Mar 31, 2015
We have audited the accompanying financial statements of SANDU
PHARMACEUTICALS LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2015 and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors are responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments'
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material 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 auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its Profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
Directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of section 164(2) of the
Act.
(f) With respect to the other matters to be included in the Auditors
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) We have been informed that the Company does not have any pending
litigations which would impact its financial position.
(ii) We have been informed that the Company did not have any long-term
contracts including derivative contracts for which there were any
material foreseeable losses.
(iii) There has not been an occasion in case of the company during the
year under report to transfer any sum to the Investors Education and
Protection Fund.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the standalone financial statements for the
year ended 31st March, 2015, on the basis of such checks as we
considered appropriate and according to the information and
explanations given to us during the course of our audit, we report
that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and
(b) The Company has a regular programme of physical verification of its
fixed assets be which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
ii. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management 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 and no
material discrepancies were noticed on
iii. The Company has not granted any loans, secured or unsecured, to/
from companies, firms or other parties covered 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 adequate internal control system commensurate
with the size of the Company and the nature of its business for the
sale of goods. Further, on the basis of our examination of the books
and records of the Company and according to the information and
explanation given to us, no major weakness has not been noticed or
reported.
v. Company has not accepted any deposits from the public covered under
Section 73 to 76 of the Companies act, 2013.
vi. We have been informed that the Company is maintaining cost records
as specified by the Central Government under sub-section (1) of Section
148 of the Act. payable.
vii. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the Company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material
statutory dues, as applicable, with the appropriate authorities in
India. As explained to us, the Company did not have any dues on account
of the employees' state insurance and duty of excise.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st March
2015 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us and based
on the records of the Company examined by us, there are no material
dues of Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes. However
according to information and explanations given to us, the following
dues of income tax have not been deposited by the Company on account of
disputes:
Name of the Nature of the dues Amount Financial
Year to Forum where
statute (Rs. in
Lacs) which the
amount the dispute
is
relates pending
Income-tax
Act, Income-tax
including 30.21 2008-09 Income Tax
1961 applicable
interest and
Appellate
penalty Tribunal
Income-tax
Act, Income-tax
including 283 2010-11 CIT Appeals
1961 applicable
interest and
penalty
(d) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
viii. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
ix. According to the records of the Company examined by us and as per
the information and explanations given to us, the company has not
defaulted in repayment of dues to any financial institution or banks
and the Company has not issued debentures.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
xi. In our opinion, and according to the information and explanations
given to us, based on our audit procedures and on the information given
by the management we report that the term loan taken by the company has
been used for the purpose for which it is taken.
xii. During the course of our examination of the books and records of
the Company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
Chartered Accountants
(Firms Registration No. 104393w)
Sd/-
M. M. Joshi
(Proprietor)
(Membership No: 042466)
Place: Mumbai
Date: 30th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of SANDU
PHARMACEUTICALS LTD ("the Company"), which comprises of the Balance
Sheet as at March 31, 2014, 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 Financial Statement Management is responsible for
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act").
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, 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.
As required by the Companies (Auditor''s Report) Order, 2003 ("the
order") issued by the Central Government of India in terms of sub -
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
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 it 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
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, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of Our Report of even date to
the members of SANDU PHARMACEUTICALS LTD. on the accounts of the
company for the year ended 31st March, 2014 on the basis of such checks
as we considered appropriate and according to the information and
explanation given to us during the course of our audit, we report that:
1. a) Records of Fixed Assets giving full particulars including
quantitative details & situation thereof are maintained by the Company.
b) We have been informed that the Management has carried out physical
verification of its fixed assets during the year and no discrepancies
were noticed.
c) Disposal of the Fixed Assets not being substantial part, hence does
not affect the going concern concept.
2. a) We have been informed that Management has carried out physical
verification of stock of Finished Goods, Traded Goods, stores, Spares
and Raw Material at various intervals during the year. In our opinion,
the frequency of verification is reasonable.
b) In our opinion the procedures for physical verification of stock of
materials followed by the Management are reasonable and adequate in
relation to the size of the company and the nature of business.
c) According to the information and explanations given to us, no
material discrepancies have been noticed on physical verification of
stocks as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanation that some of the items
are of a special nature and their prices cannot be compared with
alternate quotations, there are adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed asset and with
regard to the sale of goods and services. During the course of our
audit and according to the information and explanation given to us, we
have neither come across nor have been informed of any continuing
failure to correct major weaknesses in the internal control system
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) In our opinion and according to the information and explanations
given to us, and having regard to the fact that some of the items
purchased are of special nature, and suitable alternative sources do
not exist for obtaining comparative quotations, the transactions for
purchase/sale of goods and materials, made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5,00,000/ - in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices as available with
the Company for such goods and materials, or the prices at which such
transactions for similar goods and materials were made with other
parties.
