We have audited the Revised Financial Statements of ORTIN GLOBAL LIMITED (Formerly known
as Ortin Laboratories Limited) which comprise the Revised Balance Sheet as at 31st March 2024,
the Revised Statement of Profit and Loss, Revised Statement of changes in Equity, Revised
Statement of Cash Flows for the year then ended, and Revised Notes to the Financial Statements,
including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Revised Financial Statements give the information required by the Companies Act, 2013
("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 March 31,
2024;
b) In the case of the Revised Statement of Profit and Loss Account, of the loss for the period
ended on that date and
c) In the case of the Revised Statement of Cash Flow, of the cash flows, for the period ended on
that date.
Basis for Opinion:
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Revised Standalone Financial
Statements section of our report. We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the Revised Standalone Financial Statements under
the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters:
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the Revised Standalone Financial Statements of the current period. These matters
were addressed in the context of our audit of the Revised Standalone Financial Statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Emphasis of Matter:
1) We draw attention to Note No. 47 of Notes forming part of Revised Financial Statements
regarding the net worth of the Company being eroded more than fifty percent and cash losses
for the year under review. However, the Company has prepared its Revised Financial
Statements on Going Concern basis.
2) We draw attention to Note No. 48 of Notes forming part of Revised Financial Statements
regarding the revision of financial statements to make them compliant of Schedule - III of
Companies Act 2013. We issued a separate audit report dated 30.05.2024 on the financial
statements to the members of the Company. The Company has now prepared revised
financial statements making them compliant of Schedule - III of Companies Act 2013. In
accordance with the provisions of Standard on Auditing 560 (Revised) ‘Subsequent Events'
issued by The Institute of Chartered Accountants of India, our audit procedures, in so far as
they relate to the revision to the Financial Statements, have been carried out solely on this
matter and no additional procedures have been carried out for any other events occurring after
30 May 2024 (being the date of our earlier audit report on the earlier financial statements). Our
earlier audit report dated 30 May 2024 on the earlier financial statements is superseded by this
revised report on the revised financial statements.
3) We draw attention to Note No. 49 of Notes forming part of Revised Financial Statements
regarding the cancellation of manufacturing license of the Company for non-compliance of
provisions of Schedule - M of Drugs & Cosmetics Act 1940 & rules made there-under vide
Proc. Rc. No. 1741/DD-NZB/Mfg/2023 dated 03.07.2023. Due to this the Company has
ventured in to trading of same products instead of upgrading the machinery and continuing the
manufacturing. Hence the Company has sold its entire Property, Plant & Equipment except
vehicles and has disposed off all the obsolete and expired inventories of the Company which
were maintained for the purpose of manufacturing activity and repaid its external debts.
Our report is not modified in respect of the above said matters.
Information Other than the Revised Standalone Financial Statements and Auditor's Report
Thereon:
The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Directors' Report and the Annexures thereto, but does not
include the Revised Financial Statements and our Revised Auditor's Report thereon.
Our opinion on the Revised Financial Statements does not cover the other information and we will
not express any form of assurance conclusion thereon.
In connection with our audit of the Revised Financial \ Statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the Revised Financial Statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this
Revised Auditor's Report, we conclude that there is a material misstatement of this other
information, we are required to report the fact. We have nothing to report in this regard.
Management’s Responsibility for the Revised Standalone Financial Statements:
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these Revised Standalone
Financial Statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows 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 the Companies (Accounts) Rules, 2014. This
responsibility also 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 implementation
and maintenance of accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Revised Financial Statement that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Revised Standalone Financial Statements, management is responsible for
assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.
Those Board of Directors are also responsible for overseeing the Company's financial reporting
process.
Auditor’s Responsibilities for the Audit of the Revised Financial Statements:
Our objectives are to obtain reasonable assurance about whether the Revised Financial
Statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue a Revised Auditor's Report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these Revised Standalone
Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Revised Standalone Financial
Statements, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has internal financial controls system with reference to Revised Financial
Statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our revised auditor's report to the related disclosures in the Revised
Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our earlier
Auditor's Report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the Revised Standalone Financial
Statements, including the disclosures, and whether the Revised Standalone Financial
Statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Revised Financial Statements of the
current period and are therefore the key audit matters. We describe these matters in our
Revised Auditor's Report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements:
1) As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of Section 143 and on the basis of
such checks of the books and records of the company as we considered appropriate and
according to the information and explanation given to us, we give “Annexure-A” a statement on
the matters specified in the paragraphs 3 and 4 of the Order to the extent applicable to the
company.
2) As required by Section 143(3) of the Act, we 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 purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books except for the matters stated in the
paragraph 2(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.
(c) The Revised Balance Sheet, the Revised Statement of Profit & Loss, the Revised Statement of
changes in equity and the Revised Statement of Cash Flow dealt with by this Report are in
agreement with the books of account.
(d) In our opinion, the aforesaid Revised Financial Statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014, as amended.
(e) On the basis of the written representations received from the directors as on 31st March, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31st
March, 2024 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 are of the opinion that the company has adequate internal financial controls system in place
and the operating effectiveness of such controls. Refer to our revised report in “Annexure - B”.
(g) The modifications relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of the
Act and paragraph 2(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.
(h) With respect to the other matters to be included in the Revised Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best
of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There were no such amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
iv. (a) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, no funds have been advanced or loaned or invested
either from borrowed funds or share premium or any other sources or kind of funds by the
Company to or in any other person or entity, including foreign entities (“Intermediaries”), with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in
the notes to the accounts, no funds have been received by the Company from any person or
entity, including foreign entities (“Funding Parties”), with the understanding, whether recorded
in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(c) Based on such audit procedures that we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material misstatement.
v. The Company has not declared or paid any dividend during the year hence compliance with
provisions of Section 123 of the Companies Act 2013 does not arise.
vi. Based on our examination, which include test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended March 31,2024 but
the same does not have a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. As the audit
trail feature is not adopted in the first place, tampering it with or preserving it by the company as
per the statutory requirements for record retention does not arise.
3) With respect to the other matters to be included in the Revised Auditor's Report in accordance
with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best
of our information and according to the explanations given to us, the remuneration paid by the
Company to its Directors during the year is in accordance with the provisions of Section 197
read with Schedule V to the Act.
For MATHESH & RAMANA
CHARTERED ACCOUNTANTS
Sd/-
B. V. RAMANA REDDY
Partner
Place: Hyderabad M. No. 026967
Date: 13.08.2024 UDIN: 24026967BKBPAQ4276
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