Mar 31, 2015
We have audited the accompanying financial statements of RELISH
PHARMACEUTICALS LIMITED ("the Company"), which comprises the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss and cash
flow statements for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the financial statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with accounting principles
generally accepted in India, including the Accounting Standards
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 of 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 that are reasonable and prudent, and the design,
implementation and maintenance of adequate internal financial control
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express as opinion on these standalone
financial 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 included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing, issued by the
Institute of Chartered Accountants of India, as specified under Section
143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgments, 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 to the Company's
preparation of the financial statements that give a 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 operating
effectiveness of such controls. An audit also includes 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 on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the standalone financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at March 31, 2015, its profit and its cash flows for the year ended on
that date.
Report on other Legal and Regulatory requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure 1 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:
a) We have sought and obtained all the information and explanations
which to the best of 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 the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss and cash flow
statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of the written representation received from the
directors as on March 31,2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015
from being appointed in terms of Section 164 (2) of the Act; and
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements;
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts to the Investor
Education and Protection Fund by the Company.
The Annexure referred to in our Report of even date to the members of
Shree Additives (Pharma & Foods) Private Limited on the accounts of the
company for the year ended 31 st March, 2015. Annexure forming a part of
Auditors' Report:
1 In respect of its fixed assets:
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of its fixed assets.
Necessary records in this regard for the year under consideration are
under updating.
b) All the assets have not been verified by the management during the
year but there is a regular program of verification which, in our
opinion, is reasonable having regard to size and the nature of its
assets. No material discrepancies were noticed on such verification.
c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
2 In respect of inventories:
a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3 In respect of granting of loans, the Company has not granted
unsecured loans to a company covered in the register maintained under
section 189 of the Companies Act, 2013.
4 In our opinion and according to information and explanations given to
us, having regard to the explanations that some of the items purchased
are of special nature and suitable alternative sources are not readily
available for obtaining comparable quotations, there is an adequate
internal control system commensurate with the size of the Company & the
nature of its business for the purchase of inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in the
internal control system.
5 According to the information and explanations given to us, the
Company has not accepted any deposits from the public to which the
directives issued by the Reserve Bank of India and the provisions of
Section 73 to 76 or any other relevant provisions of the Act and the
Companies (Acceptance of Deposits) Rules, 2014, as amended, would
apply.
6 We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 148(1) of the Companies Act,
2013, related to the manufacture of products and are of the opinion that
prima facie, the specified accounts and records have been made and
maintained. We have not, however, made a detailed examination of the
same.
7 According to the information and explanations given to us, in respect
of statutory dues:
a) The Company has generally been regular in depositing undisputed
statutory dues including Income Tax, Sales Tax, service Tax, Customs
Duty, Excise Duty, Value Added Tax, Cess and other material statutory
dues applicable to it with the appropriate authorities.
b) There were no undisputed amount payables in respect of Income Tax.
Sales Tax, Wealth Tax, Service Tax, Excise Duty, Custom Duty, Value
Added Tax, Cess and other material statutory dues in arrears as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
c) There are no amounts that are due to be transferred to the Investor
Education
8 The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
9 Based on our audit procedure and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution and banks. The Company does not have any borrowing by way
of debenture.
10 According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
11 The Company did not have any term loans outstanding during the
year..
12 Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For B.J.Trivedi & Associates
Chartered Accountants
ICAI Firm Registration Number: 111042W
Sd/-
Bharat Trivedi Proprietor
Membership No- 039595
Place: Ahmedabad
Date: 16/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of RELISH
PHARMACEUTICALS LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section 211 of
The Companies Act, 1956 ("the Act") (which continue to be applicable
in respect of Section 133 of the Companies Act, 2013 in terms of
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs) and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures 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 control relevant to the
Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the company''s internal control. An audit also
includes evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made by management,
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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) in the case of the Profit and Loss Account, of the Loss for the
year ended on that date;
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on the other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Statement of Profit and Loss and cash flow
statement with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
cash flow statement comply with the Accounting Standards referred to
in subsection (3C) of section 211 of the Companies Act, 1956; (which
continue to be applicable in respect of Section 133 of the Companies
Act, 2013 in terms of General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs).
