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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 :
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Auditor's Report

1. We have audited the attached Balance Sheet of Fluoride (India) Limited (the ''company''), as at 31st December, 2011, and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. 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 (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (together the ''Order'') issued by the Central Government of India in terms of sub-section (4A) of Section 227 of ''The Companies Act, 1956'' of India (the ''Act'') and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) 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 Act; (e) On the basis of written representations received from the directors, as on 31st December, 2011 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st December, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; (f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act 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 31st December, 2011; (ii) in the case of the Profit and Loss Account, 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. Annexure to Auditors'' report [Referred to in paragraph 3 of the Auditors'' Report of even date to the members of Ful ford (India) Limited on the financial statements for the year ended 31st December, 2011] 1. (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fxed assets. (b) The fixed assets are physically verified by the management according to a phased programmed designed to cover all the items over a period of three years which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the company during the year. 2. (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. (b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. In our opinion, the discrepancies noticed on physical verification of inventory as compared to book records were not material. 3. (a) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses (iii)(b) to (iii)(d) of paragraph 4 of the Order are not applicable to the company for the current year. (b) The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses (iii)(f) and (iii)(g) of paragraph 4 of the Order are not applicable to the company for the current year. 4. In our opinion and according to the information and explanations given to us, having regard to the explanation that certain items of inventory purchased are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the company and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. 5. (a) In our opinion and according to the information and explanations given to us, 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 and according to the information and explanations given to us, in respect of the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act and exceeding the value of Rupees Five Lakhs in respect of any party during the year, prevailing market prices at the relevant time are not available as these transactions are of a special nature. 6. The company has not accepted any deposits from the public within the meaning of Section 58A of the Act and the rules framed there under. 7. In our opinion, the company has an internal audit system commensurate with its size and nature of its business. 8. We have broadly reviewed the books of account maintained by the company in respect of the products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of Section 209 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. 9. (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, except for the following dues in respect of income-tax and cess thereon, the company is generally regular in depositing 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 material statutory dues as applicable with the appropriate authorities in India. The extent of the arrears of income-tax and cess thereon outstanding as at 31st December, 2011, for a period of more than six months from the date they became payable are as follows Name of the Nature of dues Amount Period to which Due date Date of statute the amount payment relates The Income- tax Tax deducted at 238,136 March 2011 30th April, 2011 5th January, Act, 1961 source 2012 (b) According to the information and explanations given to us and the records of the company examined by us, there are no dues of wealth-tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute. The particulars of dues of income- tax and sales tax as at 31st December, 2011 which have not been deposited on account of a dispute, are as follows Name of the Nature of dues Amount* Period to which the Forum where the statute amount relates dispute is pending The Income- tax Income-tax 29,654,169 Assessment Years Appellate Authority Act, 1961 including interest, 2002-2003 and up to Comm -issioner''s as applicable 2006-2007 level 77,390,242 Assessment Years Tribunal 1997-1998, 1999- 2000, 2004-2005, 2005-2006 and 2007-2008 7,958,275 Assessment Year Dispute Resolution 2008-2009 Panel The Central Sales tax 2,157,448 Several demands Appellate Authority Sales Tax Act, including interest, pertaining to the up to Commissioner''s 1956 and Local as applicable period 1992-1993 to level Sales Tax Acts 1995-1996, 2000- 2001, 2003-2004, 2005-2006, 2007- 2008 and 2009- 2010 1,850,664 Several demands Tribunal pertaining to the period 2001-2002, 2003-2004 and 2004-2005 * Net of amounts paid including under protest. 10. The company has no accumulated losses as at 31st December, 2011 and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank or debenture holders. 12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the company. 14. The company is not a dealer or trader in shares, securities, debentures and other investments. 15. 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. The company has not obtained any term loans. 17. On the basis of an overall examination of the Balance Sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on short-term basis which have been used for long-term investment. 18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year. 19. The company has not issued any debentures. 20. The company has not raised any money by public issues during the year. 21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management. For Price Waterhouse Firm Registration No. 301112E Chartered Accountants Vilas Rane Partner Mumbai, 17th February, 2012 Membership No. F-33220