You are here » Home » Companies » Company Overview » Dr Habeebullah Life Sciences Ltd

Dr Habeebullah Life Sciences Ltd.

BSE: 539267 Sector: Others
NSE: N.A. ISIN Code: INE579N01018
BSE 00:00 | 25 Jun 50.35 0
(0.00%)
OPEN

50.35

HIGH

50.35

LOW

50.35

NSE 05:30 | 01 Jan Dr Habeebullah Life Sciences Ltd
OPEN 50.35
PREVIOUS CLOSE 50.35
VOLUME 100
52-Week high 58.65
52-Week low 19.70
P/E
Mkt Cap.(Rs cr) 61
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 50.35
CLOSE 50.35
VOLUME 100
52-Week high 58.65
52-Week low 19.70
P/E
Mkt Cap.(Rs cr) 61
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dr Habeebullah Life Sciences Ltd. (DRHABEEBULLAH) - Auditors Report

Company auditors report

ON THE STANDALONE FINANCIAL STATEMENT OF

PC PRODUCTS INDIA LIMITED

TO THE MEMBERS OF PC PRODUCTS INDIA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying (Standalone) financial statements of PC Products IndiaLimited ("the Company")which comprise the Balance Sheet as at March 312017 theStatement of Profit and Loss Cash Flow Statement for the year then ended March 312017and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 (Standalone) financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell as evaluating the overall presentation of 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 Standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its Profit and Loss and its Cash Flow for the year ended on thatdate

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the"Annexure I" a statement on the mattersspecified in paragraphs 3 and 4 of the 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 purpose 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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account

d. in our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March312017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

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 II". The DEPB Receivable (under Trade Receivables)stated in Annexure II and in Note No (1.19) of Notes to Account may have an adverse effecton the functioning of 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. There were no amounts which were required to be transferred to the InvestorEducation Protection Fund by the Company.

II. The Company does not have any long term contracts including derivative contractsfor which 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;

IV. The Company has provided requisite disclosures in its financial statements as toholding as well as dealing in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the Company except the denomination of the currenciesdealt with which is not furnished to us during the course of audit.

For N.M. Khatavkar & Co

Chartered Accountants

Sd /-

N M Khatavkar Proprietor

Membership number: 206569

Firm Regd No. 007939S

Place: Hubli

Date: 27th May 2017

"ANNEXURE I" TO THE INDEPENDENT AUDITORS' REPORT Annexure I referred to inclause 1 of paragraph on the ‘Report on Other Legal & Regulatory Requirement' ofour report of even date to the Standalone financial statements of the Company for the yearended March 312017:

(i) The Company does not have fixed assets. Thus paragraph 3(i) of the order is notapplicable.

(ii) The Management has conducted physical verification of Inventory at reasonableintervals. In my opinion the procedures of physical verification of inventory followed bythe management are reasonable adequate in relation to the size of the company and thenature of it's business. In my opinion and according to the information and explanationgiven to us the company is maintaining proper records of inventory. The discrepanciesnoticed on verification between physical inventories and books of records were notmaterial in relation to the operations of the company and the same have been properlydealt with in the books of account.

(iii) The Company has not granted loans to any party covered in the register maintainedu/s 189 of the Company Act 2013 (the Act).

(a) The terms and conditions of the grant of such loans are not prejudicial to thecompany's interest are not applicable to the company;

(b) The Terms of arrangement do not stipulate any repayment schedule and the loans arerepayable on demand. Accordingly paragraph 3 (iii)(b) of the order is not applicable tothe company in respect of repayment of principal amount.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.

(iv) In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of Cost records undersection 148(1) of the Act for any of the services/goods rendered/traded by the company.

(vii) (a) According to information and explanations given to us and on the basis of ourexamination of the record of the company amounts deducted/accrued in the books of accountin respect of undisputed statutory dues including provident fund income tax sales taxwealth tax service tax duty of customs value added tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities. As explained to us the company did not have any dues on accountof employee state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2017 for a period more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of income tax or sales tax or service tax or duty of customs or duty of excise orvalue added tax which have not been deposited on account of any dispute

(viii) According to the Information and explanations given to us and on examination ofrecords the company has not availed Loans / Borrowings from financial institutions hencethe default in repayment of such loans / borrowings are not applicable.

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans hence the application for thepurposes for which those are raised are not applicable.

(x) According to the information and explanations given to us no material fraud on bythe company has been noticed or reported during the course of audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act..

(xii) The Company is not a Nidhi Company hence the compliance with the Net Owned Fundsto Deposits in the ratio of 1: 20 to meet out the liability and maintaining ten per centunencumbered term deposits as specified in the Nidhi Rules 2014 to meet out the liabilityare not applicable;

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards

(xiv) According to the Information and explanations given to us and based on ourexamination of the records of the Company during the year under review the Company hasissued 4870606 Equity Shares on Preferential basis to the Equity Shareholders of KrisaniBio Sciences Private Limited on SWAP basis at a ratio of 89:100 i.e. for 100 EquityShares of KBSPL 89 Equity Shares of PCPIL have been issued. The requirement of Section 42and all the other applicable provisions of the Companies Act 2013 and SEBI Regulationswere complied with.

(xv) During the year under review the Company has not issued any fully or partlyconvertible debentures and hence provisions of Companies Act 2013 related to issue arenot applicable.

The Company has entered into non-cash transactions as mentioned in Point (xiv) with theEquity Shareholders of KBSPL relating to the preferential issue. One of the allottee Mr.K. Krishnam Raju has become Promoter Director of the Company by virtue of Open Offer. Theother allottees are connected to him as Persons acting in concert and all the compliancesrelating to SEBI Regulations and Companies Act 2013 have been complied with.

The provisions of Section 192 of Companies Act 2013 are not applicable as assets ofthe Company have not been acquired by any director or persons connected to director byvirtue of the said preferential issue.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For N.M. Khatavkar & Co

Chartered Accountants

Sd /-

N M Khatavkar Proprietor

Membership number: 206569

Firm Regd No. 007939S

Place: Hubli

Date: 27th May 2017

"ANNEXURE II" TO INDEPENDENT AUDITOR'S REPORT Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of PC ProductIndia Limited ("the Company") as of March 31 2017 in conjunction with our auditof the Standalone 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 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 judgement 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 2017 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.

We draw your attention to the following matter in the Notes to Account (refer Note No:1.18) regarding DEPB Receivable (under Trade Receivables) in respect of DEPB incomereceivable pertaining to this scheme outstanding since the year 2006-2007 involves a highrisk.

For N.M. Khatavkar & Co

Chartered Accountants

Sd /-

N M Khatavkar Proprietor

Membership number: 206569

Firm Regd No. 007939S

Place: Hubli

Date: 27th May 2017