Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of ANUH PHARMA LIMITED (âthe Companyâ), which comprise the balance sheet as at 31st March 2018, the statement of profit and loss (including other comprehensive income), the statement of cash flows and the statement of changes in equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
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 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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and 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. 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.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.
Emphasis of Matters
We draw attention to the following matter in Note No. 46 to the financial statements:
As per section 135 of the Act, the Company was required to incur/spend Rs. 64.25 lakhs (including Previous Year Rs. 2.81 lakhs) on Corporate Social Responsibility (âCSRâ) during the financial year 2017-2018. However, during the financial year 2017-2018 the Company has spent Rs. 57.42 lakhs. Hence, the unspent amount of CSR expenditure is Rs. 6.83 lakhs.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss (including other comprehensive income), the statement of cash flows and the statement of changes in equity dealt with by this Report are in agreement with the books of account;
(d) in our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act;
(e) on the basis of the written representations received from the directors as on 31st March 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the internal financial controls with reference to financial statements of the Company, refer to our separate report in âAnnexure Bâ; and
(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, if any, of pending litigations on its financial position in its financial statements; Refer Note No. 42 to the financial statements.
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the financial statements for the year ended 31st March 2018, we report that
i. a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b. As explained to us, physical verification of the fixed assets was conducted by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.
c. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. According to the information and explanations given to us, the physical verification of inventory has been conducted at reasonable intervals by the management. In our opinion, the discrepancies noticed on verification between the physical stocks and the book records were not material.
iii. In our opinion and according to information and explanations given to us the Company has not granted any loans, secured or unsecured, to any companies, firms, Limited Liability Partnerships or other parties as covered in the register maintained under section 189 of the Act. Accordingly, the provisions of clause 3(iii) (a),(b) and (c) of the order are not applicable.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, investments, guarantees and security made.
v. The Company has not accepted any deposit from the public to which the provisions of section 73 to section 76 or any other relevant provisions of the Act and rules framed thereunder apply.
vi. We have broadly reviewed the books of accounts maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government, the maintenance of cost records has been prescribed under sub-section (1) of section 148 of the Act, 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 records with a view to determine whether they are accurate or complete.
vii. a. According to the records of the company and the information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income tax, Sales tax, Service tax, Custom Duty, Excise Duty, Value added tax, Goods and Services Tax, Cess and other statutory dues applicable to it. There are no undisputed statutory dues as referred to above as at 31st March, 2018 outstanding for a period of more than six months from the date on which they became payable.
b. According to the information and explanations given to us, the dues as on March 31, 2018 in respect of Sales tax and Employeesâ State Insurance that have not been deposited with the appropriate authorities on account of dispute and the forum where the disputes are pending are given below:
Statement of Disputed Dues
Sr. No. |
Name of the Statute |
Nature of the Dues |
Amount (Rs. in lakhs) |
Financial Year to which the amount relates |
Remarks |
1. |
Bombay Sales Tax Act, 1959 |
Sales Tax including Interest and Penalty |
12.66 |
1991-1992 |
The figures in the amount column are as per the orders dated April 10, 2003 of the Assistant Commissioner of Sales Tax (Appeals), Thane. Thereafter, the Company had preferred an appeal before the Maharashtra Sales Tax Tribunal, which has passed its orders on August 27, 2009. However, the Company has not yet received the revised assessment orders giving effect to the above referred Tribunal orders. The Company has filed a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order, which was accepted on January 27, 2011. |
2. |
Central Sales Tax Act, 1956 |
Sales Tax including Interest |
6.48 |
1991-1992 |
|
3. |
Bombay Sales Tax Act, 1959 |
Sales Tax including Interest and Penalty |
3.97 |
1992-1993 |
|
4. |
Central Sales Tax Act, 1956 |
Sales Tax including Interest and Penalty |
3.92 |
1992-1993 |
|
TOTAL |
27.03 |
viii. The Company has not defaulted in repayment of any loans or borrowings from any financial institutions, banks, government or debentures holders during the year.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instrument) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanation given to us and based on our examination of the records of the Company, the company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanation given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him/her. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
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 Anuh Pharma Limited (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the 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 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 (âICAIâ). 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 Companyâs 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 judgment, 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 companyâs 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 companyâs 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 companyâs 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, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an internal financial controls with reference to financial statements as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India
FOR JAYANTILAL THAKKAR & CO.
Chartered Accountants
(Firm Reg. No. 104133W)
VIRAL A. MERCHANT
Partner
Mumbai, India: 25th May, 2018 Membership No.116279
Mar 31, 2016
TO THE MEMBERS OF ANUH PHARMA LIMITED
1. Report on the Financial Statements
1.1. We have audited the accompanying financial statements of ANUH PHARMA LIMITED (âCompanyâ), which comprise the Balance Sheet as at March 31, 2016, 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.
