Mar 31, 2018
Report on the Financial Statements
1. We have audited the accompanying standalone financial statements of ALPA LABORATORIES LIMITED (âthe Companyâ) which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the standalone Financial Statements
2. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.
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.
Auditorâs Responsibility
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. 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 thereunder and the Order issued under section 143(11) of the Act.
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs 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 the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
7. 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
8. 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 Ind AS and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
10. 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 it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, 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 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 written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g. With respect to the other matters to be included in the Auditorâs 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.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
âANNEXURE REFERRED TO IN PARAGRAPH 9 OF OUR REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED MARCH 31, 2018 OF ALPA LABORATORIES LIMITEDâ.
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2) (a) We have been informed that the inventory excluding inventory with third parties (which have been substantially confirmed) has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
3) (a) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act. The Company has not granted any secured / unsecured loans to any other party, as applicable, covered in the register maintained under Section 189 of the Companies Act, 2013.
(i) In respect of the aforesaid loans, the terms and conditions under which such loans were granted are not prejudicial to the Companyâs interest.
(ii) In respect of the aforesaid loans, the schedule of repayment of principal and interest has been stipulated, and the parties are repaying the principal amounts, as stipulated. However, interest on debentures issued by subsidiary company has not been paid in light of resolution dated 10th August, 2017.
(iii) In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and section 186 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order of the Central Government for the maintenance of cost records under sub section (1) of section 148 of the Companies Act, 2013 in respect of the products dealt with by the Company and are of the opinion that prima facia the prescribed accounts and record have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2018 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us and records of the Company, the dues of there are dues of income tax, sales tax, value added tax which have not been deposited on account of any dispute are as follows:
Sr. No. |
Nature of Dues |
Amount (Rs. In Lacs) |
Related Financial Year |
Forum Where dispute is pending. |
1. |
Value Added Tax |
3.18 |
2002-03 |
Second appeal filed before MP Appeal Board, Bhopal. |
2. |
Central Sales Tax |
15.03 |
2002-03 |
Second appeal filed before MP Appeal Board, Bhopal. |
3. |
Value Added Tax |
16.55 |
2005-06 |
Second appeal filed before MP Appeal Board, Bhopal. |
4. |
Central Sales Tax |
22.81 |
2005-06 |
Second appeal filed before MP Appeal Board, Bhopal. |
5. |
Income Tax |
21.00 |
2007-08 |
Litigation Pending in MP High Court. |
8) According to the information and explanations provided by the management, Company has neither defaulted in the repayment of dues to banks or financial institution nor has issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments. Further, the term loans term loans have been applied for the purposes for which they were obtained.
10) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Ind AS 24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
âANNEXURE Bâ TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF ALPA LABORATORIES LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of ALPA LABORATORIES LIMITED (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on âthe 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 companyâs 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.
Auditorsâ 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 âGuidance Noteâ) 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 auditorâs judgement, including the assessment of the risks of material misstatement of the 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 Companyâs 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 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 March 31, 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.
For and on behalf of
ANURADHA RATNAPARKHI & ASSOCIATES
Chartered Accountants
Firmâs registration number: 023451C
ANURADHA RATNAPARKHI
Proprietor
Membership number: 075412
Place: Indore
Date: This 26th Day of May, 2018
Mar 31, 2016
INDEPENDENT AUDITORâS REPORT To the Members of Alpa Laboratories Limited,
Report on the Financial Statements
1. We have audited the accompanying standalone financial statements of ALPA LABORATORIES LIMITED (âthe Companyâ) which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the standalone Financial Statements
2. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) 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.
Auditorâs Responsibility
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs 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 the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
7. 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
8. 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:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;
(b) in the case of the Statement of Profit and Loss, of the Profit 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.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
10. 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 it appears from our examination of those books;
c. the Balance Sheet, the 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 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 written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g. With respect to the other matters to be included in the Auditorâs 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.
ii. The Company has made provision as at 31st March, 2016, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
âANNEXURE REFERRED TO IN PARAGRAPH 9 OF OUR REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED MARCH 31, 2016 OF ALPA LABORATORIES LIMITEDâ.
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2) (a) We have been informed that the inventory excluding inventory with third parties (which have been substantially confirmed) has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
3) (a) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act. There are no firms /LLPs/ other parties covered in the register maintained under Section 189 of the Act.
