Pfizer
BSE: 500680 | NSE: PFIZER | ISIN: INE182A01018 | Pharmaceuticals
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| Auditor's Report | Year End : Nov '08 |
We have audited the attached balance sheet of Pfizer Limited (‘the
Company’) as at 30 November 2008 and also the related profit and loss
account and cash flow statement of the Company for the year ended on
that date, annexed thereto. These financial statements are the
responsibility of the Company’s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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.
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 Companies Act, 1956, (‘the Act’) we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) in our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act;
e) on the basis of written representations received from directors of
the Company as at 30 November 2008 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
30 November 2008 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Act; and
f) in our opinion, and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Act, 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 30 November 2008;
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 the Auditors’ Report 30 November 2008
Annexure to the Auditors’ Report – 30 November 2008
(Referred to in our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
over a period of three years. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the
Company and the nature of its assets. In accordance with this program,
certain fixed assets were physically verified by the management during
the year. The discrepancies noticed during physical verification were
not material and have been adjusted in the books of account.
(c) Fixed assets disposed off during the year were not substantial and
therefore do not affect the going concern assumption.
(ii) (a) The inventory, except goods-in-transit and stocks lying with
third parties, has been physically verified by the management during
the year. In our opinion, the frequency of such verification is
reasonable. Majority of stocks lying with third parties at the year-end
have been confirmed.
(b) The procedures for the 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. The
discrepancies noticed during the physical verification of inventories
as compared to book records were not material and have been dealt with
in the books of account.
(iii) According to the information and explanations given to us, we are
of the opinion that there are no companies, firms or other parties
covered in the register required under Section 301 of the Act.
Accordingly, paragraph 4(iii) of the Order is not applicable.
(iv) In our opinion, and according to the information and explanations
given to us, and having regard to the explanation that purchases of
certain items of inventories are for the Company’s specialized
requirements and suitable alternative sources are not available to
obtain comparable quotations, there is an adequate internal control
system commensurate with the size of the Company and the nature of its
business with regard to purchase of inventories and fixed assets and
with regard to the sale of goods and services. In our opinion and
according to the information and explanations given to us, there is no
continuing failure to correct major weaknesses in internal controls.
(v) In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register required to be maintained
under Section 301 of the Act.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209(1)(d) of the Act in
relation to products manufactured, and are of the opinion that prima
facie the prescribed accounts and records have been made and
maintained. We have not, however, made a detailed examination of the
records for determining whether they are accurate or complete.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account of the Company,
undisputed statutory dues including Provident fund, Investor Education
and Protection fund, Income tax, Sales tax, Wealth tax, Service tax,
Customs duty, Excise duty and other material statutory dues have
generally been regularly deposited with the appropriate authorities
though there has been a slight delay in a few cases. As explained to
us, the Company did not have any dues on account of Employees’ State
Insurance.
There were no dues on account of Cess under Section 441A of the Act
since the date from which the aforesaid section comes into force has
not yet been notified by the Central Government.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident fund, Income tax,
Sales tax, Wealth tax, Service tax, Customs duty, Excise duty and other
material statutory dues were in arrears as at 30 November 2008 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 dues
set out in Appendix 1 in respect of Income-tax, Sales tax, Service tax,
Customs duty and Excise duty have not been deposited by the Company
with the appropriate authorities on account of disputes.
(x) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to its
bankers. The Company did not have any outstanding debentures or any
outstanding loans from financial institution during the year.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi/ mutual benefit
fund/ society.
(xiv) In our opinion and According to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures and other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that the funds raised on short-term basis have not been
used for long-term investment.
(xviii) As stated in paragraph (iii) above, there are no
companies/firms/parties covered in the register required to be
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.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For B S R & Co.
Chartered Accountants
Mumbai Bhavesh Dhupelia
30 January 2009 Partner
Membership No: 042070
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