Mar 31, 2018
I. REPORT ON THE INDIAN ACCOUNTING STANDARDS (IND AS) FINANCIAL STATEMENTS
We have audited the accompanying IND AS financial statements of Albert David Limited ("the Company"), which comprise the Balance Sheet as at 31stMarch 2018, the statement of profit and loss (including other comprehensive income), the statement of changes in Equity and the cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.
II. MANAGEMENT''S RESPONSIBILITY FOR THE INDIAN ACCOUNTING STANDARDS (IND AS) 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 IND AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, the statement of changes in Equity and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Indian Accounting Standards (IND AS) specified under section 133 of the Act, read with relevant rules issued there under. 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 judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of IND AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
III. AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these IND AS financial statements based on our audit. We have taken into account the provisions of the Act, and the Rules made there under including 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 the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (ICAI). Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the IND AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the IND AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the IND AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the IND AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the IND AS 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 IND AS financial statements.
IV. OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid IND AS 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 including IND AS of the state of affairs of the Company as at 31st March''2018, and its profits (Financial Performance including other comprehensive income), its changes in equity and its cash flows for the year ended on that date.
V. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2016 ("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-2 a statement on the matters specified in paragraphs 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 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 appears from our examination of those books.
c) The Balance Sheet, Statement of Profit and Loss, (including other comprehensive its changes), statement of changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid IND AS financial statements comply with the IND AS Standards specified under Section 133 of the Act, read with relevant rules issued there under.
e) On the basis of the written representations received from the directors as on 31st March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) Our separate report on adequacy of internal financial control system and operating effectiveness of such controls is enclosed in Annexure-1 .
3. 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 our information and according to the explanations given to us:
a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 37.1 to the financial statements.
b) The Company did not have any long-term contract including derivative contract which may lead to any material foreseeable loss.
c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT") REFERRED TO IN PARA V (2) (F) OF OUR REPORT OF EVEN DATE.
We have audited the internal financial controls over financial reporting of Albert David Limited ("the Company") as of 31st March 2018 in conjunction with our audit of IND AS financial statements of the Company for the year ended on that date.
MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the "Guidance Note on Audit of Internal Financial Controls over Financial Reporting" issued by the Institute of Chartered Accountants of India.
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of IND AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of IND AS financial statements for external purposes in accordance with generally accepted accounting principles.
A company''s internal financial control over financial reporting includes those policies and procedures that:
1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
REPORT ON THE MATTERS SPECIFIED IN PARAGRAPHS 3 AND 4 OF THE COMPANIES (AUDITOR''S REPORT) ORDER, 2016, REFERRED TO IN PARA V (1) OF OUR REPORT OF EVEN DATE
I. 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 by the management at reasonable intervals. As informed, no material discrepancies between book records and the physical inventories have been noticed on such verification.
c. The title deeds of immovable property are held in the name of the Company.
II. The inventories have been physically verified at reasonable intervals during the year by the management. The discrepancies noticed on physical verification between the physical stock and book records were not material and have been properly dealt with in the books of accounts.
III. The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnership or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions of paragraphs 3(ii), 3(iii)(a) to 3(iii)(c) of the said order are not applicable.
IV. In our opinion and according to explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and securities as applicable.
V. The Company has not accepted deposits from the public within the meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extent notified. Accordingly, paragraph 3(V) of the Order is not applicable.
VI. On the basis of records produced we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 in respect of products of the company covered under the rules under said section have been made and maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records.
VII. a) According to information and explanations given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance , income tax, sales tax, service tax, custom duty, excise duty, value added tax, goods and services tax, cess and other statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2018 for a period of more than six months from the date of becoming payable.
(b) The dues on account of Sales Tax, Income Tax, Excise Duty and Cess disputed by the company and not being paid, vis-a-vis forums where such disputes are pending are mentioned below:-
Name of the Statute |
Nature of dues |
Amount Rs. in lacs |
Period to which the amount relates |
Forum where dispute is pending |
Sales Tax: |
||||
Central Sales Tax Act, 1956 |
Tax on Lease Rental |
5.74 |
2002-2003 |
Calcutta High Court |
Central Sales Tax Act, 1956 |
Tax on Lease Rental |
1.52 |
2003-2004 |
- Do - |
- Do - |
- Do - |
2.62 |
2005-2006 |
W.B. Com. Taxes Appeallate & Revisional Board |
Name of the Statute |
Nature of dues |
Amount Rs. in lacs |
Period to which the amount relates |
Forum where dispute is pending |
Sales Tax: (Contd.) West Bengal VAT Act, 2003 Jharkhand VAT Act, 2005 |
Dispute of sale and input tax credit Dispute of sale |
2.07 0.81 |
2011-2012 2011-2012 |
- Do - Dy. Commissioner, Commercial Tax, Jharkhand |
Income Tax: Income Tax Act, 1961 - Do - - Do - - Do - |
Tax on disallowance of expenditure - Do - Tax on disallowance of depreciation. Tax on disallowance of R & D Expenditure |
0.20 6.95 20.41 100.20 |
1991-1992 1999-2000 2013-2014 2014-2015 |
Commissioner of Income Tax (Appeal) Calcutta High Court Com. of Income Tax (Appeal) - Do - |
Excise Duty : Central Excise Act, 1944 - Do - - Do - |
Classification of Products Additional Levy of Duty and Valuation of Sample Valuation of Exports |
188.04 0.99 2.84 |
01.06.2003 to 28.02.2008 13.06.1961 to 30.04.1962 08.01.2005 to 31.08.2007 |
CESTAT Collector of Central Excise CESTAT |
Cess: Water (Prevention & Control of Pollution) Cess Act, 1977 |
Additional levy of Water Cess |
38.97 |
05.01.1994 to 31.03.2018 |
Allahabad High Court |
VIII. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any bank or government. Company has no debenture holder or financial institutional borrowing during the year.