(i) In respect of the aforesaid loans, the terms and conditions under which such loans were granted are not prejudicial to the Companyâs interest.
(ii) In respect of the aforesaid loans, the schedule of repayment of principal and interest has been stipulated, and the parties are repaying the principal amounts, as stipulated, and also regular in payment of interest as applicable.
(iii) In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and section 186 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order of the Central Government for the maintenance of cost records under sub section (1) of section 148 of the Companies Act, 2013 in respect of the products dealt with by the Company and are of the opinion that prima facia the prescribed accounts and record have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us and records of the Company, the dues of there are dues of income tax, sales tax, value added tax which have not been deposited on account of any dispute are as follows:
Sr. No. |
Nature of Dues |
Amount (Rs. In Lacs) |
Related Financial Year |
Forum Where dispute is pending. |
1. |
Value Added Tax |
2.68 |
2002-03 |
Second appeal filed before MP Appeal Board, Bhopal. |
2. |
Central Sales Tax |
12.28 |
2002-03 |
Second appeal filed before MP Appeal Board, Bhopal. |
3. |
Value Added Tax |
14.25 |
2004-05 |
Second appeal filed before MP Appeal Board, Bhopal. |
4. |
Central Sales Tax |
19.24 |
2004-05 |
Second appeal filed before MP Appeal Board, Bhopal. |
5. |
Income Tax |
21.00 |
2007-08 |
Litigation Pending in High Court. |
6. |
Value Added Tax |
134.54 |
2008-09 |
First appeal filed with Deputy Commissioner of Sales Tax, Mumbai. |
7 |
Sales Tax |
27.77 |
2010-11 |
First appeal filed with Deputy Commissioner of Sales Tax, Mumbai. |
8) According to the information and explanations provided by the management, Company has neither defaulted in the repayment of dues to banks or financial institution nor has issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management. However, other fraud on the Company has been noticed by us as reported under Note No. 36 of the Notes to the Financial Statements for year ended 31st March, 2016.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
âANNEXURE Bâ TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF ALPA LABORATORIES LIMITED Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of ALPA LABORATORIES LIMITED (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on âthe 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 companyâs 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.
Auditorsâ 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 âGuidance Noteâ) 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 auditorâs judgement, including the assessment of the risks of material misstatement of the 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 Companyâs 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 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 March 31, 2016, 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.
For and on behalf of C H PADLIYA & CO.
Chartered Accountants
Firmâs registration number: 003151C
S.C. PADLIYA
Partner
Membership number: 071666
Place: Indore
Date: This 28th Day of May, 2016
Mar 31, 2015
1. We have audited the accompanying standalone financial statements of
Alpa Laboratories Limited ("the Company"), which comprise the Balance
Sheet as at 31st March 2015, 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
2. 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 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 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 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.
Auditor's Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and the 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 the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
7. 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
8. 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 31st March 2015;
(b) in the case of the Profit and Loss Account, of the loss 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
9. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
10. 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 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. 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 litigation as at
31st March 2015 on its financial position in its financial statements.
ii. The Company has made provision as at 31st March 2015, as required
under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative
contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company during the year ended 31st March, 2015.
ANNEXURE REFERRED TO IN PARAGRPH 8 OF OUR AUDITOR'S REPORT OF EVEN DATE
ON THE STANDALONE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED ON
31st MARCH 2015 OF ALPA LABORATORIES LIMITED
The following statement is based on the comments in the Auditor's
reports on the standalone financial statements of the Holding Company
and subsidiary.
(i) (a) The Holding Company and its subsidiary have maintained proper
records showing full particulars including quantitative details and
situation of fixed assets.
(b) All the assets have not been physically verified by the Holding
Company and its subsidiary during the year but there is a regular
program of verification which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(ii) (a) We have been informed that the inventory excluding inventory
with third parties (which have been substantially confirmed) has been
physically verified during the year by the management. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us, 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 it's business.
(c) On the basis of our examination of the records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operations of the Company.