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on other Legal and
Regulatory Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
our audit, we report that:
1. In respect of the Company''s fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of Company''s inventories:
(a) The management during the year has conducted physical verification
of the inventories & 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 having regard to the size
of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us , the company has maintained proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material and have been properly dealt
with in the books of accounts.
3. (a) During the year, the company has not taken any unsecured loans
from parties covered in the register maintained under section 301 of
the company Act, 1956. The closing balance at the end of year
is Rs. 2,750,000/-.
(b) As informed to us, the company has granted loan to parties covered
in the register maintained under section 301 of the companies Act
1956. The Closing Balance at the end of the year is Rs 5,284,683/-
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase fixed assets and payment for expenses.
During the course of our audit, no major instance of continuing
failure to correct any weaknesses in the internal controls has been
noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information and explanations given to us and in our opinion,
in respect of transaction with parties with whom transactions
exceeding value of Rs. five lacs have been entered into during the
financial year, are at the prices which are reasonable having regard
to the prevailing market prices at the relevant time, except in case
of transaction where we are unable to comment owing to the unique and
specialized nature of the items and absence of any comparable prices,
whether the transaction are made at the prevailing market prices at
the relevant time or not.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the year. Therefore, the provisions of the clause 4(vi) of the
order are not applicable to the company.
7. As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and
the nature of its business.
8. As per information and explanation given by the management, the
Central Government has prescribed maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally not been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us there are outstanding statutory dues as on
31st of March, 2014 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 no amounts payable in respect of income tax, wealth tax, service
tax, sales tax, customs duty and excise duty which have not been
deposited on account of any disputes.
10. In our opinion and on the basis of accounts, read with noted to
accounts, there are losses of the Company at the end of financial year
and the company has not incurred cash loss in the current financial
year covered by our audit or in the immediately preceding financial
year.
11. Based on our audit procedures and on the information and
explanation given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to the bank. The
company does not have any borrowings from financial institution or by
way of issue of debenture.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society and therefore , the provision of clause 4(xiii)
of the companies (auditor''s Report ) order, 2003 are not applicable to
the company.
14. According to information and explanations given to us, the Company
is not dealing in trading in Shares, Securities & other Investments
and therefore , the provision of clause 4(xiv) of the companies
(auditor''s Report) order, 2003 are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31sl
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. According to the information and explanations given to us, during
the year covered by our report, the Company has not issued any
debentures.
20. During the year covered by our report, the Company has not raised
any money by way of public issue.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud by the Company and
no material fraud on the Company has been noticed or reported during
the year.
For, Rajesh Singi & Associates
Chartered Accountant
FRN NO: 012310C
Sd/-
Drishti Adiani
Partner
Membership No. 127218
May 30,2014
Ahmedabad
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of RELISH
PHARMACEUTICALS LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
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 control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, 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.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, of the Loss for the year
ended on that date;
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on the other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss and cash flow
statement with by this Report are in" agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
cash flow statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on other Legal and Regulatory
Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of the Company''s fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of Company''s inventories:
(a) The management during the year has conducted physical verification
of the inventories & 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 having regard to the size of
the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us , the company has maintained proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material and have been properly dealt
with in the books of accounts.
3. (a) During the year the company has not taken any unsecured loans
from parties covered in the register maintained under section 301 of
the company Act, 1956. The closing balance at the end of year is Rs.
4,791,064.
(b) As informed to us, the company has granted loan to parties covered
in the register maintained under section 301 of the companies Act 1956.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase fixed assets and payment for expenses.