6. The Company has not accepted any deposits from the public covered
Under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of wealth tax,
service tax, sales tax, customs duty and excise duty which have not
been deposited on account of any disputes. The particulars of dues of
Income Tax as at 31st March 2014 which have not been deposited on
account of dispute are as follows:
Financial
Name Nature Amount Year to Forum
of the of the (Rs.in which the where the
statute dues Lacs) amount dispute is
relates pendlng
Income-tax Income-tax Income
Act, 1961 including 49.83 2008-09 Tax Appellate
applicable Tribunal
interest
and penalty
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank. or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the term loan taken by the company, has been
used for the purpose for which it is taken
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Joshi Joshi & Co.
Chartered Accountants
FRN: 104393W
Sd/-
Place:Mumbai M. M. Joshi
Date: 30th May, 2014 (Proprietor)
M. No. 42466 of 89
Mar 31, 2013
Report on Financial Statement
We have audited the accompanying financial statements of SANDU
PHARMACEUTICALS LTD ("the 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 Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
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 Profit and Loss Account, 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
As required by the Companies (Auditors Report) Order, 2003 ("the
order") issued by the Central Government of India in terms of sub -
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
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 it 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 Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a) Records of Fixed Assets giving full particulars including
quantitative details & situation thereof are maintained by the Company.
b) We have been informed that the Management has carried out physical
verification of its fixed assets during the year and no discrepancies
were noticed.
c) Disposal of the Fixed Assets not being substantial part, hence does
not affect the going concern concept.
2. a) We have been informed that Management has carried out physical
verification of stock of Finished Goods, Traded Goods, stores, Spares
and Raw Material at various intervals during the year. In my opinion,
the frequency of verification is reasonable.
b) In our opinion the procedures for physical verification of stock of
materials followed by the Management are reasonable and adequate in
relation to the size of the company and the nature of business.
c) According to the information and explanations given to us, no
material discrepancies have been noticed on physical verification of
stocks as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanation that some of the items
are of a special nature and their prices cannot be compared with
alternate quotations, there are adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed asset and with
regard to the sale of goods and services. During the course of our
audit, and according to the information and explanation given to us, we
have neither come across nor have been informed of any continuing
failure to correct major weaknesses in the internal control system
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section. b) In our opinion and according to the information
and explanations given to us, and having regard to the fact that some
of the items purchased are of special nature, and suitable alternative
sources do not exist for obtaining comparative quotations, the
transactions for purchase/sale of goods and materials, made in
pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rs. 5,00,000/ Â in respect of any party during the year have
been made at prices which are reasonable having regard to prevailing
market prices as available with the Company for such goods and
materials, or the prices at which such transactions for similar goods
and materials were made with other parties.
6. The Company has not accepted any deposits from the public covered
Under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable. (b) According to the information and explanations
given to us and the records of the Company examined by us, there are no
dues of wealth tax, service tax, sales tax, customs duty and excise
duty which have not been deposited on account of any disputes. The
particulars of dues of Income Tax as at 31st March 2013 which have not
been deposited on account of dispute are as follows:
Financial Forum
Name Nature Amount Year to where the
of the of the (Rs.in which the
statute dues Lacs) amount dispute is
pending
relates
Income-tax Income
Income-tax including 95.50 2008-09 Tax Appellate
Act, 1961 applicable
interest Tribunal
and penalty
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the term loan taken by the company, has been
used for the purpose for which it is taken
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Joshi Joshi & Co.
Chartered Accountants
FRN: 104393W
Place:Mumbai M. M. Joshi
Date: 30th May, 2013 (Proprietor)
Membership No. : 042466
Mar 31, 2012
I have audited the attached Balance Sheet of Sandu Pharmaceuticals
Limited as at 31st March 2012,the Profit and Loss Account and the Cash
Flow Statement of the Company for the year ended on that date, Annexed
thereto:-
1. These financial statements are the responsibility of the Company's
management. My responsibility is to express an opinion on these
financial statements based on rpy audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes (a) examining, on a test basis, evidence to support the
financial statement amounts and disclosures in the financial statements
(b) assessing the accounting principles used in the preparation of
financial statements (c) assessing significant estimates made by the
management in the preparation of financial statements and
(d) Evaluating overall financial statement presentation.! believe that
my audit provides a reasonable basis for my opinion.
3. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956,1 give in the Annexure. a statement on the matters specified
in paragraphs 4 & 5 of the said Order.
4. Further to my comments in the Annexure referred to in paragraph 3
above, I report that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
Audit.
b) In my opinion proper books of account as required by law have been
kept by the Company so far, as appears from my examination of the
books.
c) Balance Sheet, trv= profit and Loss Account and the Cash flow
Statement dealt wit!-, by the report is in agreement with the Books of
Accounts and comply with the Accounting Standards referred to in sub
section (3C) of section 211 of the Companies Act, 1956.
d) On the basis of the representations received from the Directors and
the Company I report that none of the Directors are disqualified as on
31-3-2012 from being appointed as a Director of the Company as per
section 274 (1) (g) of the Companies Act, 1956.
e) In my opinion and to the best of my information and according to the
explanations given to me the said account give the information as
required by the Companies Act, 1956 in the manner so required and give
a true and fair view:
(I) In the case of the Balance sheet of the State of affairs of the
company as at 31s' March, 2012;
(II) In the case of Profit and Loss Account of the Profit 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 required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of Section 227(4 -A) of the
Companies Act 1956, I enclose in the Annexure a statement of the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable and based on such checks as I considered appropriate.
1. a) Records of Fixed Assets giving full particulars including
quantitative details & situation thereof are maintained by the Company.
b) I have been informed that the Management has carried out physical
verification of its fixed assets during the year and no discrepancies
were noticed.
c) Disposal of the Fixed Assets not being substantial part, hence not
affected the going concern.
2. a) I have been informed that Management has carried out physical
verification of stock of Finished Goods, Traded Goods, stores, Spares
and Raw Material at various intervals during the year. In my opinion,
the frequency of verification is reasonable.
b) In my opinion the procedures for physical verification of stock of
materials followed by the Management are ieasonab!e and adequate in
relation to the size of the company and the nature of business.
c) According to the information and explanations given to me, no
material discrepancies have been noticed on physical verification of a
stocks as compared to book records. There is a change in the business
model of the company, it has opened several branches & stated selling
goods directly to distributors & stockiest. It has also started trading
activity. I have been informed that this has resulted in high stock
leveis.
3. a) The Company has neither granted nor taken any loans secured or
unsecured to/from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act, 1956.
Advances received/paid and temporary debit/credit balances with related
parties are not considered to be borrowing/lending.
b) As mentioned above, since the Company has neither granted nor taken
any loans secured or unsecured to/from companies, firms or other
parties covered in the Register maintained under section 301 of the
Companies Act, 1956. The question of the rate of Interest & other terms
& condition being prima facia prejudicial to the interest of the
company doesn't arise, c & d) Since Company has neither borrowed nor
lent any amount to parties covered U/s 301 of the Companies Act, 1956,
the question of regular payment; repayment or taking reasonable steps
of recovery does not arise.
4. In my opinion, there are adequate internal control procedure which
commensurate with the size of the company and its business for the
purchase of raw materials, plan: and machinery, equipment and other
assets and with regard to the sale of goods.
5.a)&b) In my opinion and according to the information and explanations
given to me, the transactions of purchases/sale of goods/ services in
pursuance of contracts or arrangement required to be entered in the
Register maintained under Section 301 and aggregating during the year
to Rs. 500000/- or more have been so entered and are made at prices
having regard to prevailing market prices for such goods and industry
norms.
6. During the year under review the company has not accepted any
deposit from the public attracting the provisions of Section 58A of the
companies Act, 1956.
7. In my opinion, the company has a internal audit system,
Commensurate with the size of the Company and the nature of its
business.
8. I have been informed that the Company is maintaining cost records
as prescribed by the Central Government under section 209 (1) (d) of
the Companies Act, 1956.
9. In my opinion the Company is regular in depositing undisputed
statutory dues including Employees Provident Fund, Employees State
Insurance dues, In come Tax, Sales Tax and Excise Duty with the
appropriate authorities and there are no arrears of outstanding
statutory a ves as at the last day of the financial year concerned for
a period of more than six months from the date they become payable.
10. The Company has no accumulated Ir sses. The Company has not
incurred cash losses in the finar cial year under report and in the
financial year immediately preceding such financial year.
11. According to the information and expianation given to me the
company has not defaulted in repayment of to Financial Institutions &
Banks.
