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Supriya Lifescience Ltd.

BSE: 543434 Sector: Health care
NSE: SUPRIYA ISIN Code: INE07RO01027
BSE 00:00 | 12 Aug 354.65 1.55
(0.44%)
OPEN

358.95

HIGH

358.95

LOW

352.35

NSE 00:00 | 12 Aug 354.60 1.50
(0.42%)
OPEN

355.90

HIGH

357.25

LOW

352.65

OPEN 358.95
PREVIOUS CLOSE 353.10
VOLUME 20208
52-Week high 601.90
52-Week low 293.00
P/E 18.80
Mkt Cap.(Rs cr) 2,855
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 358.95
CLOSE 353.10
VOLUME 20208
52-Week high 601.90
52-Week low 293.00
P/E 18.80
Mkt Cap.(Rs cr) 2,855
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Supriya Lifescience Ltd. (SUPRIYA) - Auditors Report

Company auditors report

To the members of SUPRIYA LIFESCIENCE LIMITED

Report on the Audit of the Financial Statements Opinion

We have audited the Financial Statements cf SUPRIYA LIFEESCIENCE LIMITED ("theCompany") for the year ended March 31 2021 which comprise the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss ( including the other comprehensiveincome ) statement of changes in equity and the statement of Cash Flow Statement for theyear ended 31 2021 and rotes to the Financial statements including a summary ofsignificant accounting policies and other explanatory (herein after referred to as "Financial Statements")

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 theCompanies Act 2013 ('the Act") in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards prescribed under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended('Ind AS')and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 and Profit changes in equity and its cashflows for the Period ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent auditor of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that ere relevant to our audit of theFinancial Statements under the provisions of the Companies Ad 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

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 Financial Statements that give a true and fair view of the financial positionfinancial performance including the other comprehensive income changes in equity andcash flows of the Company in accordance with the Ind AS and accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate implementation and maintenance of accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 Statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the Financial Statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. That Board of Directors are also responsible for overseeing theCompany's Financial reporting process. .

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the FinancialStatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Standalone Financial Statements.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

(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 (including other comprehensiveincome) and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account

d) In our opinion the aforesaid standalone Financial Statements comply with theAccounting Standards specified under Section 1S3 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting; and

f) 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 pending litigation and it is disclosed with the impact on itsfinancial position in its Financial Statements. (Refer note 33)

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 Kakaria and Associates LLP
Chartered Accountants
FRN: 104558W/ W100601
Ujwal Kakaria
Partner
Membership No: 035416
UDIN: 21035416AAAACU6214
Place: Mumbai
Date: 28th July 2021

KAKARIA AND ASSOCIATES LLP

CHARTERED ACCOUNTANTS UJWAL K. KAKARIA B.Com. B.L. F.C.A.

SUBHASH S. KOTADIA B.Com. (HONS.) F.C.A.

JAIPRAKASH H. SHETHIYA B.Com. F.C.A.

YOGESH KOTHARI B.Com. A.C.A

Annexure 'A' to Independent Auditors' Report

•Referred to in Paragraph 1 under the heading of "Reports on Other Legal& Regulatory Requirements" of our Report of even date on the financial statementsfor the year ended on 31st March2021 of SUPRIYA LIFESCIENCE LIMITED we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a program of verification to cover all the items of fixed assets ina phased manner each year which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets. Pursuant to the program certain fixed assetswere physically verified by the management during the year. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

s.per information & explanation given to us the inventory has been physicallyverified during the year by the management. In our opinion the frequency of verificationis reasonable.. According to information & explanation given to us there was nomaterial discrepances noticed on physical verification of inventory.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to comoanies firms LLP cr other parties listed in the register maintainedunder section 189 of the Companies Act 2013 ('the Act'). Consequently the provisions ofclause iii a} of the order are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provirions of section 185 and 186 of the Act with respectto he loans and investments made. 802 Lotus Trade Centre Near D.N. Nagar Station NewLink Road Anderi West Mumbai - 400 053 Tele Fax: 022 26744674/7C. Email:my.mbai@kakarinassociates.crim

Website: www.kakariaassociates.com

YOUR REF.: OUR REF.:

(v) The Company has not accepted any deposits from the public covered under sections 73to 76 of the Companies Act 2013.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148 of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. However we have not carried out a detailedexamination of the same.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service 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 employees' 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 value added tax duty ofcustoms service tax cess and other material statutory dues were in arrears as at 31stMarch 2021 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is amount payablein respect of Income Tax Service Tax Sales Tax Custom Duty Excise Duty Value AddedTax & Cess which ever applicable which have not been deposited on account of anydisputes.

(viii) According to the records of the company examined by us and the information &explanation given to us the Company has not defaulted in the repayment of dues to banks& financial institutions covered by the order during the year. The Company does nothave any debentures & loan from government.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly paragraph 3 (ix)of the Order is notapplicable.

(x) To the best of our knowledge and according to the iriformation and explanationsgiven to us no fraud by the Company or no material fraud on the company by its officersor employees has been noticed or reported during the year.

(xi.) In our opinion & according to the information & explanation given to usthe company has paid the managerial remuneration as per the provision of section 197 readwith schedule V to the Act.

(xii) The Company is not a nidhi company. Therefore clause 3(xii) of the order is notapplicable to the company.

(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 give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3(xiv) of the order is not applicable.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) According to the information and explanations given to us and based on ourexamination of the records of the company the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For Kakaria and Associates LLP
Chartered Accountants
FRN: 104558W/ W100601
Ujwal Kakaria
Partner
Membership No 035416
UDIN: 21035416AAAACU6214
Place* Mumbai
Date: 28th July 2021

Annexure 'B' to Independent Auditors' Report

Referred to in Paragraph 2(e) under the heading of "Reports on Other Legal &Regulatory Requirements" of our Report of even date on the financial statements forthe year ended on 31st March2021 of SUPRIYA LIFESCIENCE LIMITED we report that:

Report on the internal financial controls with reference to financial statements underclause (i) of sub - section 3 of section 143 of the Companies Act 2013 ("theAct").

Opinion

We have audited the internal financial controls with reference to financial statementsof SUPRIYA LIFESCIENCE LIMITED ("the Company") as at March 31 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

In our opinion and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system withreference to financial statements and such internal financial controls were operatingeffectively as at March 31 2021 based on the internal financial control with referenceto financial statements criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (the "Guidance Note).

Management's responsibility for internal financial controls

The board of directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls withreference to financial statements issued by the Institute cf Chartered Accountants ofIndia. These responsibilities include the des'gn implementation and maintenance of.adequate internal financial controls that were operating effectively for- ensuring theorderly and efficient conduct of its business the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' responsibility

Our responsibility is to express an opinion on the internal financial controls withreference to financial statements of the Company based on our audit. We conducted ouraudit In accordance with the Guidance Note and the standards on auditing prescribed underSection 143 (10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls with reference to financial statements. Those standards andthe guidance note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols with reference to financial statements were established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial cqntrols with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement in the financialstatements 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 control systemwith reference to financial statements.

Meaning of interna! financial controls with reference to financial statements

A company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control withreference to financial statements includes those policies and procedures that (i) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (ii) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations' ofmanagement and directors of the company; and (iii) 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.

Limitations of internal financial controls with reference to financial statements*

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper management ofoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

For Kakaria and Associates LLP
Chartered Accountants
FRN: 104558W/ W100601
Ujwal Kakaria
Partner
Membership No 035416
UDIN: 21035416AAAACU6214
Place: Mumbai
. Date: 28th July 2021

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