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Mangalam Drugs & Organics
BSE: 532637|NSE: MANGALAM|ISIN: INE584F01014|SECTOR: Pharmaceuticals
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Auditor's Report (Mangalam Drugs & Organics) Year End : Mar '13
REPORT ON THE FINANCIAL STATEMENTS
 
 We have audited the accompanying fnancial statements of MANGALAM DRUGS
 & ORGANICS LIMITED ( the Company), which comprise the Balance sheet
 as at 31st March, 2013, the Statement of Proft & Loss and the Cash Flow
 Statement of the Company for the year ended, and a summary of the
 signifcant accounting policies and other explanatory information.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
 
 The Company''s Management is responsible for the preparation of these
 fnancial statements that give true & fair view of the fnancial
 position, fnancial performance and cash fows of the Company in
 accordance with the Accounting Standards referred to in sub-section(3C)
 of section 211 of the Company''s Act,1956 (the Act).This
 responsibility includes the design,implementation and maintainence of
 internal control relevant to the preparation and presentation of the
 fnancial statements that give true and fair view and are free from
 material misstatement,whether due to fraud or error.
 
 AUDITOR'' RESPONSIBILITY
 
 Our responsibility is to express an opinion on these fnancial
 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 the
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the fnancial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the fnancial statements. The
 procedures selected depend on the auditor''s judgement,including the
 assessment of the risks of material misstatement of the fnancial
 statements,whether due to fraud or error. In making those risk
 assessments,the auditor considers the internal control relevant to the
 Company''s preparation and fair presentation of the fnancial 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 the Management,as well as evaluating the overall
 presentation of the fnancial statements.  We believe that the audit
 evidence we have obtained is suffcient 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 fnancial 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 principals generally accepted in
 India:
 
 (a) In the case of the Balance Sheet,of the state of affairs of the
 Company as at 31st March ,2013;
 
 (b) In the case of the Statement of Proft and Loss, of the Loss of the
 Company for the year ended on that date,and
 
 (c) In the case of the Cash Flow Statement, of the cash fows of the
 Company 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 (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 specifed 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 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, Statement of Proft 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 Balance sheet, Statement of Proft and Loss, and
 the Cash Flow Statement comply with the Accounting Standards referred
 to in sub-section (3C) of section 211 of the Act.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2013 taken on record by the Board of
 Directors, none of the directors is disqualifed from being appointed as
 a director in terms of clause(g) of sub-section(1) of section 274 of
 the Act.
 
 Annexure to the Auditors report of the even date to the Members
 
 i) (a) The company has maintained proper records showing full
 particulars, including quantitative details and situation of fxed
 assets.
 
 (b) The fxed assets have been physically verifed by the management
 during the year. In our opinion, the frequency of verifcation of the
 fxed assets by the management is reasonable having regard to the size
 of the company and the nature of its asset. The discrepancies noticed
 have been properly dealt with in the books of accounts.
 
 (c) The asset disposed off during the year are not signifcant and
 therefore do not affect the going concern assumptions.  ii) (a) The
 physical verifcation of inventory has been conducted at reasonable
 intervals by management.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verifcation 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) In our opinion the company has maintained proper records of
 inventory. The discrepancies between physical stock and the book stock
 were not material and have been properly dealt with in the books of
 accounts.
 
 iii) As informed to us, during the year the company has not granted or
 taken any loans, secured or unsecured to or from companies, frms or
 other parties covered in the register maintained under section 301 of
 the Act.
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control system commensurate
 with the size of the company and the nature of its business with regard
 to purchase of inventory, fxed assets and for sale of goods and
 services. During the course of our audit, no major weakness has been
 noticed in the internal control.
 
 v) (a) Based on the audit procedures applied by us and according to the
 information and explanation provided by the management, we are of the
 opinion that the transaction that need to be entered into the register
 maintained under section 301 of the Act have been properly entered in
 the said register.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions entered in the registers maintained under
 section 301 and exceeding during the year by Rupees fve lakh in respect
 of each party have been made at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 vi) The company has not accepted any deposits from the public.
 
 vii) The internal audit function carried out during the year by a frm
 of chartered accountant appointed by the company and the same is in our
 opinion, is commensurate with its size and nature of its business.
 
 viii) The Company is maintaining cost records as prescribed by Central
 Government under section 209 (1) (b) of the Companies Act, 1956 for the
 Company.
 
 ix) a) According to the information and explanation given to us the
 company is generally regular in depositing undisputed statutory dues
 including Provident Funds, Investor Education and Protection Fund,
 Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Custom Duty, Excise Duty, cess and any other statutory dues
 wherever applicable with appropriate authorities. There is no
 outstanding dues for a period of more than six months from the date
 they become payable.
 
 N.B.:- The above demands of Income tax have been shown as they existed
 without considering the appeal relief in some of the appeals which have
 been decided.
 
 x) The company does not have any accumulated losses at the end of the
 fnancial year however the company has incurred cash losses during the
 year. There was no cash losses in the immediately year preceding.
 
 xi) Based on our audit procedures and on the information and
 explanation given by the management, the company has not defaulted in
 repayment of dues to any fnancial institution or bank or debenture
 holder.
 
 xii) Based on our examination and 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.
 
 xiii) The company is not a chit/nidhi/mutul beneft fund/society and
 therefore clause xiii of the order is not applicable.
 
 xiv) The company is not dealing or trading in shares, securities,
 debentures and other investment.
 
 xv) On the basis of the information and explanation given to us there
 are no existing corporate guarantee given by the company for loans
 taken by others from banks, the terms and conditions thereof are not
 prima-facie prejudicial to the interest of the Company.
 
 xvi) In our opinion, the term loans were applied for the purpose for
 which they were raised.
 
 xvii) On the basis of our examination of the books of accounts and the
 information and explanation given to us, in our opinion, the funds
 raised on short-term basis have not 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) The company did not have any outstanding debentures during the
 year.
 
 xx) The Company has not raised any money by public issues during the
 year. Accordingly, the question of disclosure of end use of such monies
 does not arise.
 
 xxi) Based on the audit procedures performed and information and
 explanation given to us by the management, we report that no fraud on
 or by the Company has been noticed or reported during the course of our
 audit.
 
                                    (CA. RAKESH K. MILWANI) 
 
                                     PROPRIETOR: MILWANI ASSOCIATES
 
 Place : Mumbai                      Membership No. 36099
 
 Date : 23rd May, 2013               Firm Registration No. 106405W
Source : Dion Global Solutions Limited
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