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Plethico Pharmaceuticals
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« Dec 12
Auditor's Report (Plethico Pharmaceuticals) Year End : Mar '14
We have audited the attached Balance Sheet of PLETHICO PHARMACEUTICALS
 LIMITED, as at 31st March, 2014 and the Profit & Loss Account of the
 Company for the period ended on that date annexed thereto and the cash
 flow statement for the period ended on that date and report that 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.
 
 1.  We conducted our audit in accordance with auditing standards
 generally accepted in India. These 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 financial statements. An audit also includes assessing
 the accounting principles used and significant estimates made by the
 management as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 2.  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.
 
 3.  In our opinion and to the best of our information and according to
 information and explanations given to us, the said accounts read with
 notes thereon give the information required by the Companies Act, 1956
 in the manner so required and give a true and fair view and are 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, 2014 and
 
 (ii) In the case of Profit and Loss Account, of the loss of the Company
 for the period ended on that date and
 
 (iii) In so far as it relates to the cash flow statement, of the cash
 flow of the company for the period ended on that date.
 
 4.  Further to our comments in the Annexure referred to in paragraph 2
 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 it 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 the
 cash flow statement dealt with by this report comply, with the
 requirement of the Accounting Standards referred to in sub-section (3C)
 of section 211 of the Companies Act, 1956.
 
 (e) Based on the representations made by the Directors of the Company
 and the information and explanation as made available to us, the
 Directors of the Company do not prima facie have any disqualification
 as referred to in clause (g) of sub section (1) of section 274 of the
 Companies Act, 1956.
 
 ANNUAL REPORT 2014
 ANNEXURE TO INDEPENDENT AUDITORS REPORT
 
 STATEMENT REFERRED TO IN PARAGRAPH II OF OUR REPORT OF EVEN DATE TO THE
 MEMBERS OF PLETHICO PHARMACEUTICALS LIMITED ON THE ACCOUNTS FOR THE
 PERIOD ENDED ON 31ST MARCH, 2014.
 
 (i) FIXED ASSETS :
 
 (a) The company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The fixed assets have been physically verified by the management at
 reasonable intervals and no material discrepancies were noticed on such
 verification.
 
 (c) During the period under review, no substantial part of fixed assets
 has been disposed off and the going concern status of the company is
 not affected.
 
 (ii) INVENTORY :
 
 (a) The inventory has been physically verified during the period by the
 management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) The procedures of physical verification of inventories 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 inventories.  The
 discrepancies noticed on verification between physical stocks and the
 book records were not material.
 
 (iii) LOAN AND ADVANCES :
 
 (a) The company has not granted any loan, secured or unsecured to
 Companies, firms or other parties covered in the register maintained
 under section 301 of the Act.
 
 (b) Since the company has not granted any secured or unsecured loan to
 companies, firm or other parties covered under section 301 of the Act,
 the question of rate of interest and other terms & conditions does not
 arise.
 
 (c) Since the company has not granted any secured or unsecured loan to
 companies, firm or other parties covered under section 301 of the Act,
 the question regarding receipt of principal and interest and overdue
 amount does not arise.
 
 (d) The Company has taken unsecured loans from parties covered in the
 register maintained under section 301 of the Act. The numbers of
 parties involved were two and the maximum amount involved is Rs.212.96
 Million and the period ending balance is Rs. 204.84 Million.
 
 (e) As per the information and explanation provided to us, there are no
 terms and conditions with regard to rate of interest to be charged and
 repayment period, therefore, in view of the above, the same are not
 prima facie prejudicial to the interest of the company.
 
 (f) As per the information and explanation provided to us, since there
 are no terms & conditions with regard to rate of interest chargeable
 and repayment period, the question of regularity of payment of interest
 and repayment of principal does not arise.
 
 (iv) INTERNAL CONTROL SYSTEMS :
 
 In our opinion and according to the information & explanation provided
 to us, 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 our audit, we have not observed any
 major weakness in internal controls.
 
 (v) TRANSACTION WITH PARTIES UNDER SECTION 301 OF THE COMPANIES ACT,
 1956 :
 
 (a) According to the information & explanation provided to us, 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) According to information and explanation provided to us,
 transactions made in pursuance of such contract or arrangements have
 been made at prices which are reasonable having regard to the
 prevailing market prices at the relevant time where such market prices
 are available with the company or the prices at which transactions for
 similar goods or services have been made with other parties.
 
 (vi) FIXED DEPOSITS :
 
 The Company has accepted deposits from public amounting to Rs.86.83
 Million during the period under review, the Directive issued by Reserve
 Bank of India and the provisions of Section 58A & Section 58AA or any
 other relevant provisions of the Act and the rules framed there under
 are not complied with.
 
 The Company has defaulted in respect of repayment of the said deposits
 from public. The amount of default with respect to principal amount is
 Rs.120.56 Million and with respect to interest amount is Rs.13.67 Million
 as on 31st March, 2014.
 
 (vii) INTERNAL AUDIT :
 
 The Company had an internal audit system during the period under
 review.
 