2. Managementâs Responsibility for the Financial Statements
2.1. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âActâ) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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.
3. Auditorâs Responsibility
3.1. Our responsibility is to express an opinion on these financial statements based on our audit.
3.2. 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.
3.3. 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.
3.4. 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the financial statements.
3.5. 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.
4. Opinion
4.1. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
4.1.1. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
4.1.2. in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
4.1.3. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
5. Emphasis of Matters
5.1. We draw attention to the following matter in Note 36 to the financial statements:
5.1.1. /As per section 135 of the Act, the Company was required to incur/spend Rs.4,764,736 on Corporate Social Responsibility (âCSRâ) during the financial year 2015-2016. However, during the financial year 2015-2016 the Company has spent Rs.4,084,510. Hence, the unspent amount of CSR expenditure is Rs.680,226.
5.2. Our opinion is not modified in respect of this matter.
6. Report on Other Legal and Regulatory Requirements
6.1. As required by the Companies (Auditor''s Report) Order, 2016 (âOrderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in Annexure âA'', a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
6.2. As required by Section 143(3) of the Act, we report that:
6.2.1. 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;
6.2.2. in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
6.2.3. 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;
6.2.4. in our opinion, the financial statements comply with the Accounting Standards referred to in section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014;
6.2.5. on the basis of written representations received from the directors as on March 31, 2016, and 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 sub-section (2) of Section 164 of the Act;
6.2.6. 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 Annexure âB'' hereto;
6.2.7. 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:
6.2.7.1. the Company has disclosed the impact of pending litigations on its financial position in Note 18 of its financial statements.
6.2.7.2. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
6.2.7.3. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
As referred to in paragraph 6.1 under the heading of âReport on Other Legal and Regulatory Requirementsâ of our report of even date on the accounts for the year ended on March 31, 2016:
i. a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b. As explained to us, physical verification of the fixed assets was conducted by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.
c. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. According to the information and explanations given to us, the physical verification of inventory has been conducted at reasonable intervals by the management. In our opinion, the discrepancies noticed on verification between the physical stocks and the book records were not material.
iii. The Company has granted an interest-free unsecured loan to a party covered in the register maintained under section 189 of the Act. The maximum amount involved during the year was Rs. 6,50,000 and the year ended balance of this loan was Rs. 4,10,000.
a. In our opinion, the terms and conditions on which the loan has been granted to a party covered in the register maintained under section 189 of the Act were not, prima facie, prejudicial to the interest of the Company.
b. In case of the loan granted to a party covered in the register maintained under section 189 of the Act, the borrower has been regular in the payment of principal as stipulated.
c. There is no overdue amount of the loan granted to the party listed in the register maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, investments, guarantees and security made.
v. The Company has not accepted any deposit from the public to which the provisions of section 73 to section 76 or any other relevant provisions of the Act and rules framed there under apply.
vi. We have broadly reviewed the books of accounts maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government, the maintenance of cost records has been prescribed under sub-section (1) of section 148 of the Act, 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 records with a view to determine whether they are accurate or complete.
vii. a. According to the information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, service tax, custom duty, excise duty, value added tax, cess and other material statutory dues applicable to it. According to the information and explanations given to us, the following undisputed amounts were payable in respect of above were in arrears as at March 31, 2016 for a period of more than six months from the date on which they became payable:
Statement of Undisputed Dues
Sr. No. |
Name of the Statute |
Nature of the Dues |
Amount (Rs) |
Financial Year to which the amount relates |
Remarks |
1. |
Income-tax Act, 1961 |
Dividend Distribution Tax |
151,782 |
2015-2016 |
since paid on May 25, 2016 |
Interest thereon |
15,180 |
||||
TOTAL |
166,962 |
b. According to the information and explanations given to us, the dues as on March 31, 2016 in respect of income tax, sales tax, service tax, customs duty, excise duty, value added tax and cess that have not been deposited with the appropriate authorities on account of any dispute are as under:
Statement of Disputed Dues
Sr. No. |
Name of the Statute |
Nature of the Dues |
Amount (Rs.) |
Financial Year to which the amount relates |
Forum where dispute is pending |
1. |
Bombay Sales Tax Act, 1959 |
Sales Tax including Interest and Penalty |
12,65,784 |
1991-1992 |
The figures in the amount column are as per the orders dated April 10, 2003 of the Assistant Commissioner of Sales Tax (Appeals), Thane. Thereafter, the Company had preferred an appeal before the Maharashtra Sales Tax Tribunal, which has passed its orders on August 27, 2009. However, the Company has not yet received the revised assessment orders giving effect to the above referred Tribunal orders. The Company has filed a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order, which was accepted on January 27, 2011. |
