| We have audited the accompanying financial statements of Welcure Drugs
& Pharmaceuticals Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2015, 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 ("the Act") with respect to
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 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 judgements and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevantto 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 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 judgement, 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 financial control relevantto 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 control
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 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 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 prin- ciples
generally accepted in India, of the state of affairs of the Com- pany
as at 31 st March, 2015, and its profit 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 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 it appears from our examination of
those books;
(c) The Balance Sheet, the 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 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 31 st March, 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March,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 does not have any pending litigations which would impact
its financial position;
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 AUDITORS' REPORT
(Referred to in of our Report of even date)
(i) The Company has not owned fixed assets during the year.
Accordingly, clause 3(i) of the Companies (Auditor's Report) Order,
2015 is not applicable to the company.
(ii) The Company has not held any stock during the year. Accordingly,
clause 3(ii) of the Companies (Auditor's Report) Order, 2015 is not
applicable to the company.
(iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Since there are no such
loans, therefore clauses 3(iii)(a) and (b) of the Companies (Auditor's
Report) Order, 2015 are not applicable.
(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 the business with regard
to services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
system.
(v) According to the information and explanations given to us, the
company has not accepted deposits,therefore clause 3(v) of the
Companies (Auditors Report) Order, 2015 is not applicable.
(vi) According to the information and explanations given to us, this
clause relating to maintenance of cost records is not applicable to
company as no production activities are carried out by the Company
during the year.
(vii) (a) According to the information and explanations given to us,
the company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax and other statutory dues
applicable to it According to the information and explanations given to
us, no amounts in respect of above were in arrears as at 31.03.2015 for
a period of more than six months from the date they became payable.
(b) According to the information and ex planation given to us, there
are no dues of income ta x, and other statutory dues, which have not
been deposited on account of any dispute.
(c) According to the information and explanation given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
(viii) According to the information provided to us, the accumulated
losses of the company are more than fifty percent of its net worth. The
company has not incurred cash loss during the financial year covered by
our audit and also not incurred any loss in the immediately preceding
financial year.
(ix) According to the information and explanations given to us, the
company has not taken any amount from a financial institution, bank or
debentureholders during the year, therefore clause 3(ix)of the
Companies (Auditors report) Order, 2015 is not applicable.
(x) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xi) According to the information and explanations given to us, the
Company did not avail any term loan during the year.
(xii) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For MK.Goswarri&Co.
Chartered Accountants (FRNo. 02305N)
Virender Kumar Gupta (MNo.084450)
Partner
Place: Delhi
Date: 27.04.2015
|