonable having regards to the size of the company and the nature of the assets. Nodiscrepancies were noticed on such verification.

2. (a) Company does not have any inventory at the end of the year.

(b) In view of our comment in paragraph (a) above clause (ii) (a) (b) and (c) ofparagraph 2 of the aforesaid order are not applicable to the company.

3. (a) Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.

(b) in view of our comment in paragraph (a) above clause (iii) (a) and (b) ofparagraph 3 of the aforesaid order are not applicable to the company.

4. In our opinion and according to the information and explanation given to us thereare adequate internal control systems 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 continuingfailure to correct major weakness in internal control system.

5. Company has not accepted deposits from public. Hence provisions of sections 73 to 76or any other relevant provisions of the Companies Act and the rules framed there under donot apply to this company.

6. The Central Government has not prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act for any of the productsmanufactured/services rendered by the Company.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues have been regularly deposited during theyear by the Company with the appropriate authorities. As explained to us the Company didnot have any dues on account of Wealth tax Sales tax Excise Duty Cess Employees' StateInsurance and Investor Education and Protection Fund.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax and other material statutory dues were in arrears as at31 March 2015 for a period of more than six months from the date they became payable.

(c) According to the records of the Company there were no amount which were requiredto be transferred to investor education and protection fund. Therefore the provision ofclause 3 (viii) (c) of the Companies (Auditor's Report) Order 2015 are not applicable tothe Company.

8. The company has accumulated losses at the end of the financial year and which is notless than fifty per cent of its net worth. The company has not incurred cash losses insuch financial year and in the immediately preceding financial year.

9. In our opinion and according to the information and explanation given to us thecompany has not take any loan from financial institution and bank hence clause 9 of theCARO 2015 is not applicable.

10. The Company has not given any guarantee for the loans taken by others from bank& financial Institutions.

11. In Our Opinion and according to the information and explanations given to us theterm loans have been applied for the purpose for which they were obtained.

12. Based upon the audit procedures performed and according to the information andexplanations given to us we report that no fraud on or by the Company has been noticed orreported during the year.

Thanking you.

Yours faithfully

For M/s. Ranjan Gupta & Co

Chartered Accountants

Sd/-

Mr. CA. Ranjan Gupta

(Prop.)

Membership No. 082408

FRN: 17319N

Date: 30.05.2015

Place: New Delhi.

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