R J Bio-Tech Ltd.
|BSE: 536456||Sector: Others|
|NSE: N.A.||ISIN Code: INE594O01015|
|BSE LIVE 10:34 | 19 Sep||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 536456||Sector: Others|
|NSE: N.A.||ISIN Code: INE594O01015|
|BSE LIVE 10:34 | 19 Sep||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
R J Bio-Tech Limited.
"Siddharth Arcade" Opp. Holiday Camp Station Road
Aurangabad - 431 005
01] Report on the Financial Statements
We have audited the accompanying financial statements of R J Biotech Limited whichcomprise the Balance Sheet as at March 31 2016 and the Statement of Profit and Lossand Cash Flow Statement for the year ended and a summary of significant accountingpolicies and other explanatory information.
02] Managements Responsibility for the Financial Statements
The Companys 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 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.
03] 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 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 theauditors 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 Companyspreparation 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 Companys 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.
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 Balance Sheet of the state of affairs of the company as at 31stMarch 2016
b) In the case of Statement of Profit & Loss of the Profit for the year ended ason 31st March 2016
c) In the case of Cash Flow the Cash Flow of the company for the year ended as on 31stMarch 2016
05] Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the 'Annexure A'a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.
2) As required by section 143(3) of the Act we report that:
a) We have sought & 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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.
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; and
g) With respect to the other matters to be included in the Auditors 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 forwhich there were any material foreseeable losses.
iii. There are no such amounts which are required to be transferred to InvestorEducation and Protection Fund in accordance with the relevant provisions of the CompaniesAct 2013 and rules made thereunder.
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 'R JBiotech Limited' (the Company) as of 31 March 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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 (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Companys policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Companys 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 were 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 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 auditors 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 Companys internal financial controlssystem over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A companys internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofthe Management and directors of the Company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the Companys assets that could have a material effect on the financialstatements.
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.
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 31 March 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.
ANNEXURE A' TO THE AUDITOR'S REPORT
REFERRED TO IN PARAGRAPH 5 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF R J BIO-TECHLIMITED ON THE FINANCIAL STATEMENTS;
FOR THE YEAR ENDED AS ON 31.03.2016
(i) Fixed Assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification.
(C ) Title deeds of immovable property has been held in the name of company for thispurpose we have relied on Title Investgation Report issued by advocate dated 30.06.2014.
(a) As explained to us the management has conducted physical verification of inventoryat reasonable intervals.
(b) The company is maintaining proper records of inventory of stocks of raw materialsfinished goods of seeds etc. No material discrepancies were noticed on physicalverification of stock as compared to book records.
During the year under review the company has not granted any loan secured or unsecuredto Companies Firms Limited Liability Partnership or other parties covered in registermaintained u/s 189 of the Companies Act 2013.
(a) Not Applicable.
(b) Not Applicable.
(C ) Not Applicable.
(iv) Loans Investement and
As per the information and explainations given to us we are of the opinion that theCompany has compiled the provisons of Section 185 and 186.
In our opinion & according to the information & explanations given to us thecompany has not accepted any deposits during the year. Hence Not Applicable.
(vi) Cost Records :
As explained to us Central Government has not prescribed for maintenance of costrecords under sub-section (1) of section 148 of Companies Act 2013.
(vii) Statutory Dues:
(a) As observed by us during the course of our examination of the books of accountscarried out in accordance with generally accepted auditing principles in india companyhas generally been regular in depositing undisputed statutory dues including ProvidentFund Sales Tax Local Body Tax Service Tax Cess and any other statutory dues with theappropriate authorities except undisputed demand forTDS defaults of Rs. 824491/- andIncome Tax demand of Rs. 19019/- u/s 143(3) for which rectification u/s 154 is pendingand Income Tax demand pertaining to A.Y. 201415 of Rs. 12296150/-as per assessement u/s143(1) but it has not yet been confirmed as assessment u/s 143(3) is in progress.
(b) According to explanation given to us there are no disputed dues of Income TaxSales Tax Wealth Tax Service Tax Cess arrears as at 31.03.2016.
(viii) Default to FIS & Banks:
In our opinion & according to the information given to us the company has notdefaulted in repayment of dues to the financial institutions and bank except of following:
Details of defaults in repayment of Loans :
Above mentioned defaults has been made during the period 01.04.2015 to 31.03.2016. Fromthe date of balance sheet till the date of signing of audit report the company's bookrecords & certificate issued by SBI SME Branch Waluj Aurangabad shows that thecompany has made certain payment against outstanding loans. Thus on the date of signing ofBalance Sheet following defaults are subsisting as per certificate issued by SBI SMEBranch Waluj Aurangabad dated 26.05.2016 :
(ix) Utilisation of IPO Further Public Offer & Term Loan:
During the current financial year the company has not raised any public issue and anyfresh term loan hence not applicable.
During the course of our examinations of the books & records of the companycarried out in accordance with the generally accepted auditing practices in India &according to the information & explanations given to us we have neither come acrossany instances of material fraud on or by the Company noticed or reported during the yearnor have we been informed of such case by management.
(xi) Approval of Managerial Remuneration :
During the year company has not paid any Managerial Remuneration. Hence notapplicable.
(xii) Nidhi Company : Company is not a Nidhi Company. Hence Not Applicable.
(xiii) Related Party Transactions:
As per the information and explaination given to us all transactions with relatedparties are in compliance with section 177 and 188 of Companies Act 2013 and the detailshave been disclosed in the Financial Statements as required by AS- 18.
(xiv) Private Placement or Preferential Issues
The company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review.
(xv) Non Cash Transactions:
According to the information given to us the company has not entered into any non-cashwith directors or person connected with him .
(xvi) Register under RBI Act 1934 :
The company is not required to be registered u/s 45-IA of Reserve Bank of India Act1934.