Lupin
BSE: 500257 | NSE: LUPIN | ISIN: INE326A01029 | Pharmaceuticals
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
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| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of Lupin Limited as at
31st March, 2009, the Profit and Loss Account and also the Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
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, 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 the
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 and Loss Account 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 the written representations received from the
directors as on 31st March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2009 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 read with the
significant accounting policies and notes thereon 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 31st March, 2009;
ii) in the case of the 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 for the
year ended on that date.
Annexure to Auditors Report
Re : Lupin Limited (Referred to in paragraph 3 of our report of even
date)
(i) In respect of its fixed assets
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The Company has physically verified certain assets during the year
in accordance with a programme of verification, which in our opinion
provides for physical verification of the fixed assets at reasonable
intervals. According to the information and explanations given to us,
no material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made any substantial disposal of fixed
assets during the year.
(ii) (a) As explained to us, inventories were physically verified
during the year by the management at reasonable intervals.
(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 were 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 has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) The Company has not granted or taken any loan secured/unsecured,
to/from companies, firms or parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, clause (iii)
of Paragraph 4 of the Companies (Auditors Report) Order, 2003 is not
applicable to the Company.
(iv) In our opinion, and according to the information and explanations
given to us, there is an internal control system commensurate with the
size of the Company and nature of its business for purchase 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 the internal control system.
(v) In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of section
301 of the Companies Act, 1956;
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements that needed to be entered into the register have been so
entered.
(b) According to the information and explanations given to us, each of
the transactions in pursuance of such contracts/ arrangements in excess
of Rs. 5 lakhs in respect of any party during the year, have been made
at prices which are reasonable having regard to the prevailing market
prices at the relevant time, where such prices are available.
(vi) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58A, 58AAand other relevant provisions of the Companies Act, 1956, and
the rules framed there under with regard to the deposits accepted from
the public in the earlier years and remaining unclaimed at the year
end. The Company has not accepted any public deposits during the year.
(vii) In our opinion, the internal audit functions carried out during
the year by firms of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
(viii) We have broadly reviewed the books of account and records
maintained by the Company relating to the manufacture of bulk drugs and
formulations, pursuant to the order made by the Central Government for
the maintenance of cost records under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to
determining whether they are accurate or complete.
(ix) (a) The Company, during the year, has been generally regular in
depositing with the appropriate authorities 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 and any other material statutory
dues as applicable to the Company. According to the information and
explanation given to us, no undisputed amounts payable in respect of
aforesaid, were in arrears as at 31st March, 2009 for a period of more
than six months from the date they became payable.
(b) According to the information and explanations given to us, the
disputed dues that have not been deposited on account of matters
pending before respective authorities are as under:
Name of the Statute Nature of Amount
the Dues (Rs. in millions)
Income Tax Act, 1962 Income Tax 8.9
Central Excise Act, 1944 Excise Duty 45.2
5.2
Central and various Sales Tax 16.7
StatesSales Tax Acts 4.8
3.7
7.7
21.2
Period to which Forum where dispute
amounts relate is pending
2003-2004 CIT Appeals
1997-2006 Customs, Excise and Service Tax Appellate
Tribunal (CESTAT)
1998-2009 Commissioner of Central Excise (Appeals)
1992-2003 Commissioner of Sales Tax (Appeals)
1998-2006 Deputy Commissioner of Sales Tax (Appeals)
1992-2003 Sales Tax Tribunal
1994-1995 and Appellate Commissioner of
2005-2006 Commercial Taxes
2001-2008 High Court, Jabalpur
(x) The Company has no accumulated losses at the end of the financial
year and has not incurred any cash losses during the current financial
year and in the immediately preceding financial year.
(xi) Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
(xii) According to the information and explanations given to us, the
Company has not given any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the question of maintenance of adequate records for this purpose does
not arise.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi / mutual benefit
fund / society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Companies (Auditors Report) Order, 2003 are not applicable to
the Company.
(xiv) In our opinion and according to information and explanations
given to us, proper records have been maintained of the transactions
and contracts and timely entries have been made therein in respect of
the transactions of dealing or trading in shares, securities,
debentures and other investments. The shares, securities, debentures
and other securities have been held by the Company in its own name.
(xv) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for the loans taken by subsidiary companies from banks and the
counter guarantee given by the Company for loan taken by other party
from a financial institution, are not prima facie prejudicial to the
interest of the Company.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, the term loans taken by the
company were, prima facie, applied for the purposes for which they were
raised.
(xvii) According to information and explanations given to us, and on an
overall examination of the Balance Sheet of the Company, funds raised
on short term basis have, prima facie, not been used for long term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Companies Act, 1956 and hence, the question of
whether the price at which shares have been issued is prejudicial to
the interest of the Company does not arise.
(xix) According to the information and explanations given to us and the
records examined by us, the Company has issued short term privately
placed secured debentures during the year, which have been repaid prior
to creation of security in favour of the debenture holders.
(xx) The Company has not raised any money by public issue during the
year. However, in respect of the money raised by public issue of
Foreign Currency Convertible Bonds in an earlier year, the management
had disclosed the end use of the money so raised in note no. 21 of
Schedule 18 (B) which has been verified by us with the relevant records
together with the information/ explanations given to us.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the Company was noticed or reported during the year.
For Deloitte Haskins & Sells
Chartered Accountants
M. S. Dharmadhikari
Place: Mumbai Partner
Dated: May 13, 2009 Membership No. 30802 |
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