2. |
Central Sales Tax Act, 1956 |
Sales Tax including Interest |
6,48,290 |
1991-1992 |
|
3. |
Bombay Sales Tax Act, 1959 |
Sales Tax including Interest and Penalty |
3,97,152 |
1992-1993 |
|
4. |
Central Sales Tax Act, 1956 |
Sales Tax including Interest and Penalty |
3,92,142 |
1992-1993 |
|
5. |
Income-tax Act, 1961 |
Income-tax |
14,562 |
2010-2011 |
The Company is awaiting the assessment order giving effect to the order of the Commissioner of Income Tax (Appeals) |
6. |
Income-tax Act, 1961 |
Short deduction of TDS and interest thereon |
6,570 |
2007-2008 |
The Company is disputing this due and is in the process of taking necessary steps to resolve the matter. |
7. |
Income-tax Act, 1961 |
Short deduction of TDS and interest thereon |
90 |
2009-10 |
The Company is disputing this due and is in the process of taking necessary steps to resolve the matter. |
8. |
Income-tax Act, 1961 |
Short deduction of TDS and interest thereon |
20 |
2010-11 |
The Company is disputing this due and is in the process of taking necessary steps to resolve the matter. |
9. |
Income-tax Act, 1961 |
Short deduction of TDS and interest thereon |
30 |
2015-16 |
The Company is disputing this due and is in the process of taking necessary steps to resolve the matter. |
TOTAL |
27,24,640 |
viii. The Company has not defaulted in repayment of any loans or borrowings from any financial institutions, banks, government or debentures holders during the year.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instrument) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanation given to us and based on our examination of the records of the Company, the company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanation given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him/her. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
Report on the Internal Financial Controls under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013 (âActâ)
1. Report on the Internal Financial Controls
1.1. We have audited the internal financial controls over financial reporting of Anuh Pharma Limited (âCompanyâ), for the year ended on March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended as on that date.
2. Managementâs Responsibility for the Internal Financial Controls
2.1. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the âGuidance Note on Audit of Internal Financial Controls over Financial Reportingâ (âGuidance Noteâ) issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
3. Auditorâs Responsibility
3.1. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit.
3.2. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. 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.
3.3. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
3.4. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
4. Meaning of Internal Financial Controls over Financial Reporting
4.1. 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:
4.1.1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
4.1.2. 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 authorizations of management and directors of the company; and
4.1.3. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
5. Inherent Limitations of Internal Financial Controls over Financial Reporting
5.1. 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.
6. Opinion
6.1. 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 for the year ended on 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 issued by ICAI.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. Mogul
Partner
Mumbai, India: May 27, 2016 Membership No. 5572
Mar 31, 2015
We have audited the accompanying financial statements of ANUH PHARMA
LIMITED ("Company"), which comprise the Balance Sheet as at March
31,2015, 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.
2. Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("Act") with
respect to the preparation and presentation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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.
3. Auditor''s Responsibility
3.1. Our responsibility is to express an opinion on these financial
statements based on our audit.
3.2. 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.
3.3. 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.
3.4. 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 financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
3.5. 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.
4. Opinion
4.1. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
4.1.1. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
4.1.2. in the case of the Statement of Profit and Loss, of the profit
for the year ended on that date; and
4.1.3. in the case of the Cash Flow Statement, of the cash flows for
the year ended on that date.
5. Emphasis of Matters
5.1. We draw attention to the following matters in Note 36 to the
financial statements:
5.1.1. As per section 135 of the Act, the Company was required to
incur/spend Rs 39,34,176 on Corporate Social Responsibility ("CSR")
during the financial year 2014-2015. However, during the financial year
2014-2015 the Company has spent Rs 34,45,196. Hence, the unspent amount
of CSR expenditure is Rs 4,88,980.
5.2. Our opinion is not modified in respect of this matter.
6. Report on Other Legal and Regulatory Requirements
6.1. As required by the Companies (Auditor''s Report) Order, 2015
("Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
6.2. As required by section 143(3) of the Act, we report that:
6.2.1. 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;
6.2.2. in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
6.2.3. 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;
6.2.4. in our opinion, the financial statements comply with the
Accounting Standards referred to in section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014;
6.2.5. on the basis of written representations received from the
directors as on March 31,2015, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of sub-section (2) of
section 164 of the Act;
6.2.6. 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:
6.2.6. 1. the Company has disclosed the impact of pending litigations
on its financial position in Note
18 of its financial statements.
6.2.6. 2. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
6.2.6. 3. there has been no delay in transferring amounts, required to
be transferred, to the Investor Education and Protection Fund by the
Company.
