Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Associate Partners:

  • Kotak Mutual Fund
  • Pharmeasy
  • Indiabulls
  • SBI

Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
SBI
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Ranbaxy Laboratories Ltd.

BSE: 500359 | NSE: RANBAXY | Series: NA | ISIN: INE015A01028 | SECTOR: Pharmaceuticals

BSE Live

Apr 01, 16:00
859.90 0.00 (0.00%)
Volume
No Data Available
308,222
  • Prev. Close

    859.90

  • Open Price

    814.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Ranbaxy Laboratories is not traded on BSE in the last 30 days

NSE Live

Apr 01, 15:59
859.80 0.00 (0.00%)
Volume
No Data Available
5,415,702
  • Prev. Close

    859.80

  • Open Price

    814.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    859.80 (9924)

Ranbaxy Laboratories is not traded on NSE in the last 30 days

Annual Report

For Year :
2014 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

1. We have audited the attached Balance Sheet of Ranbaxy Laboratories Limited, (the Company) as at December 31, 2008, and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto (collectively referred as the financial statements). 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 the 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 (the Order) (as amended), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to 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 financial statements dealt with by this report are in agreement with the books of account; d. On the basis of written representations received from the directors, as on December 31, 2008 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on December 31, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; e. Without qualifying our opinion, we report the following: i) We draw attention to Note 32 of schedule 26 to the financial statements. The Company has recorded provision of Rs. 2,631.11 million consequent to the Food and Drug Administration, USA (FDA) import alerts and the FDA letter dated February 25, 2009 imposing the Application Integrity Policy. The basis and assumptions used by the management in calculating these provisions includes significant judgment and estimates, which due to the inherent uncertainty of the related situation may significantly differ from the actual amounts. ii) We draw attention to the Note 23 of schedule 26 to the financial statements. The Company has early adopted Accounting Standard 30 - Financial Instruments: Recognition and Measurement, with effect from October 01, 2008. Pursuant to the early adoption, the Company has recorded the fair value loss on derivatives as of September 30, 2008, aggregating to Rs. 11,780.96 million (net of taxes), through the opening balance of General Reserve in the Balance Sheet. / As stated in Note 24(a) of schedule 26 to the financial statements. The Company has paid Rs. 277.28 million as managerial remuneration to its directors, which is in excess of the limits under the Act. Had the Company accounted for the remuneration in accordance with the Act, the Loss after tax for the year would have been lower by Rs. 183.03 million and the Loans and Advances would have been higher by Rs. 2 77.28 million. g. Subject to our comment in para (f) above, in our opinion and to the best of our information and according to the explanations given to us, the financial statements comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act and the Rules framed there under and 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: i) the Balance Sheet, of the state of affairs of the Company as at December 31, 2008; ii) the Profit and Loss Account, of the loss for the year ended on that date; and in) the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT Annexure to the Auditors Report of even date to the members of Ranbaxy Laboratories Limited, on the financial statements for the year ended December 31, 2008 Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets under which fixed assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical verification 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, a substantial part of fixed assets has not been disposed off during the year. (ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) 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 and no material discrepancies were noticed on physical verification. (iii) (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(b) to (d) of the Order are not applicable. (b) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(f) and 4(iii)(g) of the Order are not applicable. (iv) In our opinion, there is an adequate internal control system 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 and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. (v) (a) The Company has not entered into contracts or arrangements referred to in section 301 of the Act. Accordingly, the provisions of clause 4(v) of the Order are not applicable. (vi) The Company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of clause 4(vi) of the Order are not applicable. (vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government under section 209 (l)(d) of the Act for the maintenance of cost records in respect of Companys products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete. (ix) (a) The Company is regular in depositing the 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 material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable. (b) There are no dues in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute other than those mentioned below: Name of the Nature Amount statute of the dues Rs. in Million Punjab General Purchase tax, 2.69 [of which Sales Tax Act, 1948/ interest & Rs. 0.44 million Punjab Value Added penalty has been deposited Tax Act dispute under protest] Himachal Pradesh Sales tax 0.11 [out of which General Sales demand 0.11 million Tax Act, 1968 has been deposited under protest] Himachal Pradesh Sales tax 1.04 [out of which General Sales demand 1.04 million Tax Act, 1968 has been deposited under protest] Central Excise Act, CENVAT 68.57 [out of which 1944 credit, interest 31.00 million & penalty has been deposited dispute under protest] Uttar Pradesh Sales tax 6.51 [out of which Sales tax Act, 1948/ demand 2.85 million Uttar Pradesh has been deposited Value Added Tax Act under protest] Period to which Forum where the amount dispute is relates pending 1989-90, Sales Tax 1990-91 & Tribunal/ 2004-05 VAT Authorities 1994-96 Sales Tax Tribunal 1994-1996 Honble High Court of Himachal Pradesh 2000-01 & CESTAT 2004-05 2005-06 Sales tax authorities (x) In our opinion, the Companys accumulated losses at the end of the financial year are less than fifty per cent of its net worth. Further the Company has incurred cash losses during the financial year covered by our audit, however the Company did not incur cash losses in the immediately preceding financial year. (xi) In our opinion, the Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders. Accordingly, the provisions of clause 4(xi) of the Order are not applicable. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable. (xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable. (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 Order are not applicable. (xv) In our opinion, the terms and conditions on which the Company has given guarantee for loans taken by others from banks or financial institutions are not, prima facie, prejudicial to the interest of the Company. (xvi) In our opinion, the Company has applied the term loans for the purpose for which the loans were obtained. (xvii) In our opinion, 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 to parties or companies covered in the register maintained under section 301 of the Act. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable. (xix) During the year, the Company issued certain non-convertible debentures on which it has not created any security. As explained to us by the management these debentures were redeemed prior to the expiry of the time limit for the creation of the related security. (xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable. (xxi) No fraud on or by the Company has been noticed or reported during the period covered by our audit. For Walker, Chandiok & Co Chartered Accountants Per B.P.Singh Partner Membership No. 070116 Place : Gurgaon Dated : March 27, 2009