During the course of our audit, no major instance of continuing failure
to correct any weaknesses in the internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information and explanations given to us and in our opinion,
in respect of transaction with parties with whom transactions exceeding
value of Rs. five lacs have been entered into during the financial year,
are at the prices which are reasonable having regard to the prevailing
market prices at the relevant time, except in case of transaction where
we are unable to comment owing to the unique and specialized nature of
the items and absence of any comparable prices, whether the transaction
are made at the prevailing market prices at the relevant time or not.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public
during the year. Therefore, the provisions of the clause 4(vi) of the
order are not applicable to the company.
7. As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information and explanation given-by the management, the
Central Government has prescribed maintenance of cost records under
clause (d) of sub- section (1) of section 209 of the Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor. Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally not been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us there are outstanding statutory dues as on
31st of March, 2013"for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us,
following are the dues which have not been deposited on account of
disputes being Income Tax of X 919262/- and Excise duty ofRs. 803300/-
10. In our opinion and on the basis of accounts, read with noted to
accounts, there are losses of the Company at the end of financial year
and the company has not incurred cash loss in the current financial
year covered by our audit or in the immediately preceding financial
year.
11. Based on our audit procedures and on the information and
explanation given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to the bank. The company
does not have any borrowings from financial institution or by way of
issue of debenture.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society and therefore , the provision of clause 4(xiii) of
the companies (auditor''s Report ) order, 2003 are not applicable to the
company.
14. According to information and explanations given to us, the Company
is not dealing in trading in Shares, Securities & other Investments and
therefore , the provision of clause 4(xiv) of the companies (auditor''s
Report ) order, 2003 are not applicable to the company.
15. According to the information and explanations given to us,-the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. According to the information and explanations given to us, during
the year covered by our report, the Company has not issued any
debentures.
20. During the year covered by our report, the Company has not raised
any money by way of public issue.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud by the Company and
no material fraud on the Company has been noticed or reported during
the year.
For Rajesh Singi & Associates
Chartered Accountants
Date: 30/05/2013
Place: Ahmedabad Sd/-
(Drishti Adiani)
Partner
M. No. 127218
Mar 31, 2012
1. We have audited the attached Balance Sheet of RELISH
PHARMACEUTICALS LIMITED as at 31st March, 2012 and the Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) order, 2003 issued
by the Central Govt. of India in terms of Section 227(4A) of the
Companies Act, 1956, on the basis of information & explanations given
to us and disclosure made by the company in annexed accounts, we
enclose in the Annexure a statement on the matters specified in
paragraph 4 and 5 of the said order in respect of the period covered
under the audit and to the extent applicable to the Company. -
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account dealt with by this
report are in agreement "with the books of accounts;.-''
(iv) In our opinion, the Balance Sheet, Profit & Loss Account dealt
with by this report complies with the accounting standards referred to
in sub section (3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written representation received from the Directors
of the Companies as on March 31st, 2012 and taken on record by the
Board of Directors, we report that none of the directors is
disqualified as on March 31st, 2012 from being appointed as a Director
in terms of clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, subject to third party balance
confirmations, the said accounts give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2012;
(b) in the case of the Profit and Loss account, of the profit for the
year ended on that date; and
ANNEXURE REFERRED TO IN PARA GRAPH (3) OF THE AUDIT REPORT OF EVEN DATE
TO THE MEMBERS OF RELISH PHARMACEUTICALS LIMITED, ON THE ACCOUNTS FOR
THE YEAR ENDED ON 31ST MARCH, 2012
(1) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As informed to us, substantial portion of the fixed assets has been
physically verified by the management during the year which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical verification.
(c) None of the substantial part of fixed assets has been disposed off
during the year.
(2) (a) The management during the year has conducted physical
verification of the inventories & 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 having regard to the size of
the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material and have been properly dealt
with in the books of account.