IX. Neither any term loan has been obtained during the year nor any money was raised by way of public offer (including debt instruments) during the year by the company.
X. No fraud has been noticed or reported on or by the company during the year.
XI. The managerial remuneration has been paid or provided in accordance with the provisions of section 197 read with Schedule V of the Act.
XII. The Company is not a Nidhi Company and accordingly paragraph 3 (XII) of the Order is not applicable.
XIII. All the transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details of related parties transactions have been disclosed in the IND AS Financial Statements as required by the Applicable Indian Accounting Standards.
XIV. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
XV. The Company has not entered into any non-cash transaction with directors.
XVI. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For Basu Chanchani & Deb
Chartered Accountants
(Registration No. 304049E)
Biswanath Chattopadhyay
Place: Kolkata Partner
Date: 29th May, 2018 (Membership No. 051800)
Mar 31, 2016
To
The Members of ALBERT DAVID LTD.
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Albert David Limited ("the Company"), which comprise the balance sheet as at 31st March 2016, the statement of profit and loss, the 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 of 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 internal financial controls, that were operating 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 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 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 financial control relevant to 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. An audit also includes evaluating the appropriateness of the 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 principles generally accepted in India, of the state of affairs of the Company as at 31st March''2016, 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, 2016 ("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-2 a statement on the matters specified in paragraphs 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 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 appears from our 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 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 the written representations received from the directors as on 31stMarch''2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March''2016 from being appointed as a director in terms of Section 164(2) of the Act.
f. Our separate report on adequacy of internal financial control system and operating effectiveness of such controls is enclosed in Annexure-1.
3. 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 our information and according to the explanations given to us:
a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements -Refer Note 28.1 to the financial statements.
b. The Company did not have any long-term contract including derivative contract which may lead to any foreseeable loss.
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
AUDITORSâ REPORT AS PER THE COMPANIES (AUDITORâS REPORT) ORDERâ2016 :
1. 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 by the management at reasonable intervals. As informed, no material discrepancies between book records and the physical inventories have been noticed on such verification.
c. The title deeds of immovable property are held in the name of the Company.
2. The inventories have been physically verified at reasonable intervals during the year by the management. The discrepancies noticed on physical verification between the physical stock and book records were not material and have been properly dealt with in the books of accounts.
3. The company has granted two unsecured loans, to one company, and another Party covered in the register maintained under section 189 of the Companies Act, 2013. Repayment of loan and interest thereon form part of loan arrangement which have been regularly complied with. There is no overdue principal or interest outstanding.
4. The Company has complied to the provisions of section 185 and 186 of the Companies Act, 2013 in respect to loans, investments, guarantees and securities.
5. The Company has accepted deposits from the shareholders within the meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extent notified in due compliance of directives issued by RBI Provisions of section 73 & 76 of Companies Act, 2013 and rules framed there under.
6. On the basis of records produced we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 in respect of products of the company covered under the rules under said section have been made and maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records.
7 a. According to information and explanations given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance , income tax, sales tax, service tax, custom duty, excise duty, value added tax, cess and other statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2016 for a period of more than six months from the date of becoming payable.
b. The dues on account of Sales Tax, Income Tax, Excise Duty and cess disputed by the company and not being paid, vis-a-vis forums where such disputes are pending are mentioned below:-
Name of the Statute |
Nature of dues |
Amount Rs. in lacs |
Period to which the amount relates |
Forum where dispute is pending |
Sales Tax : |
|
|
|
|
Central Sales Tax Act, 1956 |
Tax on Lease Rental |
5.74 |
2002-2003 |
Calcutta High Court |
Central Sales Tax Act, 1956 |
Tax on Lease Rental |
1.52 |
2003-2004 |
- Do - |
- Do - |
- Do - |
2.62 |
2005-2006 |
W.B. Com. Taxes Appealate & Revisional Board |
West Bengal Vat Act, 2003 |
Vat on sample, dispute on sale & Purchase Tax |
51.86 |
2009-2010 |
- Do - |
- Do - |
Dispute of sale and input tax credit |
2.07 |
2011-2012 |
- Do - |
Name of the Statute |
Nature of dues |
Amount Rs. in lacs |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax : Income Tax Act, 1961 - Do - - Do - |
Tax on disallowance of expenditure - Do - Tax on disallowance of Depreciation |
0.20 6.95 61.71 |
1991-1992 1999-2000 2012-2013 |
Com. of Income Tax (Appeal) Calcutta High Court Com. of Income Tax (Appeal) |
Excise Duty : Central Excise Act, 1944 - Do - - Do - - Do - |
Classification of Products Additional Levy of Duty and Valuation of Sample Valuation of Exports Duty on scrap |
188.04 0.99 2.84 0.18 |
01.06.2003 to 28.02.2008 13.06.1961 to 30.04.1962 08.01.2005 to 31.08.2007 01.04.2003 to 31.03.2010 |
CESTAT Collector of Central Excise CESTAT Com. of Central Excise (Appeal) |
Cess : Water (Prevention & Control of Pollution) Cess Act, 1977 |
Additional levy of Water Cess |
23.41 |
05.01.1994 to 31.03.2016 |
Allahabad High Court |
8. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any bank or government. Company has no debenture holder or any financial institutional borrowing during the year.
