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Southern Online Bio Technologies
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« Mar 12
Auditor's Report (Southern Online Bio Technologies) Year End : Mar '13
We have audited the accompanying Standalone financial statements of
 SOUTHERN ONLINE BIO TECHNOLOGIES LIMITED (the Company)
 and its subsidiaries, which comprises of the standalone Balance Sheet
 as at 31st March, 2013 and the Standalone Statement of Profit & Loss
 Account and Standalone Cash Flow Statement for the year then ended, and
 a summary of significant accounting policies and other explanatory
 information.
 
 Management''s Responsibility for the Standalone 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
 Accounting Standards referred to in sub- section (3C) of Section 211 of
 the Companies Act, 1956 (the Act). This responsibility
 includes the design, implementation and maintenance on internal control
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement and are free from material misstatement, whether due to
 fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financials
 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 consolidated financial
 statements are free from material misstatement.
 
 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'' 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 auditors considers internal
 controls relevant to the Company''s 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 management, as
 well as evaluating the over all 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 the information
 required by the Act in the manner as required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India ;
 
 (a) In the case of the Standalone Balance Sheet, of the state of
 affairs of the Company as at 31st March, 2013;
 
 (b) In the case of the Standalone Profit & Loss Account, of the Loss
 for the year ended on that date; And
 
 (c) In the case of the Standalone Cash Flow, of the cash flows for the
 year ended on that date;
 
 Report on Other Legal and Regulatory Requirements:
 
 3.  As required by the Companies (Auditor''s Report) Order, 2003
 (the Order) issued by the Central Government of India
 interms of sub- section (4A) of section 227of the Act, we give in the
 Annexure a statement on the matters specified in paragraphs 4 and 5 of
 the Order.
 
 4.  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 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 appears from our examination of
 those books ;
 
 (c) The Balance Sheet, Statement of Profit & Loss and 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 & Loss
 Account and Cash Flow Statement comply with the Accounting standards
 referred to in sub-section (3C) of Section 211 of Companies Act, 1956;
 
 (e) On the basis of written representations received from the
 Directors, as on 31st March, 2013 and taken on record by the Board of
 Directors, none of the Directors is disqualified as on 31st March, 2013
 from being appointed as Director in terms of clause(g) of sub-
 section(1) of section 274 of the Companies Act, 1956;
 
 (f) 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.
 
 I. (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of Fixed
 Assets.
 
 (b) As explained to us, the fixed assets have been physically verified
 by the management at reasonable intervals and no material discrepancies
 between the book records and the physical inventory have been noticed
 on such verification.
 
 (c) The Company has not disposed off substantial part of the Fixed
 Assets during the year.
 
 II.  (a) The Inventory has been physically verified during the year by
 the Management and in our opinion, the frequency of verification is
 reasonable.
 
 (b) In our opinion, the procedures of the 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) The Company is maintaining proper records of inventory and as
 explained to us, no material discrepancies were noticed on physical
 verification of stocks as compared to book records.
 
 III.  (a) The Company has not granted any loans, secured or unsecured
 to Companies, Firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956.
 
 (b) As the Company has not granted any loans, the Clause of whether the
 rate of interest & other terms and conditions on which loans have been
 granted to parties listed in the register maintained under Section 301
 prejudicial to the interest of company, is not applicable.
 
 (c) As no loans are granted by company, the clause of receipt of
 interest & principal amount from parties, is not applicable to the
 company.
 
 (d) No loans have been granted to Companies, Firms and other parties
 listed in the register U/S 301 of the Companies Act, 1956. Hence,
 overdue Amount of more than rupees one Lac does not arise and the
 clause is not Applicable.
 
 (e) The Company has not taken any loans, secured or unsecured from
 Companies, Firms or other Parties covered in the register maintained
 U/s.301 of the Companies Act, 1956.
 
 (f) As the Company has not taken any loans, the clause of whether the
 rate of interest and other terms and conditions on which loans have
 been taken from parties listed in the register maintained under section
 301 is prejudicial to the interest of company, is not applicable.
 
 (g) As no loans are taken by the company, the clause of repayment of
 interest & principal amount to parties is not applicable to the
 company.
 
 IV. In our opinion and according to the information and explanations
 given to us, there are generally adequate internal control systems
 commensurate with the size of the company and the nature of its
 business with regard to purchase of inventory and fixed assets and for
 sale of goods and services. There is no continuing failure by the
 company to correct any major weaknesses in internal control.
 
