Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of SICAGEN INDIA LIMITED (âthe Companyâ), which comprise the Balance sheet as at 31st March 2018, the Statement of Profit and Loss (including Other Comprehensive Income) the Cash Flow Statement, the Statement of Changes in Equity for the financial year then ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including Other Comprehensive Income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (âInd ASâ) specified under Section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. 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 design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS 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 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Standalone Ind AS 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 standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 31st March 2018;
(b) in the case of the Statement of Profit and Loss (including Other Comprehensive Income), of the profit & total Comprehensive Income for the year ended on that date;
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date; and
(d) in the case of the Statement of Changes in Equity, changes for the year ended on that date
Other Matters
The comparative financial information of the Company for the year ended March 31, 2017 and the transition date opening balance sheet as at 1st April 2016 included in these Standalone Ind AS financial statements are based on the previously issued statutory financial statements prepared in accordance with Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) and other accounting principles generally accepted in India,audited by CNGSN & Associates LLP, Chartered Accountants, the predecessor auditor, whose report for the year ended March 31, 2016 and March 31, 2017 dated 25th May, 2016 and 17th May, 2017 respectively expressed an unmodified opinion on those standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Our opinion is not modified in respect of these matter.
Report on other Legal and Regulatory Requirements.
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the âAnnexure 1â a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of accounts.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
(e) On the basis of the written representations received from the Directors as on 31st March 2018, taken on record by the Board of Directors, none of the directors are disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Companies Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure 2â.
(g) With respect to the other matters to be included in the Auditorâs 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- Refer Note 36
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March 31, 2018.
Annexure 1 to the Independent Auditorâs Report
Referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements of our Report of even date
i. a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.
c) According to the information and explanation given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties of the Company are held in the name of the Company.
ii. Physical verification of inventory has been conducted at reasonable intervals by the management and no material discrepancies were noticed on such verification.
iii. The company has not granted loans to parties covered in the register maintained under section 189 of the Companies Act. Accordingly, reporting under this clause does not arise.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act 2013 in respect of loans, investments, guarantees and security.
v. In our opinion and according to the information and explanations given to us the company has not accepted any deposits during the year. Accordingly, reporting under this clause does not arise.
vi. 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 sub-section (1) of Section 148 of the Companies Act in respect of Company''s products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
vii. a) According to the records of the Company and information and explanations given to us, the company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, Goods and Services Tax, cess and any other statutory dues with the appropriate authorities. There are no undisputed statutory dues outstanding for more than six months.
b) As at 31st March 2018 according to the records of the Company, the following are the particulars of the disputed dues on account of sales tax, income tax, customs duty, wealth tax, service tax and cess, which have not been deposited on account of dispute:
Sl. No |
Period |
Nature of Dues |
Not Paid (Rs. Lakhs) |
Forum where Pending |
1 |
2009-10 |
Income Tax |
200 |
High Court |
2 |
2011-12 |
Income Tax |
1,699 |
I TAT |
3 |
2015-16 |
Income Tax |
151 |
CIT(A) |
viii. Based on our audit procedures and according to the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of loans or borrowings to any financial institution, bank, Government or debenture holders.
ix. The company has not raised any money by way of initial public offer or further public offer during the Current year and the term loans were applied for the purposes for which those were raised.
x. In our opinion 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.
xi. In our opinion and according to the information and explanations given to us, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
xii. In our opinion, the Company is not a Nidhi Company. Accordingly, clause (xii) of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
xiii. In our opinion and according to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details of the related party transactions have been disclosed in the Financial Statements, as required by the applicable accounting standards.