9. Neither any term loan has been obtained during the year nor any money was raised by way of public offer (including debt instruments) during the year by the company.
10. No fraud has been noticed or reported on or by the company during the year.
11. The managerial remuneration has been paid or provided in accordance with the provisions of section 197 read with Schedule V of the Act.
12. The Company is not a Nidhi Company, accordingly paragraph 3 (xii) of the Order is not applicable.
13. All the transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details of related parties transactions have been disclosed in the Financial Statements as required by the applicable accounting standard.
14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. The Company has not entered into any non-cash transactions with directors.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For G. Basu & Co.
Chartered Accountants
(Registration No.301174E)
Place : Kolkata S. Lahiri
Date : 30th May, 2016 Partner
(Membership No.51717)
Mar 31, 2015
We have audited the accompanying financial statements of Albert David
Limited ("the Company"), which comprise the Balance Sheet as at 31
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 ("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 of the assets of the Company and
for accounting policies; making judgements and estimates that are
reasonable and prudent; and design, implementation and maintenance of
internal financial controls, that were operating 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 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 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 financial control relevant to 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. An audit also includes evaluating the appropriateness of
the 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 standalone
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 principles
generally accepted in India, of the state of affairs of the Company as
at 31st 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 Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraphs 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 sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 our 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 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 the written representations received from the
directors as on 31st March''2015 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. In our opinion, the Company has reasonably adequate internal
financial control system in place providing operating effectiveness of
such controls.
g. 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 has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note
No.26.1(I)(A) of Notes to the financial statements.
II. The Company did not have any long-term contract including
derivative contract which may lead to any foreseeable loss.
III. There has been no delay in transferring amounts, required to be
transferred to the Investor Education and Protection Fund by the
company.
ANNEXURE TO THE AUDITORS'' REPORT AS REFERRED TO IN PARA 1 OF THE SAID
REPORT OF EVEN DATE.
1 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 by the Management at
reasonable intervals. No material discrepancies between book records
and the physical inventories have been noticed on such verification.
2 a. The inventories have been physically verified at reasonable
intervals by the management.
b. The procedures of physical verification of inventories followed by
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, we are
of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and book records were not material and have been
properly dealt with in the books of accounts.
3. The Company has given unsecured loans of Rs.300 Lacs to a Company
covered in the register maintained under section 189 of the Companies
Act, 2013. The amount of principal and interest thereon has been fully
recovered during the year.
4. In our opinion and according to the information and explanations
given to us there is an adequate internal control system commensurate
with the size of the company and the nature of its business for
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit no major weakness has been
noticed in the internal controls. We have not observed any failure on
the part of the company to correct major weakness in internal control
system.
5. The company has not accepted any deposits under the provisions of
section 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under and as such the question of compliance
under the Companies Act or any other directives or orders does not
arise.
6. On the basis of records produced we are of the opinion that prima
facie cost records and accounts prescribed by the Central Government
under sub section (1) of section 148 of the Companies Act, 2013 in
respect of products of ''the company'' covered under the rules under said
section have been made and maintained. However we are neither required
to carry out nor have carried out any detailed examination of such
accounts and records.
7 a. According to information and explanations given to us, the company
is regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty,value added tax, cess and any other statutory dues to the extent
applicable to it.
We have been informed that there are no undisputed statutory dues as at
the year end outstanding for a period of more than six months from the
date they became payable.
b. According to the information and explanations given to us, the
following dues of Sales Tax, Income Tax, Excise Duty and Cess have not
been deposited on account of pending dispute
Name of the Statute Nature of dues Amount
Sales Tax :
Central Sales Tax Act, 1956 Tax on Lease Rental 5.74
Central Sales Tax Act, 1956 Tax on Lease Rental 1.52
- Do - - Do - 2.62
West Bengal Vat Act, 2003 Vat on sample, dispute 51.86
on sale & Purchase Tax
- Do - Dispute of sale and input 2.07
tax credit
Income Tax :
Income Tax Act, 1961 Tax on disallowance 0.20
of expenditure
- Do - - Do - 6.95
- Do - - Do - 38.02
Excise Duty :
Central Excise Act, 1944 Classification of 188.04
Products
- Do - Additional Levy of Duty 0.99
and Valuation of Sample
- Do - Valuation of Exports 2.84
- Do - Duty on scrap 0.18
Cess : Water (Prevention Additional levy of Water 31.40
& Control of Pollution) Cess
Cess Act, 1977
Name of the Statute Period to which Forum where
the amount relates dispute is pending
Sales Tax :
Central Sales Tax Act, 1956 2002- 2003 Calcutta High Court
Central Sales Tax Act, 1956 2003- 2004 - Do -
Central Sales Tax Act, 1956 2005- 2006 W.B. Com. Taxes
Appealate &
Revisional Board
West Bengal Vat Act 2003 2009-2010 - Do -
West Bengal Vat Act 2003 2011-2012 - Do -
Income Tax :
Income Tax Act 1961 1991-1992 Com. of Income Tax
(Appeal)
Income Tax Act 1961 1999-2000 Calcutta High Court
Income Tax Act 1961 2011-2012 Com. of Income Tax
(Appeal)
Escise Duty :
Central Excise Act 1944 01.06.2003 to CESTAT
28.02.2008
Central Excise Act 1944 13.06.1961 to Collector of
30.04.1962 Central Excise
Central Excise Act 1944 08.01.2005 to CESTAT
31.08.2007
Central Excise Act 1944 01.04.2003 to Com. of Central
31.03.2010 Excise(Appeal)
Cess : Wate Prevation and 05.01.1994 to Allahabad High Court
control of Pilution cess act 31.03.2015
There were no undeposited disputed dues in respect of Service Tax,
Customs Duty and Wealth Tax as on 31st March, 2015.
