Mar 31, 2014
We have audited the accompanying financial statements of Colinz
Laboratories Limited ("the company"), which comprises 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 notified under the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13th Septembet,2013 of the
Ministry of Corporate Affairs in respect of Section 133 of Companies
Act, 2013 and the accounting principles generally accepted in India.
This responsibility includes the design , implementation and
maintenance of internal control relevant to 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 misstatements of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the companies
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 the management, as well as evaluating the overall presentation of
the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our Opinion and to the best of our information and according to the
explanations given to us, the 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 Balance Sheet, of the state of affairs of the company
as at March 31, 2014;
b) In the case of 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 the agreement with the
books of accounts.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th Septembet,2013 of the Ministry of Corporate Affairs in respect of
Section 133 of Companies Act, 2013.
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.
ANNEXURE
Re: COLINZ LABORATORIES LIMITED. ( Referred to in paragraph 1 of our
Report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified during the year by
the management. According to the information and explanations given to
us, no material discrepancies were noticed on verification.
(c) There was no disposal of any fixed assets during the year.
2. (a) The inventory has 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 information and explanation given
to us, the procedures of physical verification of stocks followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of the business.
(c) The Company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventory.
3. The Company has not granted or taken any loans, secured or
unsecured, to or from companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g)
of sub-para (iii) of para (iv) of the order are not applicable.
4. In our opinion and according to the information and explanations
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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in internal
controls.
5. In respect of contracts or arrangements refer to in section 301 of
the Companies Act 1956(as amended from time to time) :
(a) in our opinion and explanation given to us the transactions made in
pursuance of contracts or arrangements that need to be entered in
register maintained under section 301 of the Companies Act 1956 ,have
been so entered.
(b) in our opinion and explanation given to us, the transaction made in
pursuance of contracts or arrangements referred to in section 301 of
the Act are, at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of business.
8. We have broadly reviewed the books of accounts maintained by the
Company in respect of the products where, pursuant to the rules made by
the Central Government of India, the maintenance of cost records has
been prescribed under clause (d) of sub- section(1) of section 209 of
the Act, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it. According to the information and explanations given
to us, provisions of Employees State Insurance Act is not applicable to
the Company.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31-03-2014 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us the company has not defaulted in repayment of dues to a
financial institution or bank.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report ) Order, 2003 are not applicable to the
Company.
14. In respect of shares, securities or other investments dealt in or
traded by the Company, proper records are maintained in respect of
transactions and contracts and timely entries have been made therein.
All the investments are held by the Company in its own name.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Bank or Financial Institutions.
16. On the basis of the records examined by us and relying on the
information compiled by the Company for co-relating the funds raised to
the end use of term loans, we have to state that, the Company has,
prima-facie, applied the term loans for the purposes for which they
were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term investments by the Company.
18. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 and therefore the question of the price
at which shares have been issued is prejudicial to the interest of the
Company does not arise.
19. The Company has not issued debentures and therefore the question
of creation of security in respect of debentures does not arise.
20. The Company has not raised monies by public issues during the year
and therefore the question of disclosure and verification of end use of
such monies does not arise.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. V. BHAT & CO.
Chartered Accountants
FIRM REG.NO:- 101298W
Date : 15th May ,2014 S. V. BHAT
Place : Mumbai. (Partner)
M. No. 37237
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Colinz
Laboratories Limited ("the company"), which comprises 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
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
misstatements of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the companies 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 the management, as well as evaluating
the overall presentation of the financial statements. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our Opinion and to the best of our information and according to the
explanations given to us, the 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 Balance Sheet, of the state of affairs of the company
as at March 31, 2013;
b) In the case of 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 the agreement with the
books of accounts.
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(l)(g) of the
Act.
ANNEXURE
Re: COLINZ LABORATORIES LIMITED. ( Referred to in paragraph 1 of our
Report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified during the year by
the management. According to the information and explanations given to
us, no material discrepancies were noticed on verification.
(c) There was no disposal of any fixed assets during the year.
2. (a) The inventory has 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 information and explanation given
to us, the procedures of physical verification of stocks followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of the business.