xiv. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly clause (xiv) of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
xv. ln our opinion and according to the information and explanations given to us, the Company has not entered into any non - cash transactions with Directors or persons connected with the Directors. Accordingly, clause (xv) of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
xvi. In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-lA of the Reserve Bank of India Act, 1934. Accordingly, clause (xvi) of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
Annexure 2 to the Independent Auditorâs Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of M/s SICAGEN INDIA LIMITED (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For SRSV & Associates
Chartered Accountants
F.R.No.015041S
V. RAJESWARAN
Place: Chennai Partner
Date: 15th May, 2018 Memb.No.020881
Mar 31, 2017
To the Members of SICAGEN INDIA LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of M/s.SICAGEN INDIA LIMITED (âthe Companyâ), which comprise the Balance sheet as at 31st March 2017, the Statement of Profit and Loss and the Cash Flow Statement for the financial period then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the 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 design, implementation and maintenance of adequate internal financial controls, 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these 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 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 the 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 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s 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 statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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) if the Balance Sheet, of the state of affairs of the Company as at 31st March 2017;
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the 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, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the âAnnexure 1â a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) I n our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.
(d) In our opinion, the aforesaid 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 representations received from the directors as on 31st March 2017, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2017 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Group and the operating effectiveness of such controls, refer to our separate report in âAnnexure 2â.
(g) 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. t he Company has disclosed the impact of pending litigations on its financial position in its financial statements- Refer Note 31
ii. t he Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management - Refer Note 29.
Annexure 1 to the Independent Auditorâs Report
Referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements of our Report of even date
i. a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.
c) According to the information and explanation given to us, the title deeds of immovable properties of the Company are held in the name of the Company.
ii. Physical verification of inventory has been conducted at reasonable intervals by the management and no material discrepancies were noticed on such verification.
iii. The company has not granted loans to parties covered in the register maintained under section 189 of the Companies Act. Accordingly, reporting under this clause does not arise.
iv. I n our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act 2013 in respect of loans, investments, guarantees and security.
v. I n our opinion and according to the information and explanations given to us the company has not accepted any deposits during the year. Accordingly, reporting under this clause does not arise.
vi. The Central Government has prescribed the maintenance of cost records under section 148 (1) of the Companies Act 2013.Accordingly clause vi of paragraph 3 of Companies (Auditors Report) Order 2016 is applicable.
vii. a) According to the records of the Company and information and explanations given to us, the company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities. There are no undisputed statutory dues outstanding for more than six months.
b) As at 31st March 2017 according to the records of the Company, the following are the particulars of the disputed dues on account of sales tax, income tax, customs duty, wealth tax, service tax and cess, which have not been deposited on account of dispute:
Sl. No |
Period |
Nature of Dues |
Not Paid (Rs. in Lakhs) |
Forum where Pending |
1 |
2011-12 |
Income Tax |
1,699.00 |
ITAT |
viii. Based on our audit procedures and according to the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in repayment of loans or borrowings to a financial institution, bank, Government or debenture holders.
ix. The company has not raised money by way of initial public offer or further public offer during the Current year and the term loans were applied for the purposes for which those were raised.
x. I n our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the financial period.
xi. I n our opinion and according to the information and explanations given to us, managerial remuneration has been provided in accordance with the requisite approvals mandated by Section 197 read with Schedule V of the Companies Act, 2013.
xii. I n our opinion, the Company is not a Nidhi Company. Accordingly, clause xii of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
xiii. I n our opinion and according to the information and explanation given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements, as required by the applicable accounting standards.
xiv. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
(Based on the above Para, matters referred in clause (xiv) of paragraph 3 of Companies (Auditors Report) Order 2016 is not applicable).
xv. I n our opinion and according to the information and explanations given to us, the Company has not entered into any non - cash transactions with directors or persons connected with the Directors. Accordingly, clause xv of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
xvi. I n our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-lA of the Reserve Bank of India Act, 1934. Accordingly, clause xvi of Para 3 of Companies (Auditors Report) Order 2016 is not applicable.
