on Audited Financial Results
for the year ended 31st March 2020
To the Board of Directors of Ortin Laboratories Limited Report on the audit of the
Standalone Financial Results
We have audited the accompanying standalone quarterly financial results of OrtinLaboratories
Limited (the company) for the quarter and the year ended March 31 2020 (theStatement')
attached herewith being submitted by the company pursuant to the requirement ofRegulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended
In our opinion and to the best of our information and according to the explanationsgiven to us the
i. are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii. give a true and fair view in conformity with the applicable accounting standardsprescribed
under section 133 of the Companies Act 2013 ("the Act") read with the Companies(Indian
Accounting Standards) Rules 2015 and other accounting principles generally accepted in
India of the net profit and other comprehensive income and other financial information forthe
year ended March 312020.
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 Standards are further described inthe Auditor's
Responsibilities for the Audit of the Standalone Financial Results section of our report.We are
independent of the Company in accordance with the Code of Ethics issued by the Instituteof
Chartered Accountants of India together with the ethical requirements that are relevant toour audit
of the financial statements under the provisions of the Act and the Rules there under andwe have
fulfilled our other ethical responsibilities in accordance with these requirements and theCode of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis
for our opinion.
Management's Responsibilities for the Standalone Financial Results
This Statement have been prepared on the basis of the standalone annual financialstatements.
The Company's Board of Directors are responsible for the preparation and presentation ofthis
statements that give a true and fair view of the net profit and other comprehensive incomein
accordance with the Indian Accounting Standards prescribed under Section 133 of the Actread with
Companies (Indian Accounting Standards) Rules 2015 as amended issued there under andother
accounting principles generally accepted in India and in compliance with Regulation 33of the
Listing Regulations. The Board of Directors of the Company are responsible for maintenanceof
adequate accounting records in accordance with the provisions of the Act for safeguardingof the
assets of the Company and for preventing and detecting frauds and other irregularities;selection
and application of appropriate accounting policies; making judgments and estimates thatare
reasonable and prudent; and design implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the accuracy andcompleteness of the
accounting records relevant to the preparation and presentation of the statement thatgive a true
and fair view and are free from material misstatement whether due to fraud or errorwhich have
been used for the purpose of preparation of the statement by the Directors of the companyas
In preparing the statements the Board of Directors are responsible for assessing theCompany's
ability to continue as a going concern disclosing as applicable matters related togoing concern
and using the going concern basis of accounting unless the Board of Directors eitherintends to
liquidate the Company or to cease operations or has no realistic alternative but to doso. The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the statements as awhole are
free from material misstatement whether due to fraud or error and to issue an auditor'sreport that
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 material misstatement whenit
exists. Misstatements can arise from fraud or error and are considered material ifindividually or in
the aggregate they could reasonably be expected to influence the economic decisions ofusers
taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the statementswhether due to
fraud or error design and perform audit procedures responsive to those risks and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of
not detecting a material misstatement resulting from fraud is higher than for oneresulting
from error as fraud may involve collusion forgery intentional omissions mis
representations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit
procedures 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 adequate
internal financial controls with reference to financial statements in place and theoperating
effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof
accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the goingconcern basis of
accounting and based on the audit evidence obtained whether a material uncertaintyexists
related to events or conditions that may cast significant doubt on the Company's abilityto
continue as a going concern. If we conclude that a material uncertainty exists we are
required to draw attention in our auditor's report to the related disclosures in thestatements
or 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. However future eventsor
conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the statementincluding the
disclosures and whether the statement represent the underlying transactions and events ina
manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters the
planned scope and timing of the audit and significant audit findings including anysignificant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith
relevant ethical 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.
For Sathuluri & Co.
FRN no : 006383S
Place : Hyderabad
Date : 30.07.2020
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our report to the members of ORTIN LABORATORIES LIMITED forthe year ended 31st March 2020.
On the basis of the information and explanation given to us during the course of ouraudit we report
1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
(b) These fixed assets have been physically verified by the management at reasonableintervals there was no Material discrepancies were noticed on such verification.
