Mar 31, 2018
Report on the Standalone Indian Accounting Standards(âInd AS'') Financial Statements
1. We have audited the accompanying standalone Ind AS financial statements of M/s Venus Remedies Limited, which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss(including other comprehensive income), the Cash Flow Statement and the statement of changes in equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.(herein after referred to as "standalone Ind AS financial statements").
Management''s Responsibility for the Standalone Ind AS Financial Statements
2. The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards [Ind AS] specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014.
This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit of standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether The Standalone Ind AS financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS 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 accounting policies used and the reasonableness of the accounting estimates made by the Companyâs management and Board of Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Ind AS , of the financial position of the Company as at 31 March, 2018, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Subject to the following:
The Company has gone for Debt Restructuring and the CDR Cell has approved its CDR package. The Company is repaying the debt as per the approved package, however the company could not serve the interest and principal repayments amounting Rs. 3709.31 lacs to financial institution, bank or debenture holders.
7. Other matter
The comparative financial information of the Company for the year ended 31 March 2017 and the transition date opening balance sheet as at 1st April 2016 included in these standalone Ind AS financial statements are based on the previously issued statutory standalone financial statements prepared 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 Companies (Accounts) Rules, 2014, audited by the predecessor auditor whose report for the year ended 31 March 2017 and 31 March 2016 dated 30th May 2017 and 28 May 2016 respectively expressed an unmodified opinion on those standalone financial statements , as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS , which have been audited by us.
Our opinion is not modified in respect of the above matter.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditorâs Report) Order, 2016 ("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 paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further report that:
a. We have sought and obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of our audit;
b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c. The Balance Sheet, Statement of Profit and Loss(including other comprehensive income), Cash Flow Statement and statement of changes in equity dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;
e. On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls , refer to our separate report in "Annexure B"; and
g. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 40 to the standalone Ind AS financial statements;
(ii) The Company has made provision, as required under the applicable law or IND AS, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 17 to the standalone Ind AS financial statements; and
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:
1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management once in a year, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The tittle deeds of immovable properties are held in the name of the company. However, company is paying rent for its Regd Office & Guest House Building.
2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals and no material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a), iii (b), iii (c) of the order are not applicable to the Company.
4. In respect of loan, investments, guarantees & security, the company is complying with section 185 & section 186 of Companies Act 2013 as applicable.
5. The Company has not accepted any deposits from the public covered under section 73 to 76 of the Companies Act, 2013.
6. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained but we have not carried out the examination of records.
7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty,GST, Cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax,GST, customs duty and excise duty which have not been deposited on account of any disputes, except as mentioned in Note 40 to Notes on Financial Statements.
8. Based on our audit findings and on the information and explanations given to us by the management, we are of the opinion that, The Company has gone for Debt Restructuring and the CDR Cell has approved its CDR package. The Company is repaying the debt as per the approved package, however the company could not serve the interest and principal repayments amounting Rs. 3709.31 lacs to financial institution, bank or debenture holders.
9. Based on our audit procedures and on the information and explanations given to us by the management, we report that no money by way of Further Public Offer & Term Loan has been taken during the year.
10. The company has neither committed any fraud nor has any fraud on the company by its officers/employees been noticed or reported during the year.
11. The company has paid Managerial Remuneration in excess of limits prescribed u/s 197 read with Schedule V of the Companies Act, 2013, however the company has applied to the Central Govt. for its approval in this regard.
12. The company is not a Nidhi company, so the provisions of the same are not applicable.
13. (i)The company has disclosed all the transactions with the related party as prescribed by section 188 of Companies Act 2013 in notes (Note no 38).
(ii) As per section 177 of the Companies Act, 2013, the company has constituted the audit committee as required by the applicable accounting standards.
14. According to information and explanations given to us and based on our examination of records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. The company has not entered into any non cash transactions with Directors or persons connected with him and consequentially provisions of section 192 of Companies Act 2013 is not applicable.