 V.  (a) In our opinion and according to the information and explanation
 given to us, since no contracts or arrangements referred to in section
 301 of the Companies Act, 1956 have been made by the company in respect
 of any party in the financial year, the entry in the register U/s.301
 of the Companies Act, 1956 does not arise.
 
 (b) According to the information and explanations given to us, as no
 such contracts or arrangements made by the company, the applicability
 of the clause of charging the reasonable price having regard to the
 prevailing market prices at the relevant time does not arise.
 
 VI.  The Company has not accepted any deposits from the public and
 hence the applicability of the clause of directives issued by the
 Reserve Bank of India and provisions of section 58A, 58AA or any other
 relevant provisions of the Act and the rules framed there under does
 not arise. As per information and explanations given to us the order
 from the Company Law Board or National Company Law Tribunal or Reserve
 Bank of India or any Court or any other Tribunal has not been received
 by the Company.
 
 VII. In our opinion, the company is having internal audit system,
 commensurate with its size and nature of its business.
 
 VIII. We have broadly verified the books of accounts and records
 maintained by the Company pursuant to the Order made by the Central
 Government for the maintenance of the cost records under Section 209(1)
 (d) of the Companies Act, 1956, and are of the opinion that prima facie
 the prescribed accounts and records have beenmade and maintained.
 
 IX.(a) The Company is regular in depositing undisputed statutory dues
 including Provident Fund, Employees State Insurance, Income Tax, Sales
 Tax, Service Tax, Customs duty, Excise duty and Cess, and other
 applicable statutory dues with the appropriate authorities during the
 year.According to information and explanations given to us there are no
 arrears of statutory dues as at 31st March 2013 which were outstanding
 for a period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
 and any other statutory dues as at the end of the period, for a period
 more than six months from the date they became payable.
 
 X.  The Company has been registered for a period of not less than 5
 years, and the company has got accumulated losses at the end of the
 financial year and the company has incurred cash losses in this
 financial year and in the immediately preceding financial year.
 
 XI.  According to information and explanations given to us, the company
 has not defaulted in repayment of dues to financial Institutions or
 Banks.
 
 XII.According to the information and explanations given to us, the
 Company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures and other securities and hence
 the applicability of the clause regarding maintenance of adequate
 documents in respect of loans does not arise.
 
 XIII.  This clause is not applicable to this Company as the Company is
 not covered by the provisions of special statute applicable to Chit
 Fund in respect of Nidhi / Mutual Benefit Fund/ Societies.
 
 XIV.  According to the information and explanations given to us, the
 company is not dealing or trading in shares, securities, Debentures and
 other investments and hence the provisions of clause 4(xiv) of the
 Companies (Auditor''s Report) Order 2003, are not applicable to
 the Company.
 
 XV.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 Banks or Financial Institutions, and hence the applicability of this
 clause regarding terms and conditions which are prejudicial to the
 interest of the company .
 
 XVI.  According to the information and explanations given to us, the
 Term Loans obtained by the company were applied for the purpose for
 which such loans were obtained by the company.
 
 XVII.  According to the information and explanations given to us short
 term loans obtained by the Company were not applied for Long term
 purposes.
 
 XVIII.  According to the information and explanations given to us, the
 Company has not made any preferential allotment of Shares to parties
 and Companies covered in the Register maintained under section 301 of
 the Companies Act, 1956 and hence the applicability of the clause
 regarding the price at which shares have been issued and whether the
 same is prejudicial to the interest of the Company does not arise.
 
 XIX.According to the information and explanations given to us, the
 company does not have any debentures and hence the applicability of the
 clause regarding the creation of security or charge in respect of
 debentures issued does not arise.
 
 XX.According to information and explanations given to us, the company
 has not raised money by way of public issues during the year, hence the
 clause regarding the disclosure by the management on the end use of
 money raised by public issue is not applicable.
 
 XXI. According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the year
 under audit.
 
 
 
                                         For P. Murali & Co.,, 
 
                                         Chartered Accountants 
 
                                         FRN: 007257S
 
                                                   Sd/- 
 
                                         P. Murali Mohana Rao 
 
 
 Place : Hyderabad                       Partner 
 
 Date : 27.05.2013                       Membership No.023412
Source : Dion Global Solutions Limited
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