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Jubilant Life Sciences Ltd.

BSE: 530019 | NSE: JUBILANT | Series: NA | ISIN: INE700A01033 | SECTOR: Pharmaceuticals

BSE Live

May 28, 15:40
434.75 3.70 (0.86%)
Volume
AVERAGE VOLUME
5-Day
16,119
10-Day
41,078
30-Day
29,544
13,120
  • Prev. Close

    431.05

  • Open Price

    437.70

  • Bid Price (Qty.)

    431.05 (4)

  • Offer Price (Qty.)

    436.45 (70)

NSE Live

May 28, 15:54
434.15 3.30 (0.77%)
Volume
AVERAGE VOLUME
5-Day
218,403
10-Day
372,534
30-Day
366,188
122,986
  • Prev. Close

    430.85

  • Open Price

    437.90

  • Bid Price (Qty.)

    434.15 (5060)

  • 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 JUBILANT ORGANOSYS LIMITED as at 31st March, 2010 the related Profit and Loss Account for the year ended on that date annexed thereto, and the Cash Flow Statement of the Company for the period ended on that date, which we have signed under reference to this report. 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. 2. 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. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanation given to us during the course of our audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments mentioned in the Annexure referred to in above paragraph 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 the books of the Company. c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by the report are in agreement with the Books of Account of the Company. d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash Flow Statement comply with the mandatory Accounting Standards referred to in Sub-Section 3 (c) of Section 211 of the Companies Act, 1956. e) According to the information and explanation given to us and on the basis of written representations received from the Directors as on 31st March, 2010 of the Company and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st 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. f) The Company has received proper returns from branches not visited by us. g) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts, and read together with the notes and Significant Accounting Policies there on 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 31st March, 2010. (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 the 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 on the accounts of the year ended 31st March, 2010. i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) In our opinion, physical verification of fixed assets has been carried out in terms of the phased programme of verification of its fixed assets adopted by the Company and no material discrepancies were noticed on such verification. In our opinion the frequency of verification is reasonable, having regard to the size of the Company and nature of its business. (c) During the year the Company has not disposed off any substantial/ major part of fixed assets. ii) (a) The inventories have been physically verified during the year by the management at reasonable intervals. (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 the nature of its business. (c) The Company is maintaining proper records of inventory. In our opinion, discrepancies noticed on physical verification of stocks were not material in relation to the operations of the Company. iii) (a) There are only two companies covered in the register maintained under Section 301 of the Companies Act, 1956 to which the Company has granted loan. The maximum amount involved during the year was ` 3,803.33 million (including the opening balance) and the year end total balance of loans granted to such parties was ` 1,361.80 million. (b) In our opinion the rate of interest and other terms and condition on which loan were granted to the said Companies listed in register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company. (c) One of the said parties have repaid principal amounts on demand and the parties were regular in the matter of payment of interest. (d) There is no overdue amount of loan granted to the said Company. (e) The Company had not taken any loan from any Company covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4 (iii) (e), (f) & (g) of the Order are not applicable. 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 regard to 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. v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register under Section 301 have been made at prices which are reasonable having regard to prevailing market prices, wherever comparable prices are available, at the relevant time. vi) In the case of public deposits received by the Company, the directives issued by the Reserve Bank of India and the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 have been Compiled with. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal. 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) The Central Government has prescribed maintenance of the Cost Records under Section 209(1) (d) of the Companies Act, 1956 in respect to the Companies certain products. We have broadly reviewed the books of account maintained by the Company pursuant to the Order made by the Central Government for the maintenance of the cost records for certain products of the Company and are of the opinion that prima facie the prescribed accounts and records have been maintained. We are, however, not required to and have not carried out any detailed examination of such accounts and records. ix) (a) According to the records examined by us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investors education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues wherever applicable. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable. (b) According to the records of the Company, the dues of sale tax, income tax, custom duty, wealth tax, service tax, excise duty, cess which have not been deposited on account of disputes and the forum where the dispute is pending are as under: Name of the Statute Nature of Amount the Dues `/million 1 Central Excise Act, 1944 Excise Duty 1.26 Excise Duty 3.70 Excise Duty 0.42 Excise Duty 1.27 Excise - EOU 0.31 CENVAT 1.84 Excise Penalty 0.01 CENVAT 0.30 2. Customs Act, 1962 Custom Duty + Interest 82.26 Custom Duty + Interest 11.64 Custom Duty + Interest 3.03 3. Service Tax, Finance Service Tax 0.35 Act, 1994 Service Tax 29.24 4 Central Sales Tax Sales Tax Penalty 0.24 Act, 1956 and Sales Tax Sales Tax Demand 0.97 Acts of Various States Sales Tax Penalties 0.10 Sales Tax Penalties 0.12 Period to which Forum Where name of the Statte the amount relates dispute is pending 1 Central Excise April 2001- March 2002 Joint Commissioner, Pune Act, 1944 April 2004 to July 2005 Additional Commissioner, Pune March 1997 Additional Commissioner, Meerut February 2003 to September 2004 Commissioner, Meerut April 2007 to November 2007 Deputy Commissioner, Hapur April 2003 to March 2005 Tribunal, New Delhi. (Appeal being file April 2006 Govt. of India March 2003 to March 2007 Excise Tribunal, Ahmedabad 2. Customs Act, 1962 April 2002 to October 2005 A. C. Custom ICD, Tuglakabad February 2002 to February 2010 A.C,Customs, Kandla August 2004 to February 2009 A.C. Customs, Mumbai 3. Service Tax, April 2003-March Finance 2004 Asstt. Commissioner, Act,1994 Hapur April 2004 to May 2006 Commissioner, Noida 1983-1984 Supreme Court 1996-2001 Cuttack Tribunal 2009-10 D.C., Hasanpur 2008-09 Trade Tax Tribunal, Moradabad x) There are no accumulated losses of the Company as at 31st March, 2010. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. xi) Based on our audit procedures and the information given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to any financial institution, bank or debenture holders. xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/ or advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) The provisions of any special statute as specified under paragraph (xiii) of the Order 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. However, all investments have been held by it in its own name or nominees. xv) According to the information and explanations given to us, Company has given guarantees for loans taken by others (by the step down subsidiary companies) from Banks and the terms of such guarantees are not prejudicial to the interest of the Company. xvi) According to the information and explanations given to us, the term loans raised during the year have been applied (including for investments) for the purpose for which they were raised. xvii) According to the information & explanation given to us and on an overall examination of the Balance Sheet of the Company, we report that the no funds raised on short-term basis have been used for long term investment. xviii) The Company has not made any preferential allotment of shares during the year to parties/companies covered in the register maintained under Section 301 of the Companies Act, 1956. xix) During the year covered by our audit report the Company has not issued secured debentures. xx) The Company has not raised any money by Public Issue during the year. xxi) Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For K. N. Gutgutia & Company Firm Registration Number : 304153E Chartered Accountants B. R. Goyal Partner Membership No. 12172 Place : Noida Date : 10th May, 2010