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Southern Online Bio Technologies

BSE: 532669|ISIN: INE371B01015|SECTOR: Miscellaneous
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« Mar 14
Auditor's Report (Southern Online Bio Technologies) Year End : Mar '15
Report on the Standalone Financial Statements
 
 We have audited the accompanying Standalone financial statements of
 Southern Online Bio Technologies Ltd. (the Company), which comprise
 Balance Sheet as at March 31, 2015, 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 Consolidated Financial Statements
 
 The Company''s Board of Directors is responsible lor the matters stated
 in Section (134(5) of the Companies Act, 2013 (the act'') with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance
 preparation and cash flows of the Company in accordance with the
 accounting principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of Companies (Accounts) Rules, 2014. This responsibility
 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; design,
 implementation and maintenance of adequate internal financial controls,
 that are 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.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under.  We conducted our
 audit in accordance with the Standards on Auditing specified under
 Section 143(10) of the Act. 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 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''s 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 internal financial control relevant to the Company''s
 preparation of the financial statements, that give a true and fair view
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial
 controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Company''s Directors, 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 on the financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone 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 of the state of affairs of the group as at
 31st March 2015, its loss and its 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters Specified in paragraphs 3 and 4 of the Order.
 
 2. As required by section 143(3) of the Act, we further 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, 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 aforesaid standalone financial statements comply
 with the appicable 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 March 31, 2015, and taken on record by the Board of Directors
 none of the directors are disqualified as on March 31, 2015, from being
 appointed as a director in terms of Section 164(2) of the Act.
 
 f) with respect to the other matters to be included in the Auditor''s
 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;
 
 i. The Company has disclosed the impact of pending litigations as at
 31st March, 2015 on its financial position in its financial statements.
 
 ii. The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 Annexure referred to in paragraph 1 of Our Report of even date to the
 members of Southern Online Bio Technologies Ltd on the accounts of the
 company for the year ended 31s1 March, 2015 Under Report on other
 Legal & Regulatory Requirements.
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanations given to us during the course of
 our audit, we report that;
 
 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 regular intervals; as informed to us no material
 discrepancies were noticed on such verification.
 
 (c)The Company has not disposed off substantial part of the Fixed
 Assets during the year.
 
 II. (a) The inventory including stocks with certain third parties, has
 been physically verified by the management during the year. In respect
 of inventory lying with third parties, these have subsequently been
 confirmed by them. 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.  The Company has not grantecany loans, secured or unsecured to
 Companies, Firms or other parlies covered in the register maintained
 under section 189 of the Companies Act, 2013.
 
 IV.  In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the company and the nature of its business, for the
 purchase of fixed assets and for sale of services. Further on the basis
 of our examination of the books and records of the Company and
 according to the information and explanations given to us, no major
 weakness has been noticed or reported.
 
 V.  The Company has not accepted any deposits from the public covered
 under Section 73 to 76 of the companies Act,2013.
 
 VI. We have broadly reviewed the books of accounts maintained by the
 Company in respect of products where, pursuant to the rules made by the
 Central Government of India, the maintenance of cost records has been
 specified under sub section (1) of section 148 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.
 
 VII. a) According to the information and explanations given to us and
 based on the records of the company examined by us, the company is
 regular in depositing the undisputed statutory dues, including
 Provident Fund, Employees'' State Insurance, Income-Tax, Service Tax,
 Custom Duty, Excise Duty and other material statutory dues, as
 applicable, with the appropriate authorities in India;
 
 b) There were no undisputed amounts payable in respect of Provident
 Fund, Employees'' State Insurance, Income-Tax, Service Tax, Custom Duty,
 Excise Duly and other material statutory dues in arrears as at 31st
 March 2015 for a period of more than 6 months from the date they became
 payable.
 
 c) According to the information and explanations given to us and based
 on the records of the Company examined by us, there are no dues of
 Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and excise
 Duty which have not been deposited on account of any disputes.
 
 d) There are no amounts that are due to be transferred to the Investors
 Education and Protection Fund in accordance with the relevant
 provisions of the Companies Act, 1956 [1 of 1956] and rules made there
 under.
 
 VIII. The Company has been registered for a period of more than 5
 years.  The accumulated losses of the Company as on March 31, 2015 are
 more than 50% its net worth and the company has incurred cash losses in
 this financial year and in the immediately preceding financial year.
 
 IX.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to
 financial institutions/banks. The Company has not issued any
 debentures.
 
 X.  In our opinion and according to the information and explanations
 given to us, the Company has not given any guarantee for loan taken by
 others from bank or financial institutions.
 
 XI. In our opinion and according to the information and explanations
 given to us, Term Loans obtained by the Company were applied for the
 purpose for which such loans were obtained.
 
 XII. To the best of our knowledge and according to the information and
 explanations given to us, no fraud by the Company and no material fraud
 on the Company has been noticed or reported during the year.
 
                                       For P Murali & Co., 
 
                                       Chartered Accountants 
 
                                       Firm Registration No: 07257S
 
                                       Sd/- 
 
 Place: Hyderabad                      A Krishna Rao
 
 Date : 27.05.2015                     Partner
 
                                       Membership no. 020065
Source : Dion Global Solutions Limited
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