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Eiko Lifesciences Ltd.

BSE: 540204 Sector: Industrials
NSE: N.A. ISIN Code: INE666Q01016
BSE 00:00 | 07 Feb 76.15 -1.30
(-1.68%)
OPEN

73.60

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80.00

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73.60

NSE 05:30 | 01 Jan Eiko Lifesciences Ltd
OPEN 73.60
PREVIOUS CLOSE 77.45
VOLUME 158803
52-Week high 101.00
52-Week low 35.25
P/E 100.20
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 73.60
CLOSE 77.45
VOLUME 158803
52-Week high 101.00
52-Week low 35.25
P/E 100.20
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Eiko Lifesciences Ltd. (EIKOLIFESCIENCE) - Auditors Report

Company auditors report

To

The Members

Eiko LifeSciences Limited

(Formerly known as Narendra Investment (Delhi) Limited)

Opinion

We have audited the financial statements of EIKO

LIFESCIENCES LIMITED ("the Company") which comprise the balance sheet as of31st March 2022 and the statement of profit and loss (including other comprehensiveincome) statement of changes in equity and statement of cash flows for the year thenended and notes to the financial statements including a summary of the significantaccounting policies and other explanatory information.

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

Companies Act 2013 ("Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2022 and profit and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor’s Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.During the year under consideration we do not have any key audit matters to report.

Other Information

The Company’s management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the

Company’s annual report but does not include the Financial Statements and ourauditors’ report thereon.

Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management’s Responsibilities for the Financial Results These Financial Resultshave been prepared on the basis of the annual Financial Statements. The Company's Board ofDirectors are responsible for the preparation and presentation of these Financial Resultsthat give a true and fair view of the net profit and other comprehensive income and otherfinancial information of the Company and the balance sheet and the statement of cash flowsin accordance with the recognition and measurement principles laid down in the IndianAccounting Standards prescribed under Section 133 of the Act read with relevant rulesissued thereunder and other accounting principles generally accepted in India and incompliance with Regulation 33 and Regulation 52 of the Listing Regulations. The Board ofDirectors of the Company are responsible for maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error which have been used for the purpose ofpreparation of the Financial Results by the Directors of the Company as aforesaid.

In preparing the Financial Results the Board of Directors of the Company areresponsible for assessing the ability of the Company to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors of the Company are responsible for overseeing the financialreporting process of the Company.

Auditor's Responsibilities for the Audit of the Financial Results Our objectives are toobtain reasonable assurance about whether the Financial Results as a whole are free frommaterial misstatement whether due to fraud or error and to issue an auditor's reportthat includes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of theseFinancial Results.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the Financial Resultswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control. ii. Obtainan understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Actwe are also responsible for expressing our opinion on whether the company has adequateinternal financial controls with reference to Financial Statements in place and theoperating effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.

iv. Conclude on the appropriateness of the Board of

Directors’ use of the going concern basis of accounting and based on the auditevidence obtained whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Company’s ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor’s report to the related disclosures in the Financial Resultsor if such disclosures are Inadequate to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor’s report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.

v. Evaluate the overall presentation structure and content of the Financial Resultsincluding the disclosures and whether the Financial Results represent the underlyingtransactions and events in a manner that achieves fair presentation.

vi. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2020 (‘theOrder’) issued by the Central

Government of India in terms of Section 143(11) of the Act we give in the"Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 accounts 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 statement of change in equity and the Cash Flow Statement dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid Financial Statements comply with Ind AS specifiedunder Section 133 of the Act. e) On the basis of the written representations received fromthe directors and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2022 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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has no pending litigations on its financial position.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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

The management has represented that to the best of its knowledge and belief no fundshave been advanced or loaned or invested (either from borrowed funds or share premium orany other sources or kind of funds) by the Company to or in any other person or entityincluding foreign entities ("Intermediaries") with the understanding whetherrecorded in writing or otherwise that the Intermediary shall whether directly orindirectly lend or invest in other persons or entities identified in any manner whatsoeverby or on behalf of the Company

("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; The management has represented that to the best ofits knowledge and belief no funds have been received by the Company from any person orentity including foreign entities ("Funding Parties") with the understandingwhether recorded in writing or otherwise that the Company shall whether directly orindirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Funding Party

("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries; and

Based on such audit procedures that were considered reasonable and appropriate in thecircumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (a) and (b) contain any material misstatement.

