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Artemis Global Life Sciences Ltd.

BSE: 540616 Sector: Health care
NSE: AGLSL ISIN Code: INE517U01013
BSE 00:00 | 14 Oct 49.00 0
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54.75

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54.75

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49.00

NSE 00:00 | 14 Oct 48.10 -1.00
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OPEN

49.00

HIGH

49.50

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OPEN 54.75
PREVIOUS CLOSE 49.00
VOLUME 2
52-Week high 88.90
52-Week low 42.05
P/E
Mkt Cap.(Rs cr) 324
Buy Price 48.00
Buy Qty 9.00
Sell Price 50.00
Sell Qty 20.00
OPEN 54.75
CLOSE 49.00
VOLUME 2
52-Week high 88.90
52-Week low 42.05
P/E
Mkt Cap.(Rs cr) 324
Buy Price 48.00
Buy Qty 9.00
Sell Price 50.00
Sell Qty 20.00

Artemis Global Life Sciences Ltd. (AGLSL) - Auditors Report

Company auditors report

THE MEMBERS

ARTEMIS GLOBAL LIFE SCIENCES LIMITED

(Formerly known as PTL Projects Limited)

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Artemis Global LifeSciences Limited ("the Company") which comprise the Balance Sheet as at 31March 2018 and the Statement of Profit and Loss including Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of the significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

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 standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed undersection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding 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 standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act the Rules made thereunder and the Orderunder section 143 (11) of the Act. We conducted our audit of the standalone financialstatements in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the standalone financialstatements 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 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 true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation 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.

Emphasis of Matters

a) We draw attention to the Note No. A-2.19 in the Notes to the financial statementsregarding valuation of Preference Shares at cost due to the reason that this item will beeliminated upon consolidation with its subsidiary in the Consolidated FinancialStatements. Therefore the Preference Shares have been valued at cost.

b) We draw attention to the Note No. 11 in the Notes to the financial statementsregarding outstanding liability of Rs. 323.29 lakhs. The amount was recognised asliability in terms of agreement dated 18.01.2011. The amount was subsequently disputed andthe dispute was referred to arbitration. The arbitration proceedings are not progressing.The arbitration award is yet to be pronounced.

Our opinion is not modified in respect of these matters.

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 2018 its loss 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure-A a statement on the matters Specified in paragraphs 3and 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 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 including Other ComprehensiveIncome the Cash Flow

Statement and Statement of Changes in Equity dealt with by this Report are in agreementwith the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act except valuation of Preference Shares asreferred to in para b) of Emphasis of Matters.

e. On the basis of written representations received from the directors as on 31 March2018 taken on record by the

Board of Directors none of the directors is disqualified as on 31st March 2018 frombeing appointed as a director in terms of Section 164(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-B

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014

i. The Company does not have any pending litigations which would impact its financialposition except arbitration proceedings as explained in para c) of Emphasis of Mattersparagraph the impact of which if any is not ascertained.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to theInvestor Education and

Protection Fund.

For Anand Dua & Associates
Chartered Accountants
FRN: 04263N
Sd/-
(Anand Dua)
Place : Delhi Partner
Dated : 09-05-2018 M. No: 083503

Annexure referred to in our report to the members of Artemis Global Life SciencesLimited

(Formerly known as PTL Projects Limited) for the year ended on March 31 2018.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full including quantitativedetails and situation of its fixed assets.

(b) As explained to us and as per information provided to us fixed assets have beenphysically verified by the management at reasonable intervals; no material discrepancieswere noticed on such verification. In our opinion and according to the information andexplanations given to us no fixed asset has been disposed of during the year andtherefore does not affect the going concern assumption.

(c) As explained to us and as per information provided to us the title deeds ofimmovable properties are held in the name of the company.

2. The company did not have any inventory during the year. Therefore clause (ii) ofthe order is not applicable on the company

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loan secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act. Thus sub clause (a) (b) and (c) of the clause (iii) ofthe order are not applicable to the company.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not accepted any deposits. Thereforethe directives issued by the Reserve Bank of India and the provisions of sections 73 to 76or any other relevant provisions of the Companies Act and the rules framed there underare not applicable to the company. No order has been passed by Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.

6. Maintenance of cost records as specified by the Central Government under sub-section(1) of section 148 of the Companies Act is not applicable to the company.

7. In respect of Statutory Dues:

a. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company is generally regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax duty of customs duty of excise value added tax cess and anyother statutory dues to the appropriate authorities and there were no arrears ofoutstanding statutory dues as on 31st March 2018 for a period of more than six monthsfrom the date they became payable.

b. According to the information and explanations given to us and on the basis of ourexamination of the books of account there is no amounts payable in respect of income taxor sales tax or service tax or duty of customs or duty of excise or value added tax orcess have not been deposited on account of any dispute.

8. Based on our audit procedures and on the information and explanations given to usthe company has not defaulted in repayment of dues to a financial institution or bank ordebenture holders.

9. The company has not raised any amount by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

10. According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during theyear.

11. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has neither paid nor provided anymanagerial remuneration during the year.

12. According to the information and explanations given to us the company is not aNidhi company; therefore clause

(xii) of the order is not applicable.

13. According to the information and explanations given to us and on the basis of ourexamination of the books of account all the transactions with the related parties are incompliance with the sections 177 and 188 of the Companies Act 2013 and the details havebeen disclosed in the financial statements as required by the applicable accountingstandards.

14. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review. Therefore clause (xiv) of the order is not applicable.

15. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not entered into any non-cashtransactions with directors or persons connected with them.

16. According to the information and explanations given to us and on the basis of ourexamination of the books of

account the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For Anand Dua & Associates
Chartered Accountants
FRN: 04263N
Sd/-
(Anand Dua)
Place : New Delhi Partner
Dated : 09.05.2018 M. No: 083503

Annexure "B" To the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the

Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ArtemisGlobal Life Sciences Limited (Formerly known as PTL Projects Limited) ("theCompany") as of March 31 2018 in conjunction with our audit of the standalonefinancial 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 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 company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' 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 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 was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 Company's internal financial controls systemover financial 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 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 authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 March 31 2018 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 Anand Dua & Associates
Chartered Accountants
FRN: 04263N
(Anand Dua)
Place : New Delhi Partner
Date : 09.05.2018 M. No: 083503