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Fulford (India) Ltd.

BSE: 506803 | NSE: FULFORD | Series: NA | ISIN: INE521A01017 | SECTOR: Pharmaceuticals

BSE Live

Jul 30, 16:00
2362.00 0.00 (0.00%)
Volume
No Data Available
3,296
  • Prev. Close

    2362.00

  • Open Price

    2350.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Fulford (India) is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
105.00 -1.90 (-1.78%)
Volume
No Data Available
92,389
  • Prev. Close

    106.90

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Fulford (India) is not listed on NSE

Annual Report

For Year :
2015 2014 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

1. We have audited the attached Balance Sheet of Fulford (India) Limited (the Company), as at December 31, 2006, the Profit and Loss Account and also the Cash Flow statement for the year 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 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. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors' 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, a statement on 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 account as required by law have been kept by the Company so far as appears 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 (3C) of Section 211 of the Companies Act, 1956; (v) On the basis of written representations received from directors as on December 31, 2006 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on December 31, 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, 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 December 31, 2006; (b) in the case of the Profit and Loss Account, of the profit 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. For DELOITTE HASKINS & SELLS Chartered Accountants K. A. KATKI Partner Membership No. 038568 Mumbai, February 15, 2007 Annexure referred to in paragraph 3 of the Auditors' Report on the Accounts of Fulford (India) Limited 1. In our opinion and according to the information and explanations given to us, the nature of the Company's business/activities during the year are such that clauses xiii, xiv, xix, xx are not applicable to the Company. 2. In respect of its fixed assets: a. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. Some of the fixed assets were physically verified during the year by the management in accordance with a phased programme of verification by the management designed to cover all assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of account. c. Although some of the fixed assets have been disposed off during the year, in our opinion and according to the information and explanations given to us, the ability of the Company to continue as a going concern is not affected. 3. In respect of its inventories: a. As explained to us, the inventories were physically verified by the management at reasonable intervals during the year. 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. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and the discrepancies noticed on such physical verification between physical stock and book records were not material and have been adequately dealt with in the books of account. 4. According to the information and explanations given to us, the Company has not granted or taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub clauses (b), (c), (d), (e), (f) and (g) of clause (iii) are not applicable. 5. In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and nature of its business with regard to purchases of inventory, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 6. In respect of particulars of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956: a. To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered. b. According to the information and explanations given to us, where each of such contract or arrangement (excluding those referred to under paragraph 4 above) is in excess of Rs. 5 lakhs in respect of any party, the contracts or arrangement have been made at prices which are prima facie, reasonable having regard to the prevailing market prices at the relevant time; except that in respect of purchase of services, no comparison of prices could be made as the company informed us that there are no comparable market prices/alternate sources of supply. 7. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits within the meaning of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 8. In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and nature of its business. 9. We have broadly reviewed the books of account and records maintained by the Company relating to the manufacture of formulations, pursuant to the Order made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed records have been maintained and the prescribed accounts are in the process of being made up. We have however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any other product of the company. 10. According to the information and explanations given to us in respect of statutory and other dues: a. The Company has been regular in depositing undisputed statutory dues, including Provident fund, Investor Education and Protection fund, Employees' State Insurance, Income tax, Sales tax, Wealth tax, Custom duty, Excise duty, Service tax, Cess and any other material statutory dues with the appropriate authorities during the year. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same. According to the information and explanations given to us, details of disputed Sales tax, Income-tax dues, Excise duty and Drug Price Control Order; which have not been deposited as on December 31,2006 on account of any dispute are given below: Nature of Statute Nature of Dues Amount in Rupees Central Sales Demand raised by sales tax 5,02,388 Tax Act, 1956 revenue department for non submission of form C. Central Sales Demand raised by Sales Tax, 6,90,563 Tax Act, 1956 Daman due to differences in tax rates. Central Sales Non-Submission of form F for 1,54,690 Tax Act, 1956 inter branch transfer. Bihar Finance Act, 1981 Demand related to exports 31,97,432 West Bengal Sales tax demand in regular 51,131 Sales tax Act, 1944 assessment. Delhi Sales Tax Act,1975 Demand raised by Sales tax in 1,72,615 respect of sample conversion for free distribution to doctors. Rajasthan Sales Sales tax demand in respect of 1,53,615 Tax Act, 1994 free goods. Income Tax Act, 1961 Disallowance under various 62,93,648 heads such as insurance claims, sales meetings expenses, unproved liabilities.foreign travel expenses, contribution to employees state insurance corporation, registration fees & contribution to scientific symposium/institutions and additions on account of inventory/modvat credit, etc. Income Tax Act, 1961 Disallowance on account of 98,39,028 under valuation/write off of inventory and addition u/s 68 in case of security deposits. Income Tax Act, 1961 Disallowance u/s 92CA relating to 1,91,80,717 transfer pricing, unutilised modvat credit & interest on deposits Drug Price Control Order Demand raised by Government 1,94,62,000 of India for payment into Drug Price Equalisation Account. Period to Forum where which amount dispute is pending relates 1990 Sales Tax Tribunal 1992-93 to Assistant Commissioner 1995-96 Appeals 2000-01 Assistant Commissioner Appeals 2001-02 Sales Tax Tribunal 2001-02 Commercial taxes & Revision Board. 2003-04 Deputy Commissioner (Appeal IV) 2004-05 Sales tax officer. A.Y. 1992-93 Income tax to 2001 - 2002 Appellate Tribunal A.Y.2002- 03 Commissioner (Appeals) Income tax A.Y.2003- 04 Commissioner (Appeals) and Income tax A.Y. 2004-05 1979-84 Supreme Court There were no disputed dues in respect of Custom duty, Wealth tax, and Service tax during the year. 11. The Company does not have any accumulated losses as at the end of the financial year. The Company has not incurred cash losses during the current and the immediately preceding financial year. 12. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to banks. The Company has not obtained any borrowings from any financial institutions or by way of debentures. 13. Based on our examination of documents and records, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 14. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks and financial institutions. 15. The Company has not obtained any term loans during the year. 16. According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, funds raised on short term basis have, prima lade, not been used during the year for long term investment. 17. According to the information and explanations given to us, the price at which the Company has made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956 is not prima facie prejudicial to the interests of the Company. 18. To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the Company was noticed or reported during the year. For DELOITTE HASKINS & SELLS Chartered Accountants K. A. KATKI Partner Membership No.038568 Mumbai, February 15, 2007