16. The company is not required to be registered under section 45 IA of Reserve Bank India Act, 1934.
âAnnexure B" to the Independent Auditor''s Report of even date on the Financial Statements of M/s Venus Remedies Limited.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act"). To the Members of Venus Remedies Limited
We have audited the Internal financial controls over financial reporting of "M/s Venus Remedies Limited" ("the Company") as at March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Companyâs Management is responsible for establishing and maintaining Internal financial controls based on the Internal control over financial reporting criteria established by the Company considering the essential components of Internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, Implementation and maintenance of adequate Internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013(''the Actâ).
Auditor''s Responsibility
Our responsibility is to express an opinion on the Companyâs Internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal financial controls system over financial reporting and their operating effectiveness. Our audit of Internal controls over financial reporting included obtaining an understanding of Internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of Internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Internal Financial Controls System over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Companyâs Internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs Internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, In reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the Inherent limitations of Internal financial controls over financial reporting, including the possibility of collusion or Improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal financial controls over financial reporting to future periods are subject to the risk that the Internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate Internal financial controls system over financial reporting and such Internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the Internal control over financial reporting criteria established by the Company considering the essential components of Internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Prem Garg & Associates
Chartered Accountants
(Monika Bisht )
M. No.511294
FRN 014440N
Place: Panchkula
Date: 28.05.2018
Mar 31, 2016
To
The Members of
VENUS REMEDIES LIMITED
Panchkula
Report on the Financial Statements
1. We have audited the accompanying standalone financial statements of M/s Venus Remedies Limited, which comprise the Balance Sheet as at March 31, 2016, and 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
2. The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the act'') with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility 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; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing 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.
4. 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 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 accounting policies used and the reasonableness of the accounting estimates made by the Company''s management and Board of Directors, as well as evaluating the overall presentation of the financial statements
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on standalone financial statements.
Opinion
6. 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:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
b) in the case of the Profit and Loss Account, of the profit/ loss 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.
Subject to the following:
(i) The Company has gone for Debt Restructuring and the CDR Cell has approved its CDR package. The Company is repaying the debt as per the approved package, however the company could not serve the interest and principal (FITL) repayments amounting C270.94 lacs to financial institutions and banks.
Report on other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2016 ("the Orderâ) issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further report that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid standalone financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;
e. On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act;
f. In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
(i) the Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 41 to the financial statements;
(ii) the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 10 to the financial statements; and
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
On the basis of such checks as we considered appropriate and
Annexure "A" to the Independent Auditor''s Report
Referred to in paragraph 7 Our Report of even date to the members of Venus Remedies Limited on the accounts of the company for the year ended 31st March, 2016 according to the information and explanations given to us during the course of our audit, we report that:
1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management once in a year, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company. However, company is paying rent for its Registered Office & Guest House Building.
2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals and no material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a), iii
(b), iii (c) of the order are not applicable to the Company.
4. In respect of loan, investments, guarantees & security, the company is complying with section 185 &186 of companies act 2013 as applicable.
5. The Company has not accepted any deposits from the public covered under section 73 to 76 of the Companies Act, 2013.
6. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained but we have not carried out the examination of records.
7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes, except as mentioned in Note 41 to Notes on Financial Statements.
8. Based on our audit findings and on the information and explanations given to us by the management, we are of the opinion that, The Company has gone for Debt Restructuring and the CDR Cell has approved its CDR package. The Company is repaying the debt as per the approved package, however the company could not serve the interest and principal (FITL) repayments amounting C270.94 lacs to financial institutions and banks.
9. Based on our audit procedures and on the information and explanations given to us given by the management, we report that no money by way of Further Public Offer & Term Loan has been taken during the year.
10. The company has neither committed any fraud nor any fraud on the company by its officers/employees has been noticed or reported during the year.
11. The company has paid Managerial Remuneration in excess of limits prescribed u/s 197 read with Schedule V of the Companies Act, 2013, however the company has applied to the Central Govt. for its approval in this regard.
12. The company is not a Nidhi company, so the provisions of the same are not applicable.
13. (i) The company has disclosed all the transactions with the related party as prescribed by section 188 of Companies Act 2013 in notes (Note no 38).
