Mar 31, 2015
We have audited the accompanying standalone financial statements of
Kabra Drugs Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Profit and Loss Statement, 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 STANDALONE 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 standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these standalone
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 misstatements.
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, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the 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 standalone 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 March 31, 2015, and its profit and its cash flows for the year ended
on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
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, the Profit and Loss Statement, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid standalone 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 March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2015, 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 as referred to in Notes
to the financial statements.
(ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company except which are held in abeyance due to pending legal cases.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Kabra Drugs
Limited on the accounts of the company for the year Ended on 31st March
2015. We report that:-
Fixed Assets
a) the company is maintaining 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; and no material discrepancies were noticed on
such verification and the same have been properly dealt with in the
books of account;
c) The company has not Dispose off any fixed assets during the year.
Inventory and it's physical verification
a) physical verification of inventory has been conducted at reasonable
intervals by the management
b) The procedures of physical verification of inventory followed by the
management 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 and no
material discrepancies were noticed on physical verification and the
same have been properly dealt with in the books of account
Loan granted/ taken from related companies
a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.
b) There are no overdue amount is more than rupees one lakh,
Internal Control
a) There is an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services. We
have not observed any major weaknesses in internal control system.
Public Deposits
a) As per Information and explanation given to us, the company has not
accepted any deposits from the public during the year.
Internal Audit
a) In our opinion, the company has an internal audit system
commensurate with the size and nature of the business.
Cost Records
a) The company has made and maintenance of cost records which has been
specified by the Central Government under sub-section (1) of section
148 of the Companies Act, 2013.
Statutory Dues
a) The company is regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and
b) According to information and explanation given to us no undisputed
amount payable were n arrear for a period of more than six months from
the date they became payable,.
c) The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules made there under has been transferred to
such fund within time.
Sick Company
a) The Company has not having accumulated losses at the end of the
financial year are not less than fifty per cent of its net worth and it
has incurred cash losses in such financial year and in the immediately
preceding financial year;
Guarantees Given by the company
a) The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company Term Loans
a) The company has not obtained term loans during the year.
b) According to information and explanation given to us the company has
not defaulted in repayment of dues to a financial institution or bank
for the period and amount of default to be reported.
Frauds noticed
a) During the course of our examination of the books of account carried
out accordance with the generally accepted auditing practice in India
and to the best of our knowledge and according to the information and
explanation given to us no fraud on or by the company has been noticed
or reported during the year; nor have been informed of any such case by
the management.
For AGRAWAL JHAVAR ASSOCIATE
Chartered Accountants
F.R.N.- 008614C
Place :- Indore Dharmendra Agrawal
Dated:- 30.05.2015 Partner
M.N. 077507
Mar 31, 2014
We have audited the attached Balance sheet of M/s KABRA DRUGS LIMITED
as at 31st March, 2014 and also the Profit & Loss Account and the Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. And it also 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 Govt. in terms of Sub-section (4A) of Section 227 of the
Companies Act, 1956, we enclose in the Annexure -A statement on the
matters specified in paragraphs 4 & 5 of the said order.
Further to our comments in the Annexure referred to 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) In our opinion the company as required by law has kept proper
books of accounts so far as it appears from our examination of the
books.
(iii) The Balance Sheet and Profit and Loss Account and cash flow
Statement dealt with by this report are in agreement with the books of
accounts.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account and
cash flow 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) Based on the written representation made by the directors of the
company and the information''s and explanations as made available as on
31st March 2014 the directors of the company do not prima facie have
any disqualification as referred to in amended section 274 (1) (g) 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 give the information
required by the Companies Act. 1956.
(vii) Attention is drawn to note No. 9 regarding balance Confirmation
note no. 10 regarding current Assets Note no. 17 & 19 regarding
employee retirement benefit
(viii) Subject to Para (vii) above in our opinion and to the best of
our information and according to the explanations given to us, the said
accounts 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 Balance Sheet of the state of affairs of the Company
as at 31st March 2014.
(b) In the case of the Profit and Loss Account of the Profit of the
company of the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR''S
REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014
OF KABRA DRUGS LIMITED
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that:-
(1) (a) The Company has generally maintained proper records showing
full particulars including quantitative details and situation of its
fixed assets except for certain moveable assets, pertaining to the R&D
for development of anti cancer drugs which need to be updated;
(b) As explained to us stocks have been physically verified by the
Management at the close of the year which, in our opinion, is
reasonable, looking to the size of the Company and the nature of its
business. The results of the physical verification have not been
compared with the book records and hence discrepancies, if any, have
not been identified;
(2) The Company has not disposed off any substantial part of its fixed
assets as to affect its going concern;
(i) As explained to us, inventories of stores, spares and materials
have been physically verified by the Management, at the close of the
year.
