G BASU & CO
CHARTERED ACCOUNTANTS
3, CHOWRINGHEE APPROACH
KOLKATA - 700 072 |
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| Auditors’ Report |
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To the Members of
NICCO Biotech Limited |
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| We have audited the attached
Balance Sheet of NICCO Biotech Ltd. as at 31st March 2010
and Profit & Loss Account and Statement of Cash Flow for
the year ended on that date annexed thereto. These financial
statements are the responsibilities of the Company’s Management.
Our responsibility is to express an opinion on these financial
statements based on our audit. |
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| We conducted our audit in accordance
with auditing standards generally accepted in India. These
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes, examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis
for our opinion. |
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| We hereby report that |
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As required by the Companies’
(Auditors Report) order, 2003,issued by the Central Government
in terms of Section 227(4A) of the Companies Act ,1956
,we enclose herewith in the Annexure a Statement of the
matter specified therein.
We have obtained all the information and explanations
which to the best of our knowledge and belief were necessary
for the purpose of audit.
In our opinion, proper books of accounts, as required
by law have been kept by the Company so far as appears
from our examination of books of accounts.
The Balance Sheet and Profit and Loss Account dealt with
by this Report are in agreement with the books of accounts.
Balance Sheet and Profit & Loss Account have been prepared
in due compliances of Accounting Standards referred to
in sub section (3C) of Section 211 of Companies Act, 1956.
On the basis of written representations received from
the Directors as on 31 March 2010 and taken on record
by the Board of Directors we report that none of the directors
of the Company is disqualified from the office of the
Director Within the meaning of 274(1)(g) of the Companies
Act,1956.
In our opinion and according to the information and explanations
given to us, the said accounts give the information required
by the Companies Act, 1956 in the manner so required and
give a true and fair view in conformity with the accounting
principles generally accepted in India |
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| a. In the case of Balance Sheet,
of the State of Affairs of the Company as at 31st March2010 |
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| b. In the case of Profit and
Loss Account, of the Profit for the year ended on that
date; and |
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| c. In the case of cash flow
statement, of the cash flows for the year ended on that
date. |
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For G Basu & Co.
Chartered Accountants
R. No. - 301174E |
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Manoj Kumar Das
Partner
Membership No. - 013783 |
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BASU HOUSE
3, Chowringhee Approach,
Kolkata – 700 072 |
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| Dated, the 19th day of May,2010 |
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Annexure to the auditors’ report
as referred to in para I of the said report of even
date
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| 1). The Company has
maintained proper records showing full particulars including
quantitative details and situation of fixed assets in
respect of all its locations. |
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| 2). The fixed assets
have been physically verified by the Management at all
locations at reasonable intervals. No material discrepancies
between book records and the physical inventories have
been noticed on such verification. |
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| 3). The Fixed Assets
disposed off during the year, have not affected the company
as going concern. |
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| 4). The inventories
have been physically verified at reasonable intervals
by the management. |
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| 5). The procedures of
physical verification of inventories followed by the management
are reasonable and adequate in relation to the size of
the Company and the nature of its business. |
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| 6). On the basis of
our examination of the records of inventory, we are of
the opinion that the Company is maintaining proper records
of inventory. The discrepancies noticed on verification
between the physical stocks and book records were not
material and have been properly dealt with in the books
of account. |
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| 7). The Company has
not granted any Loans secured or unsecured to any Company,
Firm and Other party covered in the register maintained
in pursuance to section 301 of the Act 1956. |
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| 8). The company has
not obtained any loan, secured or unsecured , from any
company ,firm other party covered in the register maintained
under section 301of the Act. |
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| 9). In our opinion and
according to the information and explanations given to
us there is an adequate internal control system commensurate
with the size of the Company and the nature of its business
for purchase of inventory and fixed assets and on the
sale of goods and services. During the course of our audit
no major weakness has been noticed in the internal control
system. We have not observed any failure on the part of
the Company to correct major weakness in internal control
system. |
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| 10 a). Based on audit
procedures applied by us and according to the information
and explanations provided by the management, we are of
the opinion that the transactions that need to be entered
into the register maintained under section 301 of Companies
Act, 1956 have been so entered. |
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| b). According to information
and explanations given to us, the transactions made in
pursuance of contracts or arrangements entered in the
registers maintained under section 301 of the Act during
the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant
time. |
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| 11). No deposits have
been taken by the Company and hence this Clause is not
applicable to the Company |
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| 12). In our opinion
the Company has an internal audit system commensurate
with the size of the company and nature of its business. |
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| 13). This Clause is
not applicable to the Company, as the Central Govt has
not prescribed for any products. |
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| 14. a) According to
information and explanations given to us the Company is
depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and
protection fund, employees state insurance, income tax,
sales tax, service tax, wealth tax, custom duty, excise
duty, cess and other statutory dues to the extent applicable
to it. There has been no arrear of outstanding statutory
dues on these accounts which have been outstanding for
more than six months on the date of balance sheet from
the date they became payable. |
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| b). Contingent dues
on account of Sales Tax / Income Tax / Excise Duty / Entry
Tax disputed by the Company and not being paid, vis-a-vis
forums where such disputes are pending are mentioned below: |
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Nature of
the Statute
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Nature of
Due
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Amount (Rs/Lacs)
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Forum where
dispute is pending
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Sales Tax
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Sales Tax
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NIL
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N.A
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Central Excise
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Central Excise
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NIL
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N.A
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Income Tax
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Income Tax
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NIL
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N.A
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| There has been no contingent
dues on account of wealth tax, custom duty, service tax,
cess or other statutory dues which have not been paid
on account of dispute. |
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| 15). Accumulated loss
of the Company is less than fifty percent of its net worth.
The Company has not sustained cash loss during the year
but sustained cash loss in the preceding year. |
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| 16). The Company has
not taken any loans from Banks or Financial Institutions. |
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| 17). The Company has
not granted any loans and advances on the basis of security
by way of pledge of shares ,debentures or other securities.
However loans granted to employees are generally secured
by mortgage/ hypothecation of assets for which adequate
records / documents are maintained. |
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| 18). The Company has
maintained proper records of transaction of Shares, Debentures
and other investments dealt in by it and timely entries
have been made therein .Investments are held in Company’s
own name . |
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| 19). The Company has
not given any guarantee for loan taken by subsidiary Company
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| 20). This Clause is
not applicable to the Company as the company has not taken
any Term Loan. |
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| 21). This Clause is
not applicable to the Company, as the Company has not
taken any Short Term Loan during the year . |
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| 22). The Company has
not made any preferential allotment of shares during the
year to parties and companies covered in the register
maintained under section 301 of the Companies Act,1956. |
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| 23). This Clause is
not applicable to the Company, as the Company has not
issued any debentures. |
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| 24). Based upon the
audit procedures performed and information and explanations
given by the management, we report that no fraud on or
by the Company has been noticed or reported during the
course of our audit. |
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| 25). Other clauses of
the order are not applicable to the Company. |
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For G Basu & Co.
Chartered Accountants
R. No :- 301174E
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Manoj Kumar Das
(Partner)
Membership No – 013783
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BASU HOUSE
3, Chowringhee Approach,
Kolkata – 700 072 |
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| Dated, the 19th of May,
2010 |
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