(iii) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under section 189 of the Companies Act, 2013. Therefore, the provisions
of clause 3(iii) (b) and (c) of the Companies (Auditor's Report), 2015
are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurating
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and for the sale of goods and
services. Further, on the basis of our examinations and according to
the information and explanations given to us, we have neither come
across nor have we been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control systems.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of section 73 and 76 of the Companies Act, 2013 and the rules
framed there under.
(vi) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the order of the Central Government for the
maintenance of cost records under sub section (1) of section 148 of the
Companies Act, 2013 in respect of the products dealt with by the Company
and are of the opinion that prima facie the prescribed accounts and
records have been made and maintained. However, we have not made a
detailed examination of the records.
(vii) (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is generally 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 and other
statutory dues as may be applicable to it from time to time.
According to the information and explanations given to us, no
undisputed statutory dues in respect of provident fund, employees'
state insurance, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, value added tax and other statutory dues were in
arrears as at 31st March 2015 for a period of more than six months from
the date they became payable.
(b) According to the information and explanations given to us and
records of the Company, the dues of Sales Tax,
Income Tax and Service Tax, which have not been deposited on account of
any dispute are as follows:
Nature of Amount Period to which the
Serial No. Dues Rs. in lacs matter pe rtains
1 Value 2.68 2002-03
Added Tax
2 Central 2002-03
Sales Tax 12.28
3 Value 14.25 2004-05
Added Tax
4 Central 19.24 2004-05
Sales Tax
5 Income 21.00 2007-08
Tax
6 Central 1.10 2012-13
Sales Tax
Serial No. Forum where dispute pending
1 Second appeal filed before Madhya
Pradesh Appeal Board, Bhopal.
2 Second appeal filed before Madhya
Pradesh Appeal Board, Bhopal.
3 Second appeal filed before Madhya
Pradesh Appeal Board, Bhopal.
4 Second appeal filed before Madhya
Pradesh Appeal Board, Bhopal.
5 Litigation Pending in the High
Court.
6 First appeal filed before Addl.
Comm. of Comm. Tax, Indore.
(c) According to the records of the Company, there was no amount which
was required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
2013 and rules made thereunder.
(viii) The Company has neither accumulated losses as at 31st March 2015
nor it has incurred cash loss either during the year ended on that date
or in the immediately preceding financial year.
(ix) According to the information and explanations provided by the
management, Company has neither defaulted in repayment of dues to bank
or financial institution nor has issued any debentures.
(x) According to the records of the Company and the information and
explanation provided by the management, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions.
(xi) As per records of the Company and information and explanations
provided to us by the management, the Company has not obtained any term
loans.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances of
fraud on or by the Company, noticed or reported during the year, nor we
have been informed of such case by the management.
For and on behalf of
C. H. PADLIYA & CO.,
Chartered Accountants,
FRN 003151C
S. C. Padliya, Partner,
Membership Number 071
Indore, 29th May 2015
Mar 31, 2014
1. We have audited the accompanying financial statements of Alpa
Laboratories Limited ("the Company"), which comprise the Balance Sheet
as at 31st March, 2014, 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
2. 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 sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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
3. 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.
4. 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, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. 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 representation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss 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
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Ordef'') 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.
8. 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account and with the returns received from branches not visited by us;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Act;
e. on the basis of written representations received from the
directors, and taken on record by the Board of Directors, none of the
directors is disqualified from being appointed as a director in terms
of clause (g) of sub-section (1) of section 274 of the Act.
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 Act,
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 PARAGRAPH 7 OF OUR AUDITOR''S REPORT OF EVEN
DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 st MARCH 2014
OF ALPA LABORATORIES 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:
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) In our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) We have been informed that the inventory excluding inventory
with third parties (which have been substantially confirmed) has been
physically verified during the year by the management. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us, 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) On the basis of our examination of the records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operations of the Company.
(iii) (a) The Company has not granted loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956. Therefore, the provisions
of clause 4(iii) (b), (c) and
(d) of the Companies (Auditor''s Report), 2003 are not applicable to the
Company.
(b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the Register maintained
under section 301 of the Companies Act, 1956. Therefore, the provisions
of clause 4(iii) (f) and (g) of the Companies (Auditor''s Report), 2003
are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurating
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and for sale of goods. Further,
on the basis of our examinations and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any instance of major weakness in the aforesaid internal
control systems.
