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Rekvina Laboratories Ltd.

BSE: 526075 | NSE: | Series: NA | ISIN: INE092O01028 | SECTOR: Pharmaceuticals

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Sep 27, 14:07
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673
10-Day
399
30-Day
1,229
121
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    3.99

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    4.18

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    4.18 (379)

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Dec 27, 11:22
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Rekvina Laboratories is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011

Auditor's Report

We have audited the accompanying financial statements of Rekvina Laboratories Ltd. which comprise the Balance Sheet as at 31st March 2015, and 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 The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with respect to the preparation and presentation of these standalone 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 the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also 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; and design, implementation and maintenance of adequate internal financial controls, that were opeiating 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 tree 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. 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 control relevant to the Company''s preparation and fair presentation of the financial statments in order to design audit procedures that are appropriate in the circumstances 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 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 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 March 31, 2015; (b) in the case of the Profit and Loss Account, 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, 2015issued 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 the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by section 143(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 aforesaid standalone financial statements comply with the 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 is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Companies Act, 2013. ANNEXURE TO THE AUDITORS'' REPORT (The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:.) (1) FIXED ASSETS (a) As informed to us the company is updating proper records showing full particulars including quantitative details and situation of fixed assets. (b) We were informed that the management once during the year carried out physical verification of major Fixed Assets. In our opinion, frequency of verification is reasonable having regard to the size and nature of fixed assets. We were further informed that on such verification no material discrepancies were noticed between the book records and physical verification. (2) INVENTORIES (a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) 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. (c) On the basis of our examination of the records of inventory, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to the book records were not material. (3) LOANS (a) The Company has granted unsecured loans to Companies, firms or other parties covered in the register maintained under section 189 of the Act. There is one party and the amount involved 12.26 lacks. (b) As per the information & explanation given to us, the loan granted to companies, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013, has no pre-defined repayment schedule and is free of interest; (c) As per the information & explanation given to us, there is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013. (4) INTERNAL CONTROL 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) The company has not accepted any deposits from the public within the meaning of section 73 to 76 or any other relevant provision of the Act. (6) The Central Government has not prescribed maintenance of cost records under section 148(1) of the companies act 2013 for any of the items with by the company. (7) STATUTORY DUES (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it with the appropriate authorities. (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 31st March, 2015 for a period of more that six months from the date they became payable. (c) According to the information and explanation given to us, the following are the details of disputed income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess, to the concerned Authorities : Sr. No. Statutory Dues With whom the dispute is Unpaid Amount pending Rs. 1. Income Tax-AY 1999-00 CIT (A) Rs. 10,16,536 2. Income Tax-AY 2000-01 CIT (A) Rs. 9,57,098 3. Income Tax-AY 2002-03 CIT (A) Rs. 91,316 4. Sales Tax Sales Tax Tribunal Rs. 39,33,322 (8) In our opinion, the accumulated losses of the company at the end of financial year are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (9) 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. (10) 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. (11) As per the information and explanations given to us, the Company did not have any term loan during the year; (12) 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 Y. K. SHAH & Co. PLACE: VADODARA CHARTERED ACCOUNTANTS DATE : 28.05.2015 Fim Regn No :116821W (CA. YOGESH K. SHAH) PROPRIETOR M.No. : 101687