(c) The Company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventory.
3. The Company has not granted or taken any loans, secured or
unsecured, to or from companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g)
of sub-para (hi) of para 4 of the order are not applicable.
4. In our opinion and according to the information and explanations
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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in internal
controls.
5. In respect of contracts or arrangements refer to in section 301 of
the Companies Act 1956 :
(a) in our opinion and explanation given to us the transactions made in
pursuance of contracts or arrangements that need to be entered in
register maintained under section 301 of the Companies Act 1956, have
been so entered.
(b) in our opinion and explanation given to us, the transaction made in
pursuance of contracts or arrangements referred to in section 301 of
the Act are, at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of business.
8. We have broadly reviewed the books of accounts maintained by the
Company in respect of the products where, pursuant to the rules made by
the Central Government of India, the maintenance of cost records has
been prescribed under clause (d) of sub- section(l) of section 209 of
the Act, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it. According to the information and explanations given
to us, provisions of Employees State Insurance Act is not applicable to
the Company.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31-03-2013 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us the company has not defaulted in repayment of dues to a
financial institution or bank.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In respect of shares, securities or other investments dealt in or
traded by the Company, proper records are maintained in respect of
transactions and contracts and timely entries have been made therein.
All the investments are held by the Company in its own name.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Bank or Financial Institutions.
16. On the basis of the records examined by us and relying on the
information compiled by the Company for co-relating the funds raised to
the end use of term loans, we have to state that, the Company has,
prima-facie, applied the term loans for the purposes for which they
were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term investments by the Company.
18. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 and therefore the question of the price
at which shares have been issued is prejudicial to the interest of the
Company does not arise.
19. The Company has not issued debentures and therefore the question
of creation of security in respect of debentures does not arise.
20. The Company has not raised monies by public issues during the year
and therefore the question of disclosure and verification of end use of
such monies does not arise.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S.V.BHAT & CO.
(Chartered Accountants)
REG. NO:- 101298W
S. V. BHAT
Date: 15th May, 2013 Proprietor
Place: Mumbai MEMBERSHIP NO. 37237
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. Colinz Laboratories
Limited as at 31st March, 2012, the Profit and Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's Management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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 includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1] As required by the Companies (Auditors' Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the annexure, a statement on the
matters specified in paragraph 4 of the said Order.
2] Further to our comments in the Annexure referred to in paragraph 1
above, we state 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 Law have
been kept by the Company so far as appears from our examination of such
books.
c] The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the Books of Accounts.
d] In our opinion and to the best of our information, Balance Sheet,
Profit and Loss Account and Cash Flow Statement comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India, referred to in Section 211 (3C) of the Companies Act, 1956.
e] On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors is disqualified as at 31st March, 2012 from being
appointed as a Director in terms of 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 alongwith notes
thereon, 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:
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE
Re: COLINZ LABORATORIES LIMITED. ( Referred to in paragraph 1 of our
Report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified during the year by
the management. According to the information and explanations given to
us, no material discrepancies were noticed on verification.
(c) There was no disposal of any fixed assets during the year.
2. (a) The inventory has been physically verified during the year by
the Management. In our Opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of the business.
(c) The Company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventory.
3. The Company has not granted or taken any loans, secured or
unsecured, to or from companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g)
of sub-para (iii) of para 4 of the order are not applicable.
4. In our opinion and according to the information and explanations
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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in internal
controls.
5. (a) The Particulars of contracts or arrangements referred to in
section 301 of the Act, have been entered in the register maintained
under that section.
(b) The transaction made in pursuance of contracts or arrangements
referred to in section 301 of the Act are, in our opinion, at prices
which are reasonable having regard to the prevailing market prices at
the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (l)(d) of the Companies Act, 1956.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it. According to the information and explanations given
to us, provisions of Employees State Insurance Act is not applicable to
the Company.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31-03-2012 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us the company has not defaulted in repayment of dues to a
financial institution or bank.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to t
he
Company.
14. In respect of shares, securities or other investments dealt in or
traded by the Company, proper records are maintained in respect of
transactions and contracts and timely entries have been made therein.