(ii) The procedure, as explained to us, which are followed by the
Management for physical verification of inventories, are, in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business;
(3) On the basis of our examination of the inventory records of the
Company, we are of the opinion that, the Company is maintaining proper
records of its inventories. Discrepancies notices on physical
verification of inventory as compared to book records, where were not
material, have been properly dealt with in the books of account;
(4) According to information and explanations given to us, the Company
has not granted any loan, secured/unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956;
(5) According to the information and explanations given to us, the
Company has not taken unsecured loans from companies listed in the
register maintained under Section 301 of the Companies Act, 1956;
(6) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business with regard to purchase of raw material and spares.
(7) On the basis of the audit procedures performed by us, and according
to the information, explanations and representations made to us, we are
of the opinion that, there were no transactions in which directors were
interested as contemplated under Section 297 and sub-section (6) of
Section 299 of Companies Act, 1956 and which were required to be
entered in the register maintained under Section 301 of the said Act;
(8) As informed to us, the Company has not accepted any deposits from
the public;
(9) As informed to us and to the best of our knowledge, the Central
Government has not prescribed the maintenance of cost records for the
Company under Section 209 (1) (d) of the Companies Act, 1956 for its
procedure;
(10) According to the records of the Company and the information and
explanations given to us, the Company has not having any undisputed
dues as on 31.03.2014 of investor Education and Protection Fund,
Provident Fund, Income Tax deducted at source, Services Tax .
(a) On the basis of our examination of the documents and records of the
Company, there were no disputed dues in respect of Wealth tax,
Services, Custom duty, Excise duty and Cess. However, the following
disputed statutory dues have not been deposited with the appropriate
authorities :
Nature of Dues Amount in Rs. Forum where dispute is
Lacs pending
State Excise Act 47.50 M.P.High Court
Labor Act NOT ASERTEN Labor Court, Indore
(11) The accumulated losses of the Company, at the end of the current
financial year, is less than fifty percent of its net worth.
(12) Based on our audit procedures and according to the information and
explanations given to us. The Company has taken secured loan of Rs.
6551091 [ 4850000 cc loan and 1701091 unclear balance up to 31.3.2014 ]
from bank of india as CC limit from bank against hypothecation of stock
and charge against companies fixed assets of the company.
(13) As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities;
(14) On the basis of our examination of the documents and records of
the Company, the Company is not dealing in or trading in shares,
securities, debentures and other investment;
(15) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year;
(16) The Company has not obtained any term loans during the year;
(17) According to the information and explanations given to us and on
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and short term usage of funds,
we are of the opinion that, prima facie, short term funds have not been
used for long term purposes;
(18) The Company has not made any preferential allotment of shares
during the year;
(19) The Company has not issues any debentures during the year;
(20) The Company has not raised any money by public issue during the
year;
(21) According to the information and explanations given to us and the
representations made by the Management, and to the best of our
knowledge and belief, no fraud on or by the Company, has been noticed
or reported by the Company during the year.
FOR AGRAWAL JHAVAR ASSOCIATES
CHARTERED ACCOUNTANT
PLACE : INDORE
DATED : 21.05.2014 (DHARMENDRA AGRAWAL)
PROP.
M.N. 77507
Mar 31, 2010
We have audited the attached Balance sheet of M/s KABRA DRUGS LIMITED
as at 31st March, 2010 and also the Profit & Loss Account and the Cash
Flow Statement for the year ended on that date annexed thereto. These
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 of material misstatement. And it also 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 Govt, in terms of Sub-section (4A) of Section 227 of the
Companies Act, 1956, we enclose in the Annexure -A statement on the
matters specified in paragraphs 4 & 5 of the said order.
Further to our comments in the Annexure referred to 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) In our opinion the company as required by law has kept proper
books of accounts so far as it appears from our examination of the
books.
(iii) The Balance Sheet and Profit and Loss Account and cash flow
Statement dealt with by this report are in agreement with the books of
accounts.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account and
cash flow 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) Based on the written representation made by the directors of the
company and the informations and explanations as made available as on
31st March 2010 the directors of the company do not prima facie have
any disqualification as reieoed to is amended section 274 (1) (g) 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 give the information
required by the Companies Act. 1956.
