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Venkat Pharma
BSE: 532093|ISIN: INE346F01018|SECTOR: Pharmaceuticals
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Mar 05
Auditor's Report (Venkat Pharma) Year End : Mar '11
1.  We have audited the attached Balance Sheet of M/s.VENKAT PHARMA
 LIMITED, as at 31st March 2011 and the profit and loss account and also
 the cash flow statement for the period 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.

2. We have conducted our audit in accordance with the 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.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure 3 a statement of the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

(i) 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;

(ii) In our opinion, proper books of accounts as required by law have been kept by the company as far as appear from our examination of those books;

(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) 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 3(C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representation received from the directors, as at 31st March 2011 and taken or record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a direct in terms of clause(g) of sub section(1)of section 274 of the Companies Act,1956;

5. Reference invited to the following notes on accounts under Schedule-13

(i) Note No.8 regarding accounting of retirement benefits on cash basis, which is contrarytoAS-15

(ii) Note No.4 regarding confirmation of various balances for which no provision has been made on non realizable portion if any.

(iii) Investments are stated at cost less any diminution in their value, which is other than temporary.

(iv) Current tax is determined as the amount of tax payable in respect of taxable income for the period, deferred tax is recognized subject to consideration of ' prudence, in timing differences, being the difference between taxable income and accounting income that original in one period and is capable of reversal in one or more subsequent periods.

6. 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 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:

(a) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2011.

(b) In the case of the profit and loss account, of the Loss for the year ended on that date; and

(c) In the case of the cash flow statement, of the cash flows for the year ended that date. Referred to in paragraph 3 of our report of even date.

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programmed of verification which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any major part of the plant and machinery.

(ii) (a) The Inventory was not physically verified during the year by the management, since the same is under the custody of Commercial Tax Department.

(b) In that contest no opinion is expression on inventory valuation by us.

(iii) The Company has not granted/taken loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Sub clauses (b), (c) and (d) of Clauses (iii) of this Order not applicable as the company has not granted or taken any loan from such parties.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of theCompaniesAct-1956.

(b) In view of the above, clause v (b) is not applicable.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits which come under the provisions of sections 58A and 58AA of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

(vii) In the obscene of any business the question of an internal audit system does not arise.

(viii) As per the information and explanations furnished to us there are no books prescribed for the items of cost pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, customs duty, excise duty and cess were in arrears, as at 31st March 2011 for a period of more than six months from the date they became payable except in respect of sales tax for which the details are as follows.

Statute Nature Amount Period Amount Pending Before involved Deposited (Rs.) (RS.)

APGSTACT Sales Tax 23,36,091 1995-96 5,84,023 STAT

-Do- -Do- 17,59,702 1996-97 4,39,926 STAT

-Do- -Do- 34,84,643 1997-98 8,72,911 STAT

-Do -Do- 9,38,702 1998-99 2,34,676 STAT

-Do- -Do- 2,98,21,084 2001-02 NIL STAT

-Do- -Do- 3,22,92,841 2003-04 NIL High Court

CSTACT -Do- 6,70,863 1995-96 1,67,716 STAT

-Do- -Do- 3,77,049 1996-97 94,262 STAT

-Do- -Do- 2,18,812 1997-98 218812 STAT

Income Tax Act Income 11,34,288 2003-04 NIL Appeal Pending in ITAT Tax

Income Tax Act Income 1,68,68,408 2004-05 NIL In the process of filing Tax Appeal before ITAT

The above amounts under column 5 were deposited with Commercial Tax Authorities and matter is still pending at respective judicial departments.

(x) The Company has accumulated losses. The company has incurred cash losses during the financial year covered by our audit.

(xi) We are of the opinion that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xii) In our opinion, the company is not a chit fund or a nidh /mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company

(xiii) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditors Report) order, 2003 are not applicable to the company.

(xiv) In our opinion the terms and conditions on which the company has given guarantees for loans taken by others, from banks or financial institutions are not prejudicial to the interest of the company.

(xv) In our opinion, during the year the company has not raised any term loans.

(xvi) According to the information and explanations given to us and on overall examinations of the balance sheet of the company we report that the no fresh loan has been availed by the company.

(xvii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the company has not issued debentures. The provisions relating to relation of security in respect of debentures issued are not applicable to the company.

(xix) The company has not raised any money by public issue during the year.

(xx) 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 MAHESH.VIREDNDER& SRIRAM

Chartered Accountants

Firm RegNo:F0019395

Sd/-

R.V.CHALAM

(PARTNER)

ICAI M.NO.21423

Place: HYDERABAD

Date: 01.05.2011

Source : Dion Global Solutions Limited
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