RG & Associates Chartered Accountants #13-6-463/A/6, Ashok Vihar Colony,
Hyderabad-500067
1. Opinion
We have audited the accompanying financial statements of Bio Green Papers Limited
("the Company"), which comprises the Balance Sheet as at March 31, 2019, the
Statement of Profit and Loss, the Cash Flow statement and Changes in Equity for the year
ended and 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 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 Standards prescribed under section 133 of the
Act read with the Companies (Accounting Standards) Rules, 2006, as amended,
("AS") and other accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2019, the Loss and its cash flows for the year
ended on that date.
2. Basis of 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 Auditors Responsibilities for the Audit of the
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
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
3. Key Audit Matters:
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Financial Statements of the current period. These matters
were addressed in the context of our audit of the Financial Statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
| S.No Key Audit Matter |
Auditors Response |
| 1 Demand Disputed for Asst Year 2011-12 of Rs.16,90,090/ |
Demand has been uploaded by jurisdictional A.O U/s 143(3) of Rs. 16,90,090/- The
Company has filed appeal against demand and pending for assessment Order |
| 2 Authorized Capital has been Increased |
Obtained relevant ROC forms Regarding alteration in Capital |
4. Other information - Board of Directors Report
A. The Companys Board of Directors is responsible for the preparation and presentation
of its report (herein after called as "Board Report") which comprises various
information included in the management discussion and Analysis, Boards Report Included
Annexures to Boards Report required under section 134(3) of the Companies Act 2013 but
does not include the financial statements and our auditors report there on. Our opinion
on the financial statements does not cover the Board Report and we do not express any form
of assurance conclusion thereon.
B. In connection with our audit of the financial statements, our responsibility is to
read the Board Report and in doing so, consider whether the Board Report is materially
inconsistent with the financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement in this Board Report. We are
required to report that fact. We have nothing to report in this regard.
5. Managements Responsibility for the Financial Statements
A. The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to 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 AS and other accounting principles generally accepted
in India. 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.
B. In preparing the Financial Statements, management is responsible for assessing the
Companys 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.
C. The Board of Directors are responsible for overseeing the Companys financial
reporting process.
6. Auditors Responsibilities for the Audit of the Financial Statements
A. Our objectives are to obtain reasonable assurance about whether the Financial
Statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors 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
Financial Statements.
B. As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
I. Identify and assess the risks of material misstatement of the 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.
II. Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances but not for the purpose
of expressing an opinion on the effectiveness of the Companys internal control systems.
III. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management
IV. Conclude on the appropriateness of managements 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 Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern
V. Evaluate the overall presentation, structure and content of the Financial
Statements, including the disclosures, and whether the Financial Statements represent the
underlying transactions and events in a manner that achieves fair presentation
C. Materiality is the magnitude of misstatements in the Financial Statements that,
individually orin aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Financial Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the Financial Statements.
D. 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.
E. 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.
6. Report on Other Legal and Regulatory Requirements:
1. As required by the Companies(Auditors Report) Order, 2016 (the Order) issued by the
Central Government of India in terms of sub-section(ll) of section 143 of the Act, we give
in the annexure a statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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 purpose of our audit;
b) In our opinion proper books of account as required by law have been kept by the
Company so far as appears from our examination of those books;
c) The Balance Sheet, the 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 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
2019 and taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March 2019 from being appointed as a director in terms of Section
164(2) of the Act.
f) In our opinion, the provisions of Section 143(3)(i) with regard to opinion on
internal
financial controls with reference to financial statements and operating effectiveness
of such controls is not applicable to the company.
g) With respect to the other matters 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:
> The Company does not have any pending litigations which would impact its financial
position.
> The Company does not have any long term contracts including derivatives contracts
for which there were any material foreseeable losses.
There were no amounts which are required to be transferred to the Investor Education
and protection fund by the company.
| For RG& Associates |
| Chartered Accountants |
| FRN: 010022S |
| -Sd- |
| Rajan Gupta |
| Proprietor |
| Membership No.211760 |
| Hyderabad.30.05.2019. |
The Annexure referred to in our Independent Auditors Report to the members of the
company on the financial statements for the year ended March 31, 2019, we report that:
1. a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
b) The Company has a regular program of physical verification of its fixed assets and
in our opinion, the frequency of physical verification is reasonable having regard to the
size of the Company and the nature of its assets. No material discrepancies were noticed
on such verification.
2. a) The Inventory has been physically verified during the year and in our opinion,
the frequency of verifications is reasonable
b) In our opinion, the procedures of the physical verification of inventory followed by
the Management are reasonable and adequate in relation of the size of the Company and The
nature of its business. However, company need to take some more procedures to Improve
inventory controls
c) The Company is maintaining proper records of inventory and as explained to us, there
was no material discrepancies noticed on such verification of stocks as compared to book
records.
3. The company has not granted any loans, secured or unsecured to companies, firms or
other parties covered in the register maintained under Section 189 of the Companies Act,
2013. Therefore, requirements of clauses (a), (b), of paragraph 3(iii) of the order are
not applicable.
4. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Act in respect of
grant of loans, making investments and providing guarantees and securities, as applicable.
5. The company has not accepted any deposits from Public.
6. The Central Government has not prescribed the maintenance of cost record under
section 148(1) of the Companies Act 2013.
7. (a) According to the records of the company and explanations given to us and on the
basis of our examination of the records of the company, undisputed statutory dues
including Profession Tax, Provident Fund, Goods and Service Tax, and other material
statutory dues applicable to it have been regularly deposited with the appropriate
authorities. Further, as
explained to us, no undisputed statutory dues were in arrears as at 31st March 2019 for
a period of more than 6 months from the date they become payable.
(b) According to the information and explanation given to us, there are no dues of
Profession Tax, Provident Fund, Goods and Service Tax, expect income-tax which have not
been deposited on account of any dispute.
8. The Company has not defaulted in repayment of borrowings from Financial
Institutions/ Banks. The Company does not have any borrowings from Government or Debenture
Holders.
9. The Company has not raised any monies by way of any Public Offer or has not taken
any Term Loans during the year under review.
10. Based on the audit procedures performed and information and explanations given to
us by the management, we report that no fraud on or by the company has been noticed or
reported during the course of our audit.
11. The Managerial remuneration paid/provided by the company is in accordance with
Companies Act, 2013.
12. The Company is not a Nidhi Company
13. The transactions with related parties are in compliance with the provisions of
section 177 and 188 of the Companies Act,2013 and the details have been disclosed in the
Financial Statements as required by the applicable Accounting Standards.
14. The Company has not made any preferential allotment or the Company made private
placement of shares by way of Investment in another Company or Debentures during the year
under review.
15. The Company has not entered into any non-cash transactions with its Directors or
persons connected with them.
16. The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
| For RG& Associates |
| Chartered Accountants |
| FRN: 010022S |
| -Sd- |
| Rajan Gupta |
| Proprietor |
| Membership No.211760 |
| Hyderabad. 30.05.2019. |
+91-9892691696
