Mar 31, 2014
We have audited the accompanying financial statements of M/s. Mahavir
Advanced Remedies Limited, which comprise the Balance Sheet as at 31st
March 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
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 the 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 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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on 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
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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 Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on 31st March 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2014
from being appointed as a director in terms of clause (g) of sub-
section (1) of section 274 of the Act.
Annexure to the Auditors'' Report
Referred to in Paragraph 1 of our report of even date)
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The company has no inventories, so item (ii) of paragraph 4 of the
order is not applicable to the Company.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(a) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits from the public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company''s internal audit system is
commensurate with the size and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1)of section 209 of
the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income-tax, Wealth Tax,
sale-tax, custom duty and any other statutory dues applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at 31st
March 2014, for a period of more than six months from the date they
became payable;
(b) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty and excise duty, which
have been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year also.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The Company is in to the trading medicines or pharmaceutical
products. Based on our examination of documents and records, we are of
the opinion that proper records have been maintained by the company and
timely entries have been made therein. The shares, securities and other
investments have been held by the company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to 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
investment. Similarly, no funds raised on long term basis have been
used for short-term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
G. Sivaprakash
Chartered Accountants
Place: Chennai
Date: May 27, 2014
Proprietor
Membership Number 200/24556
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Mahavir
Advanced Remedies Limited, which comprise the Balance Sheet as at 31st
March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("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 the
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 the 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 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 financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on 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
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, 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, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March 2013 of MAHAVIR ADVANCED REMEDIES LIMITED,
CHENNAI.
(i) The company has no fixed assets, so item (i) of paragraph 4 of the
order is not applicable to the Company.
(ii) The company has no inventories, so item (ii) of paragraph 4 of the
order is not applicable to the Company.
(iii) According to information and explanations given to us, the
company has not taken or granted any secured or unsecured loans from/to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
(b) According to information and explanations given to us, no
transactions have been made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
each party.
(vi) In our opinion, and according to information and explanations
given to us, the Company has not accepted any deposits fromthe public.
Under section 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposits) Rules, 1975, during the year.
(vii) In our opinion, the Company''s internal audit system is
commensurate with the size and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Income-tax, Wealth Tax,
sale-tax, custom duty and any other statutory dues applicable to it;
(b) According to information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
sale-tax, custom duty and excise duty etc. were outstanding as at 31st
March 2013, for a period of more than six months from the date they
became payable;
(b) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty and excise duty, which
have been deposited on account of any dispute.
(x) The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year also.
(xi) In our opinion and according to information and explanations given
to us, the company not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society.
Hence requirement of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
(xiv) The Company is in to the trading medicines or pharmaceutical
products. Based on our examination of documents and records, we are of
the opinion that proper records have been maintained by the company and
timely entries have been made therein. The shares, securities and other
investments have been held by the company in its own name.
(xv) As informed to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has
not taken any fresh term loan during the year.
(xvii) According to 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
investment. Similarly, no funds raised on long term basis have been
used for short- term investment.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xix) The company has not issued any debenture. Hence requirement of
item (xix) of paragraph 4 of the order is not applicable to the
Company.
(xx) The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
(xxi) According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
G. Sivaprakash
Chartered Accountants
Place : Chennai Proprietor
Date : May 30, 2013 Membership Number 200/24556
Mar 31, 2012
I have audited the attached Balance Sheet of INDO AMERICAN ADVANCED
PHARMACEUTICALS LIMITED as at 31st March, 2012 and also the Profit and
Loss Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company management.
My responsibility is to express an opinion on the financial statements
based on my audit.
1. I conduct my audit in accordance with auditing standards accepted
in India. These standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts disclosing in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management as well as evaluating
the overall financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
2. As required by the Manufacturing and Other Companies (Auditor''s
Report) Order, 1988 issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of Companies Act,1956, I enclose in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the said Order.
3. Further My comments in the Annexure referred to above, I report
that :
(i) We have obtained all the information and explanations which, to the
best of my knowledge and belief, were necessary for the purpose of my
audit.
(ii) In my opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from my examination of these
books.
(iii) The Balance Sheet and Profit and Loss Account is dealt with by
this report are in agreement with the books of account.
(iv) In my report, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub section (3C) of section 211 of the Companies Act.
(v) On the basis of written representations received from the directors
as on 31st March 2012, and taken on record by the Board of Directors, I
report that none of the directors are disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(vi) In my opinion and to the best my information and according to the
Explanations given to me the Balance Sheet and Profit and Loss Account
give a true and fair view in conformity with the accounting principles
generally accepted in India.
a. In the case of the sheet, of the state of affairs of the Company as
at 31st March 2012 and
b. In the case of the Profit and Loss Account of the loss for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF MY REPORT OF EVEN DATE TO THE
MEMBERS OF INDO AMERICAN ADVANCED PHARMACEUTICALS LIMITED ON THE
ACCOUNTS AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2012.
1. The Company generally maintained proper records showing full
particulars including quantitative details and location of its Fixed
Assets. The management has physically verified the Fixed Assets at
reasonable intervals and no material discrepancies are reported to have
been observed on such verification as compared to book records.
2. None of the Fixed Assets of the Company have been revalued during
the year.
3. The stocks, finished goods, stores and spares, raw materials etc.,
have been physically verified by the management at reasonable intervals
during the year.
4. The Company has not taken any loans, secured or unsecured from the
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. T am informed that there
is no Company under the same management as defined under section 370
(1B) of the Companies Act, 1956.
5. The Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. I am informed that there
is no Company under the same management as defined under section 370
(1B) of the Companies Act, 1956.
6. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the Company and the nature of the
business with regard to purchase of spares and stores, raw materials,
plant and machinery equipment and other assets and for the sale of
goods.
7. According to the information and explanations given to me, there is
no transactions of purchase of goods and sale of medicines made in
pursuance of contracts or arrangements entered in the register
maintained under Section 301 or more during the year in respect of each
party have been made at prices, which were reasonable having regards to
the prevailing market prices for such medicines or prices at which the
transactions for similar goods have been made with other parties.
8. As informed to me, the Company generally has a reasonable system of
determination of unserviceable or damage stores and spares, raw
materials, and finished goods, and adequate provision for the loss
arising on such items has been made during the year and review.
9. The Company has not accepted any deposited from the public within
the meaning of Section 58A of the Companies Act, 1956 and the rules
framed thereunder.
10. In my opinion, the Company has maintained reasonable records for
the sale of disposal of its realizable scrap.
11. The Company is yet to install an internal Audit System
commensurate with the size and nature of business.
12. 12.According to the information and explanations given to us no
personal expenses of employees of directors have been charged to
revenue account, other than those payable under contractual obligations
or in accordance with generally accepted business practice.
13. I have been informed that the Central Government has not
prescribed maintenance of cost records under section 209 (1) (d) of the
Companies Act 1956 for any of the products of the Company.
14. The Company does not have any Provident Fund Scheme.
15. The Company has generally been regular in depositing Employees
State Insurance with appropriate authorities in time.
16. According to the information and explanation given to me and the
books records examined by me, there is no undisputed amounts payable is
respect of income-tax, Wealth Tax, Sales Tax, Customs duty and Excise
duty outstanding as at 31st March 2012 for a period exceeding six
months from the data it became payable.
17. The Company is not a sick industrial Company as defined in the
sick industrial Companies (Special provisions) Act, 1956.
Place: Chennai For G. Sivaprakash
Date: 27.08.2012 Chartered Accountant
G. Sivaprakash
Proprietor
Membership
No. 200/24556