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Hikal Ltd.

BSE: 524735 | NSE: HIKAL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE475B01022 | SECTOR: Pharmaceuticals

BSE Live

Jul 16, 16:00
123.15 -0.95 (-0.77%)
Volume
AVERAGE VOLUME
5-Day
68,858
10-Day
54,473
30-Day
80,806
38,257
  • Prev. Close

    124.10

  • Open Price

    124.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jul 16, 15:59
123.00 -1.00 (-0.81%)
Volume
AVERAGE VOLUME
5-Day
854,628
10-Day
735,972
30-Day
877,657
503,360
  • Prev. Close

    124.00

  • Open Price

    124.55

  • Bid Price (Qty.)

    123.00 (2282)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of Hikal Limited (`the Company') as at March 31, 2007, and also the Profit and Loss account and the Cash Flow statement of the Company for the year ended on that date (all together referred to as the `financial statements'). 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 auditing standards generally accepted in India. These 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, (`the said Order'), issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Without qualifying our opinion, we draw attention to Note 3 in Schedule 21 to the financial statements. The management is of the view that the liability to pay premium on the Foreign Currency Convertible Bonds issued by the Company, is contingent on the redemption/conversion thereof, and as the ultimate outcome of this matter cannot be presently determined, provision is not recognized for the liability, if any, that may arise in future. 5. 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, the Profit and Loss account and Cash Flow statement 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 by the company from directors, we report that none of the directors are disqualified as on March 31, 2007 from being appointed as a director under clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; f. in our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read 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; i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2007; ii. in the case of the Profit and Loss account, of the profit of the Company for the year ended on that date; and iii. in case of the Cash Flow statement, of the cash flows of the Company for the year ended on that date. Annexure To The Auditors' Report (Referred to in paragraph 3 of our report of even date attached) 1. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. During the year under report, certain fixed assets were physically verified by the management in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. c. In our opinion and according to the information and explanations given to us, the Company has not disposed off a substantial part of fixed assets during the year, thereby affecting the going concern. 2. a. We are informed that the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b. In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and 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 inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account. 3. According to information and explanations given to us, the Company has neither granted nor availed any loans, secured or unsecured to/from companies, firms, or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clauses (b), (c), (d), (f)and(g) of paragraph 4(iii) of the said Order are not applicable. 4. In our opinion, and according to the information and explanations given to us, the Company has adequate internal control procedures commensurate with the size of the Company and nature of its business for the purchase of inventory and 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 weakness in internal control system. 5. a. According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. b. According to information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rs. 5 lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are applicable. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. We have broadly reviewed the books of account maintained by the Company in respect of products, where, pursuant to Rules made by the Central Government, the maintenance of cost records has been prescribed under section 209(1)(d) of the Companies Act, 1956. We are of the opinion that the prescribed accounts and records have been maintained and are being made up. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate or complete. 9. a. According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including provident fund, investors education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and any other statutory dues with the appropriate authorities during the year, and there are, no undisputed amounts payable in respect of provident fund, investors education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and any other statutory dues outstanding, as at March 31, 2007 for a period of more than six months from the date they became payable. b. According to the information and explanations given to us, there are no dues of sales tax, income-tax, customs duty, service tax and excise duty which have not been deposited on account of any dispute. 10. The Company does not have any accumulated losses as at the year end, and has not incurred any cash losses during the financial year and the immediately preceding financial year. 11. On the basis of our examination and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any bank or financial institution. The Company has not obtained any borrowings by way of debentures. 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 and therefore Paragraph 4(xii) of the said Order relating to maintenance of documents and records is not applicable. 13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of Paragraph 4(xiii) of the said Order relating to compliance with the provisions of special statute relevant to chit fund and nidhi/mutual benefit/societies are not applicable to the Company. 14. The company does not generally deal or trade in shares, securities, debentures and other investments. However, during the year, temporary surplus funds were invested in open ended schemes of mutual funds for which proper records of the transactions and contracts have been maintained and timely entries were made thereafter. The shares, debentures, securities and other investments have been held by the company in its own name. 15. In our opinion and according to the information and explanations given to us, the Company has given guarantees for loans taken by others from bank or financial institutions. The terms and conditions of such guarantees are prima facie not prejudicial to the interest of the Company. 16. In our opinion and according to the information and explanations given to us, the Company has applied the term loans for the purposes they were obtained. 17. In our opinion, and on the basis of our examination and according to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, we report that the Company has not applied the funds raised on short term basis during the year for long term investment. 18. According to the information 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. 19. The Company did not have any debentures outstanding during the year under report and accordingly paragraph 4 (xix) of the said Order relating to creation of security in respect of debentures issued is not applicable. 20. According to the information and explanations given to us, the Company has not made any public issue during the year and accordingly Paragraph 4(xx) of the said Order relating to end use of money raised is not applicable. 21. To the best of our knowledge and belief, and according to the information and explanations given to us, there have been no cases of fraud on or by the Company noticed or reported during the year. For RSM & Co. Chartered Accountants Place : Mumbai Vilas Y. Rane Dated : July 5,2007 Partner Membership No.: F-33220