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Socrus Bio Sciences | Auditor's Report > Miscellaneous > Auditor's Report from Socrus Bio Sciences - BSE: 524719, NSE: N.A
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Socrus Bio Sciences

BSE: 524719|ISIN: INE858A01039|SECTOR: Miscellaneous
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Socrus Bio Sciences is not listed on NSE
Mar 09
Auditor's Report (Socrus Bio Sciences) Year End : Mar '13
we have audited the accompanying financial statements of M/s Socrus Bio
 Sciences Limited (the Company), which omprise the Balance Sheet as at
 31st March ,2013, the Statement of Profit and Loss and the Cash Flow
 Statement for the ear then ended, and a summary of the significant
 accounting policies and other explanatory information.  Responsibility
 for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of ne financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards : sferred to in sub-section (3C) of section
 211 of the Companies Act, 1956 (the Act). This responsibility
 includes the design, nplementation and maintenance of internal control
 relevant to the preparation and presentation of the financial
 statements lat give a true and fair view and are free from material
 misstatement, whether due to fraud or error.  Auditors'' Responsibility
 responsibility is to express an opinion on these financial statements
 based on our audit. We conducted our audit in iccordance with the
 Standards on Auditing issued by the Institute of Chartered Accountants
 of India. Those Standards require hat we comply with the ethical
 requirements and plan and perform the audit to obtain reasonable
 assurance about whether the financial statements are free from material
 misstatement.
 
 Audit involves performing procedures to obtain audit evidence about the
 amounts and the .disclosures in the financial itatements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material nisstatement of the financial
 statements, whether due to fraud or error, fn making those risk
 assessments,, the auditor '' considers the internal control relevant to
 the Company''s preparation and fair presentation of the financial
 statements in order ign audit procedures that are appropriate in the
 circumstances. An audit also includes evaluating the appropriateness of
 looting policies used and the reasonableness of the accounting
 estimates made by the Management, as well as jvaluating the overall
 presentation of the financial statements.  that the audit evidence we
 have obtained is sufficient and appropriate to provide a basis for our
 audit opinion.
 
 Opinion
 
 n our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give :h\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: s) in the case of the Balance Sheet, of the state of affairs of
 the Company as at 31st March, 2013; in the case of the Statement of
 Profit and Loss, of the Loss of the Company for the year ended on that
 date, and
 
 [c) in the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Dion Global Solutions Limited fcgpprt on Other Legal and Regulatory
 Requirements
 
 As required by the Companies (Auditor''s Report) Order, 2003(the
 Order) issued by the Central Government of India in Sens of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in anagraphs 4 and 5 of the Order.
 
 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 he 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 it appears from ur 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 igreement with the books of
 account.
 
 d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
 the Cash Flow Statement comply with the Accounting Standards referred
 to in sub-section (3C) of section 211 of the Act.
 
 e) On the basis of the written representations received from the
 directors as on 31st March, 2013 taken on record by of Directors, none
 of the directors is disqualified as on 31st March, 2013 from being
 appointed as a director in terms of sub-section (1) of section 274 of
 the Act.
 
 g) Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid jnder section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the -nanner in which such cess is to be paid, no cess is
 due and payable by the Company.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 deferred to in paragraph (1) of our report-of even date attached I) (a)
 In our opinion and according to information and explanations given to
 us. The company has maintained proper records showing full particulars
 including quantitative details and situation of its fixed assets.
 
 (b) According to the information and explanations given to us the fixed
 assets of the company have beenReally verified by the Management at
 reasonable intervals during the year and no material discrepancies are
 stated to have been noticed on such verification as compared to Books
 of Account.  -
 
 (c) In our opinion and according to information and explanations given
 to us, all fixed assets have been disposed off during the year,which
 could not affect the going concern status of the Company.
 
 ll) (a) According to the information and explanations given to us.
 Physical verification of inventory has been conducted at reasonable
 intervals by the Management during the year. 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 inventory followed by
 the Management are reasonable and adequate in relation to the size of
 the company and the C- nature of its business.
 
 (c) In our opinion, the company has maintained proper records of
 inventory and according to information and explanations given to us no
 material discrepancies were noticed on physical verification conducted
 by the management.
 
 (a) In our opinion and according to information and explanations given
 to us, the Company, has granted loans to three ( } nartres covered in
 the Register maintained under section 301 of the Companies Act 1956,
 the maximum amount involved during the year was Rs.3500000/-and year
 end balance is Rs. 3500000/- ,
 
 (b) The rate of Interest and other terms and conditions of loans given
 by the company,to the extent of interest free loans are not prejudicial
 to the interest of the company.
 
