Independent Auditors
for the year ended 31st March 2014
To
The Shareholders,
MAHAVIRADVANCED REMEDIES LIMITED, CHENNAI.
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Mahavir Advanced
Remedies Limited, which comprise the Balance Sheet as at 31st March 2014, the
Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a
summary of the significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys 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 notified under
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 and in accordance with the accounting principles generally accepted in
India. 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.
Auditors 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
the 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
the disclosures in the financial statements. The procedures selected depend on the
auditors 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 the internal control relevant to the Companys 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 the
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 profit of the Company for
the year ended on that date, and
c) in the case of the Cash Flow Statement, of the cash flows of the Company for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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 theAnnexure a statement on the matters specified in paragraphs 4 and 5
of the Order.
2. As required by Section 227(3) of theAct, 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 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.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement comply with Accounting Standards notified under 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 CompaniesAct, 2013.
(e) On the basis of the written representations received from the directors as on 31st
March 2014 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 subsection (1) of section 274 of theAct.
|
G. Sivaprakash |
|
Chartered Accountants |
| Place: Chennai |
|
| Date: May 27, 2014 |
|
|
Proprietor |
|
Membership Number 200/24556 |
Annexure to the Auditors Report
Referred to in Paragraph 1 of our report of even date)
(i) The company has no fixed assets, so item (i) of paragraph 4 of the order is not
applicable to the Company.
(ii) The company has no inventories, so item (ii) of paragraph 4 of the order is not
applicable to the Company.
(iii) According to information and explanations given to us, the company has not taken
or granted any secured or unsecured loans from/to companies, firms or other parties
covered in the register maintained under section 301 of the CompaniesAct, 1956.
(iv) In our opinion and according to information and explanations given to us, there
are adequate internal control procedures commensurate with the size of the Company and
nature of its business with regard to the purchase of inventory and fixed assets and for
the sale. During the course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
(v) (a) According to information and explanations given to us, we are of the opinion
that the transactions that need to be entered into the register maintained under section
301 of the CompaniesAct, 1956 have been so entered.
(a) According to information and explanations given to us, no transactions have been
made in pursuance of contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of each party.
(vi) In our opinion, and according to information and explanations given to us, the
Company has not accepted any deposits from the public. Under section 58A and 58AA of the
Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975, during the
year.
(vii) In our opinion, the Companys internal audit system is commensurate with the size
and the nature of its business.
(viii) Maintenance of cost records has not been prescribed by the Central Government
under clause (d) of sub-section (1) of section 209 of the CompaniesAct, 1956.
(ix) (a) The company is regular in depositing with appropriate authorities undisputed
statutory dues including Income-tax, Wealth Tax, sale-tax, custom duty and any other
statutory dues applicable to it;
(b) According to information and explanations given to us, no undisputed amounts
payable in respect of income tax, wealth tax, sale-tax, custom duty and excise duty etc.
were outstanding as at 31st March 2014, for a period of more than six months from the date
they became payable;
(b) According to the records of the company, there are no dues of income tax, wealth
tax, sale-tax, custom duty and excise duty, which have been deposited on account of any
dispute.
(x) The accumulated losses of the company are not more than fifty per cent of its net
worth.
The company has incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year also.
(xi) In our opinion and according to information and explanations given to us, the
company not defaulted in repayment of dues to financial institution, bank or debenture
holders.
(xii) The company has not granted any loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The company is not a Chit Fund, Nidhi or Mutual Benefit Society. Hence
requirement of item (xiii) of paragraph 4 of the order is not applicable to the Company.
(xiv) The Company is in to the trading medicines or pharmaceutical products. Based on
our examination of documents and records, we are of the opinion that proper records have
been maintained by the company and timely entries have been made therein. The shares,
securities and other investments have been held by the company in its own name.
(xv) As informed to us, the company has not given any guarantee for loans taken by
others from bank or financial institutions.
(xvi) As per information and explanations given to us, the company has not taken any
fresh term loan during the year.
(xvii) According to information and explanations given to us and on an overall
examination of the balance sheet of the company, we report that no funds raised on short
term basis have been used for long-term investment. Similarly, no funds raised on long
term basis have been used for short-term investment.
(xviii) According to information and explanations given to us, the company has not made
any preferential allotment of shares to parties covered in the register maintained under
section 301 of the CompaniesAct, 1956.
(xix) The company has not issued any debenture. Hence requirement of item (xix) of
paragraph 4 of the order is not applicable to the Company.
(xx) The company has not raised any money through public issue. Hence requirement of
item (xx) of paragraph 4 of the order is not applicable to the Company.
(xxi) According to the information and explanations provided to us, a fraud on or by
the company has not been noticed or reported during the year.
|
G. Sivaprakash |
|
Chartered Accountants |
| Place: Chennai |
|
| Date: May 27, 2014 |
|
|
Proprietor |
|
Membership Number 200/24556 |
+91-9892691696