 (viii)COST RECORDS :
 
 We have broadly reviewed the books of accounts maintained by the
 Company pursuant to rules made by the Central Government for the
 maintenance of cost records under Section 209(1) (d) of the Companies
 Act, 1956, in respect of manufacturing activities of the Company to
 which the Companies (Cost Accounting Record) Rules 2011, are applicable
 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 the view to determine whether
 they are accurate or complete.
 
 (ix) STATUTORY DUES :
 
 (a) According to the records of the Company, and the information and
 explanations provided to us the Company is generally regular in
 depositing undisputed statutory dues including Provident Fund, Investor
 Education and Protection Fund, Employees'' State Insurance, Sales Tax,
 Wealth Tax, Service Tax, Customs Duty, Excise Duty, Professional Tax,
 Cess and other material statutory dues with the appropriate authorities
 except for Income Tax. According to the information and explanation
 given to us, the undisputed amount of Rs. 235.89 Million is outstanding
 as at 31st March, 2014 for a period of more than six months from the
 date of becoming payable.  (b) Details of dues of Income Tax which has
 not been deposited on 31st March, 2014 on account of disputes are given
 below:-
 
 Names of the Statute   Nature of the Dues    Amount          Period to 
                                                             which amount
                                            (Rs in Millions) relates
 
 Income Tax Act, 1961   Income Tax           Rs.140.53       A.Y 2005-06
 
 Income Tax Act, 1961   Income Tax           Rs.107.17       A.Y 2006-07
 
 Income Tax Act, 1961   Income Tax           Rs.860.95       A.Y 2007-08
 
 Income Tax Act, 1961   Income Tax           Rs.245.14       A.Y 2008-09
 
 Income Tax Act, 1961   Income Tax           Rs.230.23       A.Y 2009-10
 
 Income Tax Act, 1961   Income Tax           Rs.216.19       A.Y 2010-11
 
 Income Tax Act, 1961   Income Tax           Rs.346.65       A.Y 2011-12
 
 
 Name of the Statute                Forum where dispute is pending
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals) 
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals) 
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals) 
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals) 
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals) 
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals) 
 
 Income Tax Act, 1961           Commissioner of Income Tax (Appeals)
 
 
 (x) POTENTIALLY SICK COMPANY :
 
 The company has no accumulated losses, however as per the information
 and explanation provided to us, the company has not incurred cash
 losses during the financial period covered by our audit and there were
 no cash losses incurred in the immediately preceding financial year.
 
 (xi) REPAYMENT OF DUES :
 
 According to the information and explanation provided to us, we have
 been intimated that the company has defaulted in repayment of dues to
 financial institutions or banks. The default pertains to Interest
 amounting to Rs.35.52 Million and principal amounting to Rs. 576.30
 Million. However the Lead Bank has proposed admission of the Company to
 Corporate Debt Restructuring (CDR) forum on 29th March, 2014 for
 providing debt restructuring scheme. The proposed debt restructuring
 scheme is pending approval of CDR Empowered Group for admission to the
 CDR forum.
 
 (xii) LOAN AND ADVANCES GRANTED ON THE BASIS OF SECURITIES :
 
 According to the records of the company and according to the
 information and explanations provided to us, the company has not
 granted loans and advances on basis of security by way of pledge of
 shares, debentures & other securities.
 
 (xiii)CHIT FUND/NIDHI/MUTUAL BENEFIT SOCIETY :
 
 In our opinion, the company has not a chit fund or Nidhi mutual benefit
 fund / society. Therefore, clause 4 (XIII) of the Companies (Auditors
 Report) order 2003 is not applicable to the company.
 
 (xiv)INVESTMENT COMPANY :
 
 The company has maintained proper records, transaction and contracts in
 respect of dealing in securities and timely entries have been made
 therein. All such securities have been held by the Company in its own
 name.
 
 (xv) GUARANTEES GIVEN :
 
 According to the information and explanations provided to us, the
 Company has given a corporate guarantee for loan taken by a company
 from a bank.
 
 (xvi)TERM LOANS :
 
 According to the records of the company and according to the
 information and explanation provided to us, on an overall basis, the
 term loans have been applied for the purposes for which they were
 obtained.
 
 (xvii)SOURCES AND APPLICATION OF FUNDS :
 
 According to the information and explanations given to us and on an
 overall examination of the balance sheet of the company, we report that
 no funds raised on short term basis have been used for the purpose of
 long term investment.
 
 (xviii)PREFERENTIAL ALLOTMENT :
 
 The Company has not made any preferential allotment of shares during
 the period under review to parties and companies covered in the
 Register Maintained under section 301 of the Act.
 
 (xix)DEBENTURE :
 
 The company has not issued/raised any money by issue of Debentures
 during the period under review.
 
 (xx) PUBLIC ISSUE :
 
 The Company has not raised any money by a public issue during the
 period under review.
 
 (xxi)FRAUD :
 
 Based upon the audit procedures performed and the information and
 explanations provided 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.
 
                                             For N.P. GANDHI & CO.
                                             Chartered Accountants 
                                             (Firm Reg No: 116574W)
 
                                              N. P. Gandhi
                                              Proprietor 
 Mumbai, 28th May, 2014                       (M.No.44294)
 
Source : Dion Global Solutions Limited
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