|Notice||Director’s Report||Management Discussion||Report on Corporate||Auditor’s Report|
|Balance Sheet||Profit and Loss||Notes Forming||Case Flow||Proxy Form|
TO THE SHAREHOLDERS OF M/S. COLINZ LABORATORIES LIMITED.
We have audited the attached Balance Sheet of M/s. Colinz Laboratories Limited as at 31st March, 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
 As required by the Companies (Auditors’ Report) Order, 2003 as amended by Companies (Auditor’s Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraph 4 of the said Order.
 Further to our comments in the Annexure referred to in paragraph 1 above, we state 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 Accounts as required by Law have been kept by the Company so far as appears from our examination of such books.
c] The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the Books of Accounts.
d] In our opinion and to the best of our information, Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards issued by the Institute of Chartered Accountants of India, referred to in Section 211 (3C) of the Companies Act, 1956.
e] On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as at 31st March, 2012 from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956.
f] In our opinion and to the best of our information and according to the explanations given to us, the said accounts alongwith notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;
ii) in the case of Profit and Loss Account, of the profit of the Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.
|Date :15th May, 2012||For S. V. BHAT & CO|
|Place : Mumbai.||FIRM REG. No.-101298W|
|S. V. BHAT|
|( Proprietor )|
|MEMBERSHIP No. – 37237|
Re: COLINZ LABORATORIES LIMITED. (Referred to in paragraph 1 of our Report of even date)
(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on verification.
(c) There was no disposal of any fixed assets during the year.
(a) The inventory has 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 stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of the business.
(c) The Company has maintained proper records of inventory. No material discrepancies were noticed on physical verification of inventory.
The Company has not granted or taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub-clause (b), (c), (d), (e), (f) and (g) of sub-para (iii) of para 4 of the order are not applicable.
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
(a) The Particulars of contracts or arrangements referred to in section 301 of the Act, have been entered in the register maintained under that section.
(b) The transaction made in pursuance of contracts or arrangements referred to in section 301 of the Act are, in our opinion, at prices which are reasonable having regard to the prevailing market prices at the relevant time.
In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public within the meaning of Sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.
In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of business.
The Central Government has not prescribed maintenance of Cost Records under Section 209 (1)(d) of the Companies Act, 1956.
(a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, provisions of Employees State Insurance Act is not applicable to the Company.
(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 31-03-2012 for a period of more than six months from the date they became payable.
(c) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.
The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.
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.
According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report ) Order, 2003 are not applicable to the Company.
In respect of shares, securities or other investments dealt in or traded by the Company, proper records are maintained in respect of transactions and contracts and timely entries have been made therein. All the investments are held by the Company in its own name.
In our opinion and according to the information and explanations given to us, the Company has not given guarantee for loans taken by others from Bank or Financial Institutions
On the basis of the records examined by us and relying on the information compiled by the Company for co-relating the funds raised to the end use of term loans, we have to state that, the Company has, prima-facie, applied the term loans for the purposes for which they were obtained.
According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investments by the Company.
The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956 and therefore the question of the price at which shares have been issued is prejudicial to the interest of the Company does not arise.
The Company has not issued debentures and therefore the question of creation of security in respect of debentures does not arise.
The Company has not raised monies by public issues during the year and therefore the question of disclosure and verification of end use of such monies does not arise.
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.
|Date :15th May, 2012||For S. V. BHAT & CO|
|Place : Mumbai.||Chartered Accountants|
|FIRM REG. No.-101298W|
|S. V. BHAT|
|( Proprietor )|
|MEMBERSHIP No. – 37237|