c. The company does not have any due for transfer to investor education
and protection fund in accordance with the provision of the Companies
Act and the Rules made thereunder.
8. The company does not have Accumulated losses at the end of the
financial year. The company has not incurred any cash loss in the
current financial or in the immediately preceding financial year.
9. Based on our audit procedures and the information and explanations
given by the management, the company has not defaulted on repayment of
dues to a financial institution or any Bank.
10. According to information and explanation given to us, the company
has given a guarantee to bank in respect of a loan taken by another
Company. In our opinion, the terms and conditions of such guarantee are
not prejudicial to the interest of the Company.
11. Term Loans have been applied for the purpose they were obtained.
12. 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 G. Basu & Co.
Chartered Accountants
(Registration No.301174E)
Place : Kolkata T. K. Batabyal
Date : 28th May, 2015 Partner
(Membership No.008033)
Mar 31, 2014
We have audited the accompanying financial statements of Albert David
Limited, which comprise the Balance Sheet as at March 31, 2014, the
Statement of Profit & Loss and Cash Flow Statement for the year then
ended and a summary of significant accounting policies and other
explanatory information.
Managements RESPONSIBILITY FOR The Financial Statements
The Company''s Management is responsible for 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 Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 and dated
13the September, 2013 of the Ministry of Corporate affairs in respect
of Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the 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.
auditorÂs 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedure
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:
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2014;
(b) In the case of the Statement of Profit & Loss, 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, 2003 (Âthe
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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 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 & Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, the Statement of Profit & Loss
and Cash Flow Statement comply with the Accounting Standards notifed
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
(e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
annexure to Independent auditors Report
Annexure referred to in item 1 under Report on other Legal and
Regulatory Requirements of our Report on even date.
i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fxed
assets.
b) The fixed assets have been physically verified by the management
during the year and no material discrepancies between the book records
and the physical inventory have been noticed.
c) During the year there has been no significant disposal of fxed
assets.
ii) 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 inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The Company has not given any loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) In view of our comment in paragraph (iii)(a) above, clauses
(iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order
are not applicable.
c) The company has taken unsecured loan of Rs.780 Lacs from four
companies covered in the register maintained under Section 301 of the
Companies Act, 1956.
d) The rate of interest and other terms and conditions of the above
loans are prima facie not prejudicial to the interest of the company.
e) The company has repaid the loan amount in full along with interest
thereon during the year.
iv) 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, fxed assets and sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v) a) According to the information and explanations given to us,
particulars of contracts and arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section.
b) Contracts of sales and purchases and services with parties covered
under Section 301 of Companies Act, 1956 were made at prices which were
reasonable having regard to prevailing market prices on relevant date.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or Tribunal.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for
maintenance of Cost records under Section 209 (1)(d) of the Companies
Act, 1956 in respect of Bulk Drugs Formulations and Disposable Syrenges
& needles and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
ix) 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 material statutory dues to the extent
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of Income Tax, Wealth
Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess were in
arrears as at 31st March 2014 for a period of more than six months from
the date they became payable.
b) According to the information and explanations given to us, the
following dues of Sales Tax, Income Tax, Excise Duty and Cess have not
been deposited on account of pending dispute :-
Name of the
Statute Nature of
dues amount Period to
which the Forum
where dispute
is
Rs. in amount
relates pending
lacs
Sales Tax:
Central
Sales Tax
Act, Tax on
Lease
Rental 5.74 2002-2003 Calcutta High
Court
1956
Central
Sales
Tax Act, Tax on
Lease
Rental 1.52 2003-2004 - Do -
1956
- Do - - Do - 2.62 2005-2006 W.B. Com. Taxes
Appealate &
Revisional Board
West Bengal
Vat Act, Vat on
sample, 51.86 2009-2010 - Do -
2003 dispute
on sale &
Purchase
Tax
Income Tax :
Income Tax
Act, 1961 Tax on
disallowance 0.20 1991-1992 Com. of Income
of expendi
ture Tax(Appeal)
-Do- -Do- 6.95 1999-2000 Calcutta High
Court
Excise duty:
Central
Excise
Act, 1944 Cenvat on
scrap sale 67.75 01.11.2002
to
31.03.2005 CESTAT
-Do- Classifica
tion of 188.04 01.06.2003
to
28.02.2008 CESTAT
Products
-Do- Additional
Levy of 0.99 13.06.1961
to
30.04.1962 Collector of
Central
Duty and
Valuation of
Excise
Sample
-Do- Valuation of
Exports 2.84 08.01.2005
to
31.08.2007 CESTAT
-Do- Duty on
scrap 0.18 01.04.2003
to
31.03.2010 Com. of Central
Excise
(Appeal)
cess : Water
(Prevention Additional
levy of 29.29 05.01.1994
to
31.03.2014 Allahabad High
Court
& Control of
Pollution) Water Cess
Cess Act,
1977
There were no un-deposited disputed dues in respect of Service Tax,
Customs Duty and Wealth Tax as on 31st March, 2014.
