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Ipca Laboratories Ltd.

BSE: 524494 | NSE: IPCALAB |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE571A01038 | SECTOR: Pharmaceuticals

BSE Live

Jan 14, 16:00
1062.95 3.15 (0.30%)
Volume
AVERAGE VOLUME
5-Day
52,612
10-Day
43,304
30-Day
29,032
17,615
  • Prev. Close

    1059.80

  • Open Price

    1068.95

  • Bid Price (Qty.)

    1059.00 (1)

  • Offer Price (Qty.)

    1062.95 (4)

NSE Live

Jan 14, 15:57
1062.35 2.40 (0.23%)
Volume
AVERAGE VOLUME
5-Day
560,265
10-Day
537,870
30-Day
783,636
237,758
  • Prev. Close

    1059.95

  • Open Price

    1061.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1062.35 (26)

Annual Report

For Year :
2021 2019 2018 2017 2016 2015 2014 2013 2012

Auditor's Report

We have audited the attached Balance Sheet of Ipca Laboratories Limited as at 31st March, 2010 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 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. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure Statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit. ii) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of the books. iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts. iv) In our opinion, the Balance Sheet, Profit and Loss Account and the 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. v) On the basis of the written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on Sis5* March, 2010 from being appointed as a director in terms of Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956. vi) In our opinion and to the best of our information and according to the explanation given to us, the accounts and the other notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view. (a) in the case of Balance Sheet, of the State of Affairs of the Company as at 31 * March, 2010 and (b) in the case of Profit and Loss Account, of the Profit for the year ended on 31s March 2010. (c) in the case of the Cash Flow Statement, of the cash flow for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in our report of even date) (i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets; (b) The fixed assets have been physically verified by the management at reasonable intervals and any material discrepancies noticed on such verification have been properly dealt with in the books of account; (c) The Company has not disposed off any substantial part of fixed assets. (ii) (a) Stock of finished goods, stores, spare parts and raw materials has been physically verified by the management at reasonable intervals during the year. (b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. (c) The valuation of stock has been done on the basis of physically verified quantity. Therefore Shortage/Excess automatically gets adjusted and the same is properly dealt in the books of accounts. (iii) The Company has not taken/given any loan from/to any party listed in the register maintained under Section 301. (iv) In our opinion and according to the information and explanations given to us there is an adequate internal control procedure 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. We have not come across any continuing failure to correct major weaknesses in internal control. (v) (a) In our opinion and according to the information and explanations given to us the transactions that need to be entered into a register in pursuance of Section 301 of the Act has been properly entered. (b) All the transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time and the nature of services rendered by such parties. (vi) The Company has not accepted any deposits from the public during the year under review, and consequently the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Act and the rules framed there under are not applicable. (vii) In our opinion the Company has an Internal Audit system commensurate with the size of the company and the nature of its business. (viii) According to the records produced and information given to us, the cost records and accounts as prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956 have been made and maintained by the company but no examination of such records and accounts has been carried out by us. (ix) (a) The Company is regular in depositing Provident Fund, Employees State Insurance, income tax, sales tax, service tax, customs duty and excise duty dues with the appropriate authorities and there are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us, the following Tax/duty, etc, has not been deposited on account of dispute. Name of the Nature of Dues Amount (Rs) Period to Forum where which the dispute is Statute amount pending relates Excise Duty Valuation of Inputs 12,00,441 2001-02 & Commissioner of 2002-03 Central Exclse Excise Duty Cenvat availed on 34,37,000 April 2002 - Jan 2005 CESTAT direct clearance of goods from job workers premises. Excise Duty Availment of Cenvat 2,84,190 2006-2007 and 2007- Assistant Commissioner of Service Tax Credits on Input 2008 Central Excise Services. Excise Duty Availment of Cenvat 1,01,888 April 2008 - Dec 2008 Assistant Commissioner of Service Tax Credits on Input Central Excise Services. Excise Duty Availment of Cenvat 40,477 Jan 2009 - Sep 2009 Assistant Commissioner of Service Tax Credits on Input Central Excise Services. Service Tax Availment of Cenvat 90,58,560 April 2006 Nov 2008 Commissioner of Central Credits on H.O invoices. Excise. Service Tax Availment of Cenvat 2,05,49,912 April 2006 Nov 2008 Commissioner of Central Credits on H.O invoices. Excise. Excise Duly Incorrect classification 13,47,42,700 March 2005 March Commissioner of Central of derivative product, 2008 Excise Service Tax Incorrect classification 2,22,664 March 2005 March Commissioner of Central of derivative product, 2008 Excise Excise Duty Availment of Cenvat 5,75,52,022 May 2007 March 2008 Commissioner of Central Service Tax Credits on Common Excise. Inputs Excise Duty Non reversal of service 1,06,865 2005-06 to 2007-08 Assistant Commissioner of tax credit on short Central Excise receipt and destruction of RM/PM Excise Duty Service Tax on 3,58,05,442 2002-03 to inport of 2005-06 Commissioner of Service services Tax Mumbai Sales Tax Disputed demand 67,846 2001-2002 Sales Tax authority- Patna Sales Tax Disputed demand 2,98,219 2004-2005 Sales Tax authority - Jaipur Income Tax Disallowances and 1,82,45,741 A.Y:-2005 -2006 CIT(A) XIX, Mumbai, additions during assessments Income Tax Disputed Demands 3,28,66,390 A.Y:-2004 -2005 Mumbai High Court Income Tax Order u/s 143(3) 45,84,510 A.Y:-2006 -2007 DRP-1, Mumbai (x) The Company does not have any accumulated losses and has not incurred cash losses in current year and the previous year. (xi) We are informed that the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders. (xii) On the basis of the audit procedures followed and the representations from the management, we report that the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities. (xiiij The Company is not a nidhi/mutual benefit fund/society and accordingly Clause (xiii) of the Companies (Auditors Report) Order, 2003 is not applicable. (xiv) The company has maintained proper records of securities and other investments, which it has traded in and also in respect of shares and other securities, held as investments and the sdid investments are in the name of the company. (xv) According to the information and explanations given to us, the company has given guarantee for loans taken by others from bank, the terms and conditions whereof are not prejudicial to the interest of the company. (xvi) The term loans which are in the nature of External Commercial Borrowings taken during the year have been applied for the purpose for which the loans were obtained, (xvii) According to the information and explanation given to us, on an over all examination of the Balance sheet of the company and the necessary representations from the management, we report that no short term funds raised by the company have been applied towards long term assets/investments, (xviii)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. Accordingly Clause (xviii) of the Companies (Auditors Report) Order, 2003 is not applicable, (xix) The Company has not made any fresh issue of debentures during the year and accordingly Clause (xix) of Companies (Auditors Report) Order, 2003 is not applicable. (xx) The Company has not raised any money by public issues during the year and accordingly Clause (xx) of Companies (Auditors Report) Order, 2003 is not applicable. (xxi) Based on the audit procedures performed and the information and explanation given by the management we report that no fraud on or by the company has been noticed or reported during the year. For Natvarlal Vepari & Co. Chartered Accountants Firm Registration No. 106971W N. Jayendran Mumbai Partner 28th May, 2010 M.No. 40441