(3) (a) During the year, the company has taken unsecured loans from the
parties covered in the register maintained under section 301 of the
Act." the closing balance at the end of the year is Rs.. 7819947.00 the
terms and conditions are not prima facie prejudicial to the interest of
the Company. The payment of principal is regular. There has been no
overdue amount during the year.
(b) As informed to us, the company hjfltnot given loans to the
Companies, firms and other parties listed in the register maintained
under section 301 of the Companies Act 1956 JFJ-/nfMiflf
(4) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
(5) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that transactions that need to be entered into the register
maintained under section 301 have been so entered.
(b) In respect of transactions with parties with whom transactions
exceeding value of Rs. five lacs have been entered into during the
financial year, are at the prices which are reasonable having regard to
the prevailing market prices at the relevant time, except in case of
transactions where we are unable to comment owing to the unique and
specialized nature of the items and absence of any comparable prices,
whether the transactions are made at the prevailing market prices at
the relevant time or not.
(6) The company has not accepted any deposit during the year from
public.
(7) In our opinion the company has an internal audit system
commensurate with the size and the nature of its business, however,
there are scope for further improvement.
(8) As informed to us, the Central Government of India has prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act,1956 for any of the products of the Company.
(9) (a) The Company is generally not regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education and protection fund, employees'' state
insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
Cess and other material statutory dues applicable to it.
(b) According to records, information and explanations given to us the
detail of statutory dues toward Income Tax, Which have not been
deposited on account of dispute of pending at Hon''ble Income Tax
Tribunal for A Y 2001-02 has been Rs 9,19,262/-
(10) In our opinion and on the basis of accounts, read with notes to
accounts, there are losses of the Company at the end of financial year
and the Company has not incurred cash loss in the current financial
year covered by our-"audit or in the immediately preceding financial
year. j**
(11) In our opinion and according to the information and explanations
provided to us the company has made settlement with Union Bank of India
and Syndicate Bank against the term loan and Working Capital'' limit
outstanding. Out of the total dues outstanding of Rs. 76.10 Lacs the
settlement was made at Rs 50.70 Lacs and the balance amount is
considered in extraordinary income in the profit and loss account in
the current financial year.
(12) Based on our audit procedures and on the information and
explanations given by the management, we-are of the opinion that the
company has not defaulted in repayment of duetto the bank. The company
does not have any borrowings from financial institution or by way issue
of debentures.
(13) We are of the opinion that the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(14) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society and therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(15) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments and accordingly,
the provisions of clause 4(xiv) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
(16) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its associates
from Banks or Financial Institution.
(17) According to the information and explanations given to us, the
company has not taken any term loans during the year and accordingly,
the provisions of clause 4(xvi) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the company.
(18) According to the Cash Flow Statement and other records examined by
us as well as information and explanations given to us on an overall
basis, we report that funds raised on short term basis have not
prima-facie been used for long term investment & vice-versa, though
surplus funds which were not required for immediate utilization have
been gainfully invested in liquid investment payable on demand.
(19) The Company has not made preferential allotment of share to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
(20) The company has not issued any debentures and accordingly, the
provisions of clause 4(xix) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company. j,-*
(21) The company has not raised any money through a,public issue and
accordingly, the provisions of clause 4(xx) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company. -''
(22) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For, Rajesh Singi & Associates
M.No. 127218
Mar 31, 2010
1. We have audited the attached Balance Sheet of Relish
Pharmaceuticals Limited, as at 31st March 2010 and Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining , on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies ( Auditors Report ) Order, 2003 issued
by the central government of India in terms of sub- section (4A) of
section 227 of the Companies Act, 1956, para 4 & 5 are not applicable
to the company.
4. Further to our comments in the Annexure referred to above, We
report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, subject to note no.8, regarding non maintenance of
Costing records proper books of account as required by law have been
kept by the Company so far as it appears form our examination of such
books.
(c) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the books of account.
