To, The Members of Norris Medicines Limited
Report on the financial statements
We have audited the accompanying financial statements of NORRIS MEDICINES LIMITED
(“the Company”), which comprise the Balance Sheet as at 31st March,
2023, the Statement of Profit and Loss, 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 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 financial statements that give a true and fair view of the financial position and
financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards 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 the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
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 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 have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
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
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 internal financial control relevant to the Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the Companys Directors, 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid 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, of the state of affairs of the Company as at 31st
March, 2023, and its profit and its cash flows for the year ended on that date.
1. As required by the Companies (Auditors Report) Order, 2016 (“the
Order”) issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act(hereinafter referred to as the "Order"), 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 explanations given to us, we give in the
Annexure a statement on the matters specified in paragraphs 3 and 4 of the said Order.
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. (c) The Balance Sheet, the Statement of
Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with
the books of account. (d) In our opinion, the aforesaid financial statements 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 the written representations received
from the directors as on 31st March, 2023 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2023 from
being appointed as a director in terms of Section 164(2) of the Act. (f) The Company has,
in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial control over financial reporting were operating
effectively as at 31st March, 2023, based on the internal control over
financial reporting criteria established by the Company. (g) With respect to the other
matters to be included in the Auditors 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 has disclosed the impact, if
any, of pending litigations as at 31st March, 2023 onits financial position in
its financial statements. (ii) The Company did not have any long-term contracts including
derivative contracts as at 31stMarch, 2023. (iii) There were no amounts which
were required to be transferred to the Investor Education andProtection Fund by the
Company.
Place : ANKLESHWAR For, BAHEDIA & ASSOCIATES, Date : 1st September, 2023
Chartered Accountants SF-68 &69, Hexzone Arcade, 2nd Floor, NR. Jayaben
Modi Hospital, Valia Road, GIDC, ANKLESHWAR -393002. (CA. BADRILAL R. BAHEDIA) PROPRIETOR
M. No. 048066 (Firm Reg. No. 114421W) UDIN: 23048066BGWCYW1466
ANNEXURE - A ANNEXURE REFERRED TO PARAGRAPH 1 UNDER “REPORT ON OTHER LEGAL
AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR
ENDED ON 31 ST MARCH, 2023 OF NORRIS MEDICINES LIMITED
1. In respect of its fixed assets:
(a) The Company has maintained records showing particulars, including quantitative
details and general location of fixed assets. (b) During the year, all the fixed assets
have been physically verified by the management. According to the information and
explanations given to us, there was no material discrepancies noticed on such
verification. (c) The title deeds of immovable properties are held in the name of the
Company.
2. As explained to us, all the inventory of the Company has been physically
verified by the management at reasonable intervals and at the year-end. In our opinion,
the frequency of the verification is reasonable. According to the information and
explanations given to us, there was no material discrepancies noticed on physical
verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to companies,
firms, Limited Liability Partnerships or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
4. According to information and explanations given to us, the Company has
complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect
of loans, investments, guarantees and security.
5. According to information and explanations given to us, the Company has not
accepted any deposits during the year.
6. To the best of our knowledge and explanations provided by the management, the
maintenance of cost records has been prescribed by the Central Government under sub
section (1) of section 148 ofthe Companies Act, 2013 and is maintained accordingly.
7. According to the information and explanations given to us in respect of
statutory and other dues:
(a) The Company has been regular in depositing undisputed statutory dues, including
Provident fund, Employees state Insurance, Income Tax, Sales tax, service tax, duty of
customs, duty of excise, value added tax, cess and other statutory dues to the appropriate
authorities during the year. Based on our audit procedures and according to the
information and explanations given to us, there are no arrears of statutory dues which has
remained outstanding as at 31st March, 2023 for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us and on the basis the
records produced before us by the Company, except for the cases stated below, there are no
undisputed amounts payable in respect of income tax / sales tax / Service tax / customs
duty / wealth tax / excise duty / cess, which have not been deposited on account of any
dispute.
Name of Statute |
Nature of Dues |
Amount under dispute not yet deposited (Rs.) |
Period for which the amount relates |
Forum where dispute ispending |
Central Excise Act, 1944 |
Excise Duty |
24,53,931 |
F.Y. 2000-01 |
Central Excise Tribunal, Ahmedabad |
Central Excise Act, 1944 |
Excise Penalty |
25,00,000 |
F.Y. 2000-01 |
Central Excise Tribunal, Ahmedabad |
8. In our opinion and according to the information and explanations given to us,
the Company has not defaulted in repayment of loans or borrowing to a financial
institution, bank or Government. The Company has not obtained any borrowings by way of
debentures.
9. The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us, we have not noticed or
reported any fraud by the Company or any fraud on the Company by its officers or employees
during the year.
11. The managerial remuneration has been paid or provided in accordance with the
requisite approvalsmandated by the provisions of section 197 read with Schedule V to the
Companies Act.
12. This clause of the Companies (Auditors Report) Order, 2016 is not applicable to
the Company asthe Company is not a Nidhi Company.
13. According to the information and explanations given to us, all transactions with
the related parties are in compliance with sections 177 and 188 of Companies Act, 2013
where applicable and the details have been disclosed in the Financial Statements etc., as
required by the applicable accounting standards.
14. According to the information and explanations given to us, the Company has not made
any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review.
15. According to the information and explanations given to us, the Company has not
entered into any non-cash transactions with directors or persons connected with him and
the provisions of section 192 of Companies Act, 2013 have been complied with.
16. This clause of the Companies (Auditors Report) Order, 2016 is not applicable to
the Company as the Company is not a required to be registered under section 45-lA of the
Reserve Bank of lndia Act,1934.
Place : ANKLESHWAR For, BAHEDIA & ASSOCIATES., Date : 25th May, 2023
Chartered Accountants Sd/- C/O, SF-68 &69, Hexzone Arcade,Floor, Sa NR. Jayaben Modi
Hospital, Valia Road, GIDC, ANKLESHWAR -393002. CA. BADRILAL R. BAHEDIA Proprietor M. No.
048066 (Firm Reg. No. 114421W) UDIN: 23048066BGWCYW1466
ANNEXURE - B
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Norris
Medicines Limited as of 31st. March, 2023 in conjunction with our audit of the
Financial Statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the
“Guidance Note”) issued by the Institute of Chartered Accountants of India
(“the ICAI”). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business, including adherence to
Companys policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
detection of unauthorized acquisition, use, or disposition of the companys assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls over Financial reporting issued by the ICAI.
Place : ANKLESHWAR For, BAHEDIA & ASSOCIATES.,
Date : 25th May, 2023 Chartered Accountants Sd/- C/O,
SF-68 &69, Hexzone Arcade,Floor,
Sa NR. Jayaben Modi Hospital,
Valia Road, GIDC,
ANKLESHWAR -393002.
CA. BADRILAL R. BAHEDIA
Proprietor M. No. 048066
(Firm Reg. No. 114421W)
UDIN: 23048066BGWCYW1466
+91-9892691696
