Mar 31, 2015
We have audited the accompanying standalone financial statements of
Biofil Chemicals and Pharmaceuticals Limited ('the Company'), which
comprise the balance sheet as at 31 March 2015, 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 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 and presentation 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 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 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.
Auditors' 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 thereunder.
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, 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
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 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 31 March 2015 and 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 a
statement on the matters specified in the paragraph 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 and the 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 representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director 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 litigation- Refer
Note No: - 7 of Notes of Financial Statments
(ii) The Company did not have any long term contracts including
derivatives contracts for which there were any material foreseeable
losses:
(iii) The Company is not required to transfer any amount in Investor
Education and Protection fund.
ANNEXURES TO THE AUDITOR'S REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that: (i) In Respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year and no material discrepancies were noticed on such verification.
(ii) In Respect of inventories
a. As explained to us, physical verification of inventory has been
conducted at reasonable intervals by the management;
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management were reasonable and adequate in relation to
the 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 inventory. We
are informed that material discrepancies noticed on such verification
as compared to the books record were not material and have been
properly dealt with in the books of accounts.
(iii) The company has not granted any loans, secured or unsecured to
any other companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
(iv) 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 inventory and fixed assets and for sale of goods. Further
we have not observed any major weakness in the internal control system
during the course of the audit.
(v) The Company has not accepted any deposits from the public within
the meaning of Section 73 and 74of the act and rules framed there under
to the extent notified.
(vi) The company does not falls within the provisions of Section 148 of
Company's Act, 2013 read with the Companies (Cost Records & Audit)
Rules, 2014, therefore no such records required to be maintained and
company is not required to appoint cost auditor for the financial year
2015-16.
(vii) According to information and explanations given to us, in respect
of statutory dues:
(a) Amounts deducted / accrued in the books of account in respect of
undisputed statutory dues including provident fund, employees' state
insurance, income tax, sales tax, service tax, duty of excise value
added tax, cess and other material statutory dues have been regularly
deposited during the year by the Company with the appropriate
authorities.
(b) There is no material dispute pending before any tax authority.
(c) Company is not required to deposit any amount in investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder.
(viii) Company is in existence for a period of more than 5 year and its
accumulated losses at the end of financial year is more than fifty
percent of its net worth. Further Company has not incurred cash losses
in the reporting year and immediately preceding financial year.
(ix) In our opinion and according to information and explanation given
to us, the company did not have any outstanding dues to financial
institutions or banks. Further Company has not issued any debentures.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) In our opinion and according to information and explanation given
to us, The Company has not raised any term loans during the year.
(xii) To the best of our knowledge and according to the information and
explanation given to us, no fraud by the company and no material fraud
on the Company has been noticed or reported during the year.
For S.N.Gadiya & Co.
Chartered Accountants
Registration No. (002052C)
Place :Indooe
Date :30.05.2015 (S.N.Gadiya)
Proprietor
M.No. 071229
Mar 31, 2014
We have audited the accompanying financial statements of Biofil
Chemicals & Pharmaceuticals Ltd., ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
and 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). 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 misstatements. 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. 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 statement. 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 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) 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 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") issued by the Central Government of India in terms of Section
227(4A) 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. in our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
ANNEXURES TO THE AUDITOR''S REPORT
(Referred to of our report of even date)
(1) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
asset.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year and no material discrepancies were noticed on such verification.
(c) The Company has not disposed off the substantial part of fixed
assets during the year.
(2) (a) As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to the size of the
company.
(c) The company has maintained proper records of inventory. We are
informed that discrepancies noticed on such verification as compared to
the book record were not material and have been properly dealt with in
the books of accounts.
(3) The company has received unsecured loan from the companies and
proper register maintained under section 301 of the Companies Act,
1956.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase and sales of materials and fixed assets and for the sale of
shares.
(5) In our opinion and according to the explanation given to us, the
transaction of purchase of goods and materials and services made in
pursuance of contracts of arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and aggregating
during the year to Rs. 50000/- or more in respect of each party have
been made at prices which in our opinion are reasonable having regard
to prevailing market prices for such goods, materials and services.
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
according to the provisions of sections 58A and 58AA of the Act and the
rules framed there under.
