you are here:

JB Chemicals and Pharmaceuticals Ltd.

BSE: 506943 | NSE: JBCHEPHARM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE572A01028 | SECTOR: Pharmaceuticals

BSE Live

Jan 24, 11:20
1726.20 -33.60 (-1.91%)
Volume
AVERAGE VOLUME
5-Day
4,501
10-Day
4,804
30-Day
4,829
2,571
  • Prev. Close

    1759.80

  • Open Price

    1760.00

  • Bid Price (Qty.)

    1725.00 (8)

  • Offer Price (Qty.)

    1726.10 (1)

NSE Live

Jan 24, 11:20
1726.40 -34.00 (-1.93%)
Volume
AVERAGE VOLUME
5-Day
47,637
10-Day
60,943
30-Day
98,616
14,513
  • Prev. Close

    1760.40

  • Open Price

    1760.20

  • Bid Price (Qty.)

    1725.10 (4)

  • Offer Price (Qty.)

    1726.45 (11)

Annual Report

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

Auditor's Report

We have audited the accompanying f nancial statements of J. B. CHEMICALS & PHARMACEUTICALS LIMITED (the Company), which comprise the Balance Sheet as at 31st March 2014, the Statement of Prof t & Loss and Cash Flow Statement for the year then ended and a summary of signif cant accounting policies and other explanatory information. Management Responsibility for the Financial Statements Management is responsible for the preparation of these f nancial statements that give a true and fair view of the f nancial position, f nancial performance and cash f ows of the Company in accordance with the Accounting Standards notif ed under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Af airs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the f nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these f nancial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing 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 f nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the f nancial statements. The procedures selected depend on the auditors'' judgement, including the assessment of the risks of material misstatement of the f nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the f nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ef ectiveness of the entity''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 f nancial statements. We believe that the audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon 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: - in the case of the Balance Sheet, of the state of af airs of the Company as at 31st March, 2014; - in the case of the Statement of Prof t and Loss, of the prof t for the year ended on that date; and - in the case of the Cash Flow Statement, of the cash f ows for the year ended on that date. Report on Other Legal and Regulatory Matters 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specif ed in paragraphs 4 and 5 of the Order. 2. 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 purpose 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 Prof t 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 Prof t and Loss, and Cash Flow Statement comply with the Accounting Standards notif ed under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Af airs in respect of Section 133 of the Companies Act, 2013; e) On the basis of written representation received from the directors, as on 31st March, 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualif ed 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 Companies Act, 1956 are not applicable. J. B. CHEMICALS & PHARMACEUTICALS LIMITED FOR THE PERIOD ENDED 31ST MARCH, 2014 1) a) The company has maintained proper records showing full particulars including quantitative details and situation of f xed assets. b) These f xed assets have been physically verif ed by the management at regular interval considering the size of the company and nature of assets. No material discrepancies have been noticed on such verif cation. c) No disposal of a substantial part of f xed assets of the company has taken place during the year. 2) a) As explained to us, the inventories were physically verif ed by the management at reasonable intervals during the year. b) In our opinion and according to the information and explanation given to us, the procedures of physical verif cation of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c) In our opinion and according to the information and explanation given to us, the company has maintained proper records of its inventories and the discrepancies noticed on physical verif cation between physical stock and the book records were not material and have been adequately dealt with in the books of account. 3) a) According to information and explanation given to us, the company has, during the year, not granted any loan secured or unsecured to the companies, f rms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraphs 4 (iii) (a), (b), (c) and (d) of the Order, are not applicable. b) According to information and explanation given to us, the company had, taken unsecured loans from two companies covered in the register maintained under section 301 of the Companies Act, 1956. The year end balance is Rs. 105.00 Lakhs and the maximum amount involved at any time during the year is Rs. 105.00 Lakhs. The rate of interest and other terms and conditions are not prima-facie prejudicial to the interest of the company. The payment of principal amount and interest are also regular. 4) The company has adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventories and f xed assets and for sale of goods and services. We have not come across any major weakness in internal control. 5) a) To the best of our knowledge and belief, and according to information and explanation given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register maintained under that section. b) The transaction of purchase of goods and material and sale of goods, material and services, made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Act and exceeding the value of rupees f ve lakhs 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) In our opinion and according to the information and explanation given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA or any other relevant provisions of the Act and rules framed there under, with regard to the deposits accepted from the public. 7) The company has appointed a f rm of Chartered Accountants to carry out its internal audit function. In our opinion, the internal audit system is commensurate with the size of the company and nature of its business. 8) 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 clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have generally been maintained. 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 records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2014 for a period of more than six moths from the day they became payable. b) According to information and explanation given to us, details of disputed Sales Tax demand aggregating that have not been deposited on account of disputes are given below: Name of Statue Nature of Dues Amount (Rs In lakhs) The UP Sales Tax Act Sales Tax 0.25 Tamil Nadu VAT Act, 2006 VAT Tax 3.44 The Kerala VAT Act, 2003 VAT Tax 4.59 Gujarat VAT Act, 2003 VAT Tax 30.79 Central Excise Act, 1944 Excise Duty & 7.19 Penalty 8.07 8.07 2.22 0.66 The Finance Act, 1994 Service Tax & 2.76 Penalty 7.09 Name of Statue Period to which Forum where dispute amount relates pending The UP Sales Tax Act 1992-1993 Supreme Court of India Tamil Nadu VAT Act, 2006 2006-2007 to Commissioner Appeals 2011-2012 The Kerala VAT Act, 2003 2009-2010 VAT Appellate Tribunal Gujarat VAT Act, 2003 2008-2009 Commissioner Appeals Central Excise Act, 1944 2006-2009 CESTAT May 2001 to Nov 2001 July 2010 to Oct 2011 Nov 2011 to Mar 2012 The Finance Act, 1994 2009-2010 CESTAT 2010-2011 10) The company has no accumulated losses and has not incurred cash losses in the current f nancial year and in the immediately preceding f nancial year. 11) The company has not defaulted in repayment of dues to any Banks. 12) The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities. 13) The provisions of any Special Statue applicable to Chit Funds, Nidhis or Mutual Benef t Funds / Societies are not applicable to the company. 14) The company is not dealing in or trading in shares, securities, debentures, or other investments and hence, requirement of paragraph 4(xiv) are not applicable to the company. 15) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from the Banks and Financial Institutions. 16) In our opinion and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they have been obtained. 17) According to the Cash Flow Statement and other records examined by us and on the basis of information and explanation given to us, on an overall basis, funds raised on Short Term basis have, prima facie, not been used during the year for Long Term investment. 18) During the year, the company has not issued and allotted any shares to parties and companies covered in the register maintained u/s 301 of the Companies Act, 1956. 19) Since the company does not have any debentures, the question of creation of securities for debentures does not arise. 20) Since the company has not raised money by Public Issue, clause (xx) of the Order is not applicable. 21) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year. For J. K. Shah & Co. Chartered Accountants Firm Registration No. : 109606W J. K. Shah Place: Mumbai Partner Date : May 26, 2014 Membership No: 3662