(d) Except for non compliance of Accounting Standard 15 (refer note no
3) for Accounting for Retirement Benefits in the Financial Statement of
Employers, Accounting Standard 22 (refer note no. 4) Accounting for
taxes on income, In our opinion, the balance sheet and profit & loss
account comply with the accounting standards referred to in sub-section
( 3 C ) of section 211 of the companies act, 1956.
(e) Except as above and On the basis of written representation received
from the directors as on 31/03/2010 and, taken on records by the Board
of Directors, We report that none of the directors is disqualified as
on 31s' March. 2010 form being appointed as a Directors in terms of
clause (g) of sub-section (1) of section 274 of the companies Act,
1956.
Attention is invited to :
1. Note no 5 regarding the accounts of the Company have been prepared
on going concern basis.
2. Note no.: 6 regarding balances of secured and unsecured loans,
creditors, other liabilities, debtors, loans and advances and balances
with banks being subject to confirmation and reconciliation.
3. Note no.: 7 regarding expenses Capital work in progress for
building of Rs.4,56,710 in respect of which non provision for
impairment is required to be made in the opinion of the management of
the Company. In absence of any evidence in this regard, I am unable to
comment on the provision for impairment and /or readability of the
same.
(f) Subject to the foregoing, In our opinion and to the extent best of
our information and according to the explanation given to us, the said
balance-sheet read together with the notes and give by the companies
Act 1956 in the manner as required a true and fair view in the case of
Balance Sheet, of the state of affairs of the Company as at 31st
March,2010 and
(I) In the case of balance Sheet, of state of affairs of the Company as
at 31st March, 2010 and
(II) In the case of Profit & loss Account, of the profit, of the
Company for the year period ended on that date.
Annexure referred to in paragraph 3 of the auditors' report to the
shareholders of Relish Pharmaceuticals Ltd. on the accounts of the year
ended on 31s' March 2010.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) as explained to us, the part of the fixed assets has been
physically verified by the management at reasonable intervals and as
explained to us, no material discrepancies was noticed on such
verification.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year.
(ii) (a) As explained to us, the inventories have been physically
verified by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management were reasonable and adequate in relation to
size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its
inventories. The discrepancies noticed on verification between the
physical stocks and the book stocks were not material.
(iii) (a) According to the information and explanation given to us, the
Company has not granted any loans, secured and unsecured to the
companies, firm and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) The Company has not taken unsecured loan from parties covered in
the register in the register maintained under Section 301 of the
Companies Act, 1956.
(c)In our opinion, in view of the above, whether the rate of interest
and other terms and conditions of such loans are prima facie not
prejudicial to the interest of the Company, is not applicable.
(d) In view of the above, the payment of principal amounts and interest
is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are internal control procedures which are required
to be strengthened to make commensurate with the size of the Company
and the nature of its business, for the purchase of inventory and fixed
assets and for the sale of goods and services. In our opinion, there is
no continuing failure of major weakness in the internal control.
(v) According to the information and explanations given to us, the
Company has not entered in any transaction which is required to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
(vi) During the year under review, the Company has not accepted any
deposits from public.
(vii) In our opinion, the internal audit system of the Company is
required to be strengthened to make it commensurate with the size and
nature of the business.
(viii) As informed by the management, the accounts and records, as
required by the Rules made by the Central Government for the
maintenance of cost records under section 209(l)(d) of the Companies
Act, 1956, are not made and maintained by the Company.
(ix) (a) According to the records, information and explanations
provided to us and also representation received from he management, the
Company has not been regular in depositing with approximate authorities
undisputed statutory dues including provident fund, Employees state
insurance, Sales tax, Excise duty and Cess. Quantification in case of
undisputed statutory dues for Provident Fund has not been made in
absence of the available information in this regard.
(b) According to the records, information and explanations provided to
us, the details of statutory dues towards Income Tax, which have not
been deposited on account of dispute of pending at Hon'ble Income Tax
Tribunal for AY 2001-2002 has been Rs. 9,19,262.