x) The Company has no accumulated losses at the end of this financial
year and it has not incurred cash losses during the current and the
immediately preceding financial year.
xi) 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.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) In our opinion, the Company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society. Therefore, the provisions of Clause 4 of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
xiv) According to information and explanations given to us, the company
has not made any dealing or trading in securities during the year.
Accordingly the provisions of Clause 4(xiv) of the Order are not
applicable to the company.
xv) According to information and explanations given to us, the Company
has given a guarantee to bank in respect of a loan taken by another
company. In our opinion, the terms and conditions of such guarantee are
not prejudicial to the interest of the company.
xvi) The Company has taken new term loan during the year. In our
opinion, the term loan has been applied for the purpose for which it
was taken.
xvii) 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 short term fund was raised by the company which has been used
for long term investment during the year under audit.
xviii) The Company has not made any preferential allotment of shares to
parties or Companies covered in the register maintained u/s 301 of the
Act.
xix) The Company did not issue any Debenture during the year under
audit.
xx) The Company did not make any Public Issue during the year.
xxi) 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 G BAsU & co.
Chartered Accountants
Firm Registration No. 301174E
Place: Kolkata (T. K. BaTaBYaL)
Dated: May 27, 2014 Membership No. 008033
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Albert David
Limited, which comprise the Balance Sheet as at March 31, 2013, the
Statement of Profit & 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 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 211(3C) of the
Companies Act, 1956. This responsibility includes the 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedure
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 :
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013 ;
(b) In the case of the Statement of Profit & Loss, 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, 2003 ("the
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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 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 & Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account ;
(d) in our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 ;
(e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure referred to in item 1 under Report on other Legal and
Regulatory Requirements of our Report on even date.
i) 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 by the management
during the year and no material discrepancies between the book records
and the physical inventory have been noticed.
c) During the year there has been no significant disposal of fixed
assets.
ii) 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 inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The Company has not given any loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) In view of our comment in paragraph (iii)(a) above, clauses
(iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order
are not applicable.
c) The company has taken unsecured loan of Rs.330 Lacs from four
companies covered in the register maintained under Section 301 of the
Companies Act, 1956.
d) The rate of interest and other terms and conditions of the above
loans are prima facie not prejudicial to the interest of the company.
e) The company has repaid the loan amount in full alongwith interest
thereon during the year.
iv) 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 sale
of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v) a) According to the information and explanations given to us,
particulars of contracts and arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section.
b) Contracts of sales and purchases and services with parties covered
under Section 301 of Companies Act, 1956 were made at prices which were
reasonable having regard to prevailing market prices on relevant date.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or Tribunal.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for
maintenance of Cost records under Section 209 (1)(d) of the Companies
Act, 1956 in respect of Bulk Drugs and Formulations and are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained.
ix) 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 material statutory dues
to the extent applicable to it. According to the information and
explanations given to us, no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise
Duty and Cess were in arrears as at 31st March 2013 for a period of
more than six months from the date they became payable.
x) The Company has no accumulated losses at the end of this financial
year and it has not incurred cash losses during the current and the
immediately preceding financial year.
xi) 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.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) 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.
xiv) According to information and explanations given to us, the company
has not made any dealing or trading in securities during the year.
Accordingly the provisions of Clause 4(xiv) of the Order are not
applicable to the company.
xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
xvi) The Company has taken new term loan during the year. In our
opinion, the term loan has been applied for the purpose for which it
was taken.
xvii) 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 short term fund was raised by the company which has been used
for long term investment during the year under audit.
xviii)The Company has not made any preferential allotment of shares to
parties or Companies covered in the register maintained u/s 301 of the
Act.
xix) The Company did not issue any Debenture during the year under
audit.
xx) The Company did not make any Public Issue during the year.
xxi) 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 G. Basu & Co.
Chartered Accountants
(Registration No.301174E)
Place : Kolkata ( S. Lahiri )
Date : 29th May, 2013 Partner
(Membership No.51717)
Mar 31, 2012
We have audited the attached Balance Sheet of ALBERT DAVID LIMITED as
at 31st March, 2012 and also the Profit & Loss Statement and Cash Flow
Statement of the Company for the year ended on that date annexed
thereto.
