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RPG Life Sciences Ltd.

BSE: 532983 Sector: Health care
NSE: RPGLIFE ISIN Code: INE105J01010
BSE LIVE 09:35 | 20 Nov 388.00 6.90
(1.81%)
OPEN

387.90

HIGH

388.00

LOW

387.90

NSE 10:02 | 20 Nov 385.60 2.45
(0.64%)
OPEN

383.90

HIGH

386.30

LOW

383.90

OPEN 387.90
PREVIOUS CLOSE 381.10
VOLUME 25
52-Week high 537.50
52-Week low 294.00
P/E 90.65
Mkt Cap.(Rs cr) 642
Buy Price 384.35
Buy Qty 51.00
Sell Price 387.95
Sell Qty 20.00
OPEN 387.90
CLOSE 381.10
VOLUME 25
52-Week high 537.50
52-Week low 294.00
P/E 90.65
Mkt Cap.(Rs cr) 642
Buy Price 384.35
Buy Qty 51.00
Sell Price 387.95
Sell Qty 20.00

RPG Life Sciences Ltd. (RPGLIFE) - Auditors Report

Company auditors report

To the members of RPG Life Sciences Limited Report on the Financial Statements

1. We have audited the accompanying financial statements of RPG Life SciencesLimited ("the Company") which comprise the Balance Sheet as at March 312017 the

Statement 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

2. 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 to give a true and fair view of the financial positionfinancial performance and cash flows the Company in accordance with the accountingprinciples generally accepted in India including the Accounting

Standards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and 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

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors' 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. of

7. 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

8. 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

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

March 31 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in paragraphs 3 and 4 of the Order.

10. As required by Section 143 (3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books.

(c) The Balance Sheet the Statement of Profit the Cash Flow Statement dealt with bythis 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 March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 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 A.

(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 knowledge and belief and according to the information andexplanations given to us: i. The Company does not have any pending litigations as at March31 2017 which would impact its financial position. and Loss and ii. The Company haslong-term contracts as at March 31 2017 for which there were no material foreseeablelosses. The Company did not have any long term derivative contracts as at March 31 2017.iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312017. iv. The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from November 82016 to December 30 2016 and these are in accordance with the books of accountsmaintained by the Company.

For Lovelock & Lewes
Firm Registration Number: 301056E
Chartered Accountants
Sumit Seth
Mumbai Partner
April 28 2017 Membership Number: 105869

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 10(f) of the Independent Auditors' Report of even date to themembers of RPG Life Sciences Limited on the financial statements for the year ended March31 2017.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of RPG LifeSciences Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible forestablishingandmaintaininginternalfinancialcontrols based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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 Act.

Auditors' Responsibility

3. 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's 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 company's 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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

7. 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

8. 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 March 31 2017 based on theinternal control over financialreporting 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 Lovelock & Lewes
Firm Registration Number: 301056E
Chartered Accountants
Sumit Seth
Mumbai Partner
April 28 2017 Membership Number: 105869

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of RPG Life Sciences Limited on the financial statements as of and for the yearended March 31 2017 i. (a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets hasbeenphysicallyverifiedby the Management during the year and no material discrepancies havebeen noticed on such verification.

(c) The title deeds of immovable properties as disclosed in Note 13 on fixed assets tothe financial statements are held name of the Company. ii. The physical verification ofinventory have been conducted at reasonable intervals by the Management during the year.In respect of inventory lying with third parties these have substantially been confirmedby them. iii. The Company has not granted any loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a)(iii)(b) and (iii)(c) of the said Order are not applicable to the Company. iv. The Companyhas not granted any loans or made any investments or provided any guarantees or securityto the parties covered under Section 185 and 186. Therefore the provisions of Clause3(iv) of the said Order are not applicable to the Company. v. In our opinion andaccording to the information and explanations given to us the Company has complied withthe provisions of Sections 73 74 75 and 76 or any other relevant provisions of the Actand the Rules framed thereunder to the extent notified with regard to the depositsaccepted from the public. According to the information and explanations given to us noorder has been passed by the Company Law Board or National Company Law Tribunal or ReserveBank of India or any Court or any other Tribunal on the Company in respect of theaforesaid deposits. vi. Pursuant to the rules made by the Central Government of India theCompany is required to maintain cost records as specified under Section 148(1) of the Actin respect of its products. We have broadly reviewed the same and are of the opinionthat prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete. vii. (a) According to the informationand explanations given to us and the records of the Company examined by us in ouropinion the Company is regular in depositing the undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and other material statutory dues asapplicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of income-tax duty of customs or value addedtax which have not been deposited on account of any dispute. The particulars of dues ofsales tax service tax and duty of excise as at March 31 2017 which have not beendeposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount ` in lakhs* Period to which the amount relates (Years) Forum where the dispute is pending
Gujarat Sales Tax Act 1969 Sales/Purchase tax including interest and penalty as applicable 118 1994-1995 and 1997-1998 to 2000-2001 Appellate Authority – up to Commissioner's level
The Finance Act 1994 Service tax including interest and penalty as applicable 36 April 2006 to Appellate Authority –
96 December 2006 April 2006 to May 2015 up to Commissioner's level Customs Excise & Service Tax Appellate Tribunal
The Central Excise Act 1944 Excise duty including interest and penalty as applicable 9 1994 to 1996 Appellate Authority – up to Commissioner's level Customs Excise & Service Tax Appellate Tribunal
11 1990 to 1994 and 1996-1997

*Net of amounts paid including under protest.

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date. ix. In our opinion and according to the information and explanationsgiven to us the moneys raised by way of term loans have been applied for the purposes forwhich they were obtained. Further the Company has not raised any moneys by way of initialpublic offer or further public offer (including debt instruments) during the year. x.During the course of our examination of the books and records of the Company carried outin accordance with the generally accepted auditing practices in India and according tothe information and explanations given to us we have neither come across any instance ofmaterial fraud by the Company officersor employees noticed or reported during theontheCompanybyits year nor have we been informed of any such case by the Management. xi.The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of the Order are not applicable to theCompany. xiii. The Company has entered into transactions with related parties incompliance with the provisions of Sections 177 and 188 of the Act. The details of relatedparty transactions have been disclosed in the financial statements as required underAccounting Standard (AS) 18 RelatedPartyDisclosuresspecifiedunder Section 133 of the Actread with Rule 7 of the Companies (Accounts)

Rules 2014. xiv. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under audit.Accordingly the provisions of Clause 3(xiv) of the Order are not applicable to theCompany. xv. The Company has not entered into any non cash transactions with its directorsor persons connected with him within the meaning of Section 192 of the Act. Accordinglythe provisions of Clause 3(xv) of the Order are not applicable to the Company. xvi. TheCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934. Accordingly the provisions of Clause 3(xvi) of the Order are not applicable tothe Company.

For Lovelock & Lewes
Firm Registration Number: 301056E
Chartered Accountants
Sumit Seth
Mumbai Partner
April 28 2017 Membership Number: 105869