3. With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act.

ANNEXURE "1" TO INDEPENDENT AUDITORS REPORT

The annexure referred to in independent auditor’s report to the members of theCompany on the Financial Statements for the year ended 31st March 2022. Wereport that: a. The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b. Property Plant and Equipment have been physically verified by the management duringthe year and no material discrepancies were identified on such verification.

c. According to information and explanation given to us title deed of below mentionedimmovable property is not in the name of the company.

Particulars Amount as on 31-03-2022 Held in name of Whether related party
Lease Hold land and Building 6.45 Crore Urvi Speciality Chemicals Yes

Remarks: The Company is in the process to register title deed in its name.

d. The Company has not revalued its Property Plant and Equipment (including Right ofuse assets) during the year ended 31st March 2022.

e. There are no proceedings initiated or are pending against the Company for holdingany benami property under the Prohibition of Benami Property Transactions Act 1988 andrules made thereunder.

i. a. The management has conducted physical verification of inventory at reasonableintervals during the year ended and no material discrepancies were noticed on suchphysical verification.

b. During the year the company has been sanctioned working capital limits in excess offive crore rupees in aggregate from banks or financial institutions on basis of securityof current assets. The quarterly returns/statements filed by the Company with such banksare in agreement with the books of account of the Company. iii. During the year thecompany has not made any investments in or provided any guarantee or security or grantedany loans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties or to promoters or related parties.Accordingly clause 3(iii) of the order is not applicable to the company.

iv. The company has not granted any loans or made any investments guarantees andsecurity to which the provisions of sections 185 and 186 of the Companies Act 2013 apply.

v. The Company has neither accepted any deposits from the public nor accepted anyamounts which are deemed to be deposits within the meaning of Sections 73 to 76 of theCompanies Act and the rules made thereunder to the extent applicable. Accordingly therequirement to report on clause 3(v) of the Order is not applicable to the Company.

vi. According to the information and explanation given to us cost records were notmaintained by the company pursuant to the order of the central government under section148(1) of the Companies Act 2013 as the same was not applicable to the company.

vii. a. The Company is regular in depositing with appropriate authorities undisputedstatutory dues including Goods and Services tax Provident Fund

Employees’ State Insurance Income-Tax Cess and other statutory dues applicableto it. According to the information and explanations given to us and based on auditprocedures performed by us no undisputed amounts payable in respect of these statutorydues were outstanding at the year end for a period of more than six months from the datethey became payable.

b. According to the information and explanation given to us and records examined by usthere are no disputed dues of GST Income Tax Sales Tax Custom

Duty Excise Duty and Cess outstanding as on 31st March 2022.

viii. The Company has not surrendered or disclosed any transaction previouslyunrecorded in the books of account in the tax assessments under the Income Tax Act 1961as income during the year. Accordingly the requirement to report on clause 3(viii) of theOrder is not applicable to the Company.

ix. a. The Company has not defaulted in repayment of dues to a financial institutionbank or debenture holders or government.

b. The Company has not been declared as a willful defaulter by any bank or financialinstitution or government or any government authority during the year.

c. During the year the company has not availed of or has been disbursed any term loans

d. On an overall examination of the financial statements of the Company no fundsraised on short-term basis have been used for long-term purposes during the year by theCompany.

e. The company does not have any Subsidiary

Associates or Joint Ventures.

f. The company does not have any Subsidiary

Associates or Joint Ventures.

x. a. The Company has not raised any money during the year by way of initial publicoffer/further public offer (including debt instruments) hence the requirement to reporton clause 3(x)(a) of the Order is not applicable to the Company.