As referred to in paragraph 6.1 under the heading of ''Report on Other
Legal and Regulatory Requirements'' of our report of even date on the
accounts for the year ended on March 31,2015:
i. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, physical verification of the fixed assets was
conducted by the management during the year. In our opinion, the
frequency of physical verification is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such physical verification.
ii. a. As explained to us, the inventory 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 inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
iii. The Company has granted an interest-free unsecured loan to a party
covered in the register maintained under section 189 of the Act.
a. In respect of the loan granted by the Company to a party, listed in
the register maintained under section 189 of the Act, the party has
repaid the principal amount, wherever stipulated.
b. There is no overdue amount of the loan granted to the party listed
in the register maintained under section 189 of the Act.
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, for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. The Company has not accepted any deposit from the public to which
the provisions of section 73 to section 76 or any other relevant
provisions of the Act and rules framed thereunder apply.
vi. We have broadly reviewed the books of accounts maintained by the
Company in respect of products where, pursuant to the Rules made by the
Central Government, the maintenance of cost records has been prescribed
under sub-section (1) of section 148 of the Act, 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 records with a view to determine whether they are accurate or
complete.
vii. a. According to the information and explanations given to us, 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, cess and other material statutory dues
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect of above were in
arrears as at March 31,2015 for a period of more than six months from
the date on which they became payable.
b. According to the information and explanations given to us, the dues
as on March 31,2015 in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, value added tax and cess that
have not been deposited with the appropriate authorities on account of
any dispute are as under:
Sr. Name of the Nature of the Amount Financial
No. Statute Dues (Rs) Year to
which the
amount
relates
1. Bombay Sales Sales Tax 12,65,784 1991-1992
Tax Act, 1959 including Interest
and Penalty
2. Central Sales Sales Tax 6,48,290 1991-1992
Tax Act, 1956 including Interest
3. Bombay Sales Sales Tax 3,97,152 1992-1993
Tax Act, 1959 including Interest
and Penalty
4. Central Sales Sales Tax 3,92,142 1992-1993
Tax Act, 1956 including Interest
and Penalty
5. Income-tax Income-tax 14,562 2010-2011
Act, 1961
6. Income-tax Short deduction of 32,320 2007-2008
Act, 1961 TDS and interest
thereon
7. Income-tax Short deduction of 15,370 2008-2009
Act, 1961 TDS and interest
thereon
Total 27,65,620
Name of the Statute Forum where dispute is pending
Bombay Sales Tax Act, 1959 The figures in the amount column are
as per the orders dated April 10, 2003
of the Assistant Commissioner of Sales
Central Sales Tax Act, 1956 Tax (Appeals), Thane. Thereafter, the
Company had preferred an appeal
before the Maharashtra Sales Tax
Bombay Sales Tax Act, 1959 Tribunal, which has passed its orders
on August 27, 2009. However, the
Company has not yet received the
revised assessment orders giving
Central Sales Tax Act, 1956 effect to the above referred Tribunal
orders. The Company has filed a
Writ Petition before the Honourable
High Court of Bombay contesting the
Tribunal order, which was accepted on
January 27, 2011.
Income-tax Act, 1961 The Company is awaiting the assessment
order giving effect to the order of
the Commissioner of Income Tax (Appeals)
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
c. According to the information and explanations given to us the
amounts which were required to be transferred to the Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been
transferred to such fund within time.
viii. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
ix. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not taken any loans from a financial institution
nor issued any debentures.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi. According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, the Company
has not taken any term loans and hence, paragraph 3(xi) of the Order is
not applicable to the Company.
xii. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. MOGUL
Partner
Mumbai: May 29, 2015 Membership No. 5572
Mar 31, 2014
We have audited the accompanying financial statements of ANUH PHARMA
LIMITED ("Company"), which comprise the Balance Sheet as at March 31,
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
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 ("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
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 ("ICAI"). Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, subject to the above the aforesaid financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
The Company has earned testing charges of Rs. 253,200 from Eskay
Speciality Chemicals during financial year 2013- 2014. However, the
company has not obtained Central Government approval under section 297
of the Act for this transaction. Our opinion is not qualified in
respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit 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
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the 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 TO THE INDEPENDENT AUDITOR''S REPORT
As referred to in paragraph 1 under the heading of ''Report on Other
Legal and Regulatory Requirements'' of our report of even date on the
accounts for the year ended on March 31, 2014,
i. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, physical verification of a major portion of
fixed assets was conducted by the management during the year. In our
opinion, the frequency of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and hence, it has not affected the going concern assumption.