All the investments are held by the Company in its own name.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Bank or Financial Institutions.
16. On the basis of the records examined by us and relying on the
information compiled by the Company for co-relating the funds raised to
the end use of term loans, we have to state that, the Company has,
prima-facie, applied the term loans for the purposes for which they
were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investments by the Company.
18. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 and therefore the question of the price
at which shares have been issued is prejudicial to the interest of the
Company does not arise.
19. The Company has not issued debentures and therefore the question
of creation of security in respect of debentures does not arise.
20. The Company has not raised monies by public issues during the year
and therefore the question of disclosure and verification of end use of
such monies does not arise.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. V. BHAT & CO.
Chartered Accountants
FIRM REG.NO:- 101298W
S. V. BHAT.
Proprietor
MEMBERSHIP No. - 37237
Date : 15th May, 2012
Place : Mumbai.
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. Colinz Laboratories
Limited as at 31st March, 2010, the Profit and Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto. 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 includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1] As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the annexure, a statement on the
matters specified in paragraph 4 of the said Order.
2] Further to our comments in the Annexure referred to in paragraph 1
above, we state 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 Law have
been kept by the Company so far as appears from our examination of such
books.
c] The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the Books of Accounts.
d] In our opinion and to the best of our information, Balance Sheet,
Profit and Loss Account and Cash Flow Statement comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India, referred to in Section 211 (3C) of the Companies Act, 1956.
e] On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors is disqualified as at 31st March, 2010 from being
appointed as a Director in terms of 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 along with notes
thereon 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:
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE
Re: COLINZ LABORATORIES LIMITED. ( Referred to in paragraph 1 of our
Report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified during the year by
the management. According to the information and explanations given to
us, no material discrepancies were noticed on verification.
(c) There was no disposal of any fixed assets during the year.
2. (a) The inventory has been physically verified during the year by
the Management. In our Opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of the business.
(c) The Company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventory.
3. The Company has not granted or taken any loans, secured or
unsecured, to or from companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g)
of sub-para (iii) of para 4 of the order are not applicable.
4. In our opinion and according to the information and explanations
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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in internal
controls.
5. (a) The Particulars of contracts or arrangements referred to in
section 301 of the Act, have been entered in the register maintained
under that section.
(b) The transaction made in pursuance of contracts or arrangements
referred to in section 301 of the Act are, in our opinion, at prices
which are reasonable having regard to the prevailing market prices at
the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975.
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (l)(d) of the Companies Act, 1956.
9. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it. According to the information and explanations given
to us, provisions of Employees State Insurance Act is not applicable to
the Company.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31-03-2010 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us the company has not defaulted in repayment of dues to a
financial institution or bank.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. In respect of shares, securities or other investments dealt in or
traded by the Company, proper records are maintained in respect of
transactions and contracts and timely entries have been made therein.
All the investments are held by the Company in its own name.
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Bank or Financial Institutions.
16. On the basis of the records examined by us and relying on the
information compiled by the Company for co-relating the funds raised to
the end use of term loans, we have to state that, the Company has,
prima-facie, applied the term loans for the purposes for which they
were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investments by the Company.
18. The Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 and therefore the question of the price
at which shares have been issued is prejudicial to the interest of the
Company does not arise.
19. The Company has not issued debentures and therefore the question
of creation of security in respect of debentures does not arise.
20. The Company has not raised monies by public issues during the year
and therefore the question of disclosure and verification of end use of
such monies does not arise.
21. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. V. BHAT & CO.
Chartered Accountant
S.V.Bhat
Proprietor
MEMBERSHIP No. - 37237
FIRM REG.NO.- 101298W
Date : 17th May, 2010.
Place : Mumbai.
