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Aurobindo Pharma Ltd.

BSE: 524804 | NSE: AUROPHARMA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE406A01037 | SECTOR: Pharmaceuticals

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BSE Live

Feb 19, 16:00
602.25 102.05 (20.40%)
Volume
AVERAGE VOLUME
5-Day
217,691
10-Day
269,465
30-Day
171,880
897,415
  • Prev. Close

    500.20

  • Open Price

    550.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 19, 15:59
601.85 101.45 (20.27%)
Volume
AVERAGE VOLUME
5-Day
4,202,215
10-Day
5,532,535
30-Day
4,203,786
28,738,121
  • Prev. Close

    500.40

  • Open Price

    550.40

  • Bid Price (Qty.)

    601.85 (8264)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

We have audited the accompanying standalone financial statements of Aurobindo Pharma Limited (''the Company''), which comprise the Balance Sheet as at March 31, 2016, 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 The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the Act'') with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. 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 judgment, 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view 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 Company''s Directors, 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the standalone 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 of the state of affairs of the Company as at March 31, 2016, its profit and its 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, 2016 (''the Order'') issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in ''Annexure 1'', a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143 (3) of the Act, we report that: a. We have sought and 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; e. On the basis of the written representations received from the Directors as on March 31, 2016 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act; f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in ''Annexure 2'' to this report; and g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 28 to the financial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Re: Aurobindo Pharma Limited (''the Company'') i. a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. All fixed assets have not been physically verified by the management during the year but there is a regular programme 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. According to the information and explanations given by management, the title deeds of immovable properties, included in fixed assets except for the following, are held in the name of the Company. As explained to us, Registration of title deeds is in progress in respect of these immovable properties. Category No. of instances Freehold/ leasehold Gross block Net block as at March 31, 2016 as at March 31, 2016 Land 5 Freehold land 126,535,881 126,535,881 Building 1 Freehold building 35,341,469 17,551,237 TOTAL 161,877,350 144,087,118 ii. The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies were noticed on such physical verification. iii. According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon. iv. In our opinion and according to the information and explanations given to us, the Company has not advanced loans to Directors/to a company in which the Director is interested to which, the provisions of Section 185 of the Companies Act, 2013 apply and hence not commented upon. In our opinion and according to the information and explanations given to us, the Company has made investments and given guarantees/provided security which is in compliance with the provisions of Section 186 of the Companies Act, 2013. v. The Company has not accepted any deposits from the public. vi. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Companies Act, 2013, related to the manufacture of Active Pharmaceutical Ingredients and Formulations and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same. vii. a. The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues applicable to it. b. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income tax, service tax, sales tax, duty of custom, duty of excise, value added tax, cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. c. According to the records of the Company, the dues outstanding of income tax, sales tax, service tax, duty of custom, duty of excise, value added tax and cess on account of any dispute, are as follows: Nature of the statute Nature of Disputed Paid under the dues Amount Rs. protest Rs. Central Excise and Excise duty and 9,224,104 5,559,640 Customs Act,1944 penalty Customs duty and 8,709,455 346,340 penalty Excise duty 14,606,598 14,471,641 Interest and 14,013,066 1,181,753 penalty Excise duty 1,303,500 - Excise duty and 2,035,680 1,017,840 penalty Excise duty and 77,49,644 2,569,008 penalty Excise duty and 5,480,404 3,490,202 penalty Excise duty and 5,980,852 - penalty Customs duty and 4,689,566 3,739,566 penalty Excise duty and 6,278,701 1,809,138 penalty Excise duty 3,962,773 3,962,773 Central Excise and Interest 2,297,939 2,297,939 Customs Act, 1944 Excise duty 4,760,055 - Excise duty 4,490,484 - Excise duty and 636,956 318,478 penalty Excise duty and 1,226,000 1,176,000 penalty Excise duty 156,000 156,000 Excise duty 264,226 - Excise duty and 83,242 83,242 penalty Excise duty and 38,218 19,109 penalty Excise duty and 1,989,820 1,889,820 penalty Excise duty and 84,215 - penalty Excise duty 5,665,193 4,925,488 Finance Act, 1994 Service Tax 458,500 458,500 Service Tax 3,369,212 428,697 Service Tax 11,295,379 2,066,239 Service Tax 12,308,490 9,376,541 Service Tax 97,222,192 - Service Tax 69,299,037 5,197,428 Service Tax 1,595,280 1,595,280 Income Tax Act, 1961 Income Tax 190,070,479 - Income Tax 31,585,269 - Nature of the Statute Period to which the Forum where dispute amount relates is pending Central Excise and Customs Act, 1944 2007-08, 2008-09, CESTAT 2009-10, 2010-11 2002-03, 2003-04, CESTAT 2004-05, 2005-06 2005-06 Commissioner of Central Excise 2006-07, 2007-08, CESTAT 2008-09, 2009-10 2007-08 CESTAT 2009-10, 2010-11 CESTAT 200506, 200607, CESTAT 200708, 200809, 200910, 201011 200809 CESTAT 200607, 200708, CESTAT 200809, 200910, 201011 201112, 201213 Commissioner of Customs Appeals 200001, 200102, CESTAT 200203 201213 Revision Authority Central Excise and Customs Act, 1944 200708, 200809, Revision Authority 200910, 201011 200607, 200708 High court 200607, 200708, CESTAT 200809, 200910, 201011, 201112 200809 CESTAT 201213 CESTAT 201314 Commissioner of Central Excise (Appeals) 201112, 201213, Commissioner of 201314, 201415 Central Excise (Appeals) 200809, 200910 CESTAT 201314, 201415 Commissioner of Central Excise (Appeals) 201415, 201516 Commissioner of Central Excise (Appeals) 201415 Commissioner of Central Excise (Appeals) 201213, 201314 Revision Authority Finance Act, 1994 200708 CESTAT 201213 CESTAT 201112 CESTAT 200607, 200708, CESTAT 200809, 200910, 201011 200506, 200708, CESTAT 200809, 200910, 201011 201112 CESTAT 200809 CESTAT Income Tax Act, 1961 20082009 ITAT 20102011 ITAT viii. In our opinion and according to the information and explanations given by the management, the Company has not defaulted in repayment of dues to a bank or government loan in the nature of sales tax deferment. There are no dues which are payable to financial institutions or debenture holders. ix. In our opinion and according to the information and explanations given by the management, the Company has utilized the monies raised by way of term loans for the purposes for which they were raised. The Company has not raised any money by way of initial public offer/further public offer/ debt instruments and hence, not commented upon. x. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the Company or on the Company by the officers and employees of the Company has been noticed or reported during the year. xi. According to the information and explanations given by the management, the managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013. xii. In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon. xiii. According to the information and explanations given by the management, transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards. xiv. According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) are not applicable to the Company and, not commented upon. xv. According to the information and explanations given by the management, the Company has not entered into any non-cash transactions with Directors or persons connected with him as referred to in Section 192 of Companies Act, 2013. xvi. According to the information and explanations given to us, the provisions of Section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company. For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm''s Registration Number: 101049W/E300004 per VIKAS KUMAR PANSARI Partner Membership No. 093649 Hyderabad, May 30, 2016