Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of KAPPAC PHARMA
LIMITED which comprise the Balance Sheet as at 31 March 2013, & the
Statement of Profit and Loss and 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 of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 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 misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of 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, as
amended, 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 and Loss dealt with by this
Report are in agreement with the books of account .
d. in our opinion, the Balance Sheet & Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 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.
1. The company does not have any Fixed Assets. Hence, clause (i) (a),
(b) & (c) are not applicable to the company.
2. The company does not have any inventory. Hence, clause (ii) (a),
(b) & (c) are not applicable to the Company.
3. (a) As per the information and explanation given to us, the company
has not granted any unsecured loan to any party covered in the register
maintained under section 301 of the Companies Act, 1956. Hence clause
(iii) (b)(c)and (d)are not applicable.
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. Hence clause (iii) (e), (iii)
(f) and (iii) (g) are not applicable to the company.
4. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business. During the
course of audit, we have not observed any continuing failure to correct
major weakness in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956,
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits from public within the
meaning of provisions of section 58A & Section 58 AA of the Companies
Act, 1956.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (1)(d) of the Companies Act 1956.
9. According to the information and explanations given to us, and on
the basis of our examination of the books of accounts, the company has
been regular in depositing undisputed statutory dues including Income
Tax and other statutory dues with the appropriate authorities. There
were no arrears of such dues as on 31st March, 2013 for a period of
more than six months from the date they became payable.
10. The accumulated losses of the Company are not more than fifty
percent of the net worth. The company has incurred cash loss of
Rs.490639/-- in current financial year. The Company has also incurred
cash loss in the previous financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, the Company has not defaulted in
repayment of dues to any financial institution, bank or debenture
holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clauses (xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion the Company has maintained records of transactions
and contracts in respect of investment in shares, mutual funds and
other investments and generally timely entries have been made therein.
All the shares, mutual funds and other investments held by the
companies are in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
15. In our opinion the company has not given any guarantee for loans
taken by others from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. On the basis of an overall examination of the Balance Sheet of the
Company and according to the information and explanations given to us,
in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year.
19. The Company has not issued any debentures till date.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, not
have we been informed of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.08.2013 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2010
We have audited the annexed Balance Sheet of Kappac Pharma Limited as
on 31st March 2010 and also the Profit & Loss Account for the period
ended on that date annexed thereto. These Financial Statements are the
responsibility of the CompanyÃs management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with accounting standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor Report) Order, 2003 issued by the
Department of Company Affairs in terms of Section 227(4A) of the
Companies Act 1956, we give in the Annexure a statement on the matters
specified in the said order to the extent applicable.
1. 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.
2. 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
such books.
3. The Balance sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of accounts.
4. In our opinion, the Profit & Loss Account and the Balance Sheet
comply with the accounting standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956 subject to notes to accounts.
5. On the basis of representation received from the directors of the
company and according to the information and explanation given to us,
none of the directors of the company are prima facie as at 31st March
2010, disqualify from being appointed as directors of the Company under
clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the statement
on accounting policies and the notes thereon, particularly the note no.
12 regarding inter corporate investment and loans, attached thereto
give the information required by the Companies Act, 1956 in the manner
so required, and give a true and fair view: -
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March 2010.
(ii) In the case of the Profit and Loss Account, of the Loss for the
year ended on that date.
(iii) In the case of cash flow Statement, of the cash flows for the
year ended on that date.
(Referred to in Paragraph 3 of our report even date) The annexure
referred to para of our report on even date on account of M/s Kappac
Pharma Limited for the year 31-3-2010.
I. (a) The company does not have any Fixed Assets. Hence, clause (i)
(a), (b) & (c) are not applicable to the company.
II. The company does not have any inventory. Hence, clause (ii) (a),
(b) & (c) are not applicable to the Company.
III (a) As per the information and explanation given to us, the company
has granted unsecured interest free loan to one party covered in the
register maintained under section 301 of the Companies Act, 1956. Other
terms and condition of the loan are not prejudicial to the interest of
the company.
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. hence, clause (iii) (e) , (iii)
(f) and (iii) (g) are not applicable to the company.
IV. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business for the
purchase of inventory and for the sale of goods. During the course of
audit, we have not observed any continuing failure to correct major
weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956,
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The company has not accepted any deposits from public within the
meaning of provisions of section 58A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (1)(d) of the Companies Act 1956.
IX. According to the information and explanations given to us, and on
the basis of our examination of the books of accounts, the company has
been regular in depositing undisputed statutory dues including Income
Tax and other statutory dues with the appropriate authorities. There
were no arrears of such dues as on 31st March, 2010 for a period of
more than six months from the date they became payable.
X. The accumulated losses of the Company are not more than fifty
percent of the net worth. The company has incurred cash loss of
Rs.108762 in current financial year. The Company has not incurred any
cash loss in the previous financial year.