ii. a. The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. a. The Company has not granted or taken any loan, secured or
unsecured, to or from any party covered in the register maintained
under section 301 of the Act and hence, the provisions of clause
4(iii)(b) to 4(iii) (g) of the Order 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 procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchases of inventory and fixed assets and
with regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
v. a. According to the information and explanations given to us, we are
of the opinion that the particulars of the contracts and arrangements
referred to in section 301 of the Act have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts and
arrangements entered in the register maintained under section 301 of
the Act and exceeding the value of Rs. 500,000 in respect of each party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time where such
market prices are available.
vi. The Company has not accepted any deposit from the public to which
the provisions of section 58A and section 58AA or any other relevant
provisions of the Act and the Companies (Acceptance of Deposits) Rules,
1975 apply.
vii. The Company has an internal audit system commensurate with its
size and nature of its business.
viii. We have broadly reviewed the books of accounts maintained by the
Company in respect of products where, pursuant to the Rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under clause (d) of sub-section (1) of section 209 of the
Act, 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 records with a view to determine whether
they are accurate or complete.
ix. a. According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees'' state
insurance, income tax, wealth tax, service tax, custom duty, cess and
other material statutory dues applicable to it. According to the
information and explanations given to us, no undisputed amounts payable
in respect of above were in arrears as at March 31, 2014 for a period
of more than six months from the date on which they became payable.
b. According to the information and explanations given to us, the dues
as on March 31, 2014 in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, cess that have not been
deposited with the appropriate authorities on account of any dispute
are as under:
Sr. Name of the Nature of the Amount Financial
No. Statute Dues (R) Year to
which the
amount
relates
1. Bombay Sales Sales Tax 12,65,784 1991-1992
Tax Act, 1959 including
Interest
and Penalty
2. Central Sales Sales Tax 648,290 1991-1992
Tax Act, 1956 including
Interest
3. Bombay Sales Sales Tax 397,152 1992-1993
Tax Act, 1959 including
Interest
and Penalty
4. Central Sales Sales Tax 392,142 1992-1993
Tax Act, 1956 including
Interest
and Penalty
5. Income-tax Short
deduction 189,440 2007-2008
Act, 1961 of Income-tax
deducted at
source ("TDS")
and interest
thereon
6. Income-tax Short
deduction of 32,610 2008-2009
Act, 1961 TDS and interest
thereon
7. Income-tax Short
deduction of 819,780 2009-2010
Act, 1961 TDS and
interest
thereon
8. Income-tax Short
deduction of 403,250 2010-2011
Act, 1961 TDS and interest
thereon
9. Income-tax Short
deduction of 17,380 2011-2012
Act, 1961 TDS and interest
thereon
10. Income-tax Short
deduction of 4,780 2012-2013
Act, 1961 TDS and interest
thereon
11. Income-tax Short
deduction of 6,280 2013-2014
Act, 1961 TDS and interest
thereon
12. Income-tax Income-tax 147,240 2010-2011
Act, 1961
13. Income-tax Short
deduction of 179 2010-11
Act, 1961 TDS and interest
thereon
14. Income-tax Short
deduction of 1,190 2012-13
Act, 1961 TDS and interest
thereon
Total 4,325,497
Name of the Statute Forum where dispute is pending
Bombay Sales Tax Act, 1959 The figures in the amount column are
as per the orders dated April 10, 2003
of the Assistant Commissioner of Sales
Central Sales Tax Act, 1956 Tax (Appeals), Thane. Thereafter, the
Company had preferred an appeal
before the Maharashtra Sales Tax
Bombay Sales Tax Act, 1959 Tribunal, which has passed its orders
on August 27, 2009. However, the
Company has not yet received the
revised assessment orders giving
Central Sales Tax Act, 1956 effect to the above referred Tribunal
orders. The Company has filed a
Writ Petition before the Honourable
High Court of Bombay contesting the
Tribunal order, which was accepted on
January 27, 2011.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 Commissioner of Income Tax (Appeals)
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
Income-tax Act, 1961 The Company is disputing this due and
is in the process of taking necessary
steps to resolve the matter.
x. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not taken any loans from a financial institution
nor issued any debentures.
xii. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
xiv. In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans. Accordingly, the
provisions of clause 4(xvi) of the Order are not applicable to the
Company.
xvii. In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment.
xviii. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix. During the year, the Company has not issued any secured
debentures. Therefore, the provisions of clause 4(xix) of the Order are
not applicable to the Company.
xx. During the year, the Company has not raised any money by public
issues.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. MOGUL
Partner
Mumbai: May 23, 2014 Membership No. 5572
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of ANUH PHARMA
LIMITED ("Company"), which comprise the Balance Sheet as at March 31,
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
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 ("ActÂ). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit 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
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the 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 TO THE INDEPENDENT AUDITOR''S REPORT
As referred to in paragraph 1 under the heading of ''Report on Other
Legal and Regulatory Requirements'' of our report of even date on the
accounts for the year ended on March 31, 2013,
i. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, physical verification of a major portion of
fixed assets was conducted by the management during the year. In our
opinion, the frequency of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and hence, it has not affected the going concern assumption.
