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Godavari Drugs | Auditor's Report > Pharmaceuticals > Auditor's Report from Godavari Drugs - BSE: 530317, NSE: N.A
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Godavari Drugs

BSE: 530317|ISIN: INE362C01012|SECTOR: Pharmaceuticals
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Godavari Drugs is not listed on NSE
Mar 14
Auditor's Report (Godavari Drugs) Year End : Mar '15
1 . We have audited the accompanying financial statements of Godavari
 Drugs Limited (the Company), which comprise the Balance Sheet as at
 March 31, 2015, the statement of Profit and Loss and the 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
 
 2. The Company''s Board of Directors is responsible for the matters
 stated in Section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation and presentation 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 principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 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.
 
 Auditor''s Responsibility
 
 3. Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 4. We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the act and rules made there
 under.
 
 5. We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. 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.
 
 6. An audit involves performing procedures to obtain audit evidence
 about the amounts and the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view, in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 7. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 financial statements.
 
 Opinion
 
 8. In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid 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, of the state of affairs of the Company as
 at March 31, 2015 and its Profit and its Cash Flows for the year ended
 on that date.
 
 Emphasis of Matter
 
 9. We draw attention to Note No. 2.32 to the financial statements,
 which describes that the confirmation of balances of trade payable,
 trade receivable, debit and credit to the parties are subject to
 reconciliation, review and adjustment thereof. Our opinion is not
 qualified in this respect.
 
 Report on Other Legal and Regulatory Requirements
 
 10. As required by the Companies (Auditor''s Report) Order, 2015, issued
 by the Central Government of India in terms of sub-section (11) of
 section 143 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 the paragraph 3 and 4 of the Order, to the extent
 applicable.
 
 11. As required by Section 143 (3) of the Act, we report that:
 
 (a) We have sought and 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 it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on March 31, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations as on
 March 31, 2015 on its financial position in its financial statements;
 
 ii. The Company has made provision, as required under the applicable
 law or Accounting Standards, for material foreseeable losses, if any,
 on long term contracts. The Company neither entered into any derivative
 contract during the year nor have any outstanding derivative contract
 at the end of the year;
 
 iii. There was no amount required to be transferred to the Investor
 Education and Protection Fund by the Company during the year ended
 March 31, 2015.
 
 Annexure to the Independent Auditors'' Report
 
 Referred to in paragraph 10 of the Independent Auditors'' Report of even
 date to the members of Godavari Drugs Limited on the financial
 statements as of and for the year ended March 31, 2015
 
 (i) (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation, of fixed
 assets.
 
 (b) The fixed assets are physically verified by the Management during
 the year and there is regular program of verification which, in our
 opinion, is reasonable having regard to the size of the Company and the
 nature of its assets.
 
 (ii) (a) The inventory has been physically verified by the management
 during the year. In respect of inventory lying with the parties, these
 have substantially been confirmed by them. 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. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 (iii) The Company has not granted any loans secured or unsecured to
 Companies, firms or other parties covered in the registers maintained
 under Section 189 of the Act.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 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
 been informed of, any continuing failure to correct major weaknesses in
 the aforesaid internal control system.
 
 (v) The Company has not accepted any deposits from the public within
 the meaning of Sections 73 and 74 of the Act and the rules framed there
 under to the extent notified.
 
 (vi) According to the information and explanations given to us, the
 Central Government has not prescribed the maintenance of cost records
 under section 148(1) of the Act, in respect of goods traded by the
 company.
 
 (vii) (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 regular in depositing undisputed statutory dues, including provident
 fund, employees'' state insurance, Income tax, Sales tax/CST, Wealth
 Tax, Service tax, duty of customs, duty of excise, cess, value added
 tax and other material statutory dues as applicable to it, with
 appropriate authorities.
 
 According to the information and explanations given to us, there are no
 material dues of Income tax, Sales tax/CST, Wealth Tax, Service tax,
 duty of customs, duty of excise, cess were in arrears, as on March 31,
 2015 for a period of more than six months from the date they became
 payable.
 
 (b) According to the information and explanations given to us and the
 records of the company examined by us, the particulars of dues of sales
 tax including value added tax, duty of customs and duty of excise as at
 March 31, 2015 which have not been deposited on account of a dispute
 are as follows:
 
 Sl. Name of the       Nature of        Amount           Period to 
 No. Statute           Dues            (Rs. In Lakhs)    which the
                                                         amount
                                                         relates
 
 1   Central Excise    Excise Duty         16.30         2008-09 to
     Act, 1944                                           2013-14
 
 2   Customs           Customs Duty         6.96         2000-01
     Act, 1962
 
     Total                                 23.26
 
 Name of the Statute             Forum where              Amount
                                 the dispute              Deposited
                                 is pending               (Rs. In Lakhs)
 
 Central Excise Act 1944         Commissioner               0.41
                                 (A)-Nagpur)
 
 Customs Act 1962                CESTAT- Mumbai            2.50
 
 Total                                                     2.91
 
 (c) There are no amount required to be transferred to Investor
 Education and Protection Fund in accordance with the provisions of the
 Companies Act, 1956 and the rules made there under.
 
 (viii) The company has accumulated losses at the close of the year and
 are not more than 50% of its net worth. The company has not incurred
 cash losses during the financial year ended on that date and in the
 immediately preceding financial year.
 
 (ix) According to the records of the examined by us, the Company has
 not defaulted in repayment of dues to financial institutions, banks and
 bond holders during the current financial year. There are no overdue as
 on March 31, 2015.
 
 (x) In our opinion and according to the information given to us, the
 company has not obtained any term loan from financial institutions/
 banks.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the term loans have been applied on an overall basis for
 the purposes for which they were obtained.
 
 (xii) According to the information and explanations given to us, no
 material fraud on or by the Company has been noticed or reported during
 the course of our audit nor have been informed of such case by the
 Management.
 
 For S Daga & Co.
 Chartered Accountants
 (ICAI FRN: 000669S)
 
 (Shantilal Daga)
 M. No. 011617
 Partner
 
 Place: Hyderabad
 Date: 30.05.2015
 
 
 
Source : Dion Global Solutions Limited
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