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Norris Medicines Ltd.

BSE: 524414 Sector: Others
NSE: N.A. ISIN Code: INE744C01029
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NSE 05:30 | 01 Jan Norris Medicines Ltd
OPEN 9.80
PREVIOUS CLOSE 9.80
VOLUME 425
52-Week high 26.00
52-Week low 9.80
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.80
CLOSE 9.80
VOLUME 425
52-Week high 26.00
52-Week low 9.80
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Norris Medicines Ltd. (NORRISMEDICINES) - Auditors Report

Company auditors report

To the Members of Norris Medicines Limited

Report on the financial statements

We have audited the accompanying financial statements of NORRIS MEDICINES LIMITED("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year ended and asummary of the 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 position andfinancial 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's 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 accordance with the Standards on Auditing specified 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments; theauditor considers 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 the 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 is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

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 2017 and its profit 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 Companies Act(hereinafter referred to as the "Order") and on the basis ofsuch checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us we give in the Annexure astatement on the matters specified in paragraphs 3 and 4 of the said 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 and 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 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164(2) of the Act.

(f) The Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial control over financialreporting were operating effectively as at 31st March 2017 based on theinternal control over financial reporting criteria established by the Company.

(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 if any of pending litigations as at 31stMarch 2017 on its financial position in its financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts asat 31st March 2017.

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

(iv) The company has provided requisite disclosers in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with booksof account maintained by the Company and as produced to us by the Management- Refer Note14.1;

Place : BHARUCH For MINU MODI & CO.
Date : 29th May 2017 Chartered Accountants
Sd/-
232 Rangoli Complex CA MINU MODI
Station Road Proprietor
Bharuch – 392 001 M. No. 100289
Gujarat. (Firm Reg. No. 119948W)

ANNEXURE RE FER RE D T O PARAG RA PH 1 UND ER " REPORT ON OTH ER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEARENDED ON 31ST MARCH 2017 OF NORRIS MEDICINES LIMITED

1. In respect of its fixed assets:

(a) The Company has maintained records showing particulars including quantitativedetails and general location of fixed assets.

(b) During the year all the fixed assets has been physically verified by themanagement. According to the information and explanations given to us there was nomaterial discrepancies noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the Company.

2. As explained to us all the inventory of the Company has been physically verified bythe management at reasonable intervals and at the year-end. In our opinion the frequencyof the verification is reasonable. According to the information and explanations given tous there was no material discrepancies noticed on physical verification of inventory ascompared to the book records.

3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

4. According to information and explanations given to us the Company has complied withthe provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

5. According to information and explanations given to us the Company has not acceptedany deposits during the year.

6. To the best of our knowledge and explanations provided by the management themaintenance of cost records has been prescribed by the Central Government under subsection (1) of section 148 of the Companies Act 2013 and is maintained accordingly.

7. According to the information and explanations given to us in respect of statutoryand other dues:

(a) The Company has been regular in depositing undisputed statutory dues includingProvident fund Employees' state Insurance Income Tax Sales tax service tax duty ofcustoms duty of excise value added tax cess and other statutory dues to the appropriateauthorities during the year. Based on our audit procedures and according to theinformation and explanations given to us there are no arrears of statutory dues which hasremained outstanding as at 31st March 2017 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us and on the basis therecords produced before us by the Company except for the cases stated below there are noundisputed amounts payable in respect of income tax / sales tax / Service tax / customsduty / wealth tax / excise duty / cess which have not been deposited on account of anydispute.

Name of Statute Nature of Amount under dispute Period for which Forum where dispute is
Dues not yet deposited (Rs.) the amount relates pending
Central Excise Act 1944 Excise Duty 2453931 F.Y. 2000-01 Central Excise Tribunal
Ahmedabad
Central Excise Act 1944 Excise Penalty 2500000 F.Y. 2000-01 Central Excise Tribunal
Ahmedabad

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowing to a financial institutionbank or Government. The Company has not obtained any borrowings by way of debentures.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year.

10. According to the information and explanations given to us we have not noticed orreported any fraud by the Company or any fraud on the Company by its officers or employeesduring the year.

11. The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

12. This clause of the Companies (Auditor's Report) Order 2016 is not applicable tothe Company as the Company is not a Nidhi Company.

13. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

14. According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andthe provisions of section 192 of Companies Act 2013 have been complied with.

16. This clause of the Companies (Auditor's Report) Order 2016 is not applicable tothe Company as the Company is not a required to be registered under section 45-lA of theReserve Bank of lndia Act 1934.

Place : BHARUCH For MINU MODI & CO.
Date : 29th May 2017 Chartered Accountants
Sd/-
232 Rangoli Complex CA MINU MODI
Station Road Proprietor
Bharuch – 392 001 M. No. 100289
Gujarat. (Firm Reg. No. 119948W)

ANNEXURE - B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of NorrisMedicines Limited as of 31st. March 2017 in conjunction with our audit of theFinancial 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India("the ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the 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 judgment 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions 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 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 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

Place : BHARUCH For MINU MODI & CO.
Date : 29th May 2017 Chartered Accountants
Sd/-
232 Rangoli Complex CA MINU MODI
Station Road Proprietor
Bharuch – 392 001 M. No. 100289
Gujarat. (Firm Reg. No. 119948W)