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Parabolic Drugs Ltd.

BSE: 533211 | NSE: PARABDRUGS | Series: NA | ISIN: INE618H01016 | SECTOR: Pharmaceuticals

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May 22, 16:00
1.49 -0.04 (-2.61%)
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3,198
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5,550
30-Day
3,097
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    1.53

  • Open Price

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  • Bid Price (Qty.)

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NSE Live

May 22, 15:32
1.45 -0.05 (-3.33%)
Volume
AVERAGE VOLUME
5-Day
8,619
10-Day
12,933
30-Day
21,516
19,726
  • Prev. Close

    1.50

  • Open Price

    1.45

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

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Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of M/s. Parabolic Drugs Limited, Chandigarh as at 31st March 2012 and also the Statement of Profit & Loss and the Cash Flow Statement for the year ended on that date annexed thereto. 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.

1. 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.

2. As required by the Companies (Auditor's Report) Order, 2003 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 a 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 purposes of our audit;

(ii) 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.

(iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet , Statement of Profit & Loss 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 to the extent applicable,

(v) On the basis of written representations received from the Directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) Subject to Note 26(b) of financial statements regarding confirmation of Debit or Credit Balances.

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with note 26 forming part of financial statement 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 Balance Sheet, of the state of affairs on the Company as at 31st March 2012;

(b) in the case of Statement of Profit & Loss , of the Profit for the year ended on that date.

(c) in case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure referred to in Paragraph-2 of the Auditors' Report to the Shareholders of M/s. Parabolic Drugs Limited, Chandigarh on the accounts for the year ended 31st March 2012.

(i) (a) As confirmed by the management the Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) We are informed that the company has framed programme of periodical physical verification of its fixed assets in phased manner, which in our opinion is reasonable having size of the company and nature of its business. In terms of such programme, during the year ended 31st March 2012, physical verification of the fixed assets was carried out by the management during the year and no material discrepancy was noticed on such verification.

(c ) As confirmed by the management ,the substantial part of Fixed Assets have not been disposed off during the year.

(ii) (a) According to the information & explanations given to us the inventories comprises of raw material, work in progress, material at shop floor and finished goods as on 31St March 2012 have been physically verified by the management.

(b) The procedure of physical verification of inventory followed by the management is, in our opinion reasonable and adequate in relation to the size of the company and the nature of its business.

(c) Quantitative records have been maintained for Raw Materials & Finished Goods produced. As confirmed by management no material discrepancies were noticed on physical verification.

(iii) (a) The Company has not taken from/granted any (secured or unsecured) loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(b) As Company has not taken from/granted loans apart from transactions on current account para iii(b), iii(c), iii(d) of the order is not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the act have been entered into the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangement entered into the register in pursuance of section 301 of the Act and exceeding the value of Rupees Five 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.

(vi) In our opinion and according to information and explanation given to us, the Company has not accepted deposits from the public as per Companies (Acceptance of Deposits) Rule of 1975 and as per provisions of Section 58A and 58AA of the Companies Act, 1956.

(vii) In our opinion the Company has an Internal Audit System commensurate with its size and nature of its business.

(viii) As confirmed by the management, the Company is maintaining cost records as prescribed by Central Government under section 209(1)(d) of the Companies Act 1956.

(ix) (a) According to information and explanations given to us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues as applicable to it. .

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess, which have not been deposited on account of any disputed except as referred to in Para No. (x) and (y) of additional note 26 to financial statement as on 31st March 2012.

(x) There are no accumulated losses of the Company at the end of the year. The company has not incurred cash losses during the year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us and as confirmed by management, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) 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 (Auditor's 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 (Auditor's Report) Order, 2003 are not applicable to the company.

(xv) According to information and explanations given to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company and as confirmed by management , we report that the term loans were applied for the purpose for which the loans were obtained.

(xvii) 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 no funds raised on short-term basis have been used for long-term investment. No long- term funds have been used to finance short-term assets.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) No debentures have been issued during the year by the company.

(xx) During the year no money has been raised by public issue hence the requirement of paragraph 4(xx) is not applicable.

(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 S.K. BANSAL & CO., Chartered Accountants

(S.K. Bansal) Partner

Place : Chandigarh Membership No: 13147

Dated : 14 August, 2012 FRN 002222N