The 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. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. 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 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 (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub- section (4A) of
Section 227 of the Companies Act, 1956, our comments on the matters
specified in paragraphs 4 and 5 of the said Order are as under:
i) 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 by the management
during the year and no material discrepancies between the book records
and the physical inventory have been noticed.
c) During the year there has been no significant disposal of fixed
assets.
ii) 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 inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The Company has not given any loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) In view of our comment in paragraph (iii)(a) above, clauses
(iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order
are not applicable.
c) The company has not taken secured or unsecured loan from companies,
firm or other party covered in the register maintained under Section
301 of the Companies Act, 1956.
d) In view of our comment in paragraph (iii)(c) above, clauses (iii)(f)
and (iii)(g) of paragraph 4 of the aforesaid Order are not applicable.
iv) 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 sale
of goods and services . During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v) According to the information given to us, there are no contracts or
arrangements during the year that need to be entered into a register in
pursuance of Section 301 of the Companies Act, 1956. Therefore, the
provisons of clause 4(v) of the order are not applicable to the
Company.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board, National Company Law Tribunal, Reserve Bank of India or any
Court or Tribunal against the company.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the order of the Central Government for maintenance
of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in
respect of Bulk Drugs and Formulations and are of the opinion that
prima facie the prescribed accounts and records have been made and
maintained.
ix) 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 material statutory dues to the extent applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as
at 31st March 2012 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, the
following dues of Sales Tax, Service Tax, Income Tax, Excise Duty and
Cess have not been deposited on account of pending dispute :
Name of the
Statute Nature of dues Amount
Rs. in Lacs
Sales Tax:
Central Sales Tax
Act,1956 Tax on Lease Rental 5.74
West Bengal Sales Tax
Act,1994 Tax on replacement 6.97
and Purchase Tax
Central Sales Tax
Act,1956 Tax on Lease Rental 4.73
Service Tax:
Service Tax Act Payment mode Dispute 5.40
of GTA Service
Income Tax:
Income Tax Act, 1961 Tax on disallowance 0.20
of expenditure
-Do- -Do- 6.95
-Do- Tax on disallowed 5.46
expensed relating to
exempted income
Excise Duty:
Central Excise Act,
1944 Cenvat on scrap sales 49.11
-Do- -Do- 230.59
-Do- Classification of
Products 188.04
-Do- Additional Levy of Duty 0.99
and Valuation of Sample
-Do- Valuation of Exports 2.84
Cess : Water
(Prevention & Additional Levy of 21.19
Control of Pollution)
Cess Act, 1977 Water Cess
Name of the Statute Period to which Forum where
the amount relates dispute is pending
Sales Tax:
Central Sales Tax Act,
1956 2002-2003 Calcutta High Court
West Bengal Sales
Tax Act, 1994 2003-2004 W.B. Com. Taxes
Appeallate &
Revisional Board
Central Sales Tax
Act, 1956 2003-2004
& 2005-2006 - Do -
Service Tax:
Service Tax Act 01.04.2007 to
30.09.2007 Allahabad High Court
Income Tax:
Income Tax Act, 1961 1991-1992 Com. Of Income Tax(Appeal)
-Do- 1999-2000 Calcutta High Court
-Do- 2005-2006 Com. Of income Tax (Appeal)
Excise Duty:
Central Excise Act,
1944 04.05.2000 to
31.10.2002 Allahabad High Court
-Do- 01.11.2002
to 31.03.2005
01.06.2005 to
31.10.2008
-Do- 01.06.2009 to
31.12.2009 CESTAT
01.04.2010 to
31.01.2011
-Do- 01.06.2003 to
28.02.2008 CESTAT
-Do- 13.06.1961 to
30.04.1962 Collector of
Central Excise
-Do- 08.01.2005 to
31.08.2007 CESTAT
Cess: Water (Prevention 05.01.1994 to
Control of Pollution)
Cess Act, 1977 31.03.2012 Allahabad High Court
There were no undeposited disputed dues in respect of Customs Duty and
Wealth Tax as on 31st March, 2012.
x) The Company has no accumulated loss as on 31st March, 2012 and has
not incurred any cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xi) 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.
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) 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.
xiv) According to information and explanations given to us the Company
did not make any trading or dealing in securities during the year.
Accordingly the provisions of clause 4(xiv) of the order are not
applicable to the Company.
xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
xvi) In our opinion, the term loan has been applied for the purpose for
which it was raised.
xvii) 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 short term fund was raised by the company which has been used
for long term investment during the year under audit.
xviii) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s 301 of the
Act.
xix) The Company did not issue any Debenture during the year under
audit.
xx) The Company did not make any Public Issue during the year.
xxi) 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.
Further to our comments as above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) The Balance Sheet and Profit & Loss Statement dealt with by this
report are in agreement with the books of account;
iii) 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;
iv) In our opinion the Balance Sheet and Profit & Loss Statement dealt
with by this Report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956,
v) On the basis of written representations received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on March 31,
2012 from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
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;
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2012;
b) In the case of the Profit & Loss Statement of the profit of the
Company for the year ended on that date; and
c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
For G BASU & CO.
Chartered Accountants
(Registration No. 301174E)
(T. K. BATABYAL)
Kolkata Partner
Dated : 29th May, 2012 Membership No. 008033
Mar 31, 2011
We have audited the attached Balance Sheet of ALBERT DAVID LIMITED as
at 31st March, 2011 and also the Profit & Loss Account and Cash Flow
Statement of the Company for the year ended on that date annexed
thereto.
