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Claris Lifesciences Ltd.

BSE: 533288 Sector: Health care
NSE: N.A. ISIN Code: INE562G01018
BSE LIVE 09:32 | 23 Nov 347.85 1.50
(0.43%)
OPEN

346.90

HIGH

347.85

LOW

346.85

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 346.90
PREVIOUS CLOSE 346.35
VOLUME 326
52-Week high 430.10
52-Week low 233.30
P/E 1.12
Mkt Cap.(Rs cr) 1,898
Buy Price 346.15
Buy Qty 88.00
Sell Price 347.80
Sell Qty 55.00
OPEN 346.90
CLOSE 346.35
VOLUME 326
52-Week high 430.10
52-Week low 233.30
P/E 1.12
Mkt Cap.(Rs cr) 1,898
Buy Price 346.15
Buy Qty 88.00
Sell Price 347.80
Sell Qty 55.00

Claris Lifesciences Ltd. (CLARISLIFESCIEN) - Auditors Report

Company auditors report

To the Members of Claris Lifesciences Limited Report on the Standalone Ind AS financialstatements:

We have audited the accompanying Standalone Ind AS financial statements of CLARISLIFESCIENCES LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2017 and the Statement of Profit & Loss (including Other ComprehensiveIncome) the Cash Flow Statement and Statement of Changes in Equity for the year ended on31st March 2017 and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Ind AS 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 theseStandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance (including other comprehensive Income) cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards specified in the Companies(Indian Accounting Standards) Rules2015 (as amended) under Section 133 of the Act. 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 Standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based on our audit.

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 and other applicable authoritative pronouncements issued byInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Ind AS financial statements. The procedures selected dependon the Auditors' judgment including the assessment of the risks of material misstatementof the Standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Standalone Ind AS financial statements that give true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of thecompany as at 31st March 2017 and its loss (including other comprehensive Income) itscash flows and the changes in equity for the year ended on that date.

Other Matter

The comparative Financial information of the Company for the year ended on 31st March2016 and the transition date opening balance sheet as at 1st April 2015 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 (as amended) which were audited by us on which we expressed an unmodifiedopinion on those standalone financial statements for the financial year ended on 31stMarch2016 and 31st March2015 dated 6th May 2016 and 22nd May 2015 respectively. Theadjustments to those financial statements for the differences in accounting principlesadopted by the Company on transition to the Ind AS have been audited by us.

Our opinion on the standalone Ind AS financial statements and other report on OtherLegal and Regulatory Requirements below is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by 'the Companies (Auditors' Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section143 of the Act ("theOrder") and on the basis of such checks of the books and records of the Company aswe considered appropriate and according to the information and explanation given to us wegive in the "Annexure A" a statement on the matters specified in Paragraphs 3and 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 Standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 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 in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

i) The company has disclosed the impact of pending litigations as at 31st March 2017on its financial position in its standalone Ind AS financial statements.

ii) The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv) The company has provided requisite disclosure in its Standalone Ind AS financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the company.

For Shah & Shah Associates

Chartered Accountants FRN: 113742W

Sunil K. Dave Partner

Membership Number: 047236

Place : Ahmedabad.

Date : 20.05.2017

"Annexure A" to the Independent Auditors' Report of even date on theStandalone Ind AS financial statements of CLARIS LIFESCIENCES LIMITED

(Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirements' of our report of even date to the Standalone Ind AS financial statements ofthe Company for the year ended on 31st March 2017)

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 March312017 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 2005-2006 71.50
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2006-2007 90.13
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2007-2008 91.50
Income Tax Act 1961 Income Tax Commissioner of Income Tax (appeals) 2010-2011 0.13
Andhra Pradesh VAT Act 2005 Sales Tax Sales Tax Appellate Tribunal 2006-2010 8.93
Gujarat Value added Tax Act 2003 Sales Tax Sales Tax Appellate Tribunal 2005-2006 11.09
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 usmanagerial 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 Standalone Ind AS financial statements as required under Ind AS 24 -'Related 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 : 20.05.2017

"Annexure B" to the Independent Auditors' Report of even date on theStandalone Ind AS financial statements of CLARIS LIFESCIENCES LIMITED.

Referred to in paragraph 2(f) under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the Standalone Ind AS financial statements ofthe Company for the year ended March 312017

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 March 312017 in conjunction with ouraudit of the Standalone Ind AS financial statements of the Company for the year ended onthat 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 assets theprevention 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 Standalone Ind AS financial statements whether due to fraudor 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 controls overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Standalone Ind AS financial statements for external purposes in accordancewith generally 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 thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of StandaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneInd AS 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 March 31 2017 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 : 20.05.2017