(v) Based on the audit procedures applied by us and according to the
information and explanations given to us, the Company has not entered
into transactions, which are required to be recorded in the register in
pursuance of section 301 of the Companies Act, 1956. Therefore, the
provisions of clause 4(v)(b) of the Companies (Auditor''s Report), 2003
are not applicable to the Company.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
(vii) According to the information given to us, the Company has an
internal audit system commensurate with the size of the Company and
nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the order of the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 in respect of the products dealt with by the Company and are
of the opinion that prima facie the prescribed accounts and records
have been made and maintained. However, we have not made a detailed
examination of the records.
(ix) (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is generally 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, cess and other statutory dues as
may be applicable to it from time to time except Provident Fund,
Employee State Insurance and Entry Tax.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the Company in depositing the same.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, custom duty, excise duty and cess were in
arrears, as at the year end, for a period of more than six months from
the date they became payable.
(c) According to the information and explanations given to us and
records of the Company, the dues of Sales Tax, Income Tax, Service Tax,
which have not been deposited on account of any dispute are as follows:
Sr. Nature of Amount Period to which the
No. Dues Rs. in lacs matter pertains
1 Value Added 2.68 01/04/2002 to 31/03/2003
Tax
2 Central Sales 12.28 01/04/2002 to 31/03/2003
Tax
3 Central Sales 19.24 01/04/2005 to 31/03/2006
Tax
4 Value Added 14.25 01/04/2005 to 31/03/2006
Tax
5 Income Tax 21 01/04/2007 to 31/03/2008
Sr. Forum where dispute pending
No.
1 Second appeal filed before Madhya Pradesh
Appeal Board, Bhopal.
2 Second appeal filed before Madhya Pradesh
Appeal Board, Bhopal.
3 Second appeal has been decided by Madhya
Pradesh Appeal Board, Bhopal. A reference
has been filed against the order before the
Madhya Pradesh Appeal Board.
4 Second appeal has been decided by Madhya
Pradesh Appeal Board, Bhopal. A reference
has been filed against the order before the
Madhya Pradesh Appeal Board.
5 Litigation Pending in the High Court.
(x) In our opinion, the accumulated losses of the Company are not more
than fifty percent of its net worth. Further, the Company has not
incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year.
(xi) According to the information and explanations provided by the
management, Company has neither defaulted in repayment of dues to bank
or financial institution nor has issued any debentures.
(xii) According to the information and explanations provided by the
management and based on the documents and records produced to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, and to the best of our information and
explanations provided by the management, the Company is not a chit fund
or nidhi mutual benefit society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report), 2003 are not applicable to
the Company.
(xiv) As per records of the Company and information and explanations
provided to us by the management, the Company is not dealing in or
trading in shares, securities, debentures and other investments.
Accordingly the provisions of clause 4(xiv) of the Companies (Auditor''s
Report), 2003 are not applicable to the Company.
(xv) According to the records of the Company and the information and
explanation provided by the management, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that funds amounting to Rs. 74.21 Lacs raised on short term basis have
been used for long term investment by the Company.
(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 Companies Act, during the year.
(xix) The Company has not issued any debentures. Accordingly the
provisions of clause 4(xix) of the Companies (Auditor''s Report), 2003
are not applicable to the Company.
(xx) The Company has not raised any money by public issues during the
period covered by our report.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances of
fraud by the Company, noticed or reported during the year, nor we have
been informed of such case by the management. Fraud on the Company
involving theft of cheque issued amounting to Rs. 85,334 were noticed
and reported during the year, against which no amount has been
recovered by the Company during the year.
For and on behalf of C. H. PADLIYA & CO., Chartered Accountants,
FRN 003151C
S. C. Padliya, Partner, Membership Number 071666
Indore, 15th May 2014
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Alpa
Laboratories Limited ("the Company), which comprise the
Balance Sheet as at 31st March 2013 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
2. 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 sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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
3. 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.
4. 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
representation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our qualified audit opinion.
Opinion
6. 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 31st March 2013;
(b) in the case of the Profit and Loss Account, of the loss 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.
Emphasis of Matter
Without qualifying our opinion, we draw attention to Note  "39" to the
Financial Statements, which describes the financial effect of the
change of accounting policy for recognition of expenses in relation to
consumption of analytical materials.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
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.
