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Parenteral Drugs (India)
BSE: 524689|NSE: PDPL|ISIN: INE904D01019|SECTOR: Pharmaceuticals
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Auditor's Report (Parenteral Drugs (India)) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Parenteral
 Drugs (India) Limited (the Company), which comprise the Balance Sheet
 as at March 31st, 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 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 reparation 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 upon auditor''s
 judgment, including the assessment of risk 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 the management, as well as evaluating
 the overall presentation of the financial statements. We believe that
 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 true and fair
 view in conformity with the accounting principle generally accepted in
 India:
 
 (a) In case of Balance Sheet, of the state of affairs of the Company as
 at March 31, 2013:
 
 (b) In case of Profit and Loss Account, of the profit/loss for the year
 ended on that date: and
 
 (c) In case of Cash Flow Statement, the cash flows for the year ended
 on that date.
 
 Report on other Legal and Regulatory Requirements
 
 1.  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 277 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 obtain 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 accounts as required by the 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, the Statement of 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 written representations received from the directors
 as on March 31st, 2013, from being appointed as a director in terms of
 clause (g) of sub section (1) of section 274 of the Companies Act,
 1956;
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
 
 [Referred to in paragraph 1 under the heading ''Report on Other Legal
 and Regulatory Requirement'' of our audit report of even date]
 
 1.  a) The Company is maintaining proper records to show full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) The Fixed assets of the Company have been physically verified by the
 management at reasonable intervals. 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 disposed off a substantial part of
 fixed assets during the year.
 
 2.  a) The stock of finished goods, stores, spare parts and raw
 material lying at its location have been physically verified
 
 by the management at intervals during the financial year and the
 frequency of verification is considered reasonable.
 
 b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventory
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c) On the basis of our examination of records of inventory, in our
 opinion, the Company has maintained proper records of inventory. The
 discrepancies noticed on physical verification between the physical
 stocks and the books of records were not material.
 
 3.  a) The Company has not granted any loans, secured or unsecured to
 companies, firms and other parties covered in the Register maintained
 under Section 301 of the Companies Act, 1956.
 
 b) The Company has taken unsecured loans from 8 (eight) companies,
 firms and other parties covered in the Register maintained under
 Section 301 of the Companies Act, 1956. The maximum amount involved
 during the year was Rs. 50.07 lacs and the year end balance of such
 loans aggregated to Rs. 39.80 lacs.
 
 c) The rate of interest and other terms and conditions of unsecured
 loan taken by the company, are prima facie not prejudicial to the
 interest of the Company.
 
 d) Payment of the principal amount and interest are also regular during
 the year.
 
 4.  In our opinion there is an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business, for the purchase of inventory and fixed assets and for the
 sale of goods and services. During the course of audit, we have not
 observed any continuing failure to correct major weaknesses in internal
 control system.
 
 5.  (a) In our opinion and according to the information and
 explanations given to us, the particulars of contracts or arrangements
 that need to be entered into the Register maintained under Section 301
 of 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 contracts or
 arrangements entered in the register maintained under Section 301 of
 Act, and exceeding the value of five lacs rupees in respect of any
 party during the year have been made at prices which are reasonable
 having regard to the market prices prevailing at the relevant time.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits from the public, and
 the provisions of Section 58A, 58AA or any other relevant provisions of
 the Act and the Companies (Acceptance of Deposits) Rules, 1975 with
 regard to the deposits are not attracted in case of borrowings made by
 the Company. No order under the aforesaid sections has been passed by
 the Company Law Board on the Company.
 
 7.  The Company has appointed a firm of Chartered Accountants to carry
 out the internal audit, and the scope of audit is commensurate with its
 size and nature of business.
 
 8.  Maintenance and cost audit of cost records has been prescribed for
 the products of the company by the Central Government, under Section
 209(1) (d) of the Companies Act, 1956, and in our opinion prima facie,
 all cost records are being maintained by the Company.
 
 9.  (a) According to the information and explanations given to us and
 according to the books and records as produced ''and examined by us, in
 our opinion, the undisputed statutory dues in respect of provident
 fund, income-tax, sales tax, wealth tax, service tax, customs duty,
 excise duty, cess and other material dues as applicable, have been
 regularly deposited by the Company during the year with the appropriate
 authorities.
 
 (b) As at March 31, 2013 according to the records of the Company and
 the information and explanations given to us, the disputed demand of
 excise duty to the tune of Rs. 230.20 lacs has been challenged by the
 Company and show cause notices are pending for adjudication, one demand
 of entry tax of Rs. 165.54 lacs for which the Company has filed write
 petition in the High Court and demand stayed by the H''ble High Court.
 Income tax demand of Rs. 100.49 lacs raised but not admitted and
 rectification/appeal is pending.
 
 10.  The Company have accumulated losses of Rs. 7485.41 lacs as at
 March 31, 2013 and has incurred cash losses of Rs.  6436.15 lacs during
 the financial year ended on that date.
 
 11.  On the basis of information and explanations given by the
 Management, in our opinion, the Company has repaid all the loan
 installments.
 
 12.  The company has not granted any loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13.  In our opinion, considering the nature of activities carried on by
 the Company during the year, the provisions of any special statute
 applicable to chit fund/nidhi/mutual benefit fund/societies are not
 applicable to the Company.
 
 14.  The Company is not dealing or trading in Shares, securities,
 debentures and other investments and the investment made by the Company
 in shares and other securities has been held in its own name in respect
 of which the Company has maintained adequate records.
 
 15.  The Company has assumed the Corporate Guarantee for loans taken by
 its subsidiary companies Goa Formulations Limited, Parenteral Surgicals
 Limited and Parentech Healthcare Limited and has taken counter
 guarantee. The terms and condition of Corporate Guarantee are not
 prejudicial to the interest of the Company.
 
 16.  In our opinion and according to the information and explanations
 given to us the term loans taken by the Company were applied for the
 purpose for which the loans were obtained.
 
 17.  Based on the information and explanations given to us and on
 examination of the books of the Company, in our opinion the funds
 raised on a short-term basis have not been used for long-term
 investment.
 
 18.  The Company has allotted 52,11,000 0% Redeemable Preference Shares
 fully paid up & 18,26,898 shares partly paid up to one of the company
 covered in the Register maintained under section 301 of the Companies
 Act. In our opinion and according to the information and explanation
 given to us price of shares issued is not prejudicial to the interest
 of the Company.
 
 19 No debentures have been issued by the Company during the year.
 
 20.  During the year, the Company has not raised money by way of public
 issue.
 
 21.  According to the information and explanations given to us and the
 examination of the records we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of any such case by the Management.
 
 
 
 
 Udaipur                                             For T.N.Unni & Co.
 
 Date: 30th May, 2013                             Chartered Accountants
 
                                                  Firm Regn No. 004890C
 
                                                               T.N.Unni
 
                                                               (Partner)
 
                                                          M. No. 014520
Source : Dion Global Solutions Limited
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