(x) In my opinion and according to the information and explanations
given to us the Company has not granted loans or advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xi) The company is not a Chit Fund, Nidhi or Mutual Benefit Fund /
Society. Therefore the provisions of clause (xiii) of Para 4 of the
Order are not applicable to the company.
(xii) In our opinion and according to the explanation and information
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of para 4 of the Order are not applicable to
the Company.
(xiii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions and hence clause (xv) of
Para 4 of the Order is not applicable to the Company.
(xiv) According to the records of the Company, the Company has not
taken term loan during the year and hence comments under clause (xvi)
of Para 4 of the Order are not called for.
(xv) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on long term basis have prima facie been used
during the year for short term investment.
(xvi) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xvii) The Company has not issued any debentures requiring report under
clause (xix) of Para 4 of the Order.
(xviii) During the period covered by us audit, the Company has not
raised any money by way of public issue.
(xix) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For R. M. Nagar & Associates.
Chartered Accountants,
(Ramesh Nagar)
Proprietor
Membership No.: 38463
Place : Ahmedabad
Date : 31/07/2010
Mar 31, 2009
1 We have audited trie attached Balance Sheet of Relish Pharmaceuticals
Limited, as at 31st March 2009 and Profit and Loss Account for the year
ended on that date annexed thereto. These financial statemerts are the
responsibility of the companys management Our responsibility is to
express an opinion on these financial statements based on our audit
2 We have conducted our audit in accordance with the auditing standards
generally accepted in Inaia. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining , on a test basis, evidence supporting the amounts
and disclosures in the financial statements An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. Asl required by the Companies ( Auditors Report ) Order, 2003 issued
by the central government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, para 4 & 5 are not applicable
to the company.
further to our comments in the Annexure referred to above, We report
(hat
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, subject to note no 6, regarding non maintenance of
Costing records proper books of account as required by law have been
kept by the Company so fa: as it appears form our examination of such
books
{c} The Balance Sheet and Profit & Loss account dealt with by thrs
report are in agreement with the books of account
(d) Except for non compliance of Accounting Standard 15 (refer note no
3) for Accounting for Retrrement Benefits in the Financial Statement of
Employers, Accounting Standard 22 (refer note no 4) Accounting for
taxes on income, In our opinion, the balance sheet and profit & loss
account comply wrlh the accounting standards referred to in sub-
section (3 C ) of section 211 of the companies act, 1956.
(e) Except as above and On the basis of wrriten representation received
from the directors as on 31/03/2009 and, taken on records by the Board
of Directors, We report that none of the directors is disqualified as
on 31si March. 2009 form being appointed as a Directors in terms of
clause (g) of sub-section (1) of section 274 of the companies Act.
1956.
Attention is invited to :
1.Note no 5 regarding the accounts of the Company have been prepaied on
goingconcern basis
2 Note no 6 regs."ding balances of secured rn unsecured roans,
creditors, other liabilities, debtors, loans and advances and balances
with banks being subject to confirmation and reconciliation
3, Mote no.: 7 regarding expenses Capital work in progress for building
of Rs.4,56,710 in respect of which non provision for impairment is
required to be made in the opinion of the management of the Company. In
absence of any evidence in this regard, I am una hie to comment on the
provision for impairment and /or readability o: the same
{f) Subject to the foregoing, In our opinion and to the extent best of
our information and acwrding to the explanation given to us, the said
balance-sheet read together with the notes and gu& by the companies Act
1956 in the manner as required a true and fair vjew in the case of
Balance Sheet, of the state of affairs of the Company as at 31s1
Manch,2009 and
(I) In the case of balance Sheet, of state of affairs of the Company as
at 31st March 2008 and
(II)In the case of Profit A loss Account, of the profit, of
the Company for the year period ended on that date.
