Moneycontrol
Get App
SENSEX NIFTY
you are here:

Strides Pharma Science Ltd.

BSE: 532531 | NSE: STAR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE939A01011 | SECTOR: Pharmaceuticals

BSE Live

May 26, 13:15
412.25 -4.25 (-1.02%)
Volume
AVERAGE VOLUME
5-Day
213,864
10-Day
210,999
30-Day
219,981
159,482
  • Prev. Close

    416.50

  • Open Price

    417.00

  • Bid Price (Qty.)

    411.55 (2)

  • Offer Price (Qty.)

    412.10 (24)

NSE Live

May 26, 13:15
411.95 -4.55 (-1.09%)
Volume
AVERAGE VOLUME
5-Day
1,504,944
10-Day
1,124,764
30-Day
1,304,315
369,792
  • Prev. Close

    416.50

  • Open Price

    418.00

  • Bid Price (Qty.)

    411.55 (59)

  • Offer Price (Qty.)

    411.95 (72)

Annual Report

For Year :
2018 2017 2016 2015 2014 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of STRIDES ARCOLAB LIMITED as at December 31, 2007, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit. 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 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 the Management as well as evaluatingthe overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 issued by the Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we give 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: (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 it appears from our examination of the books; (c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, the Profit and Loss Account and the 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: (e) on the basis of the written representations received from the directors, as on December 31, 2007, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on December 31, 2007 from being appointed as a director in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956; (f) attention is invited to Note B.I7.1 of Schedule P regarding the excess managerial remuneration paid and the Companys proposal regarding the same (g) in our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, 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 December 31, 2007; (ii) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to the Auditors Report (i) The nature of the Companys business/activities during the year is such that clauses i(c), iii (d) to (g), vi, xii. xiii, xiv and xix and xx of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets were physically verified during the year by the management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification. (iii) In respects of its inventories: (a) As explained to us, inventories were 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 documentation of procedures and results of physical verification of inventories followed by the management need to be strengthened to make it commensurate in relation to the size of the Company and the nature of its business. (c) In our opinion and_ according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) In respect of loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) Company has granted loans to 5 parties. As at the year-end, the outstanding balances of such loans granted aggregated to Rs.604.22 Million (number of parties -4) and the maximum amount involved during the year was Rs.964.04 Million. (b) The rate of interest and other terms and conditions of such loan are in our opinion, prima facie, not prejudicial to the interests of the Company. (v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of a special nature and suitable alternative sources do not exist for obtaining comparable quotations, there are adequate internal control systems 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 and we have not observed any continuing failure to correct major weaknesses in the internal control systems. (vi) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act,1956, to the best of our knowledge and belief, and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered into the register maintained under the said section have been so entered. (b) In our opinion and having regard io our comments in paragraph (v), above, transactions (excluding loans covered by our comments under paragraph (iv) above) made in pursuance of such contracts or arrangements, in excess of Rs. 5 lakhs in respect of any party, have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time. (vii) In our opinion, the internal audit function carried out during the year by a firm of Chartered Accountants appointed by the management has been commensurate with the size of the Company and the nature of its business. (viii) We have broadly reviewed the books of account and records maintained by the Company pursuant to the order made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. (ix) In respect of statutory dues: (a) According to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, cess and any other material statutory dues with the appropriate authorities during the year and there are no undisputed statutory dues as noted above which are outstanding for a period more than six months from the date they became payable. (b) According to the information and explanations given to us, details of disputed income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess, which have not been deposited as on December 31, 2007 on account of any dispute are given below: Name of Statute Nature of the Dues Amount (Rs.in Million) Income lax Laws Income lax lincl. interest) 14.57 Income Tax Laws Income Tax (incl. interest) 10.11 Income Tax Laws Income Tax (incl. interest) 22.71 Income Tax Laws Income Tax (incl. interest) 0.70 Income Tax Laws Income Tax (incl. interest) 72.33 Income Tax Laws Income Tax (incl. interest) 11.56 Income Tax Laws Income Tax (incl. interest) 39.96 Income Tax Laws Income Tax (incl. interest) 91.52 Customs and Excise Duty 3.86 Excise Laws Period to which Forum where dispute is pending the amount relates AY 1996-97 Commissioner income lax (Appeals) AY 1998-99 Commissioner Income Tax (Appeals) AY 1999-00 Commissioner Income Tax (Appeals) AY 2001-02 Commissioner Income Tax (Appeals) AY 2002-03 Income Tax Appelate Tribunal AY 2002-03 Commissioner Income Tax (Appeals) AY 2003-04 Income Tax Appelate Tribunal AY 2004-05 Commissioner Income Tax (Appeals) Customs and Excise Service Tax August 2005 Appelate Tribunal (x) The accumulated losses of the Company have not exceeded fifty per cent of its net worth as at the end of the year. The Company has not incurred 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 and explanations given by the management, Company has defaulted in repayment of principal and interest, due to financial institutions and banks aggregating to Rs.0.54 Million during the year. The period of default is 3 days. As at December 31, 2007 there are no continuing defaults. (xii) We draw attention to note B.2.1 of Schedule P to the financial statements regarding the Company providing guarantees in respect of loans given by third parties to Sequent Scientific Limited, a company which was a wholly owned subsidiary of the Company at the time such guarantees were given. Consequent to disposal of the investment in Sequent Scientific Limited during the year ending December 31, 2007, the Company has initiated procedures to cancel the above referred guarantees. In our opinion and according to the information and explanations given to us, the terms and conditions of the other guarantees given by the Company for loans taken by subsidiary companies from financial institutions, are not prima facie prejudicial to the interests of the Company. (xiii) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. (xiv) According to information and explanations given to us, and on an overall examination of Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment. (xv) According to the information and explanations given to us, the price at which the Company has made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956 was not prima facie prejudicial to the interests of the Company. (xvi) 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 DELOITTE HASKINS & SELLS Chartered Accountants V.Sri kumar Place : Bangalore , Partner Date : March 7, 2008 Membership No. 84494