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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 accompanying financial statements of Fulford (India) Limited (the ''company''), which comprise the Balance Sheet as at 31st March, 2014 and the Statement of profit and Loss and Cash Flow Statement for the period 1st January, 2013 to 31st March, 2014 and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report. Management''s Responsibility for the Financial Statements 2. The company''s 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 notifed under the Companies Act, 1956 of India (the ''Act'') read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 of India. This responsibility includes the design, implementation and maintenance of internal control 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. Auditors'' Responsibility 3. 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 and other applicable authoritative pronouncements 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. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider 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, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. 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. 5. We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion. Opinion 6. In our opinion and to the best of our information and according to the explanations given to us, the accompanying 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, 2014; (b) in the case of the Statement of profit and Loss, of the profit for the period ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the period ended on that date. 7. As required by ''The Companies (Auditor''s Report) Order, 2003'', as amended by ''The Companies (Auditor''s Report) (Amendment) Order, 2004'', issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act (hereinafter referred to as the ''Order'') 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. 8. 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 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, Statement of profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, Statement of profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards notifed under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 of India; (e) On the basis of written representations received from the directors as on 31st March, 2014 and taken on record by the Board of Directors, none of the directors is disqualifed as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. Annexure to Independent Auditors'' Report [Referred to in paragraph 7 of the Independent Auditors'' Report of even date to the members of Fulford (India) Limited on the financial statements as of and for the period ended 31st March, 2014] 1. (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets are physically verifed by the management according to a phased programme 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 verifed by the management during the period and no material discrepancies have been noticed on such verifcation. (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 period. 2. (a) The inventory has been physically verifed by the management during the period. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verifcation is reasonable. (b) In our opinion, the procedures of physical verifcation 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 verifcation 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, the provisions of Clause 4(iii)(b) to 4(iii)(d) of the Order are not applicable to the company. (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, the provisions of Clause 4(iii)(f) and 4(iii)(g) of the Order are not applicable to the company. 4. In our opinion and according to the information and explanations given to us, having regard to the explanation that except for certain items of inventory purchased which are of special/proprietary nature for which suitable alternative sources do not exist, 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) According to the information and explanations given to us, we are of the opinion that the particulars of all contracts or arrangements that need to be entered into the register maintained under Section 301 of the Act have been so entered. (b) In our opinion and according to the information and explanations given to us, in respect of the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the period, we are unable to comment whether these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time as there are no comparable market prices available since these transactions are of specialised/proprietary nature. 6. The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA 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 the nature of its business. 8. We have broadly reviewed the books of account maintained by the company in respect of 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, the company is generally regular in depositing undisputed statutory dues in respect of sales tax and tax deducted at source though there has been a delay in a few cases and is regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth tax, service tax, customs duty, excise duty and other material statutory dues, as applicable, with the appropriate authorities. (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 and excise duty which have not been deposited on account of any dispute. The particulars of dues of income-tax, sales tax and customs duty as at 31st March, 2014 which have not been deposited on account of a dispute, are as follows Name of the Nature of Amount* Period to which the statute dues Rs. amount relates The Income-tax Income-tax 226,741,508 Assessment Years Act, 1961 including 2006-2007, 2007-2008 interest, as and 2010-2011 applicable 137,417,049 Assessment Years 1997-1998, 1999-2000, 2002-2003, 2004-2005, 2005-2006, 2008-2009 and 2009-2010 The Central Sales tax 2,668,394 Several demands Sales Tax Act, including pertaining to the 1956 and Local interest and period 1992-1993 to Sales Tax Acts penalty, as 1995-1996, 2000-2001, applicable 2003-2004, 2007-2008 and 2009-2010 177,152 Several demands pertaining to the period 2001-2002 and 2004-2005 The Customs Customs Duty 536,200 2005 Act,1962 Name of the Statue Forum where the dispute is pending The Income-tax Act, 1961 Dispute Resolution Panel Tribunal The Central Sales Tax Act, 1956 and Local Sales Tax Acts Appellate Authority up to Commissioner''s level Tribunal The Customs Act,1962 Tribunal *Net of amounts paid including under protest. 10. The company has no accumulated losses as at the end of the financial period and it has not incurred any cash losses in the financial period ended on that date but has incurred cash losses in the immediately preceding financial year. 11. As the company does not have any borrowings from any financial institution or bank nor has it issued any debentures as at the Balance Sheet date, the provisions of Clause 4(xi) of the Order are not applicable to the company. 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. Accordingly, the provisions of Clause 4(xii) of the Order are not applicable to the company. 13. As the provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the company, the provisions of Clause 4(xiii) of the Order are not applicable to the company. 14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4(xiv) of the Order are not applicable to the company. 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 period. Accordingly, the provisions of Clause 4(xv) of the Order are not applicable to the company. 16. The company has not raised any term loans. Accordingly, the provisions of Clause 4(xvi) of the Order are not applicable to the company. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short-term basis 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 period. Accordingly, the provisions of Clause 4(xviii) of the Order are not applicable to the company. 19. The company has not issued any debentures during the period and does not have any debentures outstanding as at the beginning of the period and at the period end. Accordingly, the provisions of Clause 4(xix) of the Order are not applicable to the company. 20. The company has not raised any money by public issues during the period. Accordingly, the provisions of Clause 4(xx) of the Order are not applicable to the company. 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 material fraud on or by the company, noticed or reported during the period, nor have we been informed of any such case by the management. For Lovelock & Lewes Firm Registration No. 301056E Chartered Accountants Himanshu Goradia Partner Mumbai, 16th May, 2014 Membership No. 45668