12. The Company has not granted Loans & Advances on the basis of
security by way of pledge of shares/debentures or other securities and
as such question of adequacy of documentation and record maintenance
does not site.
13. The Company is not a chit fund, nidhi or mutual benefit society,
hence the requirement of item XIII of para 4 of the order is not
applicable to the Company.
14. In my opinion the Company maintains proper records ot dealing in
shares & Securities. The company also maintains proper records of
contracts, timely entries have been made therein and the investments
have been held by the company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. In my opinion and according to the information and explanations
given to me, the term loan was applied for the purpose for which it was
obtained.
17. As per information and explanation given to me the funds raised on
short term basis have not been used for long term investment or vice -
versa.
18. 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 .
19 The Company has not issued any debenture, hence the requirement of
item no.XIX of para 4 of the order is not applicable.
20. The year under review money was not raised by public issue, hence
the requirement of itemno.XXof para 4 of the order is not applicable.
21. According to the information and explanation given to me fraud
on/or by the Company has not been noticed or reported during the year.
For JOSHI JOSHI & CO.
Chartered Accountants
Firm Reg. No. 104393W
Place: Mumbai M. M. JOSHI
Date : 16lh August, 2012 Proprietor
M. No. 42466 of 89
Mar 31, 2011
I have audited the attached Balance Sheet of Sandu Pharmaceuticals
Limited as at 31st March 2011, the Profit and Loss Account and the Cash
Flow Statement of the Company for the year ended on that date, Annexed
thereto:-
1. These financial statements are the responsibility of the Companys
management. My responsibility is to express an opinion on these
financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes (a) examining, on a test basis, evidence to support the
financial statement amounts and disclosures in the financial statements
(b) assessing the accounting principles used in the preparation of
financial statements (c) assessing significant estimates made by the
management in the preparation of financial statements and (d)
Evaluating overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956, I give in the Annexure, a statement on the matters specified
in paragraphs 4 & 5 of the said Order.
4. Further to my comments in the Annexure referred to in paragraph 3
above, I report that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
Audit.
b) In my opinion proper books of account as required by law have been
kept by the Company so far, as appears from my examination of the
books.
c) The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by the report is in agreement with the Books of
Accounts and comply with the Accounting Standards referred to in sub
section (3C) of section 211 of the Companies Act, 1956.
d) On the basis of the representations received from the Directors and
the Company I report that none of the Directors are disqualified as on
31-3-2011 from being appointed as a Director of the Company as per
section 274 (1) (g) of the Companies Act, 1956.
e) In my opinion and to the best of my information and according to the
explanations given to me the said account give the information as
required by the Companies Act,1956 in the manner so required and give a
true and fair view:
(I) In the case of the Balance sheet of the State of affairs of the
company as at 31st March, 2011
(II) In the case of Profit and Loss Account of the Profit 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 REPORT OF THE AUDITORS TO THE MEMBER OF SANDU
PHARMACEUTICALS LIMITED OH THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH,
2011.
As required by the Companies (Auditors Report)Order, 2003 issued by
the Central Goverment of India in terms of Section 227(4 -A) of the
Companies Act 1956,1 enclose in the Annexure a statement of the matters
specified in paragraphs 4 and 5 of the said order to the extent
applicable and based on such checks as I considered appropriate.
1. a) Records of Fixed Assets giving full particulars including
quantitative details & situation thereof are maintained by the Company.
b) I have been informed that the Management has carried out physical
verification of its fixed assets during the year and no discrepancies
were noticed.
c) Disposal of the Fixed Assets not being substantial part, hence not
affected the going concern.
2. a) I have been informed that Management has carried out physical
verification of stock of Finished Goods, stores, Spares and Raw
Material at various intervals during the year. In my opinion, the
frequency of verification is reasonable.
b) In my opinion the procedures for physical verification of stock of
materials followed by the Management are reasonable and adequate in
relation to the size of the company and the nature of business.
c) According to the information and explanations given to me, no
material discrepancies have been noticed on physical verification of a
stocks as compared to book records.
3. a) The Company has neither granted nor taken any loans secured or
unsecured to/from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act,1956.
Advances received/ paid and temporary debit/credit balances with
related parties are not considered to be borrowing/lending.
b) As mentioned above, since the Company has neither granted nor taken
any loans secured or unsecured to/ from companies, firms or other
parties covered in the Register maintained under section 301 of the
Companies Act,1956 the question of the rate of Interest & other terms &
condition being prima facia prejudicial to the interest of the company
doesnt arise.
c & d) Since Company has neither borrowed nor lent any amount to
parties covered u/s 301 of the Companies Act, 1956, the question of
regular payment/repayment or taking reasonable steps of recovery does
not arise.
