THE MEMBERS & SHAREHOLDERS,
M/S SOCRUS BIO SCIENCES LIMITED
We have audited the attached Balance Sheet of M/s SOCRUS BIO SCIENCES LIMITED(Formerly Known As Tanu, Health Care Limited) as on 31st March, 2011 and Profit & LossA/c for the year ended on that date annexed there to. These financial statements are theresponsibility of the company's management. Our responsibility is to express an opinion onthese financial statements based on our audit.
We have conducted our audit in accordance with auditing standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether financial statements are free of material misstatement. An auditincludes examining, on at test basis, evidence supporting the amounts and Disclosures inthe financial statements. An audit also includes assessing the accounting principles usedand sufficant estimates made by management, as well as evaluating the over all financialstatement presentation. We believe that our audit provides a reasonable basis for ouropinion.
As required by the Companies (Auditor's Report) Order 2003 as amended by the Companies(Auditor's Report) (Amendment) Order 2004 issued by the Central Government of India interms of section 227 (4a) of the Companies Act, 1956, and on the basis of such checks aswe considered appropriate, we enclose in the Annexure a statement on the matters specifiedin paragraph 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report that:
01. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.
02. In our opinion proper books of accounts as required by law have been kept by thecompany so far as is appears from our examination of those books.
03. The Balance Sheet and Profit & Loss Account dealt by this report are inagreement with the books of account.
04. In our opinion, the Profit & Loss Account and the Balance Sheet Comply with theaccounting Standard referred to in section 211 (3c) of the Companies Act. 1956.
05. On the basis of written representation received form directors, as on 31st March2011 and taken on record by the Board of Directors, we report that none of the directorsis disqualified as on 31st March 2011 from being appointed as directors in terms of clause(g) of subsection (1) of section 274 of the Companies Act, 1956.
06. In our opinion and to the best of our information and according to the explanationsgiven to us the said Balance Sheet and Profit & Loss account read together with notesthereon give the information required by the Companies Act 1956, in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India.
1) In the case of Balance Sheet, of the state of affairs of the company as on 31 stMarch, 2011.
2) In the case of Profit & Loss Account, of the loss for the year ended on thatdate.
3) In case of Cash Flow Statement, of the cash flows for the year ended on that date
|PLACE-INDORE ||FOR: SHYAM NAGORI & COMPANY |
|Date: 5thSeptember 2011 ||CHARTERED ACCOUNTANTS |
| ||FRN-004573C |
| ||(SHYAM NAGORI) |
| ||PROPRIETOR |
| ||M. NO. 073609 |
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph (1) of our report of even date attached
(I) (a) In our opinion and according to information and explanations given to us. Thecompany has maintained proper records showing full particulars including quantitativedetails and situation of its fixed assets.
(b) According to the information and explanations given to us the fixed assets of thecompany have been physically verified by the Management at reasonable intervals during theyear and no material discrepancies are stated to have been noticed on such verification ascompared to Books of Account.
(c) In our opinion and according to information and explanations given to us, no fixedassets have been disposed off during the year, which could affect the going concern statusof the Company.
(II) (a) According to the information and explanations given to us. Physicalverification of inventory has been conducted at reasonable intervals by the Managementduring the year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to information and explanation given to us, theprocedures of physical verification of inventory followed by the Management are reasonableand adequate in relation to the size of the company and the nature of its business.
(c) In our opinion, the company has maintained proper records of inventory andaccording to information and explanations given to us no material discrepancies werenoticed on physical verification conducted by the management.
(III) (a) In our opinion and according to information and explanations given to us, theCompany has granted loans to one V party covered in the Register maintained under section301 of the Companies Act 1956, the maximum amount involved during the year was Rs.805000/- and year end balance is Rs. 805000/-
(b) The rate of Interest and other terms and conditions of loans given by the company,to the extent of interest free loans are not prejudicial to the interest of the company.
(c) The parties are regular in repaying principal as stipulated and have been regularin payment of interest, if any.