Annexure referred to in paragraph 3 of tbe auditors* report to the
shareholders of Relish Pharmaceuticals Ltd. on the accounts of the year
ended on 31sl March 2009.
(i) (a) The company has maintained proper records showing full
particulars, including situation or fixed assets.
(b) as explained to us, the part of the fixed assets has been
physically verified by the management at reasonable intervals and as
explained to us, no material discrepancies was noticed on such
verification.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year.
(ii) (a) As explained to us, the inventories have been physically
verified by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures for physical verification of inventory
followed by the management were reasonable and adequate in relation to
size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanation
givci to us, the Company has maintained proper records of its
inventories. The discrepancies noticed on verification between the
physical stocks and the book stocks were not material.
(iii) (a) According to the information and explanation given to us, the
Company has not granted any loans, secured and unsecured to the
companies, tInn and other parties covered in the agister maintained
under Section 301 of the Companies Act, 1956.
(b) The Company has not taken unsecured loan from parties covered in
the register in the register maintained under Section 301 of the
Companies Act, 1956,
(c)In our opinion, in view of the above, whether the rate of interest
and other terms and conditions of such loans are prima facie not
prejudicial to the interest of the Company, is not applicable.
(d) In view of the above, the payment of principal amounts and interest
is not applicable,
(iv) In our opinion and according to the information and explanations
given to lis, there are internal comrol procedures which are required
lu be strengthened to make commensurate with the size of the Company
and the nature of its business, for the purchase of inventory and fixed
assets and for the sale of goods and services. In our opinion, there is
no continuing failure of major weakness in the internal control.
(v) According to the information and explanations given to us, the
Company has not entered in any transaction which is required to be
entered into the register maintained under section 301 of the Companies
Act, 1956.
(vi) During the year under review, the Company has not accepted any
deposits from public.
(vii) In our opinion, the internal audit system of the Company is
required to be strengthened to make it commensurate with the size and
nature of the business.
(viii) As informed by the management, the accounts and records, as
required by the Rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956, are not made and maintained by the Company.
(ix) (a) According to the records, information and explanations
provided to us and also representation received from by man agemen I,
the Company has not been regular in depositing with approximate
authorities undisputed statutory dues including provident fund,
Employees state insurance, Sales tax. hxcise duty and Cess.
Quantification in case of undisputed statutory dues for Provident Fund
has not been made in absence of the available information in this
regard. (b) According to t records, information and explanations
provided to ui, the details o" statutory dues towards Income Tax, which
have not been deposited on account of dispute of pending at flonble
Income Tax Tribunal for AY 2001-2002 had beeKs. 9,19,262.
(x) In my opinion and according to the information and explanations
given to us the Company has not granted loans or advances on the basis
of" security by way of pledge of shares, debeniures and other
securities,
(xi) The company is not a Chit Fund, Nidhi or Mutual Benefit Fund /
Society. Therefore the provisions of clause (xiii) of Para 4 of the
Order are not applicable to the company.
(xii) In our opinion and aceording to the explanation and information
given to us, the Company is not dealing in or trading in shares,
securities debentures and other investments. Accordingly, the
provisions of clause (xiv) of para 4 of the Order are not applicable to
die Company,
(xiii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions and hence clause {w) of
Para 4 of the Order is not applicable to the Company.
(xiv) According to the records, of the Company, the Company has not
taken term loan during the yeir and hence comments undei clause (xvi)
of Para 4 of the Order are net called for. sZTn
(s.v) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
thai no funds raised on long term basis have prima facie been used
during the year for short term investment.
(xvi) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xvii) The Company has not issued any debentures requiring report under
clause (xix) of Para 4 of the Order.
(wiii) During (he period covered by us audit, the Company has not
raised any money by way of public issue.
(xix) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year,
R M. Nagar & Associates
Chartered Accountants
(Ramesh M, Nagar)
Proprietor
Proprietor PLACE : AHMEDABAD Membership No 38463
DATE 08/08/2009