8. 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, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account [and with the returns received from branches not visited by
us];
d. in our opinion, the Balance Sheet, Statement of Profit and 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 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st 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.
ANNEXURE REFERRED TO IN PARAGRAPH 7 OF OUR AUDITOR''S REPORT OF EVEN
DATE ON THE F INANCIAL STATEMENTS FOR THE YEAR ENDED 31 s t MARCH 2013
OF A LPA LABORATORIES 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: (i) (a)
The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) All the fixed assets have not been physically verified by the
management during the year but there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. We have been informed
that no material discrepancies were noticed on such verification.
(c) In our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) We have been informed that the inventory has been physically
verified during the year by the management except material lying with
third party (which are substantially been confirmed). In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us, 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) On the basis of our examination of the records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operations of the Company.
(iii) (a) The Company has not granted any loans, secured or unsecured,
to companies , firms or other parties listed in the Register maintained
under the section 301 of the Companies Act, 1956. As the Company has
not granted any loans, secured or unsecured, to parties listed in the
Register maintained under the section 301 of the Companies Act, 1956,
paragraphs (iii)(b), (iii)(c) and (iii)(d) of the Order, are not
applicable.
(e) The Company has not taken any loans, secured or unsecured, from
companies , firms or other parties listed in the Register maintained
under the section 301 of the Companies Act, 1956. As the Company has
not taken any loans, secured or unsecured, to parties listed in the
Register maintained under the section 301 of the Companies Act, 1956,
paragraphs (iii)(f) and (iii)(g) of the Order, are not applicable.
(iv) 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 it''s business, with
regard to purchase of fixed assets. Further, on the basis of our
examinations and according to the information and explanations given to
us, we have neither come across nor have we been informed of any
instance of major weakness in the aforesaid internal control systems.
(v) In our opinion and according to the information and explanations
given to us, there are no contractor arrangements referred to in
section 301 of the Companies Act, 1956 that need to be entered in the
Register required to be maintained under that section. Hence clause
(v)(b) of the Order is not applicable.
(vi) The Company has not accepted any deposits under the provisions of
Sections 58A and 58AA of the Companies Act, 1956 and the rules framed
there under.
(vii) In our opinion the Company has an internal audit system
commensurate with the size of the Company 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 the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the accounts and records with a
view to determine whether they are accurate or complete.
(ix) (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is regular in depositing undisputed statutory
dues including Investor Education and Protection Fund, Value Added Tax,
Wealth tax, Customs duty, Excise duty, Cess and other material
statutory dues as applicable with the appropriate authorities except
Provident Fund, Employee State Insurance, Entry Tax, Service Tax and
Tax Deducted at Source.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and
other material statutory dues were outstanding, at the year end, for a
period of more than six months from the date they become payable.
(c) According to the records of the Company, the dues of Sales Tax,
Income Tax, Service Tax and cess that have not
been deposited with the appropriate authorities on account of disputes
as at 31st March 2013 and the forum where disputes are pending are
given below:
Period to
which the
matter Amount
Nature of Dues Forum where dispute pending
pertains Rs.in lacs
Value Added Second appeal filed before
Madhya
01/04/2002
to
31/03/2003 2.68
Tax Pradesh Appeal Board, Bhopal.
Central Sales Second appeal filed before
Madhya
01/04/2002
to
31/03/2003 12.28
Tax Pradesh Appeal Board, Bhopal.
Central Sales Second appeal filed before
Madhya
01/04/2005
to
31/03/2006 19.24
Tax Pradesh Appeal Board, Bhopal.
Value Added Second appeal filed before
Madhya
01/04/2005
to
31/03/2006 14.25
Tax Pradesh Appeal Board, Bhopal.
Income Tax 01/04/2007
to
31/03/2008 Litigation Pending in the High
Court. 21
Additional Commissioner,
Customs,
Service Tax
01/04/2010
to
31/03/2012 37.85
Excise & Service Tax, Indore
(x) The Company has neither accumulated losses as at 31st March 2013
nor it has incurred any cash loss either during the year ended on that
date or in the immediately preceding financial year.
(xi) According to the information and explanations provided by the
management, the Company has not defaulted in repayment of dues to bank
or financial institution. The Company has not obtained any borrowing by
way of debentures.