The financial statements are the responsibility of the Companys
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. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. 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 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 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, our comments on the matters specified
in paragraphs 4 and 5 of the said Order are as under :-
i) 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 by the management
during the year and no material discrepancies between the book records
and the physical inventory have been noticed.
c) During the year there has been no significant disposal of fixed
assets.
ii) 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 inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The Company has not given any loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) In view of our comment in paragraph (iii)(a) above, clauses
(iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order
are not applicable.
c) The company has not taken secured or unsecured loan from companies,
firm or other party covered in the register maintained under Section
301 of the Companies Act, 1956.
d) In view of our comment in paragraph (iii)(c) above, clauses (iii)(f)
and (iii)(g) of paragraph 4 of the aforesaid Order are not applicable.
iv) 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 sale
of goods and services . During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v) a) According to the information and explanations given to us,
particulars of contracts and arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section.
b) Contracts of sales and purchases and services with parties covered
under Section 301 of Companies Act, 1956 were made at prices which were
reasonable having regard to prevailing market prices on relevant date.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board, National Company Law Tribunal, Reserve Bank of India or any
Court or Tribunal against the company.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the order of the Central Government for maintenance
of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in
respect of Bulk Drugs and Formulations and are of the opinion that
prima facie the prescribed accounts and records have been made and
maintained.
ix) 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 material statutory dues to the extent applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as
at 31st March 2011 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, the
following dues of Sales Tax, Service Tax, Income Tax, Excise Duty and
Cess have not been deposited on account of pending dispute :-
Name of the Nature of dues Amount
Statute Rs. in lacs
Sales Tax: Tax on lease rental 5.74
Central Sales
Tax Act, 1956
West Bengal Sales Tax on replacement 6.97
Tax Act, 1994 and Purchase Tax
Central Sales
Tax Act, 1956 Tax on lease rental 2.11
Central Sales
Tax Act, 1956 Tax on lease rental 2.62
Service Tax : Payment mode 5.40
Service Tax Act Dispute of GTA Service
- do - - do - 7.01
- do - Service Tax on 63.81
GTA Service
- do - Input Service Credit 4.10
Income Tax:: Tax on disallowance 0.20
Income Tax Act,
1961 of expenditure
- do - - do - 6.95
- do - Tax on disallowed 5.46
expense relating to
exempted income
Excise Duty: Cenvat on Scrap Sale. 16.46
Central Excise
Act, 1944
- do - - do - 16.50
- do - - do - 16.15
- do - - do - 34.47
- do - - do - 33.29
- do - - do - 45.15
- do - - do - 20.82
- do - - do - 47.15
- do - - do - 35.31
- do - - do - 7.91
- do - - do - 14.68
- do - - do - 37.14
- do - - do - 3.63
- do - - do - 4.56
- do - - do - 13.60
- do - - do - 16.86
- do - Classification of 142.84
Products
- do - - do - 45.20
- do - Additional Levy of 0.99
Duty and valuation
of sample
- do - Valuation of Exports 2.84
Cess_:Water
(Prevention & Additional Levy of 17.02
Control of Water Cess
Pollution)Cess Act,
1977
Name of the Period to which Forum where
Statue the amount relates dispute is pending
Sales Tax: 2002-2003 Calcutta High Court
Central Sales
Tax Act, 1956
West Bengal Sales 2003-2004 W.B.Com. Taxes Appellate
Tax Act, 1994 & Revisional Board
Central Sales
Tax Act, 1956 2003-2004 - Do -
Central Sales
Tax Act, 1956 2005-2006 - Do -
Service Tax : 01.04.2007 to 30.09.2007 Allahabad High Court
Service Tax Act
-do- 2006-2007 Addl.Commissioner,
Excise
-do- 01.04.2005 to 31.03.2008 Commissioner of Excise,
Ghaziabad
-do- 2005-2006 Asstt. Commissioner of
Excise, Ghaziabad
Income Tax:: 1991-1992 Com. Income Tax (Appeal)
Income Tax Act,
1961
-do- 1999-2000 Calcutta High Court
-do- 2005-2006 Com. Income Tax (Appeal)
Excise Duty: 04.05.2000 to 31.03.2001 Allahabad High Court
Central Excise
Act, 1944
-do- 01.04.2001 to31.12.2001 - do -
-do- 01.01.2002 to 31.10.2002 - do -
-do- 01.11.2002 to 30.06.2003 Central Excise &
Service Tax Appellate
Tribunal
-do- 01.07.2003 to 31.03.2004 - do -
-do- 01.04.2004 to 31.03.2005 Addl. Commissioner,
Central Excise
-do- 01.04.2005 to 31.03.2006 Central Excice &
Service Tax Appeallate
Tribunal
-do- 01.04.2006 to 30.11.2006 - do -
-do- 01.12.2006 to 30.08.2007 - do -
-do- 01.09.2007 to 31.03.2008 Addl. Commissioner,
Central Excise
-do- 01.04.2008 to 31.10.2008 Asst. Commissioner,
Central Excise
-do- 01.11.2008 to 31.12.2008 Addl. Commissioner,
Central Excise
-do- 01.01.2009 to 28.02.2009 Asst. Commissioner,
Central Excise
-do- 01.04.2009 to 30.04.2009 Addl. Commissioner,
Central Excise
-do- 01.06.2009 to 31.12.2009 Asstt. Commissioner,
Central Excise
-do- 01.04.2010 to 31.10.2010 Addl. Commissioner,
Central Excise
-do- 01.06.2003 to 30.06.2007 Central Excice &
Service Tax
Appeallate Tribunal
-d0- 01.07.2007 to 28.02.2008 - do -
-do- 13.06.1961 to 30.04.1962 Collector of Central
Excise
-do- 08.01.2005 to 31.08.2007 Com. Central Excise
(Appeal)
Cess :Water
(Prevention & 05.01.1994 to 31.03.2011 Allahabad High Court
Control of
Pollution) Cess
Act, 1977
There were no undeposited disputed dues in respect of Customs Duty and
Wealth Tax as on 31st March, 2011.
