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Kappac Pharma Ltd.

BSE: 506938 Sector: Health care
NSE: N.A. ISIN Code: INE601D01011
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Kappac Pharma Ltd. (KAPPACPHARMA) - Auditors Report

Company auditors report

Independent Auditor

To the Members of KAPPAC PHARMA LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of KAPPAC PHARMA LIMITED whichcomprise the Balance Sheet as at 31 March 2014 & the Statement of Profit and Loss andfor the year then ended and a summary of significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Management is responsible for the 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 Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol 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 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 withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

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:

i) in the case of the balance sheet of the state of affairs of the Company as at 31March 2014;

ii) in the case of the statement of profit and loss of the profit for the year endedon that date;

iii) In the case of cash flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2003 as amended issuedby the Central Government of India in terms of sub-section (4A) of section 227 of the Actwe give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of theOrder.

2. As required by section 227(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 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 SheetStatement of Profit and Loss dealt with by this Report are in agreement with the books ofaccount .

d. In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read with theGeneral Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairsin respect of Section 133 of the Companies Act 2013.

e. On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(1)(g) ofthe Act.

For Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 28.05.2014
CA RAKESH PURI
PARTNER
M. No.: 092728

ANNEXURE REFERRED TO IN PARAGRAPH-3 OF OUR REPORT OF EVEN DATE

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

I. The company does not have any Fixed Assets. Hence clause (i) (a) (b) & (c) arenot applicable to the company.

II. The company does not have any inventory. Hence clause (ii) (a) (b) & (c) arenot applicable to the Company.

III. (a) As per the information and explanation given to us the company has notgranted any unsecured loan to any party covered in the register maintained under section301 of the Companies Act 1956.

Hence clause (iii)(b)(c)and (d)are not applicable.

(b) As per information and explanation given to us the company has not taken loansfrom parties covered in the register maintained under section 301 of the Companies Act1956. hence clause (iii) (e) (iii) (f) and (iii) (g) are not applicable to the company.

IV. In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the Company andnature of its business.

During the course of audit we have not observed any continuing failure to correctmajor weakness in internal controls.

V. In respect of transactions entered in the register maintained in pursuance ofSection 301 of the Companies Act 1956

(a) To the best of our knowledge and belief and according to the information andexplanation given to us transaction that needed into the register have been so entered.

(b) According to the information and explanations given to us such transactions havebeen made at prices which are reasonable having regard to the prevailing market prices atthe relevant time.

VI. The company has not accepted any deposits from public within the meaning ofprovisions of section 58A & Section 58 AA of the Companies Act 1956.

VII. In our opinion the company has an adequate internal audit system commensurate withthe size and nature of its business.

VIII. As informed to us the company is not required to maintain cost accounts andrecords as prescribed by Central Government under section 290 (1)(d) of the Companies Act1956.

IX. According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the company has been regular in depositingundisputed statutory dues including Income Tax and other statutory dues with theappropriate authorities. There were no arrears of such dues as on 31st March2014 for a period of more than six months from the date they became payable.

X. The accumulated losses of the Company are not more than fifty percent of thenet worth. The company has incurred cash loss of Rs.489965/- in current financial year.The Company has also incurred cash loss in the previous financial year.

XI. Based on our audit procedures and as per the information and explanations given bythe management the Company has not defaulted in repayment of dues to any financialinstitution bank or debenture holders.

XII. In our opinion and according to the information and explanation given to us noloans and advances have been granted by the company on the basis of security by way ofpledge of shares debentures and other securities.

XIII. In our opinion the Company is not a chit fund or a Nidhi/Mutual benefit/Society.Therefore clause 4(xiii) of the Companies (Audit Report) Order 2003 is not applicable tothe company.

XIV. In our opinion the Company has maintained records of transactions and contracts inrespect of investment in shares mutual funds and other investments and generally timelyentries have been made therein. All the shares mutual funds and other investments held bythe companies are in its own name except to the extent of the exemption granted undersection 49 of the Companies Act 1956.

XV. In our opinion the company has not given any guarantee for loans taken by othersfrom banks or financial institutions.

XVI. The Company has not raised any new term loans during the year.

XVII. On the basis of an overall examination of the Balance Sheet of the Company andaccording to the information and explanations given to us in our opinion funds raised onshort term basis have not been used during the year for long term investment and viceversa.

XVIII. The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the Act during the year.

XIX. The Company has not issued any debentures till date.

XX. The Company has not raised any money by public issue during the year.

XXI. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted audit practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year not have webeen informed of such case by the management.

For Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 28.05.2014
CA RAKESH PURI
PARTNER
M. No.: 092728