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Coral Laboratories Ltd.

BSE: 524506 Sector: Health care
NSE: N.A. ISIN Code: INE683E01017
BSE LIVE 15:22 | 09 Dec 615.00 14.30
(2.38%)
OPEN

600.00

HIGH

615.00

LOW

600.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 600.00
PREVIOUS CLOSE 600.70
VOLUME 1513
52-Week high 650.00
52-Week low 373.10
P/E 15.93
Mkt Cap.(Rs cr) 219.55
Buy Price 602.00
Buy Qty 2.00
Sell Price 615.00
Sell Qty 2.00
OPEN 600.00
CLOSE 600.70
VOLUME 1513
52-Week high 650.00
52-Week low 373.10
P/E 15.93
Mkt Cap.(Rs cr) 219.55
Buy Price 602.00
Buy Qty 2.00
Sell Price 615.00
Sell Qty 2.00

Coral Laboratories Ltd. (CORALLABS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF CORAL LABORATORIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CORAL LABORATORIES LIMITED ("theCompany") which comprise the Balance Sheet as at 31/03/2015 the Statement ofProfit and Loss the cash flow statement for the year then ended and a summary of thesignificant accounting policies and other explanatory 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 preparation ofthese 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 andthe disclosures 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the 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 of the state of affairs of the Company as at 31/03/2015and its Profit and it’s cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors’ Report) Order 2015("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.

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 as on31/03/2015 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2015 from being appointed as a director in terms of Section 164 (2)of the Act.

(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 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

FOR Shah Sanghvi & Co.
(Chartered Accountants)
Reg No. :109794W
Place: Vadodara
JITESH P. SHAH
Date:29th May 2015
Proprietor M.No. : 034010

Annexure to the Independent Auditors’ Report

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

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

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

ii. (a) Physical verification of inventory has been conducted at reasonableintervals by the management.

(b) Procedures for physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness. There is no inadequacies in such procedures that should be reported.

(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.

iii. The company has not granted any loans secured or unsecured to companies firmor other parties covered in register maintained u/s 189 of the Act.

(a) N.A. whether receipt of the principal amount and interest are also regular.

(b) There is no overdue amount of any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Companies Act

iv. In our opinion and according to the information and explanations given to usthere are adequate internal control system commensurate with the size of the company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. During the course of audit We have not observed continuing failureto correct major weaknesses in internal control system.

v. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of section 73 to 76 or any other relevantprovisions of the companies Act 2013 and companies (Acceptance of deposits) Rules 2014with regard to deposits from the public. No order has been passed by Company Law Board ornational company law tribunal or Reserve Bank of India or any court or any other tribunalin this regard.

vi. We have broadly reviewed the books of accounts relating to materials labourand other items of cost maintained by the company pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (l) of section148 of the Companies Act 2013 and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made a detailedexamination of the records with a view to determine whether they are accurate or complete.

vii. (a) The company is regular in depositing with appropriate authoritiesundisputed statutory dues including Provident fund Investor education protection fundEmployees‘ state insurance Income tax Sales tax Wealth tax Service tax Customduty Excise duty Cess and other material statutory dues applicable to it.

(b) According to the records of the Company there are no dues of provident fundemployees’ state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax or cess and any other statutory dues with theappropriate authorities that have been not been deposited on amount of any dispute.

(c) The amount required to be transferred to investor education and protection fund hasbeen transferred within the stipulated time and is in accordance with the relevantprovisions of the companies act2013.

(d) According to the information and explanations given to us details of the disputedstatutory dues on account of excise duty which have not been deposited with theappropriate authorities are as under:

Name of the Statute Nature of Dues Amount (Rs. in Lacs) Period to which the amount relates Forum where dispute is pending
The Central Excise Act 1944. Excise Duty 18.56 2002-03 2003-04 & 2004-05 Supreme Court New Delhi

viii. The company does not have any accumulated losses at the end of the financialyear and has not incurred cash losses in the financial year and in the immediatelypreceding financial year.

ix. The company has not defaulted in repayment of dues to financial institution orbank.

x. On the basis of records examined by us and information provided by themanagement we are of the opinion that the company has not given guarantees for loanstaken by other from banks or financial institutions.

xi. In our opinion the term loans raised by the company during the year has beenapplied for the purpose for which it was raised.

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 explanation given to us we have neither come across anyinstance of material fraud on or by the company noticed or reported during the year norhave we been informed of any such case by the management .

FOR Shah Sanghvi & Co.
(Chartered Accountants)
Reg No. :109794W
Place: Vadodara
JITESH P. SHAH
Date:29th May 2015
Proprietor M.No. : 034010

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