(ii) As per section 177 of the Companies Act, 2013, company has constituted the audit committee as required by the applicable accounting standard.
14. The company has not made any preferential allotment or private placement of share or fully or partially convertible debentures during the year under review.
15.The company has not entered into any non cash transactions with Directors or persons connected with him and consequentially provisions of section 192 of Companies Act 2013 is not applicable.
16. The company is not required to be registered under section 45 IA of Reserve Bank India Act, 1934.
Annexure "B" to the independent Auditor''s Report of even date on the Financial Statements of M/s Venus Remedies Limited
Report on the Internal Financial Controls under Clause (I) OF Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Actâ).
To the Members of Venus Remedies Limited
We have audited the Internal financial controls over financial reporting of "M/s Venus Remedies Limitedâ ("the Companyâ) as at March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s Management is responsible for establishing and maintaining Internal financial controls based on the Internal control over financial reporting criteria established by the Company considering the essential components of Internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, Implementation and maintenance of adequate Internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s Internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Noteâ) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal financial controls system over financial reporting and their operating effectiveness. Our audit of Internal controls over financial reporting included obtaining an understanding of Internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of Internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Internal Financial Controls System over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Company''s Internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s Internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, In reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the Inherent limitations of Internal financial controls over financial reporting, including the possibility of collusion or Improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal financial controls over financial reporting to future periods are subject to the risk that the Internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate Internal financial controls system over financial reporting and such Internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the Internal control over financial reporting criteria established by the Company considering the essential components of Internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For J.K. JAIN & ASSOCIATES
Chartered Accountants FRN:004025N
(J.K. Jain)
Place: Panchkula Partner
Date : 28.05.2016 M. No. : 083140
Mar 31, 2015
1. We have audited the accompanying standalone financial statements of
M/s Venus Remedies Limited, which comprise the Balance Sheet as at
March 31,2015, and 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
2. The management and Board of Directors of the Company are
responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 ('the act') with respect to the preparation of these
standalone financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section 133
of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This
responsibility 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; design, implementation and maintenance of adequate internal
financial controls, that are operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor's Responsibility
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgement, including the
assessment of the risks of material 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 control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on standalone
financial statements.
Opinion
6. 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Profit and Loss Account, of the profit/ loss 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.
7. 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 section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further report that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the aforesaid standalone financial statements
comply with the applicable Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules
2014;
e. On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of Section 164(2) of the Act;
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
(i) the Company has disclosed the impact of pending litigations on its
financial position in its financial statements  Refer Note 41 to the
financial statements;
(ii) the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts  Refer Note 10 to
the financial statements; and
(iii)There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
Referred to in paragraph 7 Our Report of even date to the members of
Venus Remedies Limited on the accounts of the company for the year
ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management once in a year, which in our opinion is reasonable
having regard to the size of the company and the nature of its assets.
No material discrepancies were noticed on such verification.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us a nd
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms
or other parties listed in the register maintained under Section
189 of the Companies Act, 2013. Consequently, the provisions of clauses
iii (a) and iii (b) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods and services. During the course of our
audit, no major instance of continuing failure to correct any
weaknesses in the internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013.
6. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under sub-section (1) of section 148 of the Companies Act,
2013 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained but we have not carried out
the examination of records.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Sales-tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues for a
period of more than six months from the date they became payable
except.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes, except as mentioned in Note 41 to Notes on
Financial Statements.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act and rules there under has been transferred to such fund
within time.
8. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has defaulted in repayment of dues to a financial institution,
bank or debenture holders. However, the company has gone for Corporate
Debt Restructuring, which is approved and now under implementation.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on our audit procedures and on the information given by the
management, we report that term loans taken during the year have been
applied for the purpose for which they were obtained.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For J.K. JAIN & ASSOCIATES
Chartered Accountants
FRN:004025N
(J.K. JAIN)
Place: Panchkula (Partner)
Date: 30.05.2015 M. No. :083140
Mar 31, 2014
1. The original financial statements for the year ended 31st March,
2014 have now been revised by the Company in the manner and for the
reasons explained in the Notes attached to the revised financial
statements We have audited the revisions carried out in the original
financial statements for the year ended 31st March, 2014 subsequent to
our report dated 14th November, 2014. Consequently we submit our report
on the attached revised financial statements of M/s Venus Remedies
Limited, which comprise the revised Balance Sheet as at 31st March,
2014, and the revised Statement of Profit and Loss and revised Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information
2. Management is responsible for the preparation of these revised
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. 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 materia
misstatement, whether due to fraud or error.