ii. a. The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii. a. The Company has not granted or taken any loan, secured or
unsecured, to or from any party covered in the register maintained
under section 301 of the Act and hence, the provisions of clause
4(iii)(b) to 4(iii) (g) of the Order 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 procedures commensurate with the size of the Company and the
nature of its business with regard to the purchases of inventory and
fixed assets and with regard to the sale of goods and services. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control.
v. a. According to the information and explanations given to us, we are
of the opinion that the particulars of the contracts and arrangements
referred to in section 301 of the Act have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts and
arrangements entered in the register maintained under section 301 of
the Act and exceeding the value of RS. 500,000 in respect of each party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time where such
market prices are available.
vi. The Company has not accepted any deposit from the public to which
the provisions of section 58A and section 58AA or any other relevant
provisions of the Act and the Companies (Acceptance of Deposits) Rules,
1975 apply.
vii. The Company has an internal audit system commensurate with its
size and nature of its business.
viii. We have broadly reviewed the books of accounts maintained by the
Company in respect of products where, pursuant to the Rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under clause (d) of sub-section (1) of section 209 of the
Act, 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 records with a view to determine whether
they are accurate or complete.
ix. a. According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees'' state
insurance, income tax, wealth tax, service tax, custom duty, cess and
other material statutory dues applicable to it.
x. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not taken any loans from a financial institution
nor issued any debentures.
xii. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
xiv. In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans. Accordingly, the
provisions of clause 4(xvi) of the Order are not applicable to the
Company.
xvii. In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment.
xviii. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
xix. During the year, the Company has not issued any secured
debentures. Therefore, the provisions of clause 4(xix) of the Order are
not applicable to the Company.
xx. During the year, the Company has not raised any money by public
issues.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. MOGUL
Partner
Mumbai: May 24, 2013 Membership No. 5572
Mar 31, 2012
1. We have audited the attached Balance Sheet of ANUH PHARMA LIMITED
("Company") as at March 31, 2012 and the related Statement of
Profit and Loss and the Cash Flow Statement of the Company for the year
ended on that date annexed thereto, which we have signed under
reference to this report. 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, 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 in paragraph 3
above, 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 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 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;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss 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;
(e) On the basis of written representations received from the directors
as on March 31, 2012 and taken on record by the Board of Directors, we
report that none of the director is disqualified as on March 31, 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
As referred to in paragraph 3 of our report of even date on the
accounts for the year ended March 31, 2012,
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, physical verification of a major portion of
fixed assets was conducted by the management during the year. In our
opinion, the frequency of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) The fixed assets disposed off during the year are not substantial
and hence, it has not affected the going concern assumption.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has not granted or taken any loan, secured or
unsecured, to or from any party covered in the register maintained
under section 301 of the Companies Act, 1956 and hence, the provisions
of clause 4(iii)(b) to 4(iii)(g) of the Companies (Auditor's Report)
Order, 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 procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchases of inventory and fixed assets and
with regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of the contracts and
arrangements referred to in section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts and
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of RS 500,000 in respect
of each party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
(vi) The Company has not accepted any deposit from the public to which
the provisions of section 58A and section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 apply.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) We have broadly reviewed the books of accounts maintained by the
Company in respect of products where, pursuant to the Rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under clause (d) of sub-section (1) of section 209 of the
Act, 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 records with a view to determine whether
they are accurate or complete.
(ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees' state
insurance, income tax, wealth tax, service tax, custom duty, cess and
other material statutory dues applicable to it. According to the
information and explanations given to us, the following undisputed
amounts payable in respect of above were in arrears as at March 31,
2012 for a period of more than six months from the date on which they
became payable:
Statement of Outstanding Dues
Sr. Name of the Nature of the
Dues Amount Remarks Financial
No. Statute (Rs) Year to which
the amount
relates
1. Income-tax
Act, 1961 Income-tax
deducted at
source ("TDS") 3,675 since paid
on May 2011-2012
under section
194J on Royalty 30, 2012
2. Income-tax
Act, 1961 TDS under
section 194C
on payment to 357 since paid
on May 2011-2012
contractor 10, 2012
Total 4,032 since paid
as
mentioned
above
(b) According to the information and explanations given to us, the dues
as on March 31, 2012 in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, cess that have not been
deposited with the appropriate authorities on account of any dispute
are as under:
Statement of Disputed Dues
Sr. Name of the
Statute Nature of the Amount
(Rs) Financial
Year to
which Forum where
dispute is
pending
No. Dues the amount
relates
1. Bombay
Sales Tax
Act, Sales Tx 627,925 1991-1992 The figures in the
amount column
1959 Interest 635,859 are as per the
orders dated
April 10,
Penalty 2,000 2003 of the
Assistant
Commissioner
of Sales Tax
(Appeals), Thane.