4. In my opinion, there are adequate internal control procedure which
commensurate with the size of the company and its business for the
purchase of raw materials, plant and machinery, equipment and other
assets and with regard to the sale of goods.
5. a)&b) In my opinion and according to the information and
explanations given to me, the transactions of purchases/sale of
goods/services in pursuance of contracts or arrangement required to be
entered in the Register maintained under Section 301 and aggregating
during the year to Rs. 500000/- or more have been so entered and are
made at prices having regard to prevailing market prices for such goods
and industry norms.
6. During the year under review the company has not accepted any
deposit from the public attracting the provisions of Section 58A of the
companies Act, 1956.
7. In my opinion, the company has a internal audit system,
Commensurate with the size of the Company and the nature of its
business.
8. I have been informed that the Company is maintaning cost records as
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956.
9. In my opinion the Company is regular in depositing undisputed
statutory dues including Employees Provident Fund, Employees State
Insurance dues, Income Tax, Sales Tax and Excise Duty with the
appropriate authorities and there are no arrears of outstanding
statutory dues as at the last day of the financial year concerned for a
period of more than six months from the date they become payable.
10. The Company has no accumulated losses. The Company has not
incurred cashc losses in the financial year under report and in the
financial year immediately preceding such financial year.
11. According to the information and explanation given to me the
company has not defaulted in repayment of dues to Financial
Institutions & Banks.
12. The Company has not granted Loans & Advances on the basis of
security by way of pledge of shares/debentures or other securities and
as such question of adequacy of documentation and record maintenance
does not arise.
13. The Company is not a chit fund, nidhi or mutual benefit society,
hence the requirement of item XIII of para 4 of the order is not
applicable to the Company.
14. In my opinion the Company maintains proper records of dealing in
shares & securities. The Company also maintains proper records of
contracts, timely entries have been made there in and the investments
have been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. In my opinion and according to the information and explanations
given to me the term loan was applied for the purpose for which it was
obtained.
17. As per information and explanation given to me the funds raised on
short term basis have not been used for long term investment or vice -
versa.
18. 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.
19. The Company has not issued any debenture, hence the requirement of
item no.XIX of para 4 of the order is not applicable.
20. The year under review money was not raised by public issue, hence
the requirement of item no.XX of para 4 of the order is not applicable.
21. According to the information and explanation given to me fraud
on/or by the Company has not been noticed or reported during the year.
JOSHI JOSHI & CO.
Chartered Accountants
Firm Reg. No. 104393w
M.M. JOSHI
Proprietor
M.No.42466of89
PLACE: MUMBAI
DATE : 6th June, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Sandu Pharmaceuticals
Limited as at 31st March 2010,the Profit and Loss Account and the Cash
Flow Statement of the Company for the year ended on that date, Annexed
thereto:-
1. These financial statements are the responsibility of the Companys
management. My responsibility is to express an opinion on these
financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit also
includes (a) examining, on a test basis, evidence to support the
financial statement amounts and disclosures in the financial statements
(b) assessing the accounting principles used in the preparation of
financial statements (c) assessing significant estimates made by the
management in the preparation of financial statements and (d)
Evaluating overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
3. As required by the Companies (Auditors Report) Order,2003, issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956,1 give in the Annexure, a statement on the matters specified
in paragraphs 4 & 5 of the said Order.
4. Further to my comments in the Annexure referred to in paragraph 3
above, I report that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
Audit.
b) In my opinion proper books of account as required by law have been
kept by the Company so far, as appears from my examination of the
books.
c) Valuation of closing stock is not in conformity with AS2 issued by
the Institute of Chartered Accountants of India, Subject to this the
Balance Sheet, the Profit and Loss Account and the Cash Flow Statement
dealt with by the report is in agreement with the Books of Accounts and
comply with the Accounting Standards referred to in sub section (3C) of
section 211 of the Companies Act, 1956.
d) On the basis of the representations received from the Directors and
the Company I report that none of the Directors are disqualified as on
31-3-2010 from being appointed as a Director of the Company as per
section 274 (1) (g) of the Companies Act, 1956.
e) In my opinion and to the best of my information and according to the
explanations given to me the said account give the information as
required by the CompaniesAct,1956 in the manner so required and give a
true and fair view:
(I) In the case of the Balance sheet of the State of affairs of the
company as at 31st March ,2010 ;
(II) In the case of Profit and Loss Account of the Profit 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 REPORT OF THE AUDITORS TO THE MEMBER OF SANDU
PHARMACEUTICALS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST
MARCH,2010.