XI. Based on our audit procedures and as per the information and
explanations given by the management, the Company has not defaulted in
repayment of dues to any financial institution, bank or debenture
holders.
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company 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/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 is not applicable to the company.
XIV. In our opinion the Company has maintained records of transactions
and contracts in respect of investment in shares, mutual funds and
other investments and generally timely entries have been made therein.
All the shares, mutual funds and other investments held by the
companies are in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
XV. In our opinion the company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, not
have we been informed of such case by the management.
For Arvind A. Thakkar & Co.,
Chartered Accountants
Firm Ref. No. 100571W
Place : Ahmedabad
Dated : 6th September, 2010 Sd/-
(Arvind Thakkar)
Properietor
M. No. 014334
Mar 31, 2009
We have audited the annexed Balance Sheet of Kappac Pharma Limited as
on 31st March 2009and also the Profit & Loss Account for the period
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 accounting standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor Report) Order, 2003 issued by
the Department of Company Affairs in terms of Section 227(4A) of the
Companies Act 1956, we give in the Annexure a statement on the matters
specified in the said order to the extent applicable.
2. 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.
3. 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
such books.
4. The Balance sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of accounts.
5. In our opinion, the Profit & Loss Account and the Balance Sheet
comply with the accounting standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956 subject to notes to accounts.
6. On the basis of representation received from the directors of the
company and according to the information and explanation given to us,
none of the directors of the company are prima facie as at 31s1 March
2009, disqualify from being appointed as directors of the Company under
clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
7. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the statement
on accounting policies and the notes thereon, give the information
required by the Companies Act, 1956 in the manner so required, and give
a true and fair view: -
(i) In the case of Balance Sheet, of the state of affairs of the
company as at 31st March 2009.
(ii) In the case of the Profit and Loss Account, of the Loss for the
year ended on that date.
(iii) In the case of cash flow Statement, of the cash flows for the
year ended on that date.
(Referred to in Paragraph 3 of our report even date)
The annexure referred to para ! of our report on even date on account
of M/s Kappac Pharma Limited for the year 31-3-2009
I. (a) The company has no Fixed Assets. Hence, clause (i) (a), (b) &
(c) are not applicable to the company.
Il.(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification of stocks as compared to book
records were not material and these have been properly dealt with the
books of accounts.
Ill (a) As per information and explanation given to us, the company has
not granted loans to parties covered in the register maintained under
section 301 of the Companies Act, 1956. hence, clause {iii) (a), (b),
(c) & (d) are not applicable to the comp
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. hence, clause (iii) (e), (iii)
(f) and (iii) (g) are not applicable to the company.
IV. In our opinion and according to the information and explanation
given to us there are adequate internal control procedures commensurate
with the size of the Company and nature of its business for the
purchase of inventory and and for the sale of goods. During the course,
of audit, we have not observed the continuing failure to correct major
weakness in internal controls.
V. In respect of transactions entered in the register maintained in
pursuance of Section 301 of the Companies Act 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transaction that needed into
the register have been so entered.
(b) According to the information and explanations given to us, such
transactions have been made at prices, which are reasonable having
regard to the prevailing market prices at the relevant time.
VI. The company has not accepted any deposits from public within the
meaning of provisions of section 58 A & Section 58 AA of the Companies
Act, 1956.
VII. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
VIII. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (l)(d) of the Companies Act 1956.
IX. According to the records of the company, statutory dues including
Provident Fund, Investor Education and Protection fund. Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess and other statutory dues have been generally deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as on 31st March, 2009 for a period of more than
six months from the date of becoming payable.
X. The accumulated losses of the Company are more than fifty percent
of the net worth and the company has not incurred cash loss in current
financial year. The Company has incurred cash loss in the previous
financial year.
XI. In our opinion and according to the information and explanations
given to us. Company has not defaulted in Repayment of any dues to
financial institutions or banks
XII. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company 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/society. Therefore, clause 4(xiii) of the Companies (Audit
Report) Order, 2003 are not applicable to the company.
XIV. In our opinion the Company has maintained records of transactions
and contracts in respect of investment in shares, mutual funds and
other investments and generally timely entries have been made therein.
All the shares, mutual funds and other investments held by the
companies are in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
XV. In our opinion. The company has not given any guarantee for loans
taken by others from banks or financial institutions.
XVI. The Company has not raised any new term loans during the year.
XVII. On the basis of an overall examination of the Balance Sheet of
the Company and according to the information and explanations given to
us, in our opinion, funds raised on short term basis have not been used
during the year for long term investment and vice versa.
XVIII. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act during the year.
XIX. The Company has not issued any debentures till date.
XX. The Company has not raised any money by public issue during the
year.
XXI. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
audit practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, not
have we been informed of such case by the management.
For Arvind A. Thakkar & Co.,
Chartered Accountants
Place :Ahmedabad
Dated: 25th August. 2009
(Arvind Thakkar)
Properietor
M.No. 014334