TO THE MEMBERS OF ISHITA DRUGS AND INDUSTRIES LTD.
Report on the Financial Statements
We have audited the accompanying nancial statements of
ISHITA DRUGS AND INDUSTRIES LTD. ("The Company") which comprise theBalance Sheet as at 31/03/2019 the Statement of Pro t and Loss the cash owstatement for the year ended and a summary of the signi cant accountingpolicies 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 nancial statements that give a true and fair view of the nancial position nancialperformance and cash ows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards speci ed under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal nancial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the nancial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these nancial 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 speci ed 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 nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the nancial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal nancial control relevant to the Company's preparation of the nancialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal nancial controls system over nancialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the nancial statements.
We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion on the nancial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid nancial statements give the information required by the Act inthe 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 31/03/2019and its Pro t and it's cash ows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors' Report) Order2016("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specied in paragraphs 3 and 4 of the order to the extent applicable.
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 Pro t and Loss and the cash owstatement dealt with by this Report are in agreement with the books of account.
(d) In our opinion the aforesaid nancial statements comply with the AccountingStandards speci ed 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 31/03/2019taken on record by the Board of Directors none of the directors is disquali ed as 31/03/2019from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal nancial controls over nancialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in
(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 disclosed the impact of pending litigations on its nancial positionin its nancial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
| ||FOR Jaymin Shah & Associates |
|th || |
|Date : 29 May 2019 ||Chartered Accountants |
|Place : Ahmedabad ||Reg No. : 129406W |
| ||CA Mayank Sancheti |
| ||Partner |
| ||M.No. : 170863 |