x) The Company has no accumulated loss as on 31st March, 2011 and has
not incurred any cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xi) 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.
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) 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 (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv) In our opinion proper records have been maintained of the
transactions and contracts for dealing in securities and timely entries
have been made therein ; also the securities have been held by the
company in its own name.
xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
xvi) In our opinion, the term loan has been applied for the purpose for
which it was raised.
xvii) 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 short term fund was raised by the company which has been used
for long term investment during the year under audit.
xviii) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s 301 of the
Act.
xix) The Company did not issue any Debenture during the year under
audit.
xx) The Company did not make any Public Issue during the year.
xxi) 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.
Further to our comments as above, we report that :
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
iii) 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;
iv) In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this Report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956,
v) On the basis of written representations received from the Directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on March 31,
2011 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
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;
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2011;
b) In the case of the Profit & Loss Account of the profit of the
Company for the year ended on that date; and
c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
For G Basu & Co.
Chartered Accountants
(Registration No. 301174E)
S. LAHIRI
Partner
(Membership No. 51717)
Kolkata
Dated : 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of ALBERT DAVID LIMITED as
at 31st March, 2010 and also the Profit & Loss Account and Cash Flow
Statement of the Company for the year ended on that date annexed
thereto.
The financial statements are the responsibility of the Companys
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. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
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 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 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, our comments on the matters specified
in paragraphs 4 and 5 of the said Order are as under :-
i) 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 by the management
during the year and no material discrepancies between the book records
and the physical inventory have been noticed.
c) During the year there has been no significant disposal of fixed
assets.
ii) 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 inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The Company has not given any loans, secured or unsecured, to
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) In view of our comment in paragraph (iii)(a) above, clauses
(iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order
are not applicable.
c) The company has not taken secured or unsecured loan from companies,
firm or other parties covered in the register, maintained under Section
301 of the Companies Act, 1956.
d) In view of our comment in paragraph (iii)(c) above, clauses (iii)(f)
and (iii)(g) of paragraph 4 of the aforesaid Order are not applicable.
iv) 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 sale
of goods and services . During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
v) a) According to the information and explanations given to us,
particulars of contracts and arrangements referred to in Section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section.
b) Contracts of sales, purchases and services with parties covered
under Section 301 of Companies Act, 1956 were made at prices which were
reasonable having regard to prevailing market prices on relevant date.
vi) In our opinion and according to the information and explanations
given to us, the Company has complied with directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. No order has been passed by the Company Law
Board, National Company Law Tribunal, Reserve Bank of India or any
Court or Tribunal against the company.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business. viii) We have
broadly reviewed the books of account maintained by the Company
pursuant to the order of the Central Government for maintenance of Cost
records under Section 209 (l)(d) of the Companies Act, 1956 in respect
of Bulk Drugs and Formulations and are of the opinion that prima facie
the prescribed accounts and records have been made and maintained.
ix) 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 material statutory dues to the extent applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as
at 31st March 2010 for a period of more than six months from the date
they became payable.
c) According to the information and explanations given to us, the
following dues of Sales Tax, Service Tax, Income Tax, Excise Duty and
Cess have not been deposited on account of pending dispute :-
There were no undeposited disputed dues in respect of Customs Duty and
Wealth Tax as on 31st March, 2010.
x) The Company has no accumulated loss as on 31st March, 2010 and has
not incurred any cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xi) 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.
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) 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 (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv) In our opinion proper records have been maintained of the
transactions and contracts for dealing in securities and timely entries
have been made therein ; also the securities have been held by the
company in its own name.
xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
xvi) In our opinion, the term loan has been applied for the purpose for
which it was raised.
xvii) 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 short term fund was raised by the company which has been used
for long term investment during the year under audit.
xviii) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s 301 of the
Act.
xix) The Company did not issue any Debenture during the year under
audit.
xx) The Company did not make any Public Issue during the year.
xxi) 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.
Further to our comments as above, we report that :
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
iii) 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;
iv) In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this Report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956,
v) On the basis of written representations received from the Directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on March 31,
2010 from being appointed as a Director in terms of Clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with other notes
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;
a) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March, 2010;
b) In the case of the Profit & Loss Account of the profit of the
Company for the year ended on that date; and
c) In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
For G Basu & Co.
Chartered Accountant
Kolkata S. LAHIRI
Dated : The 15th May, 2010 Partner
(Membership No. 51717)