| We have audited the accompanying financial statements of M/s GENOMIC
VALLEY BIOTECH LIMITED. having regd office 4 KM Stone, Berri Charra
Road, Village Kherka Musalman, Tehsil Bahadurgarh, Distt. Jhajjar,
which comprise the Balance Sheet as at March 31, 2014, and the
Statement of Profit and Loss for the year then ended, and a summary of
significant accounting policies and other explanatory information.
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 13 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.
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.
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, 2014;
and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
c) in the case of Cash Flow Statement, Cash Flow for the year ended
31.03.2014
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.
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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
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, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of 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.
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets. According
to the information and explanations given to us, the fixed assets have
been physically verified by the management during the period under
review. In our opinion the frequency of such verification is reasonable
and no material discrepancies were noticed on such verification. None
of the Fixed Assets have been revalued during the year under review.
2. (a) There is no Inventory in the company.'
(b) Therefore subsequent clauses under this head are not applicable.
3. (a) The company has not taken or granted any loan, secured or
unsecured from any company, firm or other parties covered in the
register required to be maintained
U/s 301 of the Actin the preceding years.
b) Therefore subsequent clauses under this head are not applicable.
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business.
5. There is no transaction exceeding Rs. 5.00 Lacs which required to be
entered in pursuance of section 301 of the Act.
6. The company has not accepted any deposit from the public as per
dire::tions issued by the Reserve Bank of India and the provisions of
section 58A and 58M of the Act and rules framed thereunder.
7. The company has an internal Audit system commensurate with its size
and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause d of Sub-section (1) of section 209 of
the Act.
9. The company is regular in deposit of statutory dues, if any, of
provident fund/ESI/Sales Tax etc. There is no outstanding statutory
dues as at the last day of the financial year for a period of more than
six months' from the date they became payable.
10. The accumulated losses at the end of financial year are not more
than fifty percent of its net worth and cash losses has been incurred
by the company during this financial year and in the immediately
preceding such financial year.
11. The company has not defaulted in repayment of dues to a bank or
financial institution except NHB Service charges.
12. The company has granted advances but no security by way of pledge
of shares, debentures have been taken by the Company.
13. The company is not a chit fund company.
14. The company is not dealing & trading in shares, securities,
debentures and other investments.
15. According to the information & explanation given to us the company
has not given any guarantee for loan taken by others from bank or
financial institutions.
16. No term loan has been taken by the company.
17. The funds raised on short term basis have not been used for long
term investment or vice versa.
18. No preferential allotment of shares has been made.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities in respect of debentures
issued does not arise.
20. As the company has not raised any money by public issue. So, there
is no disclosure required by the management about the use of money.
21. No fraud on or by the company has been noticed or reported during
the year.
For ANDROS & CO.
CHARTERED ACCOUNTANTS
DATED: 18.04.2014
PLACE: DELHI (BRIJ BHUSHAN GARG)
PARTNER
M. No. 084865 |