(xii) According to the information and explanations provided by the
management and based on the documents and records produced to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, and to the best of our information and
explanations provided by the management, the Company is not a chit fund
or Nidhi mutual benefit society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report), 2003 are not applicable to
the Company.
(xiv) As per records of the Company and information and explanations
provided to us by the management, the Company is not dealing or trading
in share, securities, debenture and other investment. Accordingly the
provisions of clause 4(xiv) of the order are not applicable to the
Company.
(xv) According to the records of the Company and the information and
explanation provided by the management, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been applied for long term investments
by the Company.
(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
Companies Act, during the year.
(xix) As the Company has no debentures outstanding at any time during
the year, paragraph (xix) of the Order is not applicable to the
Company.
(xx) The Company has not raised any money by public issue during the
period covered by our report.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us, we report that no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For and on behalf of C. H. PADLIYA & CO.,
Chartered Accountants,
FRN 003151C
S. C. Padliya,
Partner,
Membership Number 071666
Indore, 30th May 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Alpa Laboratories
Limited ('the Company') as at 31st March 2012 and also the Profit
and Loss Account and the Cash Flow Statement of the Company for the
year ended on that date, annexed thereto. These financial statements
are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 (as
amended) issued by the Central Government of India 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
and 5 of the said order.
4. 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, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) the Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the Balance Sheet, 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) we report that none of the directors is disqualified as on 31st
March 2012 from being appointed as director under clause (g) of
sub-section (1) of section 274 of 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 the Notes
there on 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 Statement of Affairs of the
Company as at 31st March 2012
(b) in the case of Profit and Loss Account, of the profit for the year
ended on that date
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDITORS' REPORT OF EVEN
DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2012 OF
ALPA LABORATORIES 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:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. We have been informed
that no material discrepancies were noticed on such verification.
(c) In our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) We have been informed that the inventory has been physically
verified during the year by the management except material lying with
third party (which has substantially been confirmed). In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us, 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) On the basis of our examination of the records of inventory, in our
opinion, the Company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operations of the Company.
(iii) (a) The Company has not granted any loans, secured or unsecured,
to companies , firms or other parties listed in the Register maintained
under the section 301 of the Companies Act, 1956. As the Company has
not granted any loans, secured or unsecured, to parties listed in the
Register maintained under the section 301 of the Companies Act, 1956,
paragraphs (iii- b), (iii-c) and (iii-d) of the Order, are not
applicable.
(b) The Company has not taken any loans, secured or unsecured, from
companies , firms or other parties listed in the Register maintained
under the section 301 of the Companies Act, 1956. As the Company has
not granted any loans, secured or unsecured, to parties listed in the
Register maintained under the section 301 of the Companies Act, 1956,
paragraphs (iii- f) and (iii-g) of the Order, are not applicable.
(iv) 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 it's business, with
regard to purchase of fixed assets. Further, on the basis of our
examinations and according to the information and explanations given to
us, we have neither come across nor have we been informed of any
instance of major weakness in the aforesaid internal control systems.
(v) In our opinion and according to the information and explanations
given to us, there are no contractor arrangements referred to in
section 301 of the Companies Act, 1956 that need to be entered in the
Register required to be maintained under that section. Hence clause
(v-b) of the Order is not applicable.
(vi) The Company has not accepted any deposits under the provisions of
Sections 58A and 58AA of the Companies Act, 1956 and the rules framed
there under.
(vii) In our opinion the company has an internal audit system
commensurate with the size of the Company 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 the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the accounts and records with a
view to determine whether they are accurate or complete.
(ix) (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Value Added Tax, Wealth tax, Customs duty, Excise duty, Cess and other
material statutory dues as applicable with the appropriate authorities
except Income Tax, Entry Tax, Service tax and Tax deducted at source.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and
other material statutory dues were outstanding, at the year end, for a
period of more than six months from the date they become payable.