3. Our responsibility is to express an opinion on these revised
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 revised financial statements are
free from materia misstatement.
4. 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 nternal 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 overal
presentation of the financial statements
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the revised 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 revised Balance Sheet, of the state of affairs of
the Company as at 31st March, 2014;
b) in the case of the revised Statement of Profit and Loss, of the
profit/ loss for the year ended on that date; and
c) in the case of the revised Cash Flow Statement, of the cash flows
for the year ended on that date.
7. As required by "the Companies (Auditor''s Report) Order, 2003"
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. 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 revised Balance Sheet, revised Statement of Profit and Loss, and
revised Cash Flow Statement dealt with by this Report are in agreement
with the books of account.
d) in our opinion, the revised Balance Sheet, revised Statement of
Profit and Loss, and revised Cash Flow Statement comply with the
Accounting Standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956,
e) on the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditor''s Report (Referred to in Para (7) of our
report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets
(b) As explained to us, fixed assets have been physically verified by
the management once in a year, which in our opinion is reasonable
having regard to the size of the company and the nature of its assets
No material discrepancies were noticed on such verification
(c) In our opinion and according to the information and explanations
given to us, no substantial / major part of fixed asset has been
disposed during the year and therefore does not affect the going
concern assumption
2. (a) As explained to us, inventories have been physically
verified during the year by the management at reasonable intervals
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records
3. (a) According to the information and explanations
given to us and on the basis of our examination of the books of
account, the Company has not granted any loans, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Consequently, the
provisions of clauses iii (b), iii(c) and iii (d) of the order are not
applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) S (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories S fixed assets and payment
for expenses S for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed
5. In respect of transactions to be entered in the register maintained
in pursuance of section 301 of the Companies Act, 1956:-
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, company have transaction that
needed to be entered into the register.
(b) According to the information and explanations given to us, there
are transactions exceeding Rs.5,00,000/-(Rupees five lacs only).
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information S explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business
8. As per information S explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained but we have not carried out
the examination of records
9. (a) According to the records of the company,
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees'' State Insurance, Income-tax, Sales-
tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the
extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes, except as mentioned in the Note 39(e) to
Notes on Financia Statements
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
13. The Company is not a chit fund or a nidhi /mutua benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds S other Investments
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution
16. Based on our audit procedures and on the information given by the
management, we report that term loans taken during the year have been
applied for the purpose for which they were obtained
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for ong-term investment by the Company.
18. During the year the company has made preferentia allotment of
9,00,000 equity shares to Sunev Pharma solution limited at Rs.212.20 per
share. The above allotment is covered under the register maintained
under section 301 of the Companies Act, 1956
19. The Company has no outstanding debentures during the period under
audit, paragraph 4 of the Order is not applicable.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the nformation and
explanations given to us, we report that no fraud on or by the
Company has been noticed or reported during the year, nor have we
been informed of such case by the management.
For J.K. Jain & Associates
Chartered Accountants
FRN:004025N
(J.K. JAIN)
Place: Panchkula Partner
Date: 14th November, 2014 M. No. :083140
Mar 31, 2013
1. We have audited the accompanying financial statements of M/s Venus
Remedies Limited, which comprise the Balance Sheet as at March 31,
2013, and 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.
2. 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. 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.
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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 statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, of the profit/ loss 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.
7. As required by "the Companies (Auditor''s Report) Order, 2003"
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management once in a year, which in our opinion is reasonable
having regard to the size of the company and the nature of its assets.