Annexure 2 to the Independent Auditorâs report
Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of M/s SICAGEN INDIA LIMITED (âthe Companyâ) as of March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance 168 Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For CNGSN & ASSOCIATES LLP
Chartered Accountants
F.R.No.004915S / S200036
C N GANGADARAN
Place: Chennai Partner
Date: 17th May 2017 Memb.No.011205
Mar 31, 2015
We have audited the accompanying financial statements of Sicagen India
Limited ("the Company"), which comprise the Balance sheet as at 31st
March 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the period then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters 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 the accounting principles
generally accepted in India, including Accounting Standards specified
under Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules 2014. This responsibility also includes the
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 the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of 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 an 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
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 judgement, including the assessment of
the risks of material misstatements 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 of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on these
standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
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
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules
2014; and
e. On the basis of written representations received from the directors
as on 31st 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 section 164(2) of the Act.
f. With respect to other matters 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 provided to us :
(i) the Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 34 to the
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 were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the standalone financial statements for the
year ended 31st March 2015, we report that:
1. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. All the assets have not been physically verified by the management
during the year but, according to the information and explanations
given to us, there is a regular program of verification 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
verification.
2. In respect of its inventories :
a. The inventories have been physically verified during the year by the
management. In our opinion the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In our opinion, the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets, inventory and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
internal control system.
5. The Company has not accepted deposits from the public, and hence the
directives issued by the Reserve Bank of India and the provisions of
section 73 to 76 of the Companies Act., 2013 and the rules framed there
under are not applicable
6. The Company is maintaining cost records as specified by the Central
Government under sub-section (1) of section 148 of the Companies Act.
7. In respect of statutory dues:
a. According to the information and explanations given to us, and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues, including Provident Fund, Employees State Insurance
Scheme, Income Tax, Service Tax, Customs Duty and other material
statutory dues as applicable, have during the year been regularly
deposited by the Company with the appropriate authorities. There are no
undisputed amounts in excess of 6 months that remain unpaid.
b. As at 31st March, 2015 according to the records of the Company, the
following are the particulars of the disputed dues on account of Income
tax. There were no disputed amounts payable in Sales tax, custom duty
and wealth-tax matters.
Nature Forum where Amount in Period to which
of Dues dispute is dispute the amount relates
pending (Rsin lakhs) (Assessment year)
Income Tax ITAT 200 2009-10
Income Tax ITAT 1,699 2011-12
c. According to the information and explanations given to us, there are
no amounts required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules made thereunder.
8. The company does not have accumulated losses as at 31st March, 2015;
it has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by management, we are of opinion that the company
has not defaulted in repayment of dues to Financial Institutions or
bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. According to the information and explanations given to us, the term
loans have been applied for the purposes for which they were obtained.
12. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For CNGSN & ASSOCIATES LLP
Chartered Accountants
F.R.No.004915S
C N GANGADARAN
Partner
Memb.No.11205
Place: Chennai
Date: 19. 05. 2015
Mar 31, 2014
We have audited the accompanying financial statements of M/s SICAGEN
INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-Section (3C) of Section 211
of the Companies Act, 1956 read with the General Circular 15/2013 dated
13 September 2013 of the Ministry of Corporate Affairs in respect of
Section133 of the Companies Act, 2013. 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.
Auditor''s 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 judgement, including the assessment of
the risks of material misstatements 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 entity''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 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 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
(b) in the case of the Statement of Profit and Loss, of the PROFIT for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the 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, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-Section (4A) of Section 227 of the Companies Act,1956 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 Companies Act, 1956 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 dealt 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
sub- Section (3C) of Section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of Ministry of
Corporate Affairs in respect of Section133 of the Companies Act, 2013.;
and
e. on the basis of written representations received from the directors
as on 31st March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 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 Auditors'' Report
The Annexure referred to in our report to the members of M/s SICAGEN
INDIA LIMITED ("the Company") for the year ended 31st March 2014. We
report that:
1. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. All the assets have not been physically verified by the management
during the year but, according to the information and explanations
given to us, there is a regular program of verification 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
verification.
c. The fixed assets disposed of during the year do not constitute a
substantial part of the fixed assets of the Company and such disposal,
in our opinion has not affected the going concern status of the
Company.