(c) According to the records of the Company, the dues of Sales Tax,
Income Tax, Service Tax, Excise Duty and cess that have not been
deposited with the appropriate authorities on account of disputes as at
31st March 2012 and the forum where disputes are pending are given
below:
Name of the Period to
which the Forum where dispute
is pending Amount
(Rs.in lac)
Statue amount
relates
Value Added
Tax 01/04/02 to
31/03/03 Second appeal filed before
Madhya Pradesh 3.98
Appeal Board, Bhopal
Central Sales
Tax 01/04/02 to
31/03/03 Second appeal filed before
Madhya Pradesh 18.79
Appeal Board, Bhopal
Central Sales
Tax 01/04/05 to
31/03/06 Second appeal filed before
Madhya Pradesh 28.52
Appeal Board, Bhopal
Value Added
Tax 01/04/05 to
31/03/06 Second appeal filed before
Madhya Pradesh 20.69
Appeal Board, Bhopal
Value Added
Tax 01/04/07 to
31/03/08 Proceedings under Section 21
of Madhya 12.00
Pradesh Value Added Tax Act,
2002 is pending
Central Sales
Tax 01/04/09 to
31/03/10 First appeal filed before Deputy
Commissioner, 19.01
Division 1, Indore
(x) The Company has neither accumulated losses as at 31st March 2012
nor it has incurred any cash loss either during the year ended on that
date or in the immediately preceding financial year.
(xi) According to the information and explanations provided by the
management, the Company has not defaulted in repayment of dues to bank
or financial institution. The Company has not obtained any borrowing by
way of debentures.
(xii) According to the information and explanations provided by the
management and based on the documents and records produced to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, and to the best of our information and
explanations provided by the management, the Company is not a chit fund
or nidhi mutual benefit society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors' Report), 2003 are not applicable to
the Company.
(xiv) As per records of the Company and information and explanations
provided to us by the management, the Company is not dealing or trading
in share, securities, debenture and other investment. Accordingly the
provisions of clause 44(xiv) of the order are not applicable to the
Company.
(xv) According to the records of the Company and the information and
explanation provided by the management, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions.
(xvi) The term loans obtained by the Company from Bank of Baroda,
Indore have been applied for the purpose for which they were raised.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that funds raised on short term basis have not been used for long term
investment by the Company.
(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 Companies Act, during the year.
(xix) As the Company has no debentures outstanding at any time during
the year, paragraph (xix) of the Order is not applicable to the
Company.
(xx) The Company has not raised any money by public issue during the
period covered by our report.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us, we report that no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For and on behalf of
C. H. PADLIYA & CO.,
Chartered Accountants,
FRN 003151C
S. C. Padliya, Partner, Membership Number 071666
Indore, 28th May 2012
Mar 31, 2010
1) We have audited the attached Balance Sheet of Alpa Laboratories
Limited (the Company) as at 31st March, 2010, 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.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that, we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3) As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Central Government of India 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 and 5
of the said order.
4) 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, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii) the balance Sheet and profit & loss account dealt with by this
report are in agreement with the books of account;
iv) in our opinion,the balance Sheet and profit & 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 the 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
31st March, 2010 from being appointed as director under clause (g) of
sub-section (1) of section 274 of 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 the notes
there on 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 except matter
regarding note number 22 regarding interest expenditure and interest
income for the year
a) in the case of balance sheet, of the Statement of Affairs of the
company as at 31st March, 2010
b) in the case of profit & loss account, of the profit for the year
ended on that date
c) in the case of cash flow statement, of the cash flows for the year
ended on that date
ANNEXURE REFERRED TO IN PARAGRPH 3 OF OUR AUDITORS REPORT OF EVEN DATE
ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2010 OF ALPA
LABORATORIES LIMITED
i. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed assets have not been physically verified by the
management during the year but there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. We have been informed
that no material discrepancies were noticed on such verification.
c) In our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
ii. a) We have been informed that the inventory has been physically
verified during the year by the management except material lying with
third party (which are substantially been confirmed). In our opinion,
the frequency of verification is reasonable.
b) In our opinion, and according to the information and explanations
given to us, 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) On the basis of our examination of the records of inventory, in our
opinion, the company has maintained proper records of inventory and the
discrepancies noticed on physical verification between the physical
stocks and the book records were not material in relation to the
operations of the company.
iii. a) The Company has not granted any loans, secured or unsecured, to
companies , firms or other parties listed in the Register maintained
under the section 301 of the Companies Act, 1956. As the company has
not granted any loans, secured or unsecured, to parties listed in the
Register maintained under the section 301 of the Companies Act, 1956,
paragraphs (iii-b), (iii-c) and (iii-d) of the Order, are not
applicable. b) The Company has not taken any loans, secured or
unsecured, from companies , firms or other parties listed in the
Register maintained under the section 301 of the Companies Act, 1956.