(d) There is no overdue amount of loans granted to companies, firms or other partieslisted in the register maintained under section 301 of the companies act, 1956.
(e) The company has not taken unsecured loans covered in the register maintained undersection 301 of the Companies Act 1956,hence point (f) and (g) is not applicable to theCompany.
(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 companyand nature of its business for the purchase of inventory and fixed assets and for the saleof goods services. During the course of our audit, we have not observed any continuingfailure to correct major weakness in internal controls.
(V) (a) According to the information and explanations given to us, we are of theopinion that the transaction that needs to be entered into the register maintained undersection 301 of the companies Act. 1956 have been so entered.
(b) In our opinion and according to the information and explanations given to us, thetransactions made in pursuance of contracts of arrangements entered in the registermaintained under section 301 of the Companies Act. 1956 have been made at prices which arereasonable having regard to prevailing market prices at the relevant time.
(VI) According to the information and explanations given to us, the company has notaccepted deposits during the year and consequently the provisions of Section 58 A and 58AA of the Companies Act and the Rules framed there under an not applicable.
(VII) We are of the opinion that the company has an internal audit system commensuratewith the size company and nature of its business.
(VIII) In our opinion and according to information and explanations given to us, themaintains of the cost records has no been prescribed by the Central Government underSection 209 (1) (d) of the Companies Act. 1956. for the activities c the company.
(a) According lo the information and explanation given to us. the company is regular indepositing with appropriate -authorities undisputed statutory Dues including providentfund employees' state insurance, income tax, wealth tax, sales tax, excise duty, cess andother material statutory dues applicable lo it.
(b) According to the information and explanations given to us, no undisputed statutorydues were in arrears as at 31.03.2011 for a period of more than six months from the datethey become payable.
(c) According to the information and explanations given to us, there were no pendingdues which have not been deposited on account of any dispute in respect of sales tax /income tax / custom duty / wealth tax / excise duty / cess as at 31 st March 2011.
(X) The company docs not have accumulated losses as at 31st March 2011. The company hasnot incurred cash losses during the financial year and in the immediately precedingfinancial year.
(XI) In our opinion according to the information and explanations given to us, thecompany does not have any outstanding dues to financial institutions banks or debentureholders.
(XII) According to the information and explanations given to us, the company has notgranted any loans and advances on the basis to security by way of pledge of shares,debentures and other securities, hence the maintenance of adequate documents and recordsis not applicable.
(XIII) In our opinion and according to the information and explanations provided to us,the nature of activities of the - company does not attract any special statute applicableto chit fund and a Nidhi / Mutual Benefit fund /. Society.
(XIV) According to information and explanation given to us, the company has maintainedproper records for dealing in V shares & debentures and timely entries have been madetherein, all shares, debentures and other securities have been held by the company in itsown name.
(XV) According to the information and explanations given to us, the company has notgiven any guarantee for loans taken by other, from Bank of Financial institution.
(XVI) The Company has not accepted any term loans during the year.
(XVII) According to the information and explanations given to us and on an overallexamination of the balance sheet of the company, we report that the no funds raised onshort - term basis have been used for long - term investment No long -term funds have beenused to finance short -term assets except permanent working capital.
(XVIII) In our opinion and according to the information and explanations given to us,the company has not made any preferential allotment of shares during the financial year toparties and companies covered in Register maintained under section 301 of the Act.
(XIX) The Company has not issued any debentures, hence the provisions of clause 4 (xix)are not Applicable to the company.
(XX) During the financial year, company has not raised any money by public issues.
(XXI) In our opinion and according to the information and explanations given to us, nofraud on or by the company was noticed or reported during the year.
| ||For: SHY AM NAGORI & COMPANY |
|PLACE - END ORE ||CHARTERED ACCOUNTANTS |
|DATE-5th September 2011 ||FRN-004573C |
| ||(SHYAMNAGORI) |
| ||PROPRIETOR |
| ||M. No. 073609 |