Mar 31, 2015
We have audited the accompanying financial statement of SHREE GANESH BIOTECH (INDIA) LIMITED (the Company). which comprise the balance Sheet as at 31st March, 2015, the statement of Profit & Loss and cash Flow statement for the ear then ended a summary of significant accounting policies and other explanatory information.
Management's Responsibilities for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Sec 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles accepted in India, including the Accounting Standard specified under section 133 of the Act read with rule 7 of the companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate Accounting records in accordance with the provisions. of the Act for safeguarding the assets of the company and preventing and detecting frauds and irregularities selection and application of appropriate accounting policies. making judgments and estimates that are reasonable and prudent: and implementation .and maintenance of adequate internal financial controls that were effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that given a true and fair view and are free from material instrument. Whichever due to fraud Or error.
Our responsibility is to express an opinion on these statements based on our audit.
We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be include in the audit report under the provisions of Act, and the rules made there under.
We conducted our audit in accordance with the Standards on auditing specified under section 143(10) of the Act, These Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasons assurance about whether the financial statements are free from material misstatement
An audit involves performing procedure to obtain audit evidence about the amounts and disclosure in the financial statement. The procedure selected depend on the auditor's judgment. including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal financial control relevant in the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operation e effectiveness of such controls, An audit also includes evaluating the appropriateness of the accounting policies used and the reasonable accounting estimates made by the Companies Directors, as well as evaluating the overall presentation of the financial statements,
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for-our audit opinion on the financial statement
In our opinion and to the best of our information and . to the explainable given us, the financial statements give the information required In the Act in the manner required and give a true and fair view in con form it) with the accounting [Maniples generally accepted in India:
(a) mi the case Of the Balance Sheet of the state of affairs of the Company as at 31st March 2015
(b) in the case of the statement of Profit & Loss of the profit for the year ended on that date: and
(c) in the case of the Cash Flow Statement of the cash floes for the year ended on that date.
Report on Other legal and Regulatory Requirements
1. As required by the company's (Auditors report Order 2015 ("the order) Issued by the central Government of India in terms of sub-section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the order.
2. 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 for our knowledge and belief were necessary for the purpose of our audit:
(b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the put our audit have been received from branches not visited by us
(c) the Balance Sheet the statement of Profit and Loss. and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and with the returns received from branches not visited by us:
(d) in our opinion, the Balance Sheet. Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the companies Act, 2013 read with rule 7 of the Companies (Account) Rule-2014.
(e) on the basis of written representations received from the directors as on 31" March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015, from being appointed as a director in terms of sub-section (2) of section l64 of the Companies Act. 2013.
(f) with respect to the other matters included in the auditors Report in accordance with Rile II of the companies (Audit and Auditors) Rules, 2015. in our opinion on to the best of our information and accordance to the explanation given to us.
i) The Company does not have any pending Ligation which would impact its financial position.
ii) The company did not have any long term contracts including derivative contracts for which there would be any material for useable losses.
iii) There was no amounts which were required to be transferred to the Investor Education and Protection fund by the company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date)
i) a) The company has maintained proper records showing full particulars including quantitative detail and situation of fixed assets.
b) Fixed assets have been physically verified by the Management at reasonable intervals. According to the information and explanation given to us. no material discrepancies were noticed on such verification.
ii) a) The inventory has been physically verified at reasonable interval by the management In our opinion, the frequency of verification is reasonable.
b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business
c) The company has maintained proper records of its inventories. he discrepancies noticed on physical verification of inventory as compared in the book records were not material and have been properly dealt with the books of accounts.
iii) The company has not granted loans, secured or unsecured, to companies, firm or other parties, covered in the register maintained under section 189 of the companies Act, 2013. Therefore provisions of clause (iii) (a) and (b) of the said order or not applicable.
iv) In our opinion and according to the information and explanations given to us, there is adequate internal controfsystem commencement with the size of the company and nature of its business, for the purchase of inventories fixed assets and for the sale of goods and services During the course of our audit. we have not observed any majored weakness in internal controfsystem
v) In our opinion and according to the information and explanations given to us. the company has not accepted deposits in terms of provisions of section73 to 76 of the companies Act, 2013 and the rules framed there under and the directive issued by the Reserve Bank of India.
vi) In our opinion, maintenance of cost records pursuant to the Companies (Cost Records and audit) Rules, 2014 prescribed by the central Government under section 148(1) of the companies Act, 2013 are not applicable to the company,
vii) a) In our opinion and according to the information and explanations given to us company is generally been regular in depositing with appropriate authorities undisputed statutory dues, as require under this clause and applicable to the company during the year. According to the information and explanation given to us. there is no undisputed amount payable in respect of statutory dues, outstanding for more than six months from the date they become payable as on 31st March, 2015.
b) According to information and explanations given to us. there are no statutory dues that have not been deposited with the appropriate authorities on account of any dispute.
c) In our opinion and according to the information and explanations given to us. there is to amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956
viii) The Company does not have any accumulated losses at the end of the financial year and Has not incurred any each losses during the financial year covered by our audit and in the immediately preceding financial year
ix) Based on our audit procedure and on the basis of information's given by the management, the Company has not defaults in repayment of dues to financial institutions or banks. The company has not issued any debentures .
x) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks of financial institutions,
xi) To the best of our knowledge and belief and according to the information and explanation given to us, the company has not taken any term loans during the year.
xii) in our opinion and according to information and explanation to us, no fraud on or by the Company has been noticed or reported during the course of our audit.
For A.K. Meharia & Associates
Firm's Registration No, 324666E
Place: Kolkala (Prem Suman)
Date : The 30th day of May 2015. Partner
Membership Number 066806