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Genomics Biotech Ltd.

BSE: 524011 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE974A01018
BSE 05:30 | 01 Jan Genomics Biotech Ltd
NSE 05:30 | 01 Jan Genomics Biotech Ltd

Genomics Biotech Ltd. (GENOMICSBIOTECH) - Auditors Report

Company auditors report

GENOMICS BIOTECH LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT We have audited the annexed Balance Sheet of GENOMICS BIOTECH LIMITED formerly Abner Pharmaceuticals Limited as at 30th June 2002 and the relative Profit and Loss Account for the year ending on that date both of which we have signed under reference to this report. These financial statements are the responsibility of the management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the accounting standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion. We report that: A) As required by the manufacturing and other companies (Auditor's - Report) order 1988 issued by the company Law Board in terms of section 227 (4 A) of the companies Act, 1956, we enclose in the annexure a statement on the matter specified in paragraph 4 and 5 of the said order. B) Further to our Comment in Annexure referred to in paragraph (A) above, we also report that: a) We have obtained, all the information and explanations which to the best of our knolwedge 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 the Company so far as appears from our examination of the said books. c) The balance Sheet and Profit & Loss account referred to in this report are in agreement with the Books of Account. d) In our opinion, the Profit & Loss Account & the Balance Sheet comply with the accounting standards, referred to in Section 211 (3C) of the Companies Act, 1956, e) Based on the information and explanations given to us and representations received from the directors, we report that no Directors is disqualified from being appointed as Directors under clause (g) of sub section (1) of the section 274 of the Companies Act. 1956. f) Attention is invited to the following notes of schedule 15: (1) Note no.6 regarding non-provision for Doubtful Sundry Debtors amounting to Rs. 920160: (2) regarding non-provision of interest payable to SBBJ- & PICCUP for Rs. 872.84 lacs approx. as stated in the above notes. (2) Had the impact of items of (1) and (2) above been considered loss for the year have been increased by Rs.882.04 lacs (instead of loss of Rs.9,10,120) and the reserves and surplus would have been decreased by Rs.882.04 Lac. Subject to the above, in our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with notes thereon give the information required by the act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. (i) In the case of Balance Sheet of the state of affairs of the Company as at 30th June 2002. and (ii) In the case of Profit & Loss Account, of the LOSS for the year ended on that date. For SURMELA & ASSOCIATES Chartered Accountants (P.S. Surmela) Sole Practioner New Delhi 2nd December, 2002 Annexure referred to in paragraph (A) of the Report of even date of the Auditors Report to the Shareholders of Genomics Biotech Limited formerly Abner Pharmaceuticals Limited on the Accounts for the year ended 30th June 2002. 1. The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the fixed assets have been physically verified by the Management at the end of the year and no discrepancies have been notice on verification. 2. The company had revalued land & Building during the F.Y. 1994-95 on the basis of Report M/s.S.K. Chauban Associates, Approved valuers. The difference on revaluation had been transferred to fixed assets Revaluation reveneu. None other Fixed Assets have been revalued during the year. 3. The stock of finished goods, raw materials, stores, spares and tools, packing Materials have been physically verified by the Management at reasonable intervals during the year. 4. The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. 5. The discrepancies noticed on physical verification of stocks as compared to books of records were not material. 6. In our opinion, the valuation of stocks is fair and proper in accordance with normally accepted accounting principles. 7. The company has not taken an loans from the Companies, firms and or other parties listed in the register maintained under section 301 (1B) of the Companies Act, 1956. 8. Except for Advances in the course of regular trade, the company has not granted any loans to companies. firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 or covered by the definition of Companies under the same management except to the subsidiary companies u/s 370 (1B) of the Companies Act, 1956. 9. In respect of advances given to Suppliers of Machinery, they have not been able to meet the delivery targets for which no reasonable / satisfactory explanation has been furnished to us. 10. the Company is in the process of formulating adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw-material plant and machinery, equipments or other assets and for sale of products. 11. As explained to us, the Company has a regular procedure for the determination of unservicable or damaged stores and raw materials and finished products. 12. The company has not accepted any deposit from the public to which provisions of section 58 (A) of the Company Act, 1956, the companies (acceptance of Deposit) Rules 1975 and Reserve Bank of India guidelines apply: 13. The company is maintaining reasonable records for the sale and disposal of scraps. The company does not manufactures any by products. 14. The company has not yet set up formal Internal Audit System. 15. In our opinion and according to the information and explanations given to us, the Central government has not prescribed for maintenance of the cost records under section 209 (1) (d) of the Companies Act, 1956 for the products of the Company. 16. There is no disputed amount payable in respect of Wealth Tax, Sale Tax, Custom Duty and Excise Duty as at 30th June, 2002 which are outstanding for a period more than six months from the date they became payable. 17. According to the information and explanations given to us, no personal expenses have been charged to revenue account other than those payable under the contractual obligations or in accordance with generally accepted business practice nor we have been informed of such expenses by the management. 18. Clause IX & XI of para 4 (A) of the said order are not applicable to the company. 19. In our opinion, the company is not a Sick Industrial Company within the meaning of section 3 (1) of the Sick Industrial Companies (Special Provision) Act 1985. For SURMELA & ASSOCIATES Chartered Accountants (P.S. Surmela) Sole Practioner New Delhi 2nd December, 2002