you are here:

Gujarat Themis Biosyn Ltd.

BSE: 506879 | NSE: GUJTHEMIS | Series: NA | ISIN: INE942C01029 | SECTOR: Pharmaceuticals

BSE Live

Jan 21, 16:00
479.50 -4.60 (-0.95%)
Volume
AVERAGE VOLUME
5-Day
6,350
10-Day
6,643
30-Day
7,443
3,340
  • Prev. Close

    484.10

  • Open Price

    482.50

  • Bid Price (Qty.)

    477.15 (22)

  • Offer Price (Qty.)

    482.00 (6)

NSE Live

Dec 27, 11:22
7.30 0.60 (8.96%)
Volume
No Data Available
12,785
  • Prev. Close

    6.70

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Gujarat Themis Biosyn is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of GUJARAT THEMIS BIOSYN LIMITED, as at 31st March 2011 and also the Profit and Loss Account and the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. 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. 1. As required by the Companies (Auditors Report) Order, 2003 (As Amended) issued by the Central Government of India in terms of sub- section (4-A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order, to the extent applicable to the Company. 2. Further to our comments in the annexure referred to in Paragraph 1 above, we report that: - a. We have obtained all the informations 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 Companies Act, 1956. e. On the basis of the written representations received from the directors as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; f. Attention is invited to Note No. 8 of schedule 20 and paragraph (i) of Annexure to this Report, regarding non-maintenance of proper records showing full particulars including quantitative details and situation of fixed assets and no physical verification of such fixed assets carried out by the management during the year. Consequently, the discrepancies if any between the book records and the physical availability of assets could not be ascertained. However in the opinion of management there will be no material discrepancies between Fixed Assets records as per Books and its physical availability. g. (i) Note No. 7 of Schedule 20 regarding preparation of accounts on the basis of a going concern in spite of loss of Rs.3,27,68,020/- incurred during the year and brought forward losses of Rs.24,63,08,836/-, which has resulted in negative net worth of Rs.15,45,11,943/- as at 31st March, 2011. The Company also has working capital deficiency. The company is also a sick company within the meaning of Section 3 (1) (o) of the Sick Industrial Companies (Special Provisions) Act 1985 and the Company has been registered with the BIFR. These factors raise doubts about, the Companys ability to continue as a going concern which is dependent upon infusion of long terms funds for its future operations. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of assets carrying amounts or the amount and classification of liabilities that might result, should the Company be unable to continue as a going concern. (ii) The outstanding balances as at 31st March, 2011 in respect of certain sundry debtors, deposits, loans & advances and sundry creditors are subject to confirmation from respective parties and consequential reconciliation and adjustment arising there from, if any. (Refer note no. 9 (a) of Schedule 20) Consequential impact thereof on the financial statements is not ascertainable. (iii) Non provision of losses due to fire, pending ascertainment of the actual loss. (Refer Note No. 19 of Schedule 20) (iv) The Company continues to recognize the cenvat credit receivable which as at 31st March, 2011 amounted to Rs.71,03,857/-. We are unable to comment on the extent of its utilization and realisability. Consequential impact thereof on the financial statements is not ascertainable. (Refer note no. 20 of Schedule 20) 3. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts, subject to our comments in paragraph 2(g) above consequential cumulative effect thereof is not ascertainable and read together with significant accounting policies and 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 31st March, 2011 and b) in the case of the Profit and Loss Account, of the Loss for the year ended on that date. c) in case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2011 OF GUJARAT THEMIS BIOSYN LIMITED On the basis of such checks, as we considered appropriate and in terms of the information and explanations given to us, we state that: - i) a) The Company has not maintained proper records showing full particulars including quantitative details and situation of its assets. b) We were informed that the fixed assets were not physically verified by the management, during the year. Hence, the discrepancies if any between book records and physical availability could not be ascertained; c) We were informed that, no substantial part of fixed assets of company have been disposed off during the year. ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable; b) According to the information and explanations given to us, the procedures followed for physical verification of the inventory are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business; c) According to the records produced before us for our verification, there were no material discrepancies noticed on physical verification of stocks referred to in Para 2(a) above as compared to the book records and the same have been properly dealt with in the books of account of the Company; iii) a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to any Companies, Firms or other Parties listed in the register maintained under Section 301 of the Companies Act, 1956. b) Since the company has not granted any loans, secured or unsecured to Companies, Firms or other parties covered in the register maintained under section 301of the Companies Act, 1956 provisions of clause 4 (iii) (b) (c) (d) are not applicable to the company. c) Further, according to the information and explanations given to us, the outstanding royalty amount payable to Yuhan Corporation has been treated as interest free unsecured Loan (The Amount and the yearend balance Rs.3,95,10,377/-). Except the above, company has not taken any Loans, Secured or unsecured from Companies, Firms or other Parties in the register maintained under section 301 of the