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Fresenius Kabi Oncology Ltd.

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Annual Report

For Year :
2013 2012 2011 2010 2009 2008 2007

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Fresenius Kabi Oncology Limited, which comprise the Balance Sheet as at 31st March 2013, 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). 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted 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 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 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. 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 qualified audit opinion. We have relied on management assertion under note no.37 of financial statements for treatment of Rs. 58 crore towards upgradation of Kalyani Plant under different heads of expenses during financial year 2012-13. 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2013; (b) in the case of the Profit and Loss Account, of the profit/ 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 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 by section 227(3) of the Act, 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 purpose 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 and proper returns adequate for the purposes of our audit have been received from branch not visited by us; 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 [and with the returns received from branch not visited by us]; d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement (read with note no. 27 (iii) & 27 (iv) of Financial Statements) 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 the directors as on 31st March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act. f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. 1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets in respect of all its locations. b) The fixed assets have been physically verified by the management at all locations at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification. c) Fixed assets disposed of during the year are not material enough to affect the going concern of the company. 2. a) The inventories have been physically verified during the year at reasonable intervals by the Management. b) In our opinion, 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 inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account. 3. a) The Company has not granted any loan, secured or un-secured to firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, during the year. b) The Company has not taken any loan secured or unsecured from firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, during the year. However the Company has taken unsecured loans from one body corporate listed in the register maintained under section 301 of the Companies Act, 1956. The year end balance in respect of the same was Rs. 9,522.05 lacs which is also the maximum balance against these loans during the year. The rate of interest and other terms and conditions of these loans are not, prima facie, prejudicial to the interest of the Company. The principal amount of loan has not yet become due for payment. Interest thereon have been paid as per the terms of Loans. 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 the nature of its business for purchase of inventories and fixed assets and for the sale of goods and services. During the course of our audit no major weakness has been noticed in the internal control system. 5. a) Based on audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the registers maintained under section 301 of Companies Act, 1956 have been so entered. b) According to information and explanation given to us, the transactions of sales made in pursuance of contracts or arrangements entered in the registers maintained under section 301, during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. In our opinion and according to information and explanations given to us the Company has not accepted any deposit from the public and as such the question of compliances of section 58, 58AA and other relevant provisions of act do not arise. 7. In our opinion the Company has an internal audit system commensurate with its size and nature of its business. 8. On the basis of records produced, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under section 209(i)(d) of the Companies Act, 1956 in respect of products of the Company covered under the rules under said section have been maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records. 9. a) According to information and explanation given to us, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues to the extent applicable to it. We have been informed that there are no undisputed statutory dues as at the year end outstanding for a period of more than six months from the date they became payable. b) There is no disputed due on account of sales tax, wealth tax, service tax, customs duty and cess. Dues on account of Income Tax / Excise Duty disputed by the Company vis-a- vis forums where such disputes are pending are mentioned below : Excise Duty: Name of Nature of Amount Period to Forum where Statue the dues (Rs. in which the the dispute is Lacs) amount relates pending Excise Duty Excise 9.78 2003 CESTAT, Demand to New Delhi Disputed on 2009 PME Deductions & Service tax reversal (Baddi) Excise Duty Excise 615.55 2010 Appeal to be Demand to filed with Disputed on 2012 CESAT Cenvat utilised & Rebate claims (Baddi) Excise Duty Excise 117.03 2005 Appeal to be Demand to filed with Disputed on 2011 CESAT Sterility Samples consumed during testing (Kalyani) Income Tax: Name of Nature of Amount Period to Forum where Statue the dues (Rs. in which the the dispute is Lacs) amount relates pending Income Tax Assessed 228.58 A.Y2005-06 CIT(A),N Delhi demand Disputed Income Tax ....do.... 9.17 A.Y2006-07 ITAT,N Delhi Income Tax ....do.... 304.97 A.Y2007-08 CIT(A),N Delhi Income Tax ....do.... 1056.55 A.Y2008-09 CIT(A),N Delhi Income Tax Reduction - A.Y2009-10 CIT(A),N Delhi of Loss 10. The Company does not have any accumulated loss as on 31st March 2013. It has not incurred cash losses in the current financial year and in the immediately preceding financial year. 11. Based on our audit procedures and the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to any bank, debentureholder, financial or institutional lenders. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities. 13. The Company has not been dealing in shares, securities, debentures or any other investment. 14. The Company has not furnished a guarantee for loans taken by others from banks or financial institutions. 15. Term loan obtained from bank by the Company has been applied for the purpose for which they were raised. Company does not have any financial institutional lender or debenture holder. 16. No fund has been raised on short term basis during the year which has been used for long term purposes. 17. The Company has not made any preferential allotment of shares during the year to any party or Companies covered in the register maintained under section 301 of the Companies Act, 1956. 18. The Company has not issued any debenture. 19. The Company has not made any public issue during the year. 20. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. 21. Other clauses of the order are not applicable to the Company for the year. For G. Basu & Co. Chartered Accountants Firm registration number: 301174E S.LAHIRI Gurgaon Partner 27th May 2013 Membership Number: 51717