The Members of
Indrayani Biotech Ltd
Report on the Financial Statements
We have audited the accompanying financial statements of INDRAYANI BIOTECH LTD ("theCompany") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and 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 Management is responsible for the matters stated in Section 134(5) of theCompanies Act 2013 ("the Act") with respect to preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withthe ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the 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 the internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theManagement as well as evaluating the overall 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.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 2015;
(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and
(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.
2. As required by Section 143(3) of the Act we report that:
(a) We have obtained all the information and explanations which to the best of ourknowledge 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 Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
(d) In our opinion the Balance Sheet Statement of Profit and Loss and the Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164(2) of the Act.
For G.V. Madane & Co.
PLACE: - PUNE
DATE: - 12/05/2015.
ANNEXTURE TO THE AUDITORS REPORT
Referred to in paragraph 1 of our Report on Other Legal & Regulatory Requirementsof the Independent Auditors' Report to the members of the Company on financial statementsfor the year ended 31 March 2015 we report that:
i. a) The company has maintained memorandum of records to show particulars includingquantitative details & situation of its fixed assets. However comprehensive fixedassets register is being complied.
b) The Fixed assets were physically verified by the management during the year andrevealed no discrepancies.
c) During the year the company has disposed off all the tangible fixed assets.
ii. a) The company is a service company does not have any Inventory Thus paragraph3(ii) of the Order is not applicable.
iii. a) According to the information & explanation given to us the company has notgranted any loan to the companies or firm or other parties cover in the registermaintained under section 189 of the Companies Act. Thus paragraph 3(iii) - (a) (b) of theCARO 2015 are not applicable.
iv. In our opinion & according to the information & explanation given to usthere exists an adequate internal control procedure commensurate with the size of thecompany and the nature of its business with regard to fixed assets and for the sales ofservices. The company does not have any purchase of inventories or sale of goods since itis a service company. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control systems.
v. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from public directives issued by the Reserve Bankof India and the provisions of section 73 to 76 or any other relevant provision of theCompanies Act and the Rules framed there under are not applicable. No order has beenpassed by the Company Law Board or National Company Law tribunal or Reserve Bank of Indiaor any court or any other tribunal.
vi. The maintenance of the cost records has not been prescribed by the centralgovernment u/s 148(1) of the Act for any services rendered by the company.
vii. a) The company is regular in depositing with appropriate authorities undisputedstatutory dues like Income Tax and other statutory dues as represented to us investorseducation protection funds Provident funds Employees State Insurance Fund Sales TaxExcise duty Cess Wealth Tax service Tax are not applicable to company. The company hasnot paid any provident fund as it is not due in the opinion of the management. The companyis regular in depositing Income Tax and other material statutory dues applicable to it.
b) According to the information & explanation given to us no undisputed amountspayable in respect of Income Tax Wealth Tax Sales Tax Custom duty Excise duty &Cess were in arrears as on 31st March 2015 for a period of more then six months from thedate they become payable.
c) According to the information and explanations given to us there are no amounts whichwere required to be transferred to the Investor Education and Protection Fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesthere under.
viii. In our opinion accumulated losses of the company are not more than 50% of its networth. There is no revenue generation during the year. The company has incurred cashlosses in the immediately preceding financial year.
ix. In our opinion and according to the information given to us the company has notdefaulted in repayment of dues to financial institution or bank or debenture holder.
x. The company has not given guarantees for loans taken by others from bank orfinancial institutions consequently provisions of clause (x) of paragraph 3 of CARO 2015are not applicable to company.
xi. Based on our examination of the records and information and explanation given tous during the year no term loan has been obtained. Consequently the provisions of clause(x) of paragraph 3 of CARO 2015 are not applicable to company.
xii. According to the information & explanation given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.
For G.V. Madane & Co.
PLACE: - PUNE
DATE: - 12/05/2015.