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Unichem Laboratories Ltd.

BSE: 506690 | NSE: UNICHEMLAB |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE351A01035 | SECTOR: Pharmaceuticals

BSE Live

Jul 28, 13:06
335.50 -4.15 (-1.22%)
Volume
AVERAGE VOLUME
5-Day
4,212
10-Day
6,876
30-Day
6,312
1,861
  • Prev. Close

    339.65

  • Open Price

    343.00

  • Bid Price (Qty.)

    335.00 (118)

  • Offer Price (Qty.)

    335.80 (1)

NSE Live

Jul 28, 13:06
335.60 -4.25 (-1.25%)
Volume
AVERAGE VOLUME
5-Day
48,220
10-Day
58,118
30-Day
49,819
43,719
  • Prev. Close

    339.85

  • Open Price

    344.75

  • Bid Price (Qty.)

    335.00 (2)

  • Offer Price (Qty.)

    335.95 (32)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2011 2010 2009

Auditor's Report

We have audited the accompanying standalone financial statements of Unichem Laboratories Limited (the Company), which comprise the Balance Sheet as at 31 st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Managements 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 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 31st March, 2015, and 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 give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 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 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 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st 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 no 29 and 30 to the financial statements; ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. 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 AUDITOR''S REPORT (Referred to in paragraph under Report on Other Legal and Regulatory Requirements'' section of our Report of even date) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; (b) As explained to us, some of the fixed assets of the Company have been physically verified during the year by the management in accordance with a phased program of verification designed to cover all assets over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on physical verification. (ii) (a) As explained to us, the inventories have been physically verified during the year by the management, except for the inventories lying with the third parties, which have however, been confirmed by them. The intervals at which the inventories have been verified are, in our opinion, reasonable in relation to the size of the Company and the nature of its business; (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were 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) As informed, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Consequently, sub clause (a) and (b) are not applicable to the Company for the year under report. (iv) In our opinion and according to the information and explanations given to us, 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. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in such internal control systems. (v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year. Therefore, the provisions of clause 3(v) of the Order are not applicable to the Company. (vi) We have broadly reviewed the books of account and records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 as prescribed by the Central Government for the maintenance of cost records under Section 148 (1) of the Act relating to the manufacture of Bulk Drugs and pharmaceutical specialties 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 said records with a view to determine whether they are accurate or complete. (vii) (a) The Company is regular in depositing undisputed statutory dues payable in respect of including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues applicable to it with the appropriate authorities during the year. There were no undisputed statutory dues as mentioned above in arrears as at 31st March, 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 in respect of income tax (including TDS), sales tax, service tax, duty of customs, duty of excise and value added tax that have not been deposited with the appropriate authorities on account of dispute and the forum where the disputes are pending as on J 31st March, 2015 are as given below: Name of the Nature of Amount Period to which Statutes the dues (Rs. in lacs) it relates Income Tax TDS 401.85 AY: 2008-09 Act, 1961 to AY: 2010-11 Income Tax Penalty 190.18 AY: 2001-02 to Act, 1961 AY: 2004-05, AY: 2006-07 and AY: 2008-09 Central Sales CST 36.17 FY: 2010-11 Tax Act, 1956 U.P. Value Penalty 20.44 FY: 2008-09 Added Tax Act, 2008 Central Excise Duty and 120.91 FY: 2003-2004 Act, 1944 Penalty to 2008-2009 Central Excise Duty and 7.77 FY: 2007-08 to Act, 1944 Penalty FY: 2009-10, FY: 2011-12 to FY: 2013-14 Service Tax Disallowance 12.06 FY: 2005-06 to Laws of Service Tax FY: 2010-11 Credit Service Tax Disallowance of 56.56 FY: 2005-06 Laws Service Tax Credit & Penalty Service Tax Disallowance of 2.97 FY: 2011-12 to Laws Service Tax FY: 2013-14 Credit & Penalty Service Tax Disallowance of 139.87 January 2012 to Laws Service Tax March 2012 Credit & Penalty Service Tax Disallowance of 5.29 FY: 2007-08 to Laws Service Tax FY: 2010-11 Credit & Penalty Service Tax Disallowance of 188.74 FY: 2008-09 Laws Service Tax to FY: 2012-13 Credit & Penalty upto August 2012 Name of the Statute Forum where dispute is pending Income Tax Act, 1961 Commissioner of Income Tax (Appeals) Income Tax Act, 1961 Commissioner of Income Tax (Appeals) Central Sales Tax Act, 1956 Appellate Deputy Commissioner of Commercial tax, Ratlam U.P. Value Added Tax Act, 2008 Honble High Court of Judicature at Allahabad Central Excise Act, 1944 Appellate Tribunal (CESTAT) Central Excise Act, 1944 Commissioner of Central Excise (Appeal) Service Tax Laws Appellate Tribunal (CESTAT), New Delhi Service Tax Laws Additional Commissioner, Central Excise, Indore Service Tax Laws Commissioner of Central Excise (Appeal), Kolkata III Service Tax Laws Appellate Tribunal (CESTAT) Service Tax Laws Appellate Tribunal (CESTAT) Service Tax Laws Commissioner (Appeals) (c) According to the information and explanations given to us, the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time. (viii) The Company does not have any accumulated losses at the end of the financial year and it has not incurred any cash losses in the current or in the immediately preceding financial year. Therefore, the provisions of clause 1 3(viii) of the Order are not applicable to the Company. | (ix) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions and banks. Therefore, the provisions of clause 3 (ix) of the Order are not applicable to the Company. (x) In our opinion and according to the information and explanations given to us, having regard to the fact that the Subsidiaries are wholly owned, the terms and conditions of the guarantee given by the Company for loans taken by the Subsidiary from banks and financial institutions are not, prima facie, prejudicial to the interest of the Company. (xi) The Company has obtained term loan during the year which is to be utilised on or before October 2016 and as informed to us the said term loan is not utilised as on the date of the balance sheet. (xii) To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For B. D. Jokhakar & Co. Chartered Accountants Firm Registration No.: 104345W Raman H. Jokhakar Mumbai Partner May 9, 2015 Membership No.: 103241