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Sang Froid Labs (India) Ltd.

BSE: 539392 Sector: Others
NSE: N.A. ISIN Code: INE345S01013
BSE LIVE 15:40 | 25 Sep 0.89 -0.02
(-2.20%)
OPEN

0.87

HIGH

0.91

LOW

0.87

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.87
PREVIOUS CLOSE 0.91
VOLUME 1050
52-Week high 2.52
52-Week low 0.87
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.91
Buy Qty 450.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.87
CLOSE 0.91
VOLUME 1050
52-Week high 2.52
52-Week low 0.87
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.91
Buy Qty 450.00
Sell Price 0.00
Sell Qty 0.00

Sang Froid Labs (India) Ltd. (SANGFROIDLABS) - Auditors Report

Company auditors report

To the Members of Sang Froid Labs India Limited

 

Report on the Financial Statements:

We have audited the accompanying financial statements of Sang Froid Labs IndiaLimited ("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements:

The Company’s Board of Directors are 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 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 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.

Auditor’s 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 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 financial control relevant to the Company’spreparation 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 accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe 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 31stMarch 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1 As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

2 As required by section 143(3) of the Act we 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 purpose 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 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 31stMarch 2016 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2016 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 A".

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 do not have any pending litigations as at 31st March 2016 which wouldimpact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise;

iii. There has not been an occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund hence thequestion of delay in transferring such sums does not arise.

For Dilip Daga & Co.
Chartered Accountants
(Firm Regn. No. 004679W)
Sharad Daga
Place : Ahmadabad (Proprietor)
Date : 01st Sept 2016 Membership No. 159069

Annexure referred to in paragraph ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date

(i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year asper the regular programme of verification which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere noticed on such verification.

(c) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management the title deeds of immovable properties are held in the name of theCompany.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(iii) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) to (c) of the Orderare not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted in respect of whichprovisions of Section 185 and 186 of the Companies Act 2013 are applicable and hence notcommented upon.

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

(vi) The Central Government of India has not specified the maintenance of costrecords under subsection (1) of Section 148 of the Act for any of the products of theCompany.

(vii) (a) According to information and explanations given to us and the recordsof the Company examined by us in our opinion the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees’ state insurance sales-tax wealth-tax service tax customs dutyexcise duty value added tax cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income-taxsales-tax wealth-tax service tax customs duty excise duty value added tax cess andother material statutory dues were outstanding at the year end for a period of more thansix months from the date they became payable.

(c) According to the records of the Company there are no dues of income tax salestax service tax duty of customs duty of excise value added tax outstanding on accountof any dispute.

(viii) Based on our audit procedures performed for the purpose of reporting thetrue and fair view of the financial statements and according to information andexplanations given by the management we are of the opinion that the Company has notdefaulted in repayment of dues to any bank. Further the Company does not have anydebentures and loan from financial institution or government.

(ix) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that the Company has not raised any moneyby way of initial public offer or further public offer (including debt instruments).

(x) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that no fraud on or by the officers andemployees of the Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that the managerial remuneration has beenpaid / provided as per the provisions of Section197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provisionsof clause 3(xii) of the Order are not applicable to the Company and hence not commentedupon.

(xiii) Based on our audit procedures performed for the purpose of reporting thetrue and fair view of the financial statements and according to the information andexplanations given by the management we report that transactions with related parties arein compliance with the provisions of Section 177 & 188 of the Companies Act 2013wherever applicable.

However all the transactions with related parties have been disclosed in the FinancialStatements as required by applicable accounting standards.

(xiv) Based upon the audit procedures performed and the information andexplanations given by the management the company has made allotment of 2000000 Equityshares on preferential basis of Rs. 10 each at Premium of Rs. 5/- during the year underreview.

(xv) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management the Company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi) According to the information and explanations given to us the provisions ofSection 45IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For Dilip Daga & Co.
Chartered Accountants
(Firm Regn. No. 004679W)
Sharad Daga
Place : Ahmadabad (Proprietor)
Date : 01st Sept 2016 Membership No. 159069

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF SANG FROID LABS INDIA LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

To the Members of Sang Froid Labs India Limited we have audited the internalfinancial controls over financial reporting of Sang Froid Labs India Limited ("theCompany") as of March 31 2016 in conjunction with our audit of the financialstatements 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 the Company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the 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 as specified under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the internal financial controlsystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company’s assets that could havea 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 Marchb312016 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 Dilip Daga & Co.
Chartered Accountants
(Firm Regn. No. 004679W)
Sharad Daga
Place : Ahmadabad (Proprietor)
Date : 01st Sept 2016 Membership No. 159069