To the Members of M/s. SYMBIOX INVESTMENT & TRADING CO LIMITED Report on thestandalone Financial Statements
We have audited the accompanying Standalone financial statements of M/s. SYMBIOXINVESTMENT & TRADING CO LIMITED ("the Company") which comprises theBalance Sheet as at March 31 2020 the Statement of Profit and Loss and statement of cashflows for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information
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 2020 and Profit and its cash flows for the year 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 of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Responsibility of Management 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. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate implementation and maintenance ofaccounting 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 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 the company's financialreporting 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 financial statements.
Report on Other Legal and Regulatory Requirements
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 2013 we give in the Annexure A' statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
As required by Section 143(3) of the Act we report that:
We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.
(a) 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
(b) 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 the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (2) of the Act.
(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 B".
(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 does not have any pending litigations which would impact its financialposition
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company
For Manabendra Bhattacharyya & Co Firm Registration No.302030E
Chartered Accountants CA AMIT BHATTACHARJEE
Membership Number: 050714 UDIN NO. 20050714AAAAAW9556
Date: 29th June 2020
ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT OF SYMBIOX INVESTMENT & TRADING COLIMITED (REFERRED TO IN OUR REPORT OF EVEN DATE)
With reference to the Annexure A referred to in the Independent Auditors' report to themembers of the Company on the standalone Ind AS financial statements for the year ended31st March 2020 we report the following:
I. In Respect of Fixed Assets
1. As per the information provided by the management the Company has maintained properrecords showing full particulars including quantitative details and situation of FixedAssets on the basis of available information.
2. As per the information and explanations given to us the management at reasonableintervals during the year in accordance with a programme of physical verification hasphysically verified the fixed assets and no material discrepancies were noticed on suchverification as compared to the available records.
3. The Company does not hold the immovable property. Therefore the provisions ofClause 3(i) (c) of the said Order are not applicable to the Company.
II. In Respect of Inventories
The inventories held by the company are in nature of shares and securities andtherefore no physical verification is possible. However we have verified therepresentations provided by the management w.r.t relevant records from time to time forthe same.
III. Compliance under section 189 of The Companies Act 2013
As per information and explanation given to us and subject to the observations givenin the main audit report the company has not granted loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013.
IV. Compliance under section 185 and 186 of The Companies Act 2013
In our opinion and according to information and explanations given to us the Companyhas complied with provisions of Section 185 and 186 of the Companies Act 2013 in respectof grant of loans making investments and providing guarantees and securities asapplicable.
V. Compliance under section 73 to 76 of The Companies Act 2013 and Rules framed thereunder while accepting Deposits
As per information and explanation given to us the Company has not accepted anydeposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptanceof Deposits) Rules 2014 (as amended). Accordingly the provisions of clause 3(v) of theOrder are not applicable.
VI. Maintenance of cost records
The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013.
VII. Deposit of Statutory Dues
(a) The company is regular in depositing the undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax wealth tax servicetax custom duty excise duty GST Cess and other statutory dues applicable to theCompany with the appropriate authorities. No undisputed amounts payable in respect of theaforesaid statutory dues were outstanding as at the last day of the financial year for aperiod of more than six months from the date they became payable.
(b) As informed to us by the management there is no dispute with the revenueauthorities regarding any duty or tax payable.
VIII. Repayment of Loans and Borrowings
According to the information and explanation given to us the company has not defaultedin any loan from financial institution bank or debenture holders.
IX. Utilization of Money Raised by Public Offers and Term Loan For which they Raised
According to the information and explanations give to us and based on our examinationof the records of the Company the Company has not raised any moneys by way of initialpublic offer or further public offer (including debt instruments) and has not obtained anyterm loans during the year. Accordingly
X. Reporting of Fraud During the Year
Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.
XI. Managerial Remuneration
Managerial remuneration has not been paid or provided in the financial year socompliance in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act are not applicable.
XII. Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio
As per information and records available the Company is not a Nidhi Company.Therefore the provisions of clause 3(xii) of the order are not applicable to the Companyand hence not commented upon.
XIII. Related party compliance with Section 177 and 188 of companies Act - 2013
According to the information and explanations given by the management transactionswith the related parties are in compliance with section 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accounting standards.
XIV. Compliance under section 42 of Companies Act - 2013 regarding Private placement ofShares or Debentures
According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe Company and not commented upon.
XV. Compliance under section 192 of Companies Act - 2013
According to the information and explanations given by the management the Company hasnot entered into any non-cash transactions with directors or persons connected with him asreferred to in section 192 of Companies Act 2013.
XVI. Not Requirement of Registration under 45-IA of Reserve Bank of India Act 1934
According to the information and explanations given to us the provisions of section45-IA of the Reserve Bank of India Act 1934 have been complied.
For Manabendra Bhattacharyya & Co Firm Registration No.302030E
CA AMIT BHATTACHARJEE
Membership Number: 050714
UDIN NO. 20050714AAAAAW9556
Date: 29th June 2020
"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF SYMBIOX INVESTMENT & TRADING CO LTD
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 M/s SYMBIOXINVESTMENT & TRADING CO LTD ("the company") as of 31st March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear 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.
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 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 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.
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 31st March 2019 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.
For Manabendra Bhattacharyya & Co Firm
CA AMIT BHATTACHARJEE
Membership Number: 050714
UDIN NO. 20050714AAAAAW9556
Date: 29th June 2020