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Colinz Laboratories
BSE: 531210|ISIN: INE923C01011|SECTOR: Pharmaceuticals
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Mar 12
Auditor's Report (Colinz Laboratories) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Colinz
 Laboratories Limited (the company), which comprises the Balance Sheet
 as at March 31, 2013, the Statement of Profit And Loss and Cash Flow
 Statement for the Year then ended and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 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 principles generally accepted in India including
 Accounting Standards referred to in Section 211(3C) of the Companies
 Act, 1956 (the Act). This responsibility includes the design ,
 implementation and maintenance of internal control relevant to
 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
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatements.  An audit involves performing procedures
 to obtain audit evidence about the amounts and disclosures in the
 financial statements. The procedures selected depend on the auditor''s
 judgment, including the assessment of the risks of material
 misstatements of the financial statements, whether due to fraud or
 error. In making those risk assessments, the auditor considers internal
 control relevant to the companies 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 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.
 
 a) In the case of Balance Sheet, of the state of affairs of the company
 as at March 31, 2013;
 
 b) In the case of Statement of Profit and Loss, of the profit for the
 year ended on that date; and
 
 c) In the case of the Cash Flow. Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003(the
 Order) issued by the Central Government of India in terms of Section
 227(4A) of the Act, we give in the Annexure a statement on the matters
 specified in paragraphs 4 and 5 of the Order.
 
 2.  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 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 the agreement with the
 books of accounts.
 
 d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 referred to in Section 211(3C) of the Act;
 
 e) On the basis of the written representations received from the
 directors as on March 31, 2013, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2013,
 from being appointed as a director in terms of Section 274(l)(g) of the
 Act.
 
 ANNEXURE
 
 Re: COLINZ LABORATORIES LIMITED. ( Referred to in paragraph 1 of our
 Report of even date)
 
 1.  (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) The fixed assets have been physically verified during the year by
 the management. According to the information and explanations given to
 us, no material discrepancies were noticed on verification.
 
 (c) There was no disposal of any fixed assets during the year.
 
 2.  (a) The inventory has been physically verified during the year by
 the Management. 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 stocks followed by
 the management are reasonable and adequate in relation to the size of
 the Company and the nature of the business.
 
 (c) The Company has maintained proper records of inventory. No material
 discrepancies were noticed on physical verification of inventory.
 
 3.  The Company has not granted or taken any loans, secured or
 unsecured, to or from companies, firms or other parties listed in the
 register maintained under section 301 of the Companies Act, 1956.
 Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g)
 of sub-para (hi) of para 4 of the order are not applicable.
 
 4.  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 the nature of its
 business with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods. During the course of our audit we have not
 observed any continuing failure to correct major weaknesses in internal
 controls.
 
 5.  In respect of contracts or arrangements refer to in section 301 of
 the Companies Act 1956 :
 
 (a) in our opinion and explanation given to us the transactions made in
 pursuance of contracts or arrangements that need to be entered in
 register maintained under section 301 of the Companies Act 1956, have
 been so entered.
 
 (b) in our opinion and explanation given to us, the transaction made in
 pursuance of contracts or arrangements referred to in section 301 of
 the Act are, at prices which are reasonable having regard to the
 prevailing market prices at the relevant time.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposit from the public
 within the meaning of Sections 58A, 58AA or any other relevant
 provisions of the Companies Act, 1956 and the Companies (Acceptance of
 Deposits) Rules, 1975.
 
 7.  In our opinion, the Company has an adequate internal audit system
 commensurate with the size and the nature of business.
 
 8.  We have broadly reviewed the books of accounts maintained by the
 Company in respect of the products where, pursuant to the rules made by
 the Central Government of India, the maintenance of cost records has
 been prescribed under clause (d) of sub- section(l) of section 209 of
 the Act, and are of the opinion that prima facie, the prescribed
 accounts and records have been made and maintained. We have not,
 however, made a detailed examination of the records with a view to
 determine whether they are accurate or complete.
 
 9.  (a) The Company is regular in depositing with appropriate
 authorities undisputed statutory dues including provident fund,
 investor education and protection fund, income tax, sales tax, wealth
 tax, custom duty, excise duty, cess and other material statutory dues
 applicable to it. According to the information and explanations given
 to us, provisions of Employees State Insurance Act is not applicable to
 the Company.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of income tax, wealth tax, sales
 tax, customs duty, excise duty and cess were in arrears, as at
 31-03-2013 for a period of more than six months from the date they
 became payable.
 
 (c) According to the information and explanation given to us, there are
 no dues of sales tax, income tax, customs duty, wealth tax, excise duty
 and cess which have not been deposited on account of any dispute.
 
 10.  The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash losses in the current and immediately
 preceding financial year.
 
 11.  In our opinion and according to the information and explanations
 given to us the company has not defaulted in repayment of dues to a
 financial institution or bank.
 
 12.  According to the information and explanations given to us and
 based on the documents and records produced to us, the Company has not
 granted loans and advances on the basis of security by way of pledge of
 shares, debentures and other securities.
 
 13.  In our opinion, the Company is not a chit fund or a nidhi / mutual
 benefit fund / society. Therefore, the provisions of clause 4(xiii) of
 the Companies (Auditor''s Report) Order, 2003 are not applicable to the
 Company.
 
 14.  In respect of shares, securities or other investments dealt in or
 traded by the Company, proper records are maintained in respect of
 transactions and contracts and timely entries have been made therein.
 All the investments are held by the Company in its own name.
 
 15.  In our opinion and according to the information and explanations
 given to us, the Company has not given guarantee for loans taken by
 others from Bank or Financial Institutions.
 
 16.  On the basis of the records examined by us and relying on the
 information compiled by the Company for co-relating the funds raised to
 the end use of term loans, we have to state that, the Company has,
 prima-facie, applied the term loans for the purposes for which they
 were obtained.
 
 17.  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 no funds raised on short-term basis have been used for
 long-term investments by the Company.
 
 18.  The Company has not made preferential allotment of shares to
 parties and companies covered in the register maintained under Section
 301 of the Companies Act, 1956 and therefore the question of the price
 at which shares have been issued is prejudicial to the interest of the
 Company does not arise.
 
 19.  The Company has not issued debentures and therefore the question
 of creation of security in respect of debentures does not arise.
 
 20.  The Company has not raised monies by public issues during the year
 and therefore the question of disclosure and verification of end use of
 such monies does not arise.
 
 21.  According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 course of our audit.
 
                                      For S.V.BHAT & CO.
 
                                     (Chartered Accountants) 
 
                                      REG. NO:- 101298W
 
                                      S. V. BHAT 
 
 Date: 15th May, 2013                 Proprietor
 
 Place: Mumbai                        MEMBERSHIP NO. 37237
Source : Dion Global Solutions Limited
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