| 1. We have audited the accompanying financial statements of Hindustan
Bio Sciences Limited ("The Company") 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, which we have
signed un- der reference to this report.
Management's Responsibility for the Financial Statements
2. 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 and presentation of these financial
statements that give a true and fair view of the financial position,
financial perfor- mance and the cash flows of the Company in accordance
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility includes maintenance of adequate accounting records in
accor- dance 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 appro- priate accounting
policies; making judgments and estimates that are reasonable and pru-
dent; 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 to the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors' Responsibility
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 specified under Sec- tion 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 auditors' judgment, including the
assessment of the risk of material misstatement of the financial state-
ments, whether due to fraud and error. In making those risk
assessments, the auditors con- siders 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 circum-
stances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Management, as
well as evaluating the overall presentation of the financial
statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to
the explanations given to us, the accompanying 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 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
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 section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraphs 3 and 4 of the
Order, to the extent applicable.
8. As required by Section 143(3) of the Act, we report that:
(a) We have obtained all the information and explanations which, to the
best of our knowl- edge and belief, were necessary for the purpose of
our audit.
(b) In our opinion, proper books of accounts 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 & 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 & Loss, and
Cash Flow Statement dealt with by this report comply with the
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 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act;
Annexure to the Independent Auditors' Report:
The Annexure referred to in our Independent Auditors Report of even
date to the members of Hindustan Bio-Sciences Limited on the accounts
of the company for the year ended 31st March, 2015, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantita- tive details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
2. (a) As explained to us, inventories have been physically verified
during the year by the man- agement at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the proce- dures 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 gener- ally 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 exami- nation of the books of account, the Company
has not granted unsecured interest free loans to a company and a
proprietorship covered in the register maintained under Section 189 of
the Act.
4. In our opinion and according to the information and explanations
given to us, there is gener- ally 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. The company has not accepted any deposits from the public.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act.
7. (a) According to the records of the company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income-tax, Sales-tax,
Service Tax, Cus- tom Duty, Excise Duty, cess to the extent applicable
and any other statutory dues have gen- erally 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, 2015 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
are no amounts payable in respect of income tax, service tax, sales
tax, customs duty and excise duty which have not been deposited on
account of any disputes.
8. The Company has been registered for a period of more than five
years. Hence, the clause is not applicable.
9. Based on our audit procedures and on the information and
explanations given by the man- agement, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. The company has not given any term loans during the year.
11. 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 VASG AND ASSOCIATES
Chartered Accountants
FRN 006070S
Place : Hyderabad
Date : 29.05.2015 (A.Viswanatha Rao)
Partner
Member Ship No. 029597
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