Mar 31, 2009
We have audited the attached Balance Sheet "of M/s Colinz Laboratories
Limited as at 31st March, 2009, the Profit and Loss Account and the
Cash Flow Statement of the Company for the year ended on that date
annexed thereto 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 includes
examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statement presentation We believe that our audit provides a reasonable
basis for our opinion
1 As required by the Companies (AuditorsReport) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Central Government of India in terms of section 227(4A) of the
Companies Act, 1956, we enclose in the annexure, a statement on the
matters specified in paragraph 4 of the said Order
2 Further to our comments in the Annexure referred to in paragraph 1
above, we state 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 Law have been
kept by the Company so far as appears from our examination of such
books
c The Balance Sheet, Profit and Loss Account and Cash Flow Statement
referred to in this report are in agreement with the Books of Accounts
d In our opinion and to the best of our information, Balance Sheet,
Profit and Loss Account and Cash Flow Statement comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India, referred to in Section 211 (3C) of the Companies Act, 1956
e On the basis of the written representation received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors is disqualified as at 31st March, 2009 from being
appointed as a Director in terms of Section 274(l)(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 together with notes
thereon, 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:
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2009;
ii) in the case of Profit and Loss Account of the profit of the Company
for the year-ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date
ANNEXURE
Re: COLINZ LABORATORIES LIMITED ( Referred toin paragraph 1 of our
Report of even date)
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets
(b) The fixed assets have been physically verified dining the year by
the management According to the information and explanations given to
us, no material discrepancies were noticed on verification
(c)There was no disposal of any fixed assets during the year, except an
old motor car:
2 (a) The inventory has been physically verified during the year by the
Management In our opinion, the frequency of verification is reasonable
(b) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Companyand the nature of the business
(c) The Company has maintained proper records of inventory No material
discrepancies were noticed on physical verification of inventory
3 The Company has not granted or taken any loans, secured or unsecured,
to or from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 Therefore, the
provisions of sub-clause (b), (c), (d), (e), (f) and (g) of sub-para
(iii) of para 4 of the order are not applicable
4 In our opinion and according to the information and explanations
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 purchases of inventory, fixed assets and with
regard to the sale of goods During the course of our audit we have not
observed any continuing failure to correct major weaknesses in internal
controls
5 (a) The Particulars of contracts or arrangements referred to in
section 301 of the Act, have been entered in the register maintained
under that section
(b) The transaction made in pursuanceof contracts or arrangements
referred to in section 301 of the Act are, in our opinion, at prices
which are reasonable having regard to the prevailing market prices at
the relevant time
6 In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975
7 In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of business
8 The Central Government has not prescribed maintenance of Cost Records
under Section 209 (l)(d) of the Companies Act, 1956
9 (a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
and protection fund income tax, sales tax, wealth tax, custom duty,
excise duty, service tax, cess and other material statutory dues
applicable to it According to the information and explanations given to
us, provisions of Employees State Insurance Act is not applicable to
the Company
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty, service tax and cess were in arrears,
as at 31-03-2009 for a period of more than six months from the date
they became payable
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute
10 The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year
11 In our opinion and according to the information and explanations
given to us the company has not defaulted in repayment of dues to a
financial institution or bank
12 According to the Information and explanations given to us and based
on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities
13 In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report ) Order, 2003 are not applicable to the
Company
14 In respect of shares, securities or other investments dealt in or
traded by the Company, proper records are maintained in respect of
transactions and contracts and timely entries have been made therein
All the investments are held by the Company in its own name
15 In our opinion and according to the information and explanations
given to us, the Company has not given guarantee for loans taken by
others from Bank or Financial Institutions
16 On the basis of the records examined by us and relying on the
information compiled by the Company for co- relating the funds raised
to the end use of term loans, we have to state that, the Company
has,prima-facie, applied the term loans for the purposes for which they
were obtained
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investments by the Company
18 The Company has not made preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956 and therefore the question of the price at
which shares have been issued is prejudicial to the interest of the
Company does not arise
19 The Company has not issued debentures and therefore the question of
creation of security in respect of debentures does not arise
20 The Company has not raised monies by public issues during the year
and therefore the question of disclosure and verification of end use of
such monies does not arise
21 According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit
For S V BHAT & CO
Chartered Accountants
S V BHAT
Proprietor
M No 37237
Date : 9th June, 2009
Place : Mumbai
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