No material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial / major part of fixed asset has been
disposed during the year and therefore does not affect the going
concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. In respect of transactions to be entered in the register maintained
in pursuance of section 301 of the Companies Act, 1956 :-
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, company have transaction that
needed to be entered into the register.
(b) According to the information and explanations given to us, there
are transactions exceeding ''5,00,000/-(Rupees five lacs only).
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained but we have not carried out
the examination of records.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that term loans taken during the year have been
applied for the purpose for which they were obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. During the year the company has made preferential allotment of
8,00,000 equity shares to Sunev Pharma solution limited at ''212.20 per
share. The above allotment is covered under the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has no outstanding debentures during the period under
audit, paragraph 4 of the Order is not applicable.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For J.K. JAIN & ASSOCIATES
Chartered Accountants
FRN:004025N
J.K. JAIN
Place: Panchkula Partner
Date:18.05.2013 M. No. :083140
Mar 31, 2011
1. We have examined the attached Balance Sheet of M/s Venus Remedies
Limited as at 31st March 2011, Profit & Loss Account and the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) order, 2004 issued
by the Company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph
(3) above, we report that:- (i) We have obtained all the information
and explanations which to the best of our knowledge & belief were
necessary for the purpose of audit;
(ii) In our opinion, proper Books of Accounts as required by law have
been kept by the company so far as it appears from our examination of
those books:
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
referred to in this Report are in agreement with the Books of accounts.
(iv) In our opinion, the said Balance Sheet, Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the
requirements of the accounting standards referred to in Sub Section
(3C) of Section 211 of the Companies Act, 1956 except otherwise stated
in the Notes to the Accounts.
(v) Pursuant to the provisions of sub section (1) (g) of section 274 of
the Companies Act 1956, we report as under :- On the basis of
confirmations received from the Directors and taken on record by the
Board of Directors, we report that none of the Directors is
disqualified as on 31st March, 2011 from being appointed as a Director
of the company in terms of Clause (g) of sub section (1) of section 274
of the Companies Act, 1956.
(vi) In our opinion and to the best to our information and according to
the explanation given to us, the said statements of account read
together with the Significant Accounting Policies and Notes thereon,
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view.
(a) in the case of the Balance Sheet of the state of affairs of the
company as at 31st March, 2011 ,
(b) in the case of Profit & Loss Account of the Profit for the year
ended on that date and
(c) in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
Annexure to the Auditors' Report
(Referred to in Para (3) of our report of even date)
i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) According to information and explanations given to us, the company
has a system of physical verification of all its fixed assets once in a
year, which in our opinion is reasonable having regard to the size of
the company and the nature of its assets. No serious discrepancies
were noticed on such verification.
c) During the year company has not disposed off any substantial/ major
part of fixed assets.
ii) a) As explained to us, the stock of stores, spare parts, raw
material and finished goods have been physically verified by the
management at regular intervals during the year .
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of stocks followed by the
management are reasonable & adequate in relation to the size of the
company and the nature of its business.
c) In our opinion & according to the information & explanations given
to us and on the basis of our examination of the records of inventory,
the company is maintaining proper records of its inventory. The
discrepancies noticed on physical verification of stock of store, spare
parts, raw material and finished goods were not significant in relation
to the operation of the company and the same have been properly dealt
with in the books of accounts.
iii) According to the information and explanation given to us, the
company has granted / taken loan, secured or unsecured to / from the
companies, firm & other parties listed in the register maintained under
section 301 of the Companies Act, 1956.
iv) 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 its nature of business
for purchase of stores, raw materials including components, plant &
machinery, equipment and other assets and for the sale of goods.
v) In respect of transactions to be entered in the register maintained
in pursuance of section 301 of the Companies Act, 1956 :- a) To the
best of our knowledge and belief and according to the information and
explanations given to us, company have transaction that needed to be
entered into the register.
b) According to the information and explanations given to us, there are
transactions exceeding Rs. 5,00,000/-(Rupees five lacs only).
vi) The company has not accepted any public deposits during the
previous year.
vii) In our opinion and to the best of our knowledge & belief, internal
audit system followed by the management is commensurate with the size
of the company and nature of its business.