(7) The company has an internal audit system 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) According to the information and explanation given to us, the
company is regular in depositing sales tax, entry tax, provident fund
and employees state insurance, and other statutory with appropriate
authorities during the year.
(10) The Company has accumulated losses which is not exceeds its net
worth at the year end of financial year and it has not incurred cash/
losses in the financial year under report and the immediately preceding
financial year.
(11) According to information and explanation given to us, the Company
has not issued any Debenture during the year.
(12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The Company is not a Chit Fund/ Nidhi/ Mutual Benefit Fund/
Society. Therefore the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 are not applicable to the Company.
(14) The Company is not dealing or trading in shares, securities
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order , 2003 are not
applicable to the Company.
(15) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(16) On the basis of review of utilization of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loan taken by the Company have been utilized for the purposes
for which they are obtained.
(17) According to the information and explanation given to us, on an
overall basis, the Company has not raised the funds on short-term
basis, which have been used for long term investment and vice versa.
(18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
(19) According to the information and explanation given to us, the
Company has not created securities for the debentures issued.
(20) During the year, the Company has not raised money by public issue
hence the question of disclosure and verification of end use of such
monies does not arise.
(21) To the best of our knowledge and belief and according to
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year.
For S.N.Gadiya & Co.
Chartered Accountants
Registration No. (002052C)
Sd/-
Place : Indore (S.N.Gadiya) Proprietor
Date : 30.05.2014 M.No. 071229
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Biofil
Chemicals & Pharmaceuticals Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2013, the Statement of Profit and
Loss and 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). 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 misstatements. 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. 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 statement. 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 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) 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 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") issued by the Central Government of India in terms of Section
227(4A) 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, the Statement of Profit and Loss,
and the Cash Flow Statement dealt with by this Report are in agreement
with the books of account.
d. in our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
directors as on March 31, 2013, 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 Section 274(1)(g) of the
Act.
ANNEXURES TO THE AUDITOR''S REPORT
(Referred to of our report of even date)
(1) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
asset.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year and no material discrepancies were noticed on such verification.
(c) The Company has not disposed off the substantial part of fixed
assets during the year.
(2) (a) As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to the size of the
company.
(c) The company has maintained proper records of inventory. We are
informed that discrepancies noticed on such verification as compared to
the book record were not material and have been properly dealt with in
the books of accounts.
(3) According to the information and explanation given to us, The
Company has not granted/ taken any loans, secured or unsecured to /
from companies, firms or other parties covered in the register
maintained under section 301 of the Act.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase and sales of materials and fixed assets and for the sale of
shares.
(5) In our opinion and according to the explanation given to us, the
transaction of purchase of goods and materials and services made in
pursuance of contracts of arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and aggregating
during the year to Rs. 50000/- or more in respect of each party have
been made at prices which in our opinion are reasonable having regard
to prevailing market prices for such goods, materials and services.
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
according to the provisions of sections 58A and 58AA of the Act and the
rules framed there under.
(7) The company has an internal audit system 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) According to the information and explanation given to us, the
company is regular in depositing sales tax, entry tax, provident fund
and employees state insurance, and other statutory with appropriate
authorities during the year.
(10) The Company has accumulated losses which is not exceeds its net
worth at the year end of financial year and it has not incurred cash/
losses in the financial year under report and the immediately preceding
financial year.
(11) A according to information and explanation given to us, the
Company has not issued any Debenture during the year.
(12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The Company is not a Chit Fund/ Nidhi/ Mutual Benefit Fund/
Society. Therefore the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 are not applicable to the Company.
(14) The Company is not dealing or trading in shares, securities
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order , 2003 are not
applicable to the Company.
(15) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(16) On the basis of review of utilization of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loan taken by the Company have been utilized for the purposes
for which they are obtained.
(17) According to the information and explanation given to us, on an
overall basis, the Company has not raised the funds on short-term
basis, which have been used for long term investment and vice versa.
(18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
(19) According to the information and explanation given to us, the
Company has not created securities for the debentures issued.
(20) During the year, the Company has not raised money by public issue
hence the question of disclosure and verification of end use of such
monies does not arise.
(21) To the best of our knowledge and belief and according to
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year.