(c) Total Assets of company includes Immovable property also and the title deeds of
immovable properties are held in the name of the company.
2. Physical verification of inventory has been conducted at reasonable intervals by the
management and there is no material discrepancies were noticed
3. The company has granted loans secured or unsecured to companies firms LimitedLiability
Partnerships or other parties covered in the register maintained under section 189 of the
Companies Act 2013.
(a) All terms and conditions are as per the benefits of company and are not prejudicialto the
(b) Schedule of repayment of principal and interest has been stipulated and receiptsare
(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.
4. In respect of loans investments guarantees and security all mandatory provisionsof section
185 and 186 of the Companies Act 2013 have been complied with.
5. The company has not accepted any deposits.
6. Maintenance of cost records has not been specified by the Central Government undersub-
section (1) of section 148 of the Companies Act 2013.
7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund
Employee's state insurance income-tax sales-tax service tax duty of customs dutyof
excise value added tax cess and any other statutory dues to the appropriate authorities.
(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value
added tax have been deposited on time there is no dispute is pending on the part of
8. The company hasn't made any default in repayment of loans or borrowing to afinancial
institution bank Government or dues to debenture holders.
9. The company doesn't raise any money by way of initial public offer or further publicoffer
(including debt instruments)
10. Neither company has done any fraud nor by its officers or employees so nothing tobe disclosed
11. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals
Mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. Company is not a Nidhi Company hence nothing to be disclosed for any provisionsapplicable
on Nidhi Company.
13. All transactions with the related parties are in compliance with sections 177 and188 of
Companies Act 2013 where applicable and the details have been disclosed in the Financial
Statements etc. as required by the applicable accounting standards;
14. The company hasn't made any preferential allotment or private placement of sharesor fully or
partly convertible debentures during the year.
15. The company hasn't entered into any non-cash transactions with directors or persons
connected with him.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
For Sathuluri & Co.
Firm Regn No: 006383S
( S.S. Prakash)
Place : Hyderabad
Date : 30-07-2020
ANNEXURE - B TO THE AUDITORS' REPORT
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 ORTINLABORATORIES
LIMITED. ("The Company") as of 31 March 2020 in conjunction with our auditof the financial
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 criteria established bythe Company
considering the essential components of internal control stated in the Guidance Note onAudit of
Internal Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India (ICAI'). These responsibilities include the designimplementation and
maintenance of adequate internal financial controls that were operating effectively forensuring the
orderly and efficient conduct of its business including adherence to company's policiesthe
safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and
completeness of the accounting records and the timely preparation of reliable financialinformation
as required under the Companies Act 2013.
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 accordance with theGuidance
Note on Audit of Internal Financial Controls over Financial Reporting (the "GuidanceNote") and the
Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe
Companies Act 2013 to the extent applicable to an audit of internal financial controlsboth
applicable to an audit of Internal Financial Controls and both issued by the Institute ofChartered
Accountants of India. Those Standards and the Guidance Note require that we comply withethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate 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 included obtaining anunderstanding of
internal financial controls over financial reporting assessing the risk that a materialweakness
exists and testing and evaluating the design and operating effectiveness of internalcontrol based
on the assessed risk. The procedures selected depend on the auditor's judgment includingthe
assessment of the risks of material misstatement of the financial statements whether dueto fraud
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 system over financialreporting.
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 the preparationof financial
statements for external purposes in accordance with generally accepted accountingprinciples. A
company's internal financial control over financial reporting includes those policies andprocedures
(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 of controls materialmisstatements
due to error or fraud may occur and not be detected. Also projections of any evaluationof the
internal financial controls over financial reporting to future periods are subject to therisk that the
internal financial control over financial reporting may become inadequate because ofchanges in
conditions or that the degree of compliance with the policies or procedures maydeteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls
system over financial reporting and such internal financial controls over financialreporting were
operating effectively as at 31 March 2020 based on the internal control over financialreporting
criteria established by the Company considering the essential components of internalcontrol stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the
Institute of Chartered Accountants of India.
For Sathuluri & Co.
Firm Regn No: 006383S