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Claris Lifesciences Ltd.

BSE: 533288 Sector: Health care
NSE: N.A. ISIN Code: INE562G01018
BSE LIVE 15:53 | 22 Sep 370.40 -3.25
(-0.87%)
OPEN

373.65

HIGH

375.05

LOW

369.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 373.65
PREVIOUS CLOSE 373.65
VOLUME 84240
52-Week high 430.10
52-Week low 221.50
P/E 264.57
Mkt Cap.(Rs cr) 2,021
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 373.65
CLOSE 373.65
VOLUME 84240
52-Week high 430.10
52-Week low 221.50
P/E 264.57
Mkt Cap.(Rs cr) 2,021
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Claris Lifesciences Ltd. (CLARISLIFESCIEN) - Auditors Report

Company auditors report

To the Members of Claris Lifesciences Limited

Report on the Financial Statements

We have audited the accompanying financial statements of CLARIS LIFESCIENCES LIMITED(“the Company”) which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit & Loss and the Cash Flow Statement for the year ended on 31stMarch 2016 and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the 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 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 theAuditors’ 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 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 haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial 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 31stMarch 2016;

b) in the case of the statement of profit and loss of the loss 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 2016 as issued byCentral Government of India in terms of sub section (11) of section 143 of the Act(hereinafter referred to as the “Order” ) and on the basis such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure: A a statementon the matters specified in paragraphs 3 and 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 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 the written representations received from the directors ason 31st March 2016 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 of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure B”.

(g) With respect to other matters to be included in the Auditors’ 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 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 contractsfor which there were any material foreseeable losses.

(iii) There were no amounts required to be transferred to the Investor Education andProtection Fund by the company.

For Shah & Shah Associates

Chartered Accountants FRN: 113742W

Sunil K. Dave

Partner

Membership Number: 047236

Place : Ahmedabad.

Date : May 6 2016

Annexure to the Auditor’s Report

“Annexure A” to the Independent Auditors’ Report of even date on theStandalone Financial Statements of CLARIS LIFESCIENCES LIMITED

(Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirements’ of our report of even date to the financial statements ofthe Company for the year ended on 31st March 2016)

1. In respect of its fixed assets:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable. No materialdiscrepancies were noticed on such physical verification.

c) According to the information and explanations given to us and the records examinedby us and based on examination of registered sale deed/transfer deed provided to us wereport that all the title deeds of immovable assets i.e. buildings are held in theCompany’s name.

2. As explained to us physical verification of inventories have been conducted duringthe year at reasonable intervals by the management. No material discrepancies were noticedon such physical verification.

3. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theAct. Hence reporting under clause 3(iii) of Order does not arise.

4. Company has not granted loan to any persons covered under section 185 of theCompanies Act 2013 or give guarantees or securities in connection with loan taken by suchpersons. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 186 of the Act in respect ofinvestments made by the company.

5. According to the information and explanations given to us the company has notaccepted any deposits in terms of the directives issued by the Reserve Bank of India andthe provisions of sections 73 to 76 or any other relevant provisions of the Act and theCompanies (Acceptance of Deposit) Rules 2015.

6. The Central Government of India has not specified the maintenance of cost recordsunder Sub-section (1) of Section 148 of Act for any of the products of the Company.

7. a) As per information and explanations given to us the company is regular indepositing undisputed statutory dues including provident fund employees' state insuranceincome tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities. There areno outstanding statutory dues as at the last day of the financial year under audit for aperiod of more than six months from the date they became payable.

b) According to the information and explanation given to us the details of dues inrespect of income tax sales tax and excise duty which have not been deposited as at March31 2016 on account of disputes are given below:

Statute Nature of Dues Forum where Dispute is pending Period to which the amount relates Amount involved (Rs. in lakhs*)
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2005-06 71.50
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2006-07 90.13
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2007-08 91.50
Income Tax Act 1961 Income Tax Commissioner of Income Tax (appeals) 2010-11 0.13
Andhra Pradesh VAT Act 2005 Sales Tax Sales Tax Appellate Tribunal 2006-2010 8.93
Central Excise Act 1994 Excise Duty CESTAT Ahmedabad 2008 -2009 68.59
Central Excise Act 1994 Excise Duty Deputy Commissioner Central Excise 2011-2012 8.73
Central Excise Act 1994 Excise Duty Deputy Commissioner Central Excise 2011-2012 14.87

* Net of amounts paid under protest or otherwise.

8. According to the information and explanation given to us and based on our auditprocedures the company has not defaulted in repayment of any loan or borrowings frombanks. Further during the year under review the company has not obtained any loan orborrowing from Government financial institutions or by way of issue of debentures.

9. The company has not raised money by way of initial public offer or further publicoffer (including debt instruments) or term loan and hence clause 3(ix) of the Order is notapplicable to the company.

10. There has been neither any fraud by the company nor any fraud on the company by itsofficers or employees has been noticed or reported during the period under review.

11. In our opinion and according to the information and explanation given to us managerial remuneration has been paid /provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Act.

12. The Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable to the Company.

13. The Company has entered in to transactions with related parties in compliance withSections 177 and 188 of Act. The details of such related party transactions have beendisclosed in the financial statements as required under Accounting Standard (AS) 18Related Party Disclosures specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the period under review. Accordingly theprovisions of clause 3(xiv) of the Order are not applicable to the company.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3(xv) ofthe Order are not applicable to the company.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Shah & Shah Associates

Chartered Accountants FRN: 113742W

Sunil K. Dave

Partner

Membership Number: 047236

Place : Ahmedabad.

Date : May 6 2016

“Annexure B” to the Independent Auditors’ Report of even date on theStandalone Financial Statements of CLARIS LIFESCIENCES LIMITED

(Referred to in paragraph 2(f) under the heading ‘Report on Other Legal &Regulatory Requirements’ of our report of even date to the financial statements ofthe Company for the year ended on 31st March 2016.)

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 CLARISLIFESCIENCES LIMITED (“the Company”) as of 31st March 2016 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on “the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India”. These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 Auditors’ judgement 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.

A company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect 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 31st March 2016 based on“the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India”.

For Shah & Shah Associates

Chartered Accountants FRN: 113742W

Sunil K. Dave

Partner

Membership Number: 047236

Place : Ahmedabad.

Date : May 6 2016