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370.00
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Updated:18 Nov, 2019, 09:24 AM IST

BSE
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Updated:15 Nov, 2019, 16:01 PM IST

Disclosure in auditor’s report explanatory

INDEPENDENT AUDITOR’S REPORT
To the Members of NEOGEN CHEMICALS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of NEOGEN CHEMICALS 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
Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“The Act”) with respect to 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 Standards referred to in section 133 of the Companies Act, 2013 (“the Act”) read with Rule 7 of the Companies (Account) Rules, 2014. This responsibility also includes Maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 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 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 statements in order to design audit procedures that are appropriate in the circumstances. 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 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:
in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;
in the case of the Profit and Loss Account, of the profit for the year ended on that date; and
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
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.

As required by section 143(3) of the Act, we report that:
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;
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;
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;
in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.
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 sub–section (2) of section 164 of the Companies Act, 2013.
With respect to the other matters included in the auditor’s report and to best of our information and according to the explanation given to us.

The company has disclosed the impact of pending litigation on its financial position in its financial statement.
The Company has made provision, as required under the applicable law or Accounting Standards, for material foreseeable losses, if any, on long term contracts including derivatives contracts.
There has been no delay in transferring amounts, required to be transferred, to the investor’s education and protection fund by the company.

Disclosure in auditors report relating to fixed assets

a) On the basis of information available, the company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets; b) The Fixed assets were physically verified during the year by the Management in accordance with a regular program of verification which, in our opinion, provides verification of the fixed assets at reasonable intervals. As per information and explanation provided to us, no materials discrepancies were noticed on such verifications; c) No substantial part of the fixed assets has been disposed off during the year and in our opinion, not affected the going concern status of the Company.

Disclosure in auditors report relating to inventories

a) In our opinion, physical verification of inventory other than with third parties is conducted at reasonable intervals by the Management. As explained to us there is a process of obtaining confirmation in respect of inventory with the third parties; b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and nature of business. c) In our opinion company has maintained proper records of inventory. As per information available, the discrepancies noticed on verification between physical stock and book record were not materials in relation to the operation of the company and the same have been properly dealt with in the books of account.

Disclosure in auditors report relating to loans

During the year, the company has not granted / taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 189 of the Act.

Disclosure in auditors report relating to internal control system

In our opinion and according to the information and explanations provided to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for sale of goods and services.

Disclosure in auditors report relating to accumulated losses

The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

Disclosure in auditors report relating to default in repayment of financial dues

In our opinion and information and explanations given to us, the company has not made any default in repayment of dues to the financial institutions and banks;

Disclosure in auditors report relating to term loans used for purpose other than for purpose they were raised

In our opinion, and according to the information and explanations given to us, the term loans have been applied for the purposes for which they have been obtained.

Disclosure in auditors report relating to any material fraud reported during period

To the best of our knowledge and according to information and explanations given to us, no fraud on or by the company and no material fraud on the Company has been noticed or reported during the year.

Disclosure in auditors report relating to maintenance of cost records

Based on Information available the Cost records are applicable as per notification issued by the Central Govt. under the provisions of Companies Act and as per explanation given to us, the Company has maintained the cost records as per the requirement. However we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

Disclosure in auditors report relating to guarantee given

In our opinion, and 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 during the year.

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