2. In respect of its inventories :
a. The inventories have been physically verified during the year by the
management. In our opinion the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In our opinion, the Company has neither granted nor taken any loans,
secured or unsecured from/ to the Companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act 1956. As such the clauses iii(b), iii(c) and iii(d) of paragraph 4
of the Order, are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets, inventory and for the sale of goods. Further,
on the basis of our examination of the books and records of the
Company, and according to the information and explanations given to us,
we have neither come across nor have been informed of any continuing
failure to correct major weaknesses in the internal control system.
5. In respect of contracts or arrangements referred to in Section 301
of Companies Act, 1956
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs.5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable having regard to the prevailing market prices at the
relevant time, as per information available with the Company.
6. The Company has not accepted deposits from the public, and hence the
directives issued by the Reserve Bank of India and the provisions of
Section 58A & 58AA of the Companies Act., 1956 and the rules framed
there under are not applicable
7. In our opinion, the Company has an internal audit commensurate with
its size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules 2011
prescribed by the Central Government under Section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have however not made
a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
9. In respect of statutory dues:
a. According to the information and explanations given to us, and on
the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues, including Provident Fund, Employees State Insurance
Scheme, Income Tax, Service Tax, Customs Duty and other material
statutory dues as applicable, have during the year been regularly
deposited by the Company with the appropriate authorities. There are no
undisputed amounts in excess of 6 months that remain unpaid.
b. As at 31st March, 2014 according to the records of the Company, the
following are the particulars of the disputed dues on account of Income
tax. There were no disputed amounts payable in Sales tax, custom duty
and wealth- tax matters.
Forum where Amount in dispute Period to which
Nature of dispute is pending (Rs. in lakhs) the amount
Dues relates
(Assessment year)
Income Tax ITAT 200 2009-10
Income Tax CIT (A) 1699 2011-12
10. The company does not have accumulated losses as at 31st March 2014;
it has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by management, we are of opinion that the company
has not defaulted in repayment of dues to Financial Institutions or
bank or debenture holders.
12. According to the information and explanation given to us, the
company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and to the best of our information and according to
the explanations provided by the management, the Company is not a Chit
Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore the
provisions of Clause 4(xiii) of the Companies (Auditors Report) Order,
2003 (as amended) do not apply to the Company.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4(xiv) of Companies (Auditors
Report) Order, 2003 is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us, the term
loans have been applied for the purposes for which they were obtained.
17. According to the information and explanations given to us and an
overall examination of the balance sheet of the Company, we are of the
opinion that the funds raised on a short term basis have not been used
for long term investments.
18. During the year the company has not made any preferential allotment
of shares to the parties and the companies covered in the register
maintained under Sec. 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of Companies (Auditors Report) Order, 2003 is not
applicable.
19. The company has not issued debentures during the year and therefore
the question of creation of charge or security does not arise.
20. The Company has not raised any money by way of public issue during
the period. Hence in our opinion Clause 4(xx) of the Companies
(Auditors Report) Order, 2003 (as amended) is not applicable to the
Company.
21. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For CNGSN & ASSOCIATES
Chartered Accountants
F.R.No.004915S
Place: Chennai C N GANGADARAN
Dated: 27th May 2014 Partner
Memb.No.11205
Mar 31, 2013
We have audited the attached Balance Sheet of M/s Sicagen India
Limited, as at 31st March 2013 and also the Profit and Loss Account for
the year ended on that date annexed thereto and the Cash Flow Statement
for the period ended on that date. 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.