Companies Act, 1956; d) In our opinion, the rate of interest and other terms and conditions of loans taken by the company, secured or unsecured, are prima facie not prejudicial to the interest of the company; e) As informed to us, there is regular repayment of principal and interest amounts in respect of loan taken by company, wherever stipulated; iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regards to purchase of inventory and fixed assets and with regards to 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 system; v) a) According to the information and explanations given to us and based on our verification, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered; b) Further, according to the information and explanations given to us, each of these transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time; vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public; vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, in respect of the Companys products to which the said rules are made applicable, and are of the opinion that, prima-facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate; ix) a) Undisputed Statutory Dues including Employees State Insurance (ESIC), ESIC dues in respect of contractors, Profession Tax, Tax Deducted at Source (TDS), Interest on Notified Area Tax and NA charges have not been regularly deposited with the appropriate authorities as there have been substantial delay in depositing such statutory dues. According to the information and explanations given to us, there were no undisputed statutory dues which have remained outstanding as at 31st March, 2011 for the period of more than six months from the date they became payable. b) According to the information and explanation given to us, there are no dues of Sales Tax, Service Tax, Income Tax, Customs Duty, Wealth tax, Excise duty and Cess, which have not been deposited on account of any dispute, except the following: Name of the Nature of Amount Period to which Forum where dispute Statute the Dues (Rs.) the amount relates is pending Income Tax Demand u/s 10,79,703/- A.Y. 2001-2002 Hon. High Court, Gujarat 143 (3) Income Tax (TDS) Demand u/s 2,53,647/- A.Y. 2009-2010 Hon. Commissioner of Income Tax 201(1) / 201(1A) (Appeals) Valsad x) The accumulated losses of the company are more than fifty percent of its net worth. The company has, without considering the effect of our comments in the paragraph 2 (f) & (g) in the main report, has incurred cash losses during the financial year covered by our audit. It had incurred cash losses in the immediately preceding financial year also, without considering the effects of our comments made in paragraph 2 (f) & (g) of our Auditors Report for the said financial year. xi) In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues to a financial institution, bank or debenture holders. Details of such defaults is given as under :- (a) in case of Gujarat Industrial Investment Corporation Limited (GIIC), where repayment of unsecured loan amounting to Rs.26,00,000/- has not been made as in the opinion of the company, GIIC is also a promoter and as per the BIFR sanctioned scheme the loan which was subordinated to the dues of the Banks and Financial Institutions would be repaid only after clearing the dues to banks and Financial Institutions. (b) In case of working capital term loan taken from Union Bank of India, the details of defaults/delay in repayments of principal are as under: - Period Of Default Amount Remarks Less than 30 days 26,66,000 Including Rs.13,33,000 outstanding as on 31.03.2011 30 to 90 days 1,44,84,591 Including Rs.26,66,000 outstanding as on 31.03.2011 91 to 120 days 15,11,409 Nil outstanding as on 31.03.2011 (c) In case of working capital term loan taken from Union Bank of India, the details of defaults/delay in payment of interest are as under: - Period Of Default Amount Remarks Less than 30 days 8,31,765 Including Rs.7,14,789 outstanding as on 31.03.2011 30 to 90 days 88,09,159 Including Rs.13,45,612 outstanding as on 31.03.2011 91 to 120 days 2,82,000 Nil outstanding as on 31.03.2011 More than 120 days 58,044 Rs.58,044 outstanding as on 31.03.2011 (d) In case of cash credit taken from Union Bank of India, the details of defaults/delay in payment of interest are as under:- Period Of Default Amount Remarks Less than 30 days 20,83,563 Including Rs.2,36,609 outstanding as on 31.03.2011 30 to 90 days 4,28,768 Nil outstanding as on 31.03.2011 (e) Letters of Credit issued by Union Bank of India have devolved and details of defaults/delay in repayments of principal of the same are as under: Period Of Default Amount Remarks Less than 30 days 72,03,113 29,87,760 outstanding as on 31.03.2011 30 to 90 days 1,24,43,501 27,30,163 outstanding as on 31.03.2011 90 to 120 days 39,19,591 Nil outstanding as on 31.03.2011 xii) According to the informations and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities; xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company; xiv) 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 Companies (Auditors Report) Order, 2003 are not applicable to the company; xv) According to the informations and explanations given to us, the Company has not given any guarantee for loan taken by others from bank or financial institutions; xvi) In our opinion, the term loans raised during the year have been applied for the purpose for which they were raised; xvii) According to the informations and explanations given to us and on an examination of the balance sheet of the company, we report that fund raised on short term basis amounting to Rs.13,43,95,476/- been used for long term purposes including for accumulated losses; xviii) According to the informations and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956; xix) According to the information and explanations given to us, the Company has not issued debentures; xx) According to the information and explanations given to us, the Company has not raised money by public issues during the year; xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For KHANDELWAL JAIN & CO. Chartered Accountants, Firm Regn. No. 105049W (NARENDRA JAIN) Place :Mumbai PARTNER Date :26th August, 2011 Membership No.048725