Independent Auditors Report
TO,
THE MEMBERS OF,
SOCRUS SOCRUS BIO SCIENCES LIMITED
Report on the Financial Statements:
We have audited the accompanying financial statements of M/s Socrus Bio Sciences
Limited ("the Company"), which Comprise the Balance Sheet as at 31st
March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the ear 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 deferred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design; implementation and maintenance of internal control
relevant to the preparation and presentation of the financial statements not 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.
Un-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 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 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, 2013;
(b) In the case of the Statement of Profit and Loss, of the Loss 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:
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 the Annexure a statement on the matters specified in Paragraphs 4 and
5 of the Order.
As required by Section 227 (3) of the Act, we report that:
a) We have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for he 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, Statement of Profit and Loss, and the Cash Flow
Statement comply with the Accounting Standards referred to in sub-section (3C) of section
211 of the Act.
e) On the basis of the written representations received from the directors as on 31st
March, 2013 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
g) Since the Central Government has not issued any notification as to the rate at which
the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any
Rules under the said section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company.
FOR: SHYAM NAGORI & COMPANY
CHARTERED ACCOUNTANTS
FRN-004573C
(SHYAM NAGORI)
PROPRIETOR
M.NO.073609
PLACE-INDORE
DATE-05th SEP 2013.
ANNEXURE TO THE AUDITORS REPORT:
Referred to in paragraph (1) of our report of even date attached:
1)(a) In our opinion and according to information and explanations given to us. The
company has maintained proper records showing full particulars including quantitative
details and situation of its fixed assets.
(b) According to the information and explanations given to us the fixed assets of the
company have been physically verified by the Management at reasonable intervals during the
year and no material discrepancies are stated to have been noticed on such verification as
compared to Books of Account.
(c) In our opinion and according to information and explanations given to us, all fixed
assets have been disposed off during the year, which could not affect the going concern
status of the Company.
(II) (a) According to the information and explanations given to us. Physical
verification of inventory has been conducted at reasonable intervals by the Management
during the year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to information and explanation given to us, the
procedures of physical verification of inventory 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, the company has maintained proper records of inventory and
according to information and explanations given to us no material discrepancies were
noticed on physical verification conducted by the management.
(III)(a) In our opinion and according to information and explanations given to us, the
Company, has granted loans to three parties covered in the Register maintained under
section 301 of the Companies Act, 1956, the maximum amount involved during the year was
Rs.3500000/- and year end balance is Rs. 3500000/-.
(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 regular
in payment of interest, if any.
(d) There is no overdue amount of loans granted to companies, firms or other parties
listed 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 under
section 301 of the Companies Act, 1956, hence point (f) and (g) is not applicable to the
Company.
(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 company
and nature of its business for the purchase of inventory and fixed assets and for the sale
of goods services. During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal controls.
(V)(a) According to the information and explanations given to us, we are of the opinion
that the transaction that needs to be entered into the register maintained under section
301 of the companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations given to us, the
transactions made in pursuance of contracts of arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 have been made at prices which are
reasonable having regard to prevailing market prices at the relevant time.
(VI) According to the information and explanations given to us, the company has not
accepted deposits during the year and consequently the provisions of Section 58A and 58AA
of the Companies Act and the Rules framed there under are not applicable.
(VII) We are of the opinion that the company has an internal audit system commensurate
with the size company and nature of its business.
VIII). In our opinion and according to information and explanations given to us, the
maintains of the cost records have been prescribed by the Central Government under Section
209(1)(d) of the Companies Act, 1956, for the activities of the company and we have
however not made a detailed examination of the cost records with a view to determine
whether they are accurate or complete. We have been explained that the cost audit will be
done by the company in due course.
(X)(a) According to the information and explanation given to us, the company is regular
in depositing with appropriate authorities undisputed statutory Dues including provident
fund employees state insurance, income tax, wealth tax, sales tax, excise duty, cess and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed statutory
dues were in arrears as at 31.03.2013 for a period of more than six months from the date
they become payable.
(c) According to the information and explanations given to us, there were no pending
dues 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 31st March, 2013.
X) The company have accumulated losses as at 31st March, 2013. The company have
incurred cash losses during the financial year covered under audit but incurred profit in
the immediately preceding financial year.
XI) In our opinion according to the information and explanations given to us, the
company 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 not
granted 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 records
is 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 applicable to
chit fund and a Nidhi/Mutual Benefit fund/Society.
XIV) According to information and explanation given to us, the company has maintained
proper records for dealing in shares & debentures and timely entries have been made
therein, all shares, debentures and other securities have been held by the company in its
own name.
XV) According to the information and explanations given to us, the company has not
given 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 overall
examination of the balance sheet of the company, we are of the opinion that the no funds
raised on short - term basis have been used for long - term investment. No long -term
funds have been used 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 to
parties 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, no
fraud on or by the company was noticed or reported during the year.
For SHYAM NAGORI & COMPANY
CHARTERED ACCOUNTANTS
FRN-004573C
SHYAM NAGORI
PROPRIETOR
M.No. 073609
PLACE- INDORE
DATE: 05th September, 2013.
+91-9892691696