b. During the year the company has made preferential allotment of 2429967 EquityShares having a face value of Rs. 10/- each at Rs. 30/- per share aggregating to Rs.728 99010/- issued for cash and 2066300 equity shares having a face value of Rs. 10/-each issued at Rs. 70/- per share aggregating to Rs. 144641000/- for considerationother than cash. According to the information and explanation given to us and based onaudit procedures performed by us the requirements of section 42 and section 62 of theCompanies Act 2013 have been complied with and the funds raised have been used for thepurposes for which the funds were raised

xi. a. No fraud by the Company or no fraud on the

Company has been noticed or reported during the year

b. There is no instance during the year that necessitates reporting in the form ADT-4

c. There are no instances of whistle-blower complaints received by the company duringthe year.

xii. The Company is not a Nidhi Company as per the provisions of the Companies Act2013. Therefore the requirement to report on clauses 3(xii)(a) (b) and (c) of the Orderis not applicable to the Company.

xiii. Transactions with the related parties are in compliance with Sections 177 and 188of Companies Act 2013 where applicable and the details have been disclosed in the notesto the financial statements as required by the applicable accounting standards.

xiv. a. The Company has an internal audit system commensurate with the size and natureof its business.

b. The internal audit reports of the Company issued till the date of the audit reportfor the period under audit have been considered by us.

xv. The Company has not entered into any non-cash transactions with its directors orpersons connected with its directors and hence requirement to report on clause 3(xv) ofthe Order is not applicable to the Company.

xvi. a. The provisions of Section 45-IA of the Reserve Bank of India Act 1934 (2 of1934) are not applicable to the Company. Accordingly the requirement to report on clause(xvi) (a) of the Order is not applicable to the Company

b. The Company has not conducted any Non-Banking

Financial or Housing Finance activities without obtaining a valid Certificate ofRegistration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act1934.

c. The Company is not a Core Investment Company as defined in the regulations made byReserve Bank of India. Accordingly the requirement to report on clause 3(xvi) of theOrder is not applicable to the Company

d. There is no Core Investment Company as a part of the Group hence the requirementto report on clause 3(xvi) of the Order is not applicable to the Company.

xvii. The Company has not incurred cash losses in the current financial year or theprevious financial year.

xviii. There has been no resignation of the statutory auditors during the year andaccordingly requirement to report on Clause 3(xviii) of the Order is not applicable to theCompany

xix. On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report that Company is not capable of meeting its liabilities existingat the date of balance sheet as and when they fall due within a period of one year fromthe balance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

xx. According to the information and explanation given to us provisions of section 135of the Companies Act 2013 are not applicable to the company. Accordingly the requirementto report on clause 3(xx) of the Order is not applicable to the Company. xxi. The companydoes not have any subsidiaries or associates or joint ventures the accounts of which areto be consolidated and as such there are no consolidated financial statements.

ANNEXURE "2" TO THE INDEPENDENT AUDITORS REPORT

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF

EVEN DATE ON THE FINANCIAL STATEMENTS OF EIKO LIFESCIENCES LIMITED 31STMARCH 2022

Report on the internal financial controls under clause (i) of sub-section 3 of section143 of the Act We have audited the internal financial controls over financial reportingEIKO LIFESCIENCES LIMITED (‘the Company’) as of 31st March 2022 inconjunction with our audit of the Financial Statements of the Company for the year endedon 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to

Company’s policies the safeguarding of its assets the prevention and detectionof frauds and errors the accuracy and completeness of the accounting records and thetimely preparation of reliable financial information as required under the Act.

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 deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of internal financial controls and both issued bythe ICAI. 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 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 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 Company’s internal financial controlssystem 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 over financial reporting includes thosepolicies 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.

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 ofthe inherent limitations of internal financial controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 2022 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 Thanawala & Company
Chartered Accountants
Firm Reg. No.: 110948W
CA Vijay Thanawala
Proprietor Place: Mumbai
Membership No.: 015632 Date: 22nd April 2022
UDIN: 22015632AHPOBU1659

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