 (c) The parties are regular in repaying principal as stipulated and
 have been regular in payment of interest any.
 
 (d) There is no overdue amount of loans granted to companies,firms or
 other parties listed in the register maintained under section 301 of
 the companies act, 1956.
 
 (e)The company has not taken unsecured loans covered in the register
 maintained under section 301 of the Companies Act 1956,hence point (f)
 and (g) is not applicable to the Company.
 
 (IV) In our opinion and according to the information and explanations
 given to us, there are adequate internalcontrol T procedures
 commensurate with the size of the company and nature of its business
 for the purchase of inventory and fixed assets and for the sale of
 goods services. During the course of our audit, we have not observed
 any continuing failure to correct major weakness in internal controls.
 
 (V) (a) According to the information and explanations given to us, we
 are of the opinion that the transaction that needs to be entered into
 the register maintained under section 301 of the companies Act, 1956
 have been so entered.
 
 (b)In our opinion and according to the information and explanations
 given to us, the anions made in pursuance of contracts of
 arrangements entered in the register maintained under section 301 of
 the Companies Act. 1956 have been made at prices which are reasonable
 having regard to prevailing market prices at the relevant time.
 According to the information and explanations given to us, the company
 has not accepted deposits during the year and consequently the
 provisions of Section 58 A and 58 AA of the Companies Act and the Rules
 framed there under are not applicable.
 
 (VII) We are of the opinion that the company has an internal audit
 system commensurate with the size company and nature of its business.
 
 VIII) In our opinion and according to information and explanations
 given to us, the maiCompied y: Don Gobal Solutions - '' been prescribed
 by the Central Government under Section 209 (1) (d) of the Companies
 Act. 1956..for the activities ot the company and we have however not
 made a detailed examination of the cost records with a view to
 determine whether they are accurate or complete. We have been explained
 that the cost audit wffl be done by the company m due course.
 
 [X) (a) According to the information and explanation given to us,the
 company is regular in depositing with appropriate authorities
 undisputed statutory Dues including provident fund employees'' state
 insurance, income tax, wealth tax,sales tax, excise duty, cess and
 other material statutory dues applicable to it.
 
 (b) According to the information and explanations given to us, no
 undisputed statutory dues-were in arrears as at 31.03.2013 for a period
 of more than six months from the date they become payable.
 
 (c ) According to the information and explanations given to us, there
 were no pending dues which have not been deposited on account of any
 dispute in respect of sales tax/ income tax / custom duty / wealth tax
 / excise duty / cess as at 31 st March 2013
 
 X) The company have accumulated losses as at 31st st March 2013. The
 company have incurred cash losses during the financial year covered
 under audit but incurred profit in the immediately preceding financial
 year.
 
 XI) In our opinion according to the information and explanations given
 to us, the company does not have any outstanding dues to financial
 institutions,banks or debentureholders.
 
 XII) According to the information and explanations given to us, the
 company has not granted any loans and advances on the basis to
 security by way of pledge of shares, debentures and other securities,
 hence the maintenance of adequate ; W'' (documents and records is not
 applicable.
 
 XIII) In our opinion and according to the information and explanations
 provided to us, the nature of activities of the company does not
 attract any special statute applicable to chit fund and a Nidhi /
 Mutual Benefit fund / Society.
 
 XIV) According to information and explanation given to us, the company
 has maintained proper records for dealing in shares & debentures and
 timely entries have been made therein, alt shares, debentures and other
 securities have been held by the company in its own name.
 
 XV) According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by other, from Bank
 of Financial institution.
 
 XVI) The Company has not accepted any term loans during the year.
 
 XVII) 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 the no funds raised on short - term basis have been
 used for long - term investment. No long-term funds have been used to
 finance short -term assets except permanent working capital.
 
 XVIII) In our opinion and according to the information and explanations
 given to us, the company has not made any preferential allotment of
 shares during the financial year to parties and companies covered in
 Register maintained under section 301 of the Act.
 
 The Company has not issued any debentures, hence the provisions of
 clause 4 (xix) are not Applicable to the company.  
 
 XX) During the financial year, company has not raised any money by
 public issues.
 
 XXI) In our opinion and according to the information and explanations
 given to us, no fraud on or by the company was noticed or reported
 during the year.
 
                                      For SHYAM NAGORI & COMPANY
 
 PLACE INDORE                              CHARTERED ACCOUNTANTS
 
 DATE-05th September 2013                            FRN-004573C 
 
                                                      PROPRIETOR
 
                                                   M. No. 073609
Source : Dion Global Solutions Limited
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