(vii) Attention is drawn to note No. 9 regarding balance Confirmation
note no. 10 regarding current Assets Note no. 17 & 19 regarding
employee retirement benefit
(viii) Subject to Para (vii) above in our opinion and to the best of
our information and according to the explanations given to us, the said
accounts 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 Balance Sheet of the state of affairs of the Company
as at 31st March 2010.
(b) In the case of the Profit and Loss Account of the Profit of the
company of the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF KABRA DRUGS
LIMITED
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that:-
(1) The Company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets except for certain moveable assets, pertaining to the R&D for
development of anti cancer drugs which need to be updated;
(2) As explained to us stocks have been physically verified by the
Management at the close of the year which, in our opinion, is
reasonable, looking to the size of the Company and the nature of its
business. The results of the physical verification have not been
compared with the book records and hence discrepancies, if any, have
not been identified;
(3) The Company has not disposed off any substantial part of its fixed
assets as to affect its going concern;
(i) As explained to us, inventories of stores, spares and materials
have been physically verified by the Management, at the close of the
year.
(ii) The procedure, as explained to us, which are followed by the
Management for physical verification of inventories, are, in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business;
(4) On the basis of our examination of the inventory records of the
Company, we are of the opinion that, the Company is maintaining proper
records of its inventories. Discrepancies notices on physical
verification of inventory as compared to book records, where were not
material, have been properly dealt with in the books of account;
(5) According to information and explanations given to us, the Company
has not granted any loan, secured/unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956;
(6) According to the information and explanations given to us, the
Company has not taken unsecured loans from companies listed in the
register maintained under Section 301 of the Companies Act, 1956;
(7) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business with regard to purchase of raw material and spares.
(8) On the basis of the audit procedures performed by us, and according
to the information, explanations and representations made to us, we are
at the anmion that there were no transactions in which directors were
interested as contemplated under
Section 297 and sub-section (6) of Section 299 of Companies Act, 1956
and which were required to be entered in the register maintained under
Section 301 of the said Act;
(9) As informed to us, the Company has not accepted any deposits from
the public;
(10) As informed to us and to the best of our knowledge, the Central
Government has not prescribed the maintenance of cost records for the
Company under Section 209 (1) (d) of the Companies Act, 1956 for its
procedure;
(11) According to the records of the Company and the information and
explanations given to us, the Company has not having any undisputed
dues as on 31.03.2010 of investor Education and Protection Fund,
Provident Fund, Income Tax deducted at source, Services Tax and
Profession Tax.
(a) On the basis of our examination of the documents and records of the
Company, there were no disputed dues in respect of Wealth tax,
Services, Custom duty, Excise duty and Cess. However, the following
disputed statutory dues have not been deposited with the appropriate
authorities :
Nature of Dues Amount in Rs. Forum where dispute is
Lacs pending
Central Excise Act 2.94 Commissioner (Appeals)
State Excise Act 47.50 M.P.High Court
Labor Act 61.53 Labor Court, Indore
(12) The accumulated losses of the Company, at the end of the current
financial year, is less than fifty percent of its net worth.
(13) Based on our audit procedures and according to the information and
explanations given to us. The Company has no loan liabilities from any
financial institute as on balance sheet date
(14) As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities;
(15) On the basis of our examination of the documents and records of
the Company, the Company is not dealing in or trading in shares,
securities, debentures and other investment;
(16) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year;
(17) The Company has not obtained any term loans during the year;
(18) According to the information and explanations given to us and on:
an overall examination of the financial statements of the Company and
after placing reliance on the reasonable assumptions made by the
Company for classification of long term and
short term usage of funds, we are of the opinion that, prima facie,
short term funds have not been used for long term purposes;
(19) The Company has not made any preferential allotment of shares
during the year;
(20) The Company has not issues any debentures during the year;
(21) The Company has not raised any money by public issue during the
year;
(22) According to the information and explanations given to us and the
representations made by the Management, and to the best of our
knowledge and belief, no fraud on or by the Company, has been noticed
or reported by the Company during the year.
FOR AGRAWAL JHAVAR ASSOCIATES
CHARTERED ACCOUNTANT
(DHARMENDRA AGRAWAL)
PROP.
M.N. 77507
PLACE : INDORE
DATED : 24.05.2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article