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Hindustan Bio Sciences Ltd.

BSE: 532041 Sector: Health care
NSE: N.A. ISIN Code: INE597C01013
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NSE 05:30 | 01 Jan Hindustan Bio Sciences Ltd
OPEN 0.91
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VOLUME 510
52-Week high 1.60
52-Week low 0.37
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
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Sell Price 0.00
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OPEN 0.91
CLOSE 0.91
VOLUME 510
52-Week high 1.60
52-Week low 0.37
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hindustan Bio Sciences Ltd. (HINDBIOSCIENCE) - Auditors Report

Company auditors report

To

The Members of

Hindustan Bio-Sciences Limited.

Report on Financial Statements

We have audited the accompanying financial statements of Hindustan Bio Sciences limited("the Company") which comprises the balance sheet as at 31stMarch 2017 thestatement of profit and loss the cash flow statement for the year then ended and asummary of the significant 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 appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors' 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 standards and theauditing standards and matters which are required to be included in the audit report underthe provisions 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 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 stMarch 2017 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

i) As required by the Companies (Auditor's Report) Order 201 6 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure - Aa statement on the matters specified in paragraphs 3and 4 of the Order.

ii) As required by Section 143(3) of the Actwe 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 on 31stMarch 201 7 taken on record by the Board of Directors none of the directors aredisqualified as on 31stMarch 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 controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

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 has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivate contracts

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For VASG & ASSOCIATES
Chartered Accountants
FRN 006070S
Place : Hyderabad (A. Viswanatha Rao)
Date : 30-05-201 7 Partner
Membership No. 029597

Annexure -A to the Independent Auditors' Report:

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31st March 2017 we report that:

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

b) These fixed assets have been physically verified by the management at reasonableintervals having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

c) As per the information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable property are heldin the name of the Company.

ii) The inventory of the company contains stock of pharmaceutical drugs. As explainedto us inventories have been physically verified during the year by the management atreasonable intervals and no material discrepancies were observed.

iii) According to information and explanations given to us the Company has not grantedany loans secured or unsecured to companies firms or other parties covered in theregister maintained under section 189 of the Act.

iv) According to information and explanations given to us the Company has not grantedany loans made any investments extended any guarantees and provided any security to oron behalf of the parties referred in section 185 and 1 86 of the Companies Act 201 3.

v) The Company has not accepted any deposits from the public.

vi) The Central Government has not prescribed the maintenance of cost records underSection 148 (1) of the Act for any of the services rendered by the Company.

vii) a. According to information and explanations given to us and on the basis of ourexaminations of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof employees' state insurance and duty of excise. According to the information andexplanations given to us no disputed amounts payable in respect of provident fundincome-tax sales tax value added tax duty of customs service tax cess and othermaterial statutory dues were in arrears as at 31st March 201 7 for a period of more thansix months from the date they became payable.

b. According to the information and explanations given to us and based on theexamination of the records of the Company there are no dues in respect of income tax orsales tax or service tax or duty of customs or duty of excise or value added tax whichhave not been deposited with the appropriate authorities on account of any dispute.

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted repayment of loans or borrowings to financial institutions/banks.

ix) The Company did not raise any money by way of initial public offer including debtInstruments or term loans. Accordingly paragraph 3(ix) of the Order is not applicable.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officer or employees has been noticed or reported duringthe course of our audit.

xi) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xii) According to the information and explanations given to us and on our examinationof the records of the Company transactions with the related parties are in compliancewith sections 177 and 188 of the Act where ever applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected to him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xv) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For VASG & ASSOCIATES
Chartered Accountants
FRN 006070S
Place : Hyderabad (A. Viswanatha Rao)
Date : 30-05-201 7 Partner
Membership No. 029597

Annexure - B -to the Auditors' Report

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 HindustanBio Sciences Limited ("the Company") as of 31st March 2017 in conjunction withour 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's 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 issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 auditor's judgment 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 controls systemover financial 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 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 unauthorized 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 2017 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 VASG & ASSOCIATES
Chartered Accountants
FRN 006070S
Place : Hyderabad (A. Viswanatha Rao)
Date : 30-05-201 7 Partner
Membership No. 029597