There-
2. Central
Sales Tax
Act, Sales Tax 645,790 1991-1992 after, the
Company had
preferred an
1956
Interest 2,500 appeal before the
Maharashtra Sales
3. Bombay
Sales Tax
Act, Sales Tax 150,645 1992-1993 Tax Tribunal,
which has passed
its or-
1959 Interest 246,007 ders on August
27, 2009.
However, the
Company has not
yet received the
re-
Penalty 500 vised assessment
orders giving
effect
4. Central
Sales Tax
Act Sales Tax 148,262 1992-1993 to the above
referred Tribunal
orders.
1956 Interest 241,880 The Company has
filed a Writ
Petition
Penalty 2,000 before the
Honourable High
Court of
Total 2,703,368 Bombay contesting
the Tribunal
order.
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not taken any loans from a financial institution
nor issued any debentures.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the
provisions of clause 4(xiv) of the Companies (Auditor's Report)
Order, 2003 are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor's Report)
Order, 2003 are not applicable to the Company.
(xvii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short-term basis have been
used for long- term investment.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
(xix) During the year, the Company has not issued any secured
debentures. Therefore, the provisions of clause 4(xix) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
(xx) During the year, the Company has not raised any money by public
issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
SAMIR S. MOGUL
Partner
Mumbai: May 30, 2012 Membership No. 100731
Mar 31, 2011
1. We have audited the attached Balance Sheet of ANUH PHARMA LIMITED
("Company") as at March 31, 2011 and the related 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, 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 in paragraph 3
above, 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 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 appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit & 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;
(e) On the basis of written representations received from the directors
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the director is disqualified as on March 31, 2011
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
As referred to in paragraph 3 of our report of even date on the
accounts for the year ended March 31, 2011,
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, physical verification of a major portion of
fixed assets was conducted by the management during the year. In our
opinion, the frequency of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) The fixed assets disposed off during the year are not substantial
and hence, it has not affected the going concern assumption.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has not granted or taken any loan, secured or
unsecured, to or from any party covered in the register maintained
under section 301 of the Companies Act, 1956 and hence, the provisions
of clause 4(iii)(b) to 4(iii)(g) of the Companies (Auditor's Report)
Order, 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 procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchases of inventory and fixed assets and
with regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of the contracts and
arrangements referred to in section 301 of the Companies Act, 1956 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts and
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 500,000 in
respect of each party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time where such market prices are available.
(vi) The Company has not accepted any deposit from the public to which
the provisions of section 58A and section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 apply.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1 )(d) of the Companies Act, 1956 for the Company.
(ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees' state
insurance, income tax, wealth tax, service tax, custom duty, cess and
other material statutory dues applicable to it. According to the
information and explanations given to us, there are no undisputed
amounts payable in respect of above were in arrears as at March 31,
2011 for a period of more than six months from the date on which they
became payable.
(b) According to the information and explanations given to us, the dues
as on March 31, 2011 in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, cess that have not been
deposited with the appropriate authorities on account of any dispute
are as under:
Statement of Disputed Dues
Sr. Name of Nature of Amount Financial
Year Forum where dispute
is pending
No. the Statute the Dues (Rs.) to which the
amount
relates
1. Bombay Sales Tax 627,925 1991-1992 The figures in the
amount column are
Sales Tax Interest 635,859 as per the orders
dated April 10, 2003
Act, 1959 Penalty 2,000 of the Assistant
Commissioner of Sales
Tax (Appeals), Thane.
Thereafter, the
2. Central Sales Tax 645,790 1991-1992 Company had preferred
an appeal before
Sales Tax Interest 2,500 the Maharashtra Sales
Tax Tribunal,
Act, 1956 which has passed its
orders on August
3. Bombay Sales Tax 150,645 1992-1993 27, 2009. However the
Company has
Sales Tax Interest 246,007 not yet received the
revised assessment
Act 1959 Penalty 500 orders giving effect
to the above referred
Tribunal orders. The
Company has filed
4. Central Sales Tax 148,262 1992-1993 a Writ Petition
before the Honourable
Sales Tax Interest 241,880 High Court of Bombay
contesting the
Act, 1956 Penalty 2,000 Tribunal order.