For S.N.Gadiya & Co.
Chartered Accountants
Registration No. (002052C) Sd/-
(S.N.Gadiya)
Proprietor
M.No. 071229
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. BIOFIL CHEMICALS &
PHARMACEUTICALS LTD., as at 31st March, 2012, and the annexed Profit &
Loss Account for the year 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 misstatements. An audit also includes
examination on test basis, evidence supporting and 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 statements
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 company law board in terms of section 227 (4A) of the Companies
Act, 1956. We enclose in the Annexure a statement on the matters
specified in paragraphs 4 & 5 of the said order.
Further to our comment 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 purpose of our
audit.
b) In our opinion proper books of accounts as required by the law have
been kept by the management so far as appears from our examination of
those.
c) The Company's Balance Sheet and Profit and Loss Accounts dealt with
by this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this Report comply with the Accounting Standards referred in
section 211(3C) of the Companies Act, 1956 so far as applicable.
e) On the basis of written representation received from the directors
of the Company as at 31st March 2012, and taken on record by the Board
of Directors of the Company, no Director is disqualified from being
appointed as Director of the Company, under section 274(1)(g) of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in the conformity with
the accounting principles generally accepted in India:
i) In the case of Balance Sheet of Company, of the state of affairs of
the Company as at 31st March 2012.
ii) In the case of Profit & Loss & Account, of the Loss for the year
ended 31st March 2012.
iii) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURES TO THE AUDITORÃS REPORT
(Referred to of our report of even date)
(1) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation
of fixed asset.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year and no material discrepancies were noticed on such verification.
(c) The Company has not disposed off the substantial part of fixed
assets during the year.
(2) (a) As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to the size of the
company.
(c) The company has maintained proper records of inventory. We are
informed that discrepancies noticed on such verification as compared to
the book record were not material and have been properly dealt with in
the books of accounts.
(3) According to the information and explanation given to us, The
company has granted/ taken any loans, secured or unsecured to / from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase and sales of materials and fixed assets and for the sale of
shares.
(5) In our opinion and according to the explanation given to us, the
transaction of purchase of goods and materials and services made in
pursuance of contracts of arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and aggregating
during the year to Rs. 50000/- or more in respect of each party have
been made at prices which in our opinion are reasonable having regard
to prevailing market prices for such goods, materials and services.
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
according to the provisions of sections 58A and 58AA of the Act and the
rules framed there under.
(7) The company has an internal audit system commensurate with its size
and nature of its business.
(8) The cost accounting records pursuant to Companies (Cost accounting
records) Rule 2011 prescribed by Central Government under section 209
(1) (d) of the Companies Act, 1956 are maintained by the company and
are opinion that prima facie the prescribed accounts and records have
been maintained. We have not, however made a detailed examination of
such accounts and records.
(9) According to the information and explanation given to us, the
company is regular in depositing sales tax, entry tax, provident fund
and employees state insurance, and other statutory with appropriate
authorities during the year.
(10) The Company has accumulated losses which exceeds its net worth at
the year end of financial year and it has incurred cash/ losses in the
financial year under report and the immediately preceding financial
year.
(11) A according to information and explanation given to us, the
Company has not issued any Debenture during the year.
(12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The Company is not a Chit Fund/ Nidhi/ Mutual Benefit Fund/
Society. Therefore the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 are not applicable to the Company.
(14) The Company is not dealing or trading in shares, securities
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Companies (Auditor's Report) Order , 2003 are not
applicable to the Company.
(15) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(16) On the basis of review of utilization of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loan taken by the Company have been utilized for the purposes
for which they are obtained.
(17) According to the information and explanation given to us, on an
overall basis, the Company has not raised the funds on short-term
basis, which have been used for long term investment and vice versa.
(18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
(19) According to the information and explanation given to us, the
Company has not created securities for the debentures issued.
(20) During the year, the Company has not raised money by public issue
hence the question of disclosure and verification of end use of such
monies does not arise.
(21) To the best of our knowledge and belief and according to
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year.
For S.N.Gadiya & Co.
