| We have audited the accompanying financial statements of BACIL PHARMA
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014, 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
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"') 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. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's 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.
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 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
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 purpose of our
audit;
b. in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956 read
with the General Circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013;
e. on the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st march, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 of our report of even date to the members
of BACIL PHARMA LIMITED on the financial statements for the year ended
on 31st March, 2014.)
1) The provisions of clauses ii, x, xi, xii, xiii, xiv, xv, xvi, xviii
and xix of paragraph 4 and 5 of the Companies (Auditors' Report) Order,
2003 are not applicable for the current year.
2) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) As informed to us, fixed assets of the company were physically
verified during the year by the Management in accordance with a program
of verification, which in our opinion provides for physical
verification of all the fixed assets at reasonable intervals. According
to the information and explanations given to us no material
discrepancies were noticed on such verification.
3) During the year the Company has neither granted nor taken any loan,
secured or unsecured to/from the Companies, firms or other parties
covered in the Register maintained u/s 301 of the Companies Act, 1956.
As explained to us, the Company has entered into all the particulars of
contracts or arrangements referred to in section 301 of the Act.
4) In our opinion and according to the information and explanations
given to us, the company has adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase and sale of plant and machinery, equipment and
other assets.
5) According to the information and explanations provided by the
management, there have been no transactions that need to be entered
into the register maintained under Section 301 of the Companies Act,
1956.
6) The company has not accepted any deposits from the public.
Accordingly provisions of section 58A and 58AA of Companies Act, 1956
are not applicable to the company.
7) In our opinion the company has an internal audit system commensurate
with the size and nature of its Business.
8) The Central Government has not prescribed the maintenance of Cost
Records under Section 209(1) of the Companies Act, 1956 for any of the
products of the Company.
9) a) As informed to us Provident Fund and Employee State Insurance Act
is not applicable to the Company.
b) According to the information and explanations given to us, there was
no undisputed amounts payable in respect of Income-Tax, Wealth-tax,
Sales-tax, Custom Duty and Excise Duty, which have remained outstanding
as at the date of Balance Sheet for the period of more than six months
from the date they became payable.
10) According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investments (fixed assets, etc.) and
vice versa, other than temporary deployment pending application.
11) The Company has not raised any money through a public issue during
the year under review.
12) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
Place: Mumbai For A. W. KETKAR & CO.
Dated: May 30, 2014 Chartered Accountants
Registration No.: 105006W
Address: 4, "SOUKHYA", Opp. B.M.C. Hospital A. W. KETKAR
V. N. Purav Marg Proprietor
Chunabhatti, Mumbai 400 022 Membership No.: 012287 |