As the company has not granted any loans, secured or unsecured, to
parties listed in the Register maintained under the section 301 of the
Companies Act, 1956, paragraphs (iii-f) and (iii-g) of the Order, are
not applicable.
iv. 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, with
regard to purchase of inventory, fixed assets and with regard to the
sale of goods. Further, on the basis of our examinations and according
to the information and explanations given to us, we have neither come
across nor have we been informed of any instance of major weakness in
the aforesaid internal control systems.
v. In our opinion and according to the information and explanations
given to us, there are no contractor arrangements referred to in
section 301 of the Companies Act, 1956 that need to be entered in the
Register required to be maintained under that section. Hence
clause (v-b) of the Order is not applicable.
vi. The Company has not accepted any deposits under the provisions of
Sections 58A and 58AA of the Companies Act, 1956 and the rules framed
there under. vii. In our opinion the company has an internal audit
system commensurate with the size of the Company 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 the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the accounts and records with a
view to determine whether they are accurate or complete.
ix. a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the Company is regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service
tax, Customs duty, Excise duty, Cess and other material statutory dues
as applicable with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and
other material statutory dues were outstanding, at the year end, for a
period of more than six months from the date they become payable.
c) According to the records of the Company, the dues of Sales Tax,
Income Tax, Service Tax, Excise Duty and cess that have not been
deposited with the appropriate authorities on account of disputes as at
31st March, 2010 and the forum where disputes are pending are given
below:
Name of the Period to
which the Forum where
dispute is pending Amount
(Rs. in lacs)
Statue amount
relates
Value
Added Tax 01/04/02 to
31/03/03 Second appeal filed
before Madhya
Pradesh Appeal 3.98
Board, Bhopal
Central
Sales Tax 01/04/02 to
31/03/03 Second appeal
filed before
Madhya Pradesh
Appeal 18.79
Board, Bhopal
Central
Sales Tax 01/04/05 to
31/03/06 Second appeal
filed before
Madhya Pradesh
Appeal 28.52
Board, Bhopal
Value
Added Tax 01/04/05 to
31/03/06 Second appeal
filed
before Madhya
Pradesh Appeal 20.69
Board, Bhopal
Value
Added Tax 01/04/07 to
31/03/08 Proceedings
under
section 21 of
Madhya Pradesh 23.73
Value Added
Tax Act, 2002
is pending
Entry Tax 01/04/07 to
31/03/09 Writ petition
challenging the
validity of
Entry Tax 45.59
Act pending
before the
Supreme Court
of India
x. The Company has neither accumulated losses as at 31st March., 2010,
nor it has incurred any cash loss either during the financial year
ended on that date or in the immediately preceding financial year.
xi. According to the information and explanations provided by the
management, company has not defaulted in repayment of dues to any
financial institution, bank or to debenture holders during the year.
xii. According to the information and explanations provided by the
management and based on the documents and records produced to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
xiii. The provisions of any special statute as specified under
paragraph (xiii) of the Order are not applicable to the Company. xiv.
In our opinion and according to the information and explanations
provided to us by the management, the Company is not a dealer or trader
in securities. xv. According to the records of the company and the
information and explanation provided by the management, the company has
not given any guarantees for loans taken by others from banks or
financial institutions. xvi. The Company has not taken any term loan
during the year. xvii. According to the information and explanation
given to us and on an overall examination of the balance sheet of the
company, we report that no funds raised on short term basis have been
used for long term investment by the company.
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 Companies Act, during the year.
xix. As the company has no debentures outstanding at any time during
the year, paragraph (xix) of the Order is not applicable to the
Company.
xx. We have verified that the end use of money raised by public issue
is as disclosed in the notes to the financial statements.
xxi. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given to us, we report that no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For and on behalf of C. H. PADLIYA &
CO., Chartered Accountants
S. C. Padliya,
Partner
Membership Number 071666,
FRN 003151C
Place: Indore
Date: 21st May, 2010
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