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Southern Online Bio Technologies
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« Mar 13
Auditor's Report (Southern Online Bio Technologies) Year End : Mar '14
We have audited the accompanying financial statements of SOUTHERN
 ONLINE BIO TECHNOLOGIES LIMITED (the Company) which comprise the
 Balance Sheet as at 31st March, 2014 and the Statement of Profit & Loss
 Account 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:
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance of the Company in accordance with the Accounting
 Standards notified under the Companies Act, 1956 (the Act) read with
 the General Circular 15/2013 dated 13th September 2013 of the Ministry
 of Corporate Affairs in respect of Section 133 of the Companies Act,
 2013. This responsibility includes the design, implementation and
 maintenance of 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, 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 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 misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financials 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 auditor considers internal
 control 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, but not for the purpose of expressing
 an opinion on the effectiveness of the entity''s internal control. 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 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, 2014;
 
 (b) In the case of the Statement of Profit & Loss, the Loss 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
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 Statement on the matters specified in paragraph 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, Statement of Profit and 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 and Statement of Profit and Loss
 and Cash Flow Statement comply with the Accounting Standards notified
 under the Companies Act, 1956 (the Act) read with General Circular
 15/ 2013 dated 13 th September 2013 of the Ministry of Corporate
 Affairs in respect of section 133 of the companies Act, 2013
 
 e) On the basis of written representations received from the directors
 as on 31st March 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March 2014 from being
 appointed as a director in terms of clause (g) of sub-section(1) of
 section 274 of the companies Act, 1956.
 
 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 presence 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 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 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
 is prejudicial to the interest of the 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.
 
 (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 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/s301 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 the loans have
 been taken from parties listed in the register maintained under section
 301 is prejudicial to the interest of the company, is not applicable.
 
 (g) As no loans are taken by the company, the clause of repayment of
 interest and 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 products and services and other operating revenues.  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 are 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 no order from the
 Company Law Board or National Company Law Tribunal or Reserve Bank of
 India or any Court or any other Tribunal has 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 been made 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, Custom duty, Excise duty, Cess, and other applicable statutory dues with the appropriate
authorities and at the end of last financial year there were no amounts outstanding which were due for 
 more than 6 months from the date they became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of PF, ESI, Income Tax Sales Tax, Cess or any other
 statutory dues which have not been deposited on account of any dispute.
 
 X. The Company has been registered for a period of more 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 preceeding 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 does not arise.
 
 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 given to us and on an overall
 examination of the Balance Sheet of the Company, we report that funds
 raised on short-term basis have not been used for long term investment
 during the audit period.
 
 XVIII. According to the information and explanations given to us, the
 Company has made any preferential allotment of Shares to parties and
 Companies covered in the Register maintained under section 301 of the
 Companies Act, 1956. In our opinion, the prices at which shares have
 been issued are not prejudicial to the interest of the company.
 
 XIX. According to the information and explanations given to us, the
 company has not issued 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/-
 
 Place : Hyderabad                              P.Murali Mohana Rao
 Date : 30.05.2014                             (Partner)
                                                Membership No. 023412
 
 
 
Source : Dion Global Solutions Limited
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