As required by the Companies (Auditors Report)Order, 2003 issued by
the Central Goverment of India in terms of Section 227(4 -A) of the
Companies Act 1956, I enclose in the Annexure a statement of the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable and based on such checks as I considered appropriate.
1. a) Records of Fixed Assets giving full particulars including
quantitative details & situation thereof are maintained by the Company.
b) I have been informed that the Management has carried out physical
verification of its fixed assets during the year and no discrepancies
were noticed.
c) Disposal of the Fixed Assets not being substantial part, hence not
affected the going concern.
2. a) I have been informed that Management has carried out physical
verification of stock of Finished Goods, stores, Spares and Raw
Material at various intervals during the year. In my opinion, the
frequency of verification is reasonable.
b) In my opinion the procedures for physical verification of stock of
materials followed by the Management are reasonable and adequate in
relation to the size of the company and the nature of business.
c) According to the information and explanations given to me, no
material discrepancies have been noticed on physical verification of a
stocks as compared to book records.
3. a) The Company has neither granted nor taken any loans secured or
unsecured to/from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act, 1956.
Advances received/paid and temporary debit/credit balances with related
parties are not considered to be borrowing/lending.
b) As mentioned above, since the Company has neither granted nor taken
any loans secured or unsecured to/ from companies, firms or other
parties covered in the Register maintained under section 301 of the
Companies Act, 1956. the question of the rate of Interest & other terms
& condition being prima facia prejudicial to the interest of the
company doesnt arise.
c & d) Since Company has neither borrowed nor lent any amount to
parties covered u/s 301 of the Companies Act, 1956, the question of
regular payment/repayment or taking reasonable steps of recovery does
not arise.
4. In my opinion, there are adequate internal control procedure which
commensurate with the size of the company and its business for the
purchase of raw materials, plant and machinery, equipment and other
assets and with regard to the sale of goods.
5. a)&b) In my opinion and according to the information and
explanations given to me, the transactions of purchases/ sale of
goods/services in pursuance of contracts or arrangement required to be
entered in the Register maintained under Section 301 and aggregating
during the year to Rs. 500000/-or more have been so entered and are
made at prices having regard to prevailing market prices for such
goods.
6. During the year under review the company has not accepted any
deposit from the public attracting the provisions or bection 58A of the
companies Act, 1956.
7. In my opinion, the company has a internal audit system,
Commensurate with the size of the Company and the nature of its
business.
8. I have been informed that since the turnover is below the
prescribed limit, maintenance of cost records is not compulsory.
9. In my opinion the Company is regular in depositing undisputed
statutory dues including Employees Provident Fund, Investor Education &
Protection Fund, Employees State Insurance dues, Income Tax, Sales Tax
and Excise Duty with the appropriate authorities and there are no
arrears of outstanding statutory dues as at the last day of the
financial year concerned for a period of more than six months from the
date they become payable.
10. The Company has no accumulated losses. The Company has not
incurred cashc losses in the financial year under report and in the
financial year immediately preceding such financial year
11. According to the information and explanation given to me the
company has not defaulted in repayment of dues to Financial
Institutions & Banks.
12. The Company has not granted Loans & Advances on the basis of
security by way of pledge of shares/debentures or other securities and
as such question of adequacy of documentation and record maintenance
does not arise.
13. The Company is not a chit fund, nidhi or mutual benefit society
hence the requirement of item XIII of para 4 of the order is not
applicable to the Company.
14. The Company does not deal in trade securities, debentures or other
investments, hence the requirements of item no. XIV of the para 4 of
the order is not applicable.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. There were no term loan outstanding at the end of the year.
17. As per information and explanation given to me the funds raised on
short term basis have not been used for long term investment or vice -
versa.
18. 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 .
19. The Company has not issued any debenture, hence the requirement of
item no. XIX of para 4 of the order is not applicable.
20. The year under review money was not raised by public issue, hence
the requirement of item no. XX of para 4 of the order is not
applicable.
21. According to the information and explanation given to me fraud
on/or by the Company has not been noticed or reported during the year,
JOSHI JOSHI & CO.
Chartered Accountants
By the hand of
M. M. JOSHI
PLACE:MUMBAI Proprietor
DATE: 21st July, 2010 M.No.42466 of 89