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Aarti Drugs Ltd.

BSE: 524348 | NSE: AARTIDRUGS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE767A01016 | SECTOR: Pharmaceuticals

BSE Live

Jan 20, 16:00
504.75 -7.00 (-1.37%)
Volume
AVERAGE VOLUME
5-Day
21,809
10-Day
17,171
30-Day
21,031
43,752
  • Prev. Close

    511.75

  • Open Price

    511.75

  • Bid Price (Qty.)

    505.80 (1)

  • Offer Price (Qty.)

    506.80 (151)

NSE Live

Jan 20, 16:04
504.75 -6.70 (-1.31%)
Volume
AVERAGE VOLUME
5-Day
112,795
10-Day
116,557
30-Day
182,246
135,788
  • Prev. Close

    511.45

  • Open Price

    511.70

  • Bid Price (Qty.)

    504.75 (177)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying financial statements of AARTI DRUGS LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2014, 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 a 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) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on 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 on the auditor''s judgement, including the assessment of the risks 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 but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the 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 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 March 31, 2014; (ii) In the case of the Statement of Profit and Loss, 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. 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 specified in paragraphs 4 and 5 of the Order. 2. As required under provisions of section 227(3) of the Companies Act, 1956, 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, 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, Statement of Profit and Loss and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. (e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Referred to in paragraph 1 under the heading Report on other legal and regulatory requirements of our report of even date. 1. In respect of its Fixed Assets: (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The Company has phased programme of physical verification of its fixed assets by which all fixed assets are verified over a period of three years. In our opinion, periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets. We have been informed that no material discrepancies were noticed on such physical verification. (c) Substantial part of fixed assets has not been disposed of during the year. 2. In respect of its Inventories: (a) The Inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, 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 has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. In respect of the loans, secured or unsecured, granted or taken by the Company to/from companies, firm or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. (b) The Company has taken loans during the year from parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 2,311.23 lakhs and the year end balance of loans taken was Rs. 1,735.83 lakhs. (c) In our opinion, the rate of interest and other terms and conditions on which the loans had been taken by the Company from parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. (d) There are no overdue amounts of the loans taken by the Company. 4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of its business with regard to purchase of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5. (a) 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) In our opinion, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. The Company has accepted deposits from the public. In our opinion, the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA and other relevant provisions of the Act and the rules framed there under, where applicable, have been complied with. 7. In our opinion the Company has an internal audit system commensurate with the size and nature of its business. 8. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. 9. In respect of statutory dues: (a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been regularly deposited with appropriate authorities. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues of Sales Tax, Income-Tax, Customs, Wealth-Tax, Service Tax, Excise Duty, Cess, which have not been deposited on account of disputes and the Forum where the dispute is pending are as under: Nature of Statute Year Nature of the Dues Amount Forum Where Pending (Rs. in lakhs) Dispute is Pending Income Tax Act, 1961 AY 2000-01 Income Tax penalty in 3.66 CIT (Appeals) - 14 dispute Income Tax Act, 1961 AY 2007-08 Income Tax demand in 149.10 CIT (Appeals) - 13 dispute Income Tax Act, 1961 AY 2009-10 Income Tax demand in 197.47 CIT (Appeals) - 13 dispute Income Tax Act, 1961 AY 2010-11 Income Tax demand in 89.48 CIT (Appeals) - 13 dispute Income Tax Act, 1961 AY 2010-11 Income Tax demand in 58.19 CIT (Appeals) - 14 dispute Income Tax Act, 1961 AY 2011-12 Income Tax demand in 56.57 CIT (Appeals) - 13 dispute Sales Tax FY 2007-08 Sales Tax demand 15.18 Jt. Comm of Sales Tax disputed Palghar Central Excise 2012 Excise Demand 78.51 CESTAT Central Excise 1998 Excise Demand 102.90 Supreme Court 10. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. 11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in dues repayable to Financial Institutions, Banks or Debenture holders. 12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company. 14. The Company is not dealing in or trading in shares, securities, debentures and other investments. According the provisions of clause 4(xiv) of the Order are not applicable to the Company. 15. In our opinion and 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 during the year. 16. Term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained. 17. On an overall basis, we are of the opinion that the funds raised on short term basis have prima facie not been used for long term investment. 18. 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 Companies Act, 1956. 19. The Company has not raised any monies by way of issue of debentures during the year. Therefore, the provisions of clause 4(xix) of the Order are not applicable to the Company. 20. The Company has not raised any money by way of public issue during the year. Therefore, the provisions of clause 4(xx) of the Order are not applicable to the Company. 21. During the audit carried out by us, any fraud on or by the Company has not been noticed or reported during the year. For PARIKH JOSHI & KoTHARE CHARTERED ACCOUNTANTS sd/- CA Tejas Parikh Membership Number: 123215 Place: Mumbai (Partner) Date: 30th April, 2014 Firm Registration No.: 107547W