viii) The Company is required to maintain cost records under section
209 (1) (d) of the Companies Act, 1956 for the products of the company
and according to the information & explanations given to us, the
company has maintained the records as prescribed by the Central
Government but we have not carried out the examination of these
records.
ix) a) According to the information & explanations given to us, and the
records of the company examined by us, the company has been regular in
depositing undisputed statutory dues of Provident Fund, Employees'
State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, Labour Welfare Fund, Investor Education Protection Fund and
other statutory dues applicable to it. We are informed that there are
no undisputed statutory dues as at the year end outstanding for a
period of more than six months from the date they became payable.
There were no dues on account of cess under section 441A of the
Companies Act, 1956, since the date from which the aforesaid Section
comes into force has not yet been notified by the Central Government.
x) The company does not have any accumulated losses as at the end of
the financial year March 31, 2011.
xi) According to the records of the company examined by us and the
information and explanation given to us, the company during the year
has not defaulted in repayment of dues to financial institution or
banks.
xii) According to the information & explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) The provisions of any special statute as specified under
paragraph 4 of the Order are not applicable to the Company.
xiii) In our opinion and according to the information and explanations
given to us the company has maintained proper records of the
transactions relating to dealing in shares, securities & other
investments & also entries have been made therein timely. Also all the
shares, securities etc. have been held by the company in its own name.
xiv) In our opinion and according to the information & explanations
given to us, the company has not given any guarantee during the year
for loans taken by others from banks or financial institutions.
xv) In our opinion and according to the explanations given to us, the
term loans taken during the year have been applied for the purpose for
which they were obtained.
xvi) According to the information & explanations given to us and on
overall examination of the balance sheet of the company, we report that
short term funds have not been used to finance long term investments
and vice versa.
xvii) During the year the company has made preferential allotment of
6,00,000 equity shares to Sunev Pharma solution limited at Rs. 279.72.
The above allotment is covered under the register maintained under
section 301 of the Companies Act, 1956.
xviii) During the year since the company has not raised any debentures,
paragraph 4 of the Order is not applicable.
xix) During the year since the company has not raised any money by way
of public issue, paragraph 4 (xx) of the order is not applicable.
xx) Based upon the audit procedures performed and information &
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our audit
for the year ended March 31, 2011.
For J. K. Jain & Associates
Chartered Accountants
Firm Registration No. 004025N
J.K. Jain
Place : Panchkula Partner
Date : 26.07.2011 Membership No. 083140
Mar 31, 2010
1. We have examined the attached Balance Sheet of M/s Venus Remedies
Limited as at 31st March 2010, Profit & Loss Account and the Cash Flow
Statement 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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) order, 2004 issued
by the Company Law Board in terms of Section 227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in Paragraph
(3) above, we report that:- i) We have obtained all the information and
explanations
which to the best of our knowledge & belief were necessary for the
purpose of audit;
ii) In our opinion, proper Books of Accounts as required by law have
been kept by the company so far as it appears from our examination of
those books:
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
referred to in this Report are in agreement with the Books of Accounts.
iv) In our opinion, the said Balance Sheet, Profit & Loss Account and
Cash Flow Statement dealt with by this report comply with the
requirements of the accounting standards referred to in Sub Section
(3C) of Section 211 of the Companies Act, 1956 except otherwise stated
in the Notes to the Accounts.
v) Pursuant to the provisions of sub section (1) (g) of section 274 of
the Companies Act 1956, we report as under :- On the basis of
confirmations received from the Directors and taken on record by the
Board of Directors, we report that none of the Directors is
disqualified as on 31st March, 2010 from being appointed as a Director
of the company in terms of Clause (g) of sub section (1) of section 274
of the Companies Act, 1956.
vi) In our opinion and to the best to our information and according to
the explanation given to us, the said statements of account read
together with the Significant Accounting Policies and Notes thereon,
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view.
a) in the case of the Balance Sheet of the state of affairs of the
company as at 31st March, 2010,
b) in the case of Profit & Loss Account of the Profit for the year
ended on that date and
c) in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
Annexure to the Auditorsà Report (Referred to in Para (3) of our
report of even date)
i) a) The company has maintained proper records showing full
particulars including quantitative detail & situation of fixed assets.
b) According to information and explanations given to us, the company
has a system of physical verification of all its fixed assets once in a
year, which in our opinion is reasonable having regard to the size of
the company and the nature of its assets. No serious discrepancies were
noticed on such verification.
c) During the year company has not disposed off any substantial/ major
part of fixed assets.
ii) a) As explained to us, the stock of stores, spare parts, raw
material and finished goods have been physically verified by the
management at regular intervals during the year .
