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ANG Lifesciences India Ltd.

BSE: 540694 Sector: Health care
NSE: N.A. ISIN Code: INE236W01016
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NSE 05:30 | 01 Jan ANG Lifesciences India Ltd
OPEN 40.50
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VOLUME 3200
52-Week high 65.75
52-Week low 28.20
P/E 3.67
Mkt Cap.(Rs cr) 21
Buy Price 38.25
Buy Qty 1600.00
Sell Price 43.95
Sell Qty 1600.00
OPEN 40.50
CLOSE 40.00
VOLUME 3200
52-Week high 65.75
52-Week low 28.20
P/E 3.67
Mkt Cap.(Rs cr) 21
Buy Price 38.25
Buy Qty 1600.00
Sell Price 43.95
Sell Qty 1600.00

ANG Lifesciences India Ltd. (ANGLIFESCIENCES) - Auditors Report

Company auditors report

FOR THE YEAR ENDED 31st MARCH. 2018

To the Members of ANG Life Sciences India Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of ANG Life Sciences IndiaLimited ("the Company") which comprises the Balance Sheet as at March 312018 the Statement of Profit and Loss and 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 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.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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 there under. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under Section 143(10) of the Act. 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 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. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

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 of the state of affairs of the Company as at March312018 its profit/loss and its cash flows for the year ended on that date.

EMPHASIS OF MATTERS

We draw attention to the following matters in the Notes to the financial statements

a. Note 2.1 to the financial statements which describes the uncertainty related to theoutcome of the lawsuit filed against the company by the two parties ;

b. Note 2.2 to the financial statements the company has filed lawsuit against twelvedebtors for recovery of Rs.18337595/- There is uncertainty regarding the collection thisamount being shown under the head Sundry Debtors.

Our opinion is not modified in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies(Auditor's Report) Order2016("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in Annexure 1 a statement on the matters specified in paragraph 3 and 4of the Order to the extent applicable.

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 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 the 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 the written representations received from the directors as on March31 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 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 2" to this report.

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 has diclosed the impact of pending litigations on its financialposition in its financial statements .Refer to note 2.1 and 2.2

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Ajay K. Khanna & Co.

Chartered Accountants

(Firm Registration No 012303N.)

Signature: Sd/-

(BHUPINDER SINGH)

(Partner)

(Membership No. 513899)

Place of Signature: Amritsar

Date: 30th May 2018

Annexure 1 to referred to in paragraph 1 under the heading "Report on other legaland regulatory requirements" of our report of even date Re:

(i) (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 and in case of anymaterial discrepancies the same have been properly dealt with in the books of account.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company except Land & Building purchased from Punjab &Sind Bank situated at Plot No. 61-B EPIP Phase I Jharmajri Tehsil Baddi Distt. Solanwhich belonged to Star Biotech. The payment of the same was completed in the month ofFebruary 2018.Likewise a Land & Building situated at Plot No.66- A EPIP Phase IJharmajri Tehsil Baddi Distt. Solan also not registered in the name of the company uptothe end of financial year under audit.

(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 explanation given to us the company has grantedinterest free unsecured loans/advances to three parties amounting to Rs 270.86 lacs(including brought forward outstanding of Rs.254.81 lacs from FY 2016-17) covered in theregister maintained under section 189 of Companies Act 2013 and we further report that:

(a) the terms and conditions of grant of such loans are interest free and and are ondemand basis

(b) No interest is being charged and repayment is on demand basis

(c) There is no overdue amount in respect of loans granted as above as the same weresquared up during the year under audit.

(iv). In our opinion and according to the information and explanation given to us theCompany has given loans to directors/ to a Company in which the Director is interested inviolation of provisions of section 185 of the Companies Act 2013.The Company has advanceda sum of Rs.270.86 lacs (including brought forward outstanding of Rs.254.81 lacs from FY2016-17) in violations of provisions of S. 185 of the Companies Act2013.These loans weresquared up during the year under Audit.

In our opinion and according to the information and explanation given to us provisionsof sub section (7) of section 186 of the Companies Act 2013 in respect of loans andadvances given investments made and guarantees and securities given have also not beencomplied with by the Company.

(v). The Company has accepted any deposits from the public.

(vi). We have broadly reviewed the books of accounts maintained by the company pursuantto the rules made by the central government for the maintenance of cost records undersection 148(1) of the company act 2013 related to manufacture of products of the companyand are of the opinion that prima facie the specified accounts and records have beenmaintained. We have not however made a detailed examination of the same.

(vii). (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income tax salestax wealth tax service tax duty of customs duty of excise value added tax cess andother material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountpayable in respect of provident fund employees' state insurance income tax sales taxservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date the became payable except Rs.1036840/= payable for AY 2010-11 and AY 2015-16determined u/s 143(1) (a) of the Income Tax Act1961.

(c) As per information and explanations given to us there is no amount payable underdispute regarding sales-tax income tax service-tax duty of customs duty of excisevalue added tax and cess on account of any dispute except Rs. 1995740/= on account ofIncome Tax for AY 2016-17 for disallowance of deduction under Section 80IC of the IncomeTax Act1961.The appeal for the same is pending with Commissioner of Income Tax(Appeals)Amritsar.

(viii) In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of dues to a financial institutionbank debenture holders or government.

(ix) According to the information and explanations given by the management the Companyhas raised money by way of initial public offer amounting to Rs. 120064000/= during theyear under audit. The money raised through IPO has been utilized for the purposes forwhich the same was raised. During the year under audit the company has raised term loansRs.73594000/= from various Non Banking Finance .The money raised from various NBFC'swas used as per the terms of the sanctions.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the Management we report that no fraud by the Company or on the Company by theofficers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given to us and based upon ourexamination of the records of the company the company has paid/ provider for managerialremuneration in accordance with the requisite approvals mandated by the provision ofSection 197 read with schedule VI of the act.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and on overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly the reporting requirements under clause 3 (xiv) are notapplicable to the Company and not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in Section 192 of the Companies Act 2013.

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

For Ajay K. Khanna & Co.

Chartered Accountants

(Firm Registration No 012303N.)

Signature: Sd/-

(BHUPINDER SINGH)

(Partner)

(Membership No. 513899)

Place of Signature: Amritsar

Date: 30th May 2018

Annexure 2 referred to in paragraph 2(f) under the heading "Report on other legaland regulatory requirements" of our report of even date Re: ANG Life Science IndiaLimited (the Company):

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 Section 143of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of ANG LifeScience India Limited ("the company") as of March 31 2018 in conjunctionwith our audit of the financial statements 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 which considers the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Control Over FinancialReporting issued by the Institute of the Chartered Accountant of India. 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 company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act2013.

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 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 auditor's judgments 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 internal financial controls system overfinancial reporting.

Meaning Of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance that thetransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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

Because of inherent limitations of internal financial controls over financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subjected to the risk that the internalfinancial control over financial reporting may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all materials respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312017 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.

Explanatory Paragraph

We also have audited in accordance with the Standards on Auditing issued by theChartered Accountants of India as specified under section 143(10) of the Act thefinancial statements of the Company which comprise the Balance Sheet as at March 312018 and the related Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation and our report of even date expressed an unqualified opinion thereon.

For Ajay K. Khanna & Co.

Chartered Accountants

(Firm Registration No 012303N.)

Signature: Sd/-

(BHUPINDF.R SINGH)

(Partner)

(Membership No. 513899)

Place of Signature: Amritsar

Date: 30th May 2018