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Shasun Pharmaceuticals | Auditor's Report > Pharmaceuticals > Auditor's Report from Shasun Pharmaceuticals - BSE: 524552, NSE: SHASUNPHAR
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Shasun Pharmaceuticals

BSE: 524552|NSE: SHASUNPHAR|ISIN: INE317A01028|SECTOR: Pharmaceuticals
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Shasun Pharmaceuticals is not traded in the last 30 days
Shasun Pharmaceuticals is not traded in the last 30 days
Mar 14
Auditor's Report (Shasun Pharmaceuticals) Year End : Mar '15
Report on the Standalone Financial Statements
 
 We have audited the accompanying standalone financial statements of
 Shasun Pharmaceuticals Limited (the Company), which comprise the
 balance sheet as at 31 March 2015, the statement of profit and loss,
 the cash flow statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation and presentation of these standalone financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the accounting principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 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 standalone
 financial statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements.  The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 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, of the state of affairs of the Company as
 at 31 March 2015, its profit and its cash flows for the year ended on
 that date.
 
 Report on other legal and regulatory requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order), issued by the Central Government of India in terms of
 sub-section (11) of Section 143 of the Act, we enclose in the Annexure
 a statement on the matters specified in paragraphs 3 and 4 of the
 Order.
 
 2.  As required by Section 143(3) of the Act, we report that:
 
 (a) we have sought and 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 it appears from our examination of
 those books.
 
 (c) the balance sheet, the statement of profit and loss, and the cash
 flow statement dealt with by this report are in agreement with the
 books of account.
 
 (d) in our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) on the basis of written representations received from the directors
 as on 31 March 2015, taken on record by the Board of Directors, none of
 the directors is disqualified as on 31 March 2015 from being appointed
 as a director in terms of Section 164(2) of the Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. the Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 31(a) to
 the financial statements;
 
 ii. the Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts - Refer Note 8
 and Note 12 to the financial statements;
 
 iii. there has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Independent Auditors'' Report to the members of Shasun
 Pharmaceuticals Limited for the year ended 31 March 2015
 
 (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 by which all 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. In accordance with this programme
 certain fixed assets were physically verified by the management during
 the year and as explained to us, no material discrepancies were noticed
 on such verification.
 
 (ii) (a) The inventory, except the goods in transit, has been
 physically verified by the management during the year. In our opinion,
 the frequency of such verification is reasonable. For stocks lying with
 the third parties at the year-end, written confirmations have been
 obtained.
 
 (b) The procedures of physical verification 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) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 book records were not material.
 
 (iii) The Company has granted loans to one party covered in the
 register maintained under section 189 of the Companies Act, 2013.  The
 maximum amount outstanding during the year was Rs. 219.47 million and
 the year end balance of such loan was Rs.  217.59 million.
 
 The terms of agreement do not stipulate any repayment schedule in
 respect of principal amount or interest. Accordingly paragraph 3(iii)
 (a) and (b) of the Order is not applicable to the Company in respect of
 repayment of principal amount and interest.
 
 (iv) In our opinion and according to the information and explanations
 given to us, and having regard to the explanation that purchases of
 certain items of inventories are for the Company''s specialised
 requirements and similarly certain goods sold and services rendered are
 for the specialised requirements of the buyers and suitable alternative
 sources are not available to obtain comparable quotations, there is an
 adequate internal control system commensurate with the size of the
 Company and the nature of its business with regard to purchase of
 inventories and fixed assets, and with regard to the sale of goods and
 services.  In our opinion and according to the information and
 explanations given to us, we have not observed any major weakness in
 the internal control system during the course of audit.
 
 (v) In our opinion, and according to the information and explanations
 given to us, the Company has not accepted any deposits.
 
 (vi) We have broadly reviewed the books of account maintained by the
 Company pursuant to the rules prescribed by the Central Government for
 maintenance of cost records under Section 148(1) of the Companies Act,
 2013 in respect of manufacture of Bulk Drugs and Formulations 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.
 
 (vii) (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, amounts 
 deducted/accrued in the books of account in respect of undisputed 
 statutory dues including Provident Fund, Employees'' State Insurance, 
 Income-tax, Sales tax, Service tax, Duty of Customs, Wealth tax, 
 Duty of Excise, Value Added Tax and other material statutory dues
 have generally been regularly deposited during the year by the Company
 with the appropriate authorities. As explained to us, the Company did
 not have any dues on account of Cess. According to the information and
 explanations given to us, no undisputed amounts payable in respect of
 Provident fund, Employees'' State Insurance, Income-tax, Sales tax,
 Service tax, Duty of Customs, Wealth tax, Duty of Excise, Value Added
 Tax and other material statutory dues were in arrears as at March 31,
 2015 for a period of more than six months from the date they became
 payable.
 
 (b) According to the information and explanations given to us, the dues
 set out in Appendix I in respect of Service tax, Customs duty and
 Excise duty have not been deposited with the appropriate authorities on
 account of disputes.
 
 (c) The amount required to be transferred to Investor Education and
 Protection Fund has been transferred within the stipulated time in
 accordance with the provisions of the Companies Act, 1956 and the rules
 made thereunder.
 
 (viii) The Company does not have any accumulated losses at the end of
 the financial year and has not incurred any cash losses in the
 financial year and in the immediately preceding financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 bankers or to any financial institutions. The Company did not have any
 outstanding debentures during the year.
 
 (x) In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the Company has given
 guarantees for loans taken by others from banks or financial
 institutions are not prejudicial to the interest of the Company.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the term loans taken by the Company have been applied for
 the purpose for which they were raised.
 
 (xii) 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.
 
 Appendix I as referred to in Para vii (b) of Annexure to the
 Independent Auditors'' report:
 
                                                         Rs. in Millions
 
 Name of    Period to            Forum pending
 Statute    which                
            the amount    Commissioner    Excise,     High         Total
            relates to    of              Customs     Court 
                          Central         and         of Madras
                          Excise,         Service     Appellate
                          Customs         Tax         Tribunal
                          and
                          Service
                          Tax
 
 Finance   Less than       0.66             -             -        0.66
 Act,      3 years
 1994
 (Service  3 years to
 tax)      7 years        11.72           0.56            -       12.28
 
           Greater        26.16           0.76            -       26.92
           than 7
           years  
         
 Central   Less than      35.46          28.72            -       64.18
 Excise    3 years
 Act,      3 years to
 1944      7 years         1.98          70.87            -       72.85
           Greater         4.32          41.93           5.63     51.88
           than 7 
           years
 
 Customs   Greater        22.66            -              -       22.66
 Act,      than 7 
 1962      years
 
 Grand total                                                     251.43
 
 for B S R & Co. LLP
 Chartered Accountants
 ICAI Firm Registration No: 101248W/W-100022
 
 S Sethuraman
 Partner
 Membership No. 203491
 
 Place: Chennai
 Date : April 30, 2015
Source : Dion Global Solutions Limited
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