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Fresenius Kabi Oncology | Auditor's Report > Pharmaceuticals > Auditor's Report from Fresenius Kabi Oncology - BSE: 532545, NSE: FKONCO
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Fresenius Kabi Oncology

BSE: 532545|NSE: FKONCO|ISIN: INE575G01010|SECTOR: Pharmaceuticals
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Mar 12
Auditor's Report (Fresenius Kabi Oncology) Year End : Mar '13
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
Source : Dion Global Solutions Limited
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