We conducted our audit in accordance with 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.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-Section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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 account as required by law have
been kept by the Company,
so far as it appears from our examination of those books;
iii. The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-Section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable;
v. On the basis of written representations received from the directors,
as on 31st March, 2013, and taken on record by the Board of Directors,
we report that none of the directors are disqualified as on 31s'' March
2013 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, 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 31s1 March 2013;
b) In the case of Profit and Loss Account, of the PROFIT for the year
ended or^ that date; and
c) In case of Cash Flow Statement, of the cash flows for the year ended
on that date.
Annexure: As Referred to in our report of even date.
1. a) The Company has maintained proper records
showing full particulars including quantitative details and the
situation of fixed assets except in certain divisions which are being
updated.
b) All the assets have not been physically verified by the management
during the year but, according to the information and explanations
given to us, there is a regular program of verification 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
verification.
c) During the year, the Company has not disposed off substantial part
of the fixed assets and the going concern status of the Company is not
affected.
2. a) Inventories have been physically verified during
the year by the management. In our opinion, the frequency of
verification is reasonable.
b) In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stock and
the book records have been properly dealt with in the books.
3. In our opinion, the Company has neither granted nor taken any
loans, secured or unsecured from/ to the Companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. As such the clauses iii(b), iii(c) and iii(d) of
paragraph 4 of the Order, are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of the inventory. During the course of our audit we have
not observed any continuing failure to correct major weaknesses in
internal control.
5. a) In our opinion and according to the information
and explanation given to us, we are of the opinion that the
transactions that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act,1956 and exceeding the value of Rs.5,00,000/- in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The Company has not accepted deposits from the public, and hence
the directives issued by the Reserve Bank of India and the provisions
of Section 58A & 58AA of the Companies Act, 1956 and the rules framed
there under are not applicable.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of any cost
records under Section 209(1) (d) of the Companies Act, 1956.
9. a) The Company is regular in depositing Provident
Fund, Employees'' State Insurance, Income tax, Sales tax dues and
Service tax dues with the appropriate authorities, and according to the
information and explanations given to us, there were no undisputed
statutory dues payable which have remained outstanding as at 31st
March, 2013 for a period of more than six months from the date they
became payable.
10. The Company does not have accumulated losses as at 31st March,
2013; it has not incurred any cash losses during the financial year
ended on that date or in the immediately preceeding financial year.
11. Based on our audit procedures and on the information and
explanations given by management, we are of opinion that the Company
has not defaulted in repayment of dues to Financial Institutions or
bank or debenture holders.
12. According to the information and explanation given to us, the
Company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the Order are not applicable to the Company.
14. According to the information and explanation given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4(xiv) of Companies (Auditors
Report) Order, 2003 is not applicable.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. As per the information and explanation given to us, the Company
has obtained Term Loans during the year and has applied it for the
purpose for which it is obtained.
17. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, short-term
funds have not been applied for long term purposes.
18. During the year the Company has not made any preferential
allotment of shares to the parties and the Companies covered in the
register maintained under Sec. 301 of the Companies Act, 1956,
Accordingly, clause 4(xviii) of Companies (Auditor''s Report) Order,
2003 is not applicable.
19. The Company has not issued debentures during the year and
therefore the question of creation of charge or security does not
arise.
20. The Company has not raised any money through public issue of
equity shares during the year.
21. According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year.
For CNGSN & ASSOCIATES
Chartered Accountants
F.R.NO.004915S
Place : Chennai C N GANGADARAN
Date :8th May 2013 Partner
Membership No. 11205
Mar 31, 2012
We have audited the attached Balance Sheet of M/s Sicagen India
Limited, as at 31 March 2012 and also the Profit and Loss Account for
the year ended on that date annexed thereto and the cash flow statement
for the period ended on that date. 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.
We conducted our audit in accordance with 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.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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 account as required by law have been
kept by the company, so far as it appears from our examination of those
books.
iii The Balance Sheet, the Profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account:
iv In our opinion, the Balance Sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable:
v On the basis of written representations received from the directors,
as on 31 March 2012, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31 March 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 The company has not provided for the cess payable under Sec. 441 A
of the Companies Act, 1956 as the notification regarding rate and mode
of payment has not been received.
vii In our opinion and to the best of our information and according to
the explanations given to us 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 31 March 2012; b In the case of Profit and Loss account, of the
PROFIT for the year ended on that date; and c In case of cash flow
statement, of the cash flows for the year ended on that date.