Total 2,703,368
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not taken any loans from a financial institution
nor issued any debentures.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
(xvii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
(xix) During the year, the Company has not issued any secured
debentures. Therefore, the provisions of clause 4(xix) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
(xx) During the year, the Company has not raised any money by public
issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
SAMIR S. MOGUL
Partner
Mumbai: August 5, 2011 Membership No. 100731
Mar 31, 2010
1. We have audited the attached Balance Sheet of ANUH PHARMA LIMITED
("Company") as at March 31, 2010 and the related 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 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by 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 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956 and as amended by the Companies
(Auditors Report) (Amendment) Order, 2004, 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 in paragraph 3
above, 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 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 appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit & 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.
(e) On the basis of written representations received from the directors
as on March 31, 2010 and taken on record by the Board of Directors, we
report that none of the director is disqualified as on March 31, 20.10
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010; and
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
As referred to in paragraph 3 of our report of even date on the
accounts for the year ended March 31, 2010,
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, physical verification of a major portion of
fixed assets was conducted by the management during the year. In our
opinion, the frequency of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such physical verification.
(c) The fixed assets disposed off during the year are not substantial
and hence, it has not affected the going concern assumption.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has not granted or taken loan, secured or
unsecured, to or from any party covered in the register maintained
under Section 301 of the Companies Act, 1956 and hence, the provisions
of clause 4(iii)(b) to 4(iii)(g) of the Companies (Auditors Report)
Order, 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 procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchases of inventory and fixed assets and
with regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of the contracts and
arrangements referred to in Section 301 of the Companies Act, 1956 have
been so entered.
(.b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts and
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of .Rs. 500,000 in
respect of each party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time where such market prices are available.
(vi) The Company has not accepted any deposit from the public to which
the provisions of Section 58A and Section 58AA or any other relevant
provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 apply.
(vii) The Company has an internal audit system commensurate with its
size and nature of its business.
(viii) According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under Section 209(1 )(d) of the Companies Act, 1956 for the Company.
(ix) (a) According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees state
insurance, income tax, wealth tax, service tax, custom duty, cess and
other material statutory dues applicable to it. According to the
information and explanations given to us, the following undisputed
amounts payable in respect of above were in arrears as at March 31,
2010 for a period of more than six months from the date on which they
became payable:
Statement of Undisputed Dues
Sr. Name of the Statute Nature of the Dues Amount Financial Year
to
which
No. (Rs.) the amount
relates
1. Income-tax Act, 1961 Income-tax deducted
at 34,000 2009-2010
source ("TDS") on
Rent
2. Income-tax Act, 1961 TDS on Contractors 3,800 2009-2010
3. Income-tax Act, 1961 TDS on Professional
Fees 80 2009-2010
4. The Maharashtra
State Tax on Profession Tax 2,500 2009-2010
Professions, Trades,
Callings
and Employments Act,
1975
Total 40,380
(b) According to the information and explanations given to us, the dues
as on March 31, 2010 in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, cess that have not been
deposited with the appropriate authorities on account of any dispute
are as under:
Statement of Disputed Dues
Sr. Name of Nature of Amount Financial Forum where
No. the Statute the Dues (Rs.) Year to dispute is
which the pending
amount
relates
1 Bombay Sales Sales Tax 627 925 1991-1992 The figures in
the amount
column are
as per the orders
dated April
10,2003
Tax Act, 1959 Interest
Penalty 635,859 of the Assistant
Commissioner of
2.000 Sales Tax (Appeals),
Thane.
Thereafter, the
Company had
2. Central Sales Sales Tax 645,790 1991-1992 preferred an appeal
before the
Tax Act, 1956 Interest 2,500 Maharashtra Sales
Tax Tribunal,
which
has passed its
orders on
August 27,
3. Bombay Sales Sales Tax 150,645 1992-1993 2009. However,
the Company
has not
Tax Act, 1959 Interest
Penalty 246,007 Yet received the
revised
assessment
500 orders giving
effect to the
above
referred Tribunal
orders. The
4 Central Sales Sales Tax 148, 262 1992-1993 Company now plans
to file
a Writ
petition before
the
Honourable High
Tax Act, 1956 Interest
Penalty 241,880 Court of Bombay
contesting the
2,000 Tribunal
order.
Total 2,703,368
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not taken any loans from a financial institution
nor issued any debentures.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans. Accordingly, the
provisions of clause 4(xvi) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xvii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short-term basis have been
used for long-term investment.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
(xix) During the year, the Company has not issued any secured
debentures. Therefore, the provisions of clause 4(xix) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
(xx) During the year, the Company has not raised any money by public
issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
SAMIR S. MOGUL
Partner
Membership No. 100731
Place : Mumbai
Date : August 6, 2010