Chartered Accountants
Registration No. (002052C)
Sd/-
Place : Indore (S.N.Gadiya)
Proprietor
Date : 29.05.2012 M.No. 071229
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. BIOFIL CHEMICALS &
PHARMACEUTICALS LTD., as at 31st March, 2010, and the annexed Profit &
Loss Account for the year 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 misstatements. An audit also includes
examination on test basis, evidence supporting and 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 statements
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 company law board in terms of section 227 (4A) of the Companies
Act, 1956. We enclose in the Annexure a statement on the matters
specified in paragraphs 4 & 5 of the said order
Further to our comment 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 purpose of our
audit.
b) In our opinion proper books of accounts as required by the law have
been kept by the management so far as appears from our examination of
those.
c) The Companys Balance Sheet and Profit and Loss Accounts dealt with
by this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this Report comply with the Accounting Standards referred in
section 211(3C) of the Companies Act, 1956 so far as applicable.
e) On the basis of written representation received from the directors
of the Company as at 31st March 2010, and taken on record by the Board
of Directors of the Company, no Director is disqualified from being
appointed as Director of the Company, under section 274(1 )(g) of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view in the conformity with
the accounting principles generally accepted in India:
i) In the case of Balance Sheet of Company, of the state of affairs of
the Company as at 31st March 2010.
ii) In the case of Profit & Loss & Account, of the Loss for the year
ended 31st March 2010.
iii) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date
ANNEXURES TO THE AUDITORS REPORT
(Referred to of our report of even date)
(1) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
asset.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year and no material discrepancies were noticed on such verification.
(c) The Company has not disposed off the substantial part of fixed
assets during the year.
(2) (a) As explained to us, the inventories were physically verified
during the year by the management at reasonable intervals.
(b) The procedure of physical verification of stock followed by the
management are reasonable and adequate in relation to the size of the
company.
c) The company has maintained proper records of inventory. We are
informed that discrepancies noticed on such verification as compared to
the book record were not material and have been properly dealt with in
the books of accounts.
(3) According to the information and explanation given to us, The
company has granted/taken any loans, secured or unsecured to / from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(4) In our opinion and according to the information and explanation
given to us, there is adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase and sales of materials and fixed assets and for the sale of
shares.
(5) In our opinion and according to the explanation given to us, the
transaction of purchase of goods and materials and services made in
pursuance of contracts of arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and aggregating
during the year to Rs. 50000/- or more in respect of each party have
been made at prices which in our opinion are reasonable having regard
to prevailing market prices for such goods, materials and services.
(6) In our opinion and according to the information and explanation
given to us, the company has not accepted deposits from the public
according to the provisions of sections 58A and 58AA of the Act and the
rules framed there under.
(7) The company has an internal audit system commensurate with its size
and nature of its business.
(8) The maintenance of cost record has not been prescribed by the
central government under clause (d) of sub-section (1) of section 209
of the Companies Act.
(9) According to the information and explanation given to us, the
company is regular in depositing sales tax, entry tax, provident fund
and employees state insurance, and other statutory with appropriate
authorities during the year.
(10) The Company has accumulated losses which exceeds its net worth at
the year end of financial year and it has incurred cash/ losses in the
financial year under report and the immediately preceding financial
year.
(11) A according to information and explanation given to us, the
Company has not issued any Debenture during the year.
(12) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(13) The Company is not a Chit Fund/ Nidhi/ Mutual Benefit
Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order 2003 are not applicable to the
Company.
(14) The Company is not dealing or trading in shares, securities
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(15) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(16) On the basis of review of utilization of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loan taken by the Company have been utilized for the purposes
for which they are obtained.
(17) According to the information and explanation given to us, on an
overall basis, the Company has not raised the funds on short-term
basis, which have been used for long term investment and vice versa.
(18) The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Act.
(19) According to the information and explanation given to us, the
Company has not created securities for the debentures issued.
(20) During the year, the Company has not raised money by public issue
hence the question of disclosure and verification of end use of such
monies does not arise.
(21) To the best of our knowledge and belief and according to
information and explanation given to us, no fraud on or by the company
has been noticed or reported during the year.
For S.N.Gadiya & Co.
Chartered Accountants
Registration No. (002052C)
Sd/- Place : Indore (S.N.Gadiya)
Date : 31.05.2010 Proprietor
M.No 071229