1 a The company has maintained proper records showing full particulars
including quantitative details and the situation of fixed assets except
in certain divisions which are being updated.
b All the assets have not been physically verified by the management
during the year but, according to the information and explanations
given to us, there is a regular program of verification 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
verification.
c During the year the company has not disposed off substantial part of
the fixed assets and the going concern status of the company is not
affected.
2 a Inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c The company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
3 In our opinion, the company has neither granted nor taken any loans,
secured or unsecured from/to the companies, firms or other parties
covered in the register maintained under section 301 of the companies
Act, 1956. As such the clauses iii(b), iii(c) and iii(d) of paragraph 4
of the Order, are not applicable.
4 In our opinion and according to the information and explanation given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and with regard to sale of the
inventory. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in internal control.
5 a In our opinion and according to the information and explanation
given to us, we are of the opinion that the transactions that need to
be entered into the register maintained under section 301 of the
Companies Act, 1956 have been so entered.
b In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Sec. 301 of the
Companies Act, 1 956 and exceeding the value of Rs 5,00,000 in respect
of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6 The Company has not accepted deposits from the public, and hence the
directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA of the Companies Act., 1956 and the rules framed
there under are not applicable.
7 In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8 The Central Government has not prescribed maintenance of any cost
records under section 209(1) (d) of the Companies Act., 1956.
9 a The Company is regular in depositing Provident Fund, Employees'
State Insurance, Income tax, Sales tax dues and Service tax dues with
the appropriate authorities, and according to the information and
explanations given to us, there were no undisputed statutory dues
payable which have remained outstanding as at 31 March 201 2 for a
period of more than six months from the date they became payable.
b As at 31 March 201 2 according to the records of the Company, the
following are the particulars of the disputed dues on account of Income
tax. There were no disputed amounts payable in Sales tax, custom duty
and wealth-tax matters.
Nature Amount Period to which the
of dues Payable amount relates
(in Rs.) (Assessment year)
Income Tax 437 lakhs 2009 -10
10 The company does not have accumulated losses as at 31 March 2012: it
has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
11 Based on our audit procedures and on the information and
explanations given by management, we are of opinion that the company
has not defaulted in repayment of dues to Financial Institutions or
bank or debenture holders.
12 According to the information and explanation given to us, the
company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13 The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the Order are not applicable to the Company.
14 According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4(xiv) of Companies (Auditors
Report) Order 2003 is not applicable.
15 The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16 As per the information and explanation given to us, the company has
obtained Term loans during the year and has applied it for the purpose
for which it is obtained.
17 According to the information and explanation given to us and on
overall examination of the balance sheet of the company, short-term
funds has not been applied for long term purposes.
18 During the year the company has not made any preferential allotment
of shares to the parties and the companies covered in the register
maintained under Sec. 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of Companies (Auditors Report) Order 2003 is not
applicable.
19 The company has not issued debentures during the year and therefore
the question of creation of charge or security does not arise.
20 The company has not raised any money through public issue of equity
shares during the year.
21 According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
Place Chennai For CNCSN & ASSOCIATES
Dated 28 May 2012 Chartered Accountants
F.R.N0.004915S
C N GANGADARAN
Partner
Membership Number: 11205
Mar 31, 2010
We have audited the attached Balance Sheet of Ws Sicagen India Limited,
as at 31 March 2010 and also the Profit and Loss Account for the year
ended on that date annexed thereto and the cash flow statement for the
period ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with 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.