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of stocks followed by the
management are reasonable & adequate in relation to the size of the
company and the nature of its business.
c) In our opinion & according to the information & explanations given
to us and on the basis of our examination of the records of inventory,
the company is maintaining proper records of its inventory. The
discrepancies noticed on physical verification of stock of store, spare
parts, raw material and finished goods were not significant in relation
to the operation of the company and the same have been properly dealt
with in the books of accounts.
iii) According to the information and explanation given to us, the
company has not granted / taken any loan, secured or unsecured to /
from the companies, firm & other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
iv) 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 its nature of business
for purchase of stores, raw materials including components, plant &
machinery, equipment and other assets and for the sale of goods.
v) In respect of transactions to be entered in the register maintained
in pursuance of section 301 of the Companies Act, 1956 :- a) To the
best of our knowledge and belief and according to the information and
explanations given to us, company doesnt have any transaction that
needed to be entered into the register.
b) According to the information and explanations given to us, there is
no transactions exceeding Rs 5,00,000/- (Rupees five lacs only).
vi) The company has not accepted any public deposits during the
previous year.
vii) In our opinion and to the best of our knowledge & belief, internal
audit system followed by the management is commensurate with the size
of the company and nature of its business.
viii) The Company is required to maintain cost records under section
209 (1) (d) of the Companies Act, 1956 for the products of the company
and according to the information & explanations given to us, the
company has maintained the records as prescribed by the Central
Government but we have not carried out the examination of these
records.
ix) a) According to the information & explanations given to us, and the
records of the company examined by us, the company has been regular in
depositing undisputed statutory dues of Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess, Fringe Benefit Tax, Labour Welfare Fund,
Investor Education Protection Fund and other statutory dues applicable
to it. We are informed that there are no undisputed statutory dues as
at the year end outstanding for a period of more than six months from
the date they became payable.
There were no dues on account of cess under section 441A of the
Companies Act, 1956, since the date from which the aforesaid Section
comes into force has not yet been notified by the Central Government.
x) The company does not have any accumulated losses as at the end of
the financial year March 31, 2010.
xi) According to the records of the company examined by us and the
information and explanation given to us, the company during the year
has not defaulted in repayment of dues to financial institution or
banks.
xii) According to the information & explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
xiii) The provisions of any special statute as specified under
paragraph 4 of the Order are not applicable to the Company.
xiii) In our opinion and according to the information and explanations
given to us the company has maintained proper records of the
transactions relating to dealing in shares, securities & other
investments & also entries have been made therein timely. Also all the
shares, securities etc. have been held by the company in its own name.
xiv) In our opinion and according to the information & explanations
given to us, the company has not given any guarantee during the year
for loans taken by others from banks or financial institutions.
xv) In our opinion and according to the explanations given to us, the
term loans taken during the year have been applied for the purpose for
which they were obtained.
xvi) According to the information & explanations given to us and on
overall examination of the balance sheet of the company, we report that
short term funds have not been used to finance long term investments
and vice versa.
xvii) During the year the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
xviii) During the year since the company has not raised any debentures,
paragraph 4 of the Order is not applicable.
xix) During the year since the company has not raised any money by way
of public issue, paragraph 4 (xx) of the order is not applicable.
xx) Based upon the audit procedures performed and information &
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our audit
for the year ended March 31, 2010.
For J.K. Jain & Associates
Chartered Accountants
Firm Registration No. 004025N
J.K. Jain
Place: Panchkula Partner
Date: July 31, 2010 Membership No. 083140
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