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Emmessar Biotech & Nutrition Ltd.

BSE: 524768 Sector: Industrials
NSE: N.A. ISIN Code: INE634B01016
BSE LIVE 15:40 | 21 Sep 20.50 -0.35
(-1.68%)
OPEN

20.55

HIGH

20.55

LOW

20.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 20.55
PREVIOUS CLOSE 20.85
VOLUME 800
52-Week high 35.30
52-Week low 16.00
P/E 10.10
Mkt Cap.(Rs cr) 10
Buy Price 20.60
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.55
CLOSE 20.85
VOLUME 800
52-Week high 35.30
52-Week low 16.00
P/E 10.10
Mkt Cap.(Rs cr) 10
Buy Price 20.60
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Emmessar Biotech & Nutrition Ltd. (EMMESSARBIOTECH) - Auditors Report

Company auditors report

To the Members of Emmessar Biotech & Nutrition Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of EMMESSAR BIOTECH& NUTRITION LIMITED ("the Company") which comprise the Balance Sheet asat March 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone 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 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 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 the assets of the Company preventing anddetecting 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 accountingrecord relevant to the preparation and presentation of the financial statements that givea 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 standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the

financial statements. The procedures selected depend on the auditor's judgmentincluding 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 standalone financial statements.

Opinion

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 India of the state of affairs of the Companyas at 31st March 2016 and its loss and its cash flows for the year ended onthat date.

Emphasis of Matter

We draw attention to Note 2.37 in the financial statements regarding going concern. Ouropinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section 11 of section 143 of theAct we give in Annexure 1 a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

2. Further to our comments in Annexure 1 as required by Section 143(3) of the Act wereport 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 appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealt

with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone 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 written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 312016 from being appointed as a director in terms of Section 164(2)

of the Act.

(f) With respect to the adequacy of the internal; financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure 2' and

(g) 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 does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long-term contracts including derivative contracts orwhich there were any material foreseeable losses.

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

For V. Sankar Aiyar & Co.
Chartered Accountants.
Firm Reg. No. 109208W
V. Mohan
Place: Mumbai Partner
Date: May 27 2016 M No.17748

ANNEXURE 1 TO THE INDEPENDENT AUDITORS’ REPORT

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and in our opinion we report that:

I. a. The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b. The Company has a policy of physically verifying its fixed assets in a phased mannerto cover all the assets of the Company in a block of three years which in our opinion isreasonable having regard to the size of the Company and the nature of its business.

II a. The inventory has been physically verified by the Management at reasonableintervals during the year.

b. In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the company and nature of its business.No material discrepancies were noticed on such physical verification.

c. The company has maintained proper records of inventories. As explained to us therewere no material discrepancies noticed on physical verification of inventory as comparedto the book records.

III. The Company has not granted any loans secured or unsecured during the period toparties covered in the Register maintained under section 189 of the Companies Act 2013.Accordingly this clause is not applicable.

IV. The Company has not granted any loans investments or any guarantees or securities.Accordingly this clause is not applicable.

V. The Company has not accepted any deposits from public. Accordingly this clause isnot applicable.

VI. The Central Government has not prescribed maintenance of cost records under section148(1) of the Act. Accordingly this clause is not applicable.

VII. a. The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees'

State Insurance Income Tax Sales Tax Wealth Tax Service Tax Duty of Customs Dutyof Excise Value Added Tax Cess and any other statutory dues with the appropriateauthorities during the year. According to the information and explanations given to us noundisputed amount in respect of the aforesaid statutory dues were in arrears as at 31stMarch 2016 for a period of more than six months from the date they become payable.

b. According to the information and explanations given to us based on the records ofthe company examined by us there are no dues of Income Tax Sales Tax Service TaxCustoms Duty Wealth Tax Excise Duty and Cess which have not been deposited on accountof a dispute.

VIII. The Company has not defaulted in repayment of dues to any financial institutionsor banks.

IX. The Company did not raise any money by way of initial public offer (including debtsinstruments) or further public offer and terms loans during the year. Accordingly thisclause is not applicable.

X. No material fraud by the company or on the company by its officers or employees hasbeen noticed or reported during the course of our audit.

XI. The company has paid / provided for managerial remuneration in accordance with therequisite approvals as mandated by the provisions of Section 197 read with Schedule V ofthe Act.

XII. The Company is not a Nidhi Company. Accordingly this clause is not applicable.

XIII. All Transaction with related parties are in compliance with Section 177 andSection 188 of the Companies Act 2013 where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable AccountingStandards.

XIV. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year. Accordingly this clause is notapplicable.

XV. The Company has not entered into any non-cash transactions with Directors orpersons connected with them.

XVI. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For V. Sankar Aiyar & Co.
Chartered Accountants.
Firm Reg. No. 109208W
V. Mohan
Place: Mumbai Partner
Date: May 27 2016 M No.17748

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section143 of the Companies Act 2013("the Act")

To the Members of Emmessar Biotech & Nutrition Ltd.

We have audited the internal financial controls over financial reporting of EmmessarBiotech & Nutrition Limited ("the Company") as of March 312016 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management’s Responsibility for Internal Financial Controls.

The Company's management is responsible for establishing internal financial controlsbased 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. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required 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 material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's Judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 control systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For V. Sankar Aiyar & Co.
Chartered Accountants.
Firm Reg. No. 109208W
V. Mohan
Place: Mumbai Partner
Date: May 27 2016 M No.17748