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, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
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 account as required by law have been
kept by the company, so far as it appears from our examination of those
books.
iii The Balance Sheet, the Profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
iv In our opinion, the Balance Sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, to the extent applicable;
v On the basis of written representations received from the directors,
as on 31 March 2010, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31 March 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
vi The company has not provided for the cess payable under Sec. 441 A
of the Companies Act, 1956 as the notification regarding rate and mode
of payment has not been received.
vii In our opinion and to the best of our information and according to
the explanations given to us 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 31 March 2010; b In the case of Profit and Loss account, of the
PROFIT for the year ended on that date; and c In case of cash flow
statement, of the cash flows for the year ended on that date.
Annexure: As Referred to in our report of even date.
1 a The company has maintained proper records showing full particulars
including quantitative details and the situation of fixed assets except
in certain divisions which are being updated.
b All the assets have not been physically verified by the management
during the year but, according to the information and explanations
given to us, there is a regular program of verification 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
verification.
c During the year the company has not disposed off substantial part of
the fixed assets and the going concern status of the company is not
affected.
2 a Inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c The company has maintained proper records of inventories. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
3 In our opinion, the company has neither granted nor taken any loans,
secured or unsecured from/to the companies, firms or other parties
covered in the register maintained under section 301 of the companies
Act, 1956. As such the clauses iii(b), iii(c) and iii(d) of paragraph 4
of the Order, are not applicable.
4 in our opinion and according to the information and explanation given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and with regard to sale of the
inventory. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in internal control.
5 a In our opinion and according to the information and explanation
given to us, we are of the opinion that the transaction that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956 have been so entered.
b In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts ot
arrangements entered in the register maintained under Sec. 301 of the
Companies Act, 1956 and exceeding the value of Rs.5,00,000/- in respect
of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6 The Company has not accepted deposits from the public, and hence the
directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA of the Companies Act 1956 and the rules framed there
under are not applicable.
7 In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8 The Central Government has not prescribed maintenance of any cost
records under section 209(1) (d) of the Companies Act 1956.
9 a The Company is regular in depositing Provident Fund, Employees
State Insurance, Income tax, Sales tax dues and Service tax dues with
the appropriate authorities, and according to the information and
explanations given to us, there were no undisputed statutory dues
payable which have remained outstanding as at 31 March 2010 for a
period of more than six months from the date they became payable.
b As at 31 March 2010 according to the records of the Company, the
following are the particulars of the disputed dues on account of
sales-tax. There were no disputed amounts payable in income-tax, custom
duty and wealth-tax matters.
Nature of Dues Amount Payable Period to which the amount ralates
(Assessment year)
Sales Tax Rs.1.72 lakhs 2004-05
10 The company does not have accumulated losses as at 31 March 2010; it
has not incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
11 Based on our audit procedures and on the information and
explanations given by management, we are of opinion that the company
has not defaulted in repayment of dues to Financial Institutions or
bank or debenture holders.
12 According to the information and explanation given to us, the
company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13 The provisions of any special statute as specified under clause
(xiii) of paragraph 4 of the Order are not applicable to the Company.
14 According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4(xiv) of Companies (Auditors
Report) Order 2003 is not applicable.
15 The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16 As per the information and explanation given to us, the company has
not obtained any Term loans during the year.
1 7 According to the information and explanation given to us and on
overall examination of the balance sheet of the company, short-term
funds has not been applied for long term purposes.
18 During the year the company has not made any preferential allotment
of shares to the parties and the companies covered in the register
maintained under Sec. 301 of the Companies Act, 1956. Accordingly,
clause 4(xviii) of Companies (Auditors Report) Order 2003 is not
applicable.
19 The company has not issued debentures during the year and therefore
the question of creation of charge or security does not arise.
20 The company has not raised any money through public issue of equity
shares during the year.
21 According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the year.
For CNCSN & ASSOCIATES
Chartered Accountants
Place Chennai CN CANCADARAN
Dated 29 May 2010 Partner
Membership number: 11205
F.R.No.0049155
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