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Ajanta Pharma Ltd.

BSE: 532331 Sector: Health care
NSE: AJANTPHARM ISIN Code: INE031B01049
BSE LIVE 15:40 | 09 Dec 1871.95 -33.30
(-1.75%)
OPEN

1917.00

HIGH

1920.35

LOW

1868.00

NSE LIVE 15:58 | 09 Dec 1872.50 -33.40
(-1.75%)
OPEN

1915.00

HIGH

1925.00

LOW

1870.00

OPEN 1917.00
PREVIOUS CLOSE 1905.25
VOLUME 4897
52-Week high 2150.00
52-Week low 1103.00
P/E 35.13
Mkt Cap.(Rs cr) 16473.16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1917.00
CLOSE 1905.25
VOLUME 4897
52-Week high 2150.00
52-Week low 1103.00
P/E 35.13
Mkt Cap.(Rs cr) 16473.16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ajanta Pharma Ltd. (AJANTPHARM) - Auditors Report

Company auditors report

To

The Members of

AJANTA PHARMA LIMITED

REPORT ON STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of AJANTA PHARMALIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a othersummary of the significant explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions and appropriate tosufficient of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls andwere operating effectivelycompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andtheCompany reasonableness of the accounting estimates made by the Company’sDirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is a basis for our audit opinion onthe standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information thatrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2015 and its profit and its cash flows for the yearended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section 11 ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account;

d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) on the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164 (2) of the Act;

f) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact if any of pending litigations as at 31stMarch 2015 on its financial position in its standalone financial statements Refer Note 33to the financial statements;

ii. The Company has not entered into any on long-term contracts including derivativecontracts requiring provision under the applicable law or accounting standards formaterial foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Kapoor & Parekh Associates
Chartered Accountants
ICAI FRN 104803W
S. S. Kapoor
Partner
M.No. 5399
Mumbai 8th May 2015

Annexure to the Independent Auditors’ Report

(The Annexure referred to in para 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date to the Members of AJANTAPHARMA LIMITED on the financial statements for the year ended 31st March2015.)

1) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets except in respect of additions madeduring the year which are in the process of updation.

b) As informed to us by the management the Company has a policy of physically verifyingfixed assets in a phased manner over a period which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. We are informed that therewas no material discrepancies noticed on such verification which were accounted in thefinancial statements.

2) In respect of its inventories:

a) As explained to us the inventories were physically verified by the management atreasonable intervals during the year except for stocks with third parties for which mostof the confirmation certificates have been obtained by the Company.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and the discrepancies noticed onsuch physical verification between physical stock and book records were not material andhave been adequately dealt with in the books of account.

3) According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013 and hence clause3(iii) of the Order is not applicable to the Company.

4) In our opinion and according to the information and explanations given to us thereexist an adequate internal control system commensurate with the size of the Company andnature of its business with regard to purchases of inventory fixed assets and for thesale of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal control system.

5) The Company has not accepted any deposit from public. No order has been passed byCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any Courtor any other Tribunal.

6) We have broadly reviewed the books of accounts maintained by the Company pursuant tothe rules prescribed by the Central Government for maintenance of cost records under148(1) of the Companies Act 2013 in relation to products manufactured and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not made a detailed examination of the records with a view todetermine whether they are accurate and complete.

7) According to the information and explanations given to us:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Value Added Tax Cess and other material statutorydues with the appropriate authorities during the year. There are no undisputed amountspayable in respect of aforesaid material statutory dues as at 31st March 2015which were in arrears for a period of more than six months from the date they becamepayable.

b) On the basis of our examination of the documents and records of the Company thereare no dues of Income Tax Sales Tax Wealth Tax Service Tax Customs Duty Excise DutyValue Added Tax and Cess which have not been deposited on account of a dispute except asenumerated herein below which are pending before respective authorities as mentioned thereagainst:

Name of the statute Nature of the Dues Amount* Period to which amounts relate Forum where dispute is Pending
(Rs. in Crore)
The Bombay Sales Tax Act 1959 Sales Tax/Interest/ Penalty 0.07 FY 2004-05 Maharashtra Sales Tax Tribunal- Mumbai
The A. P. VAT Act 2005 VAT/Interest/Penalty 0.15 FY 2009-10 Appellate Dy. Commissioner (Commercial Tax)- Secunderabad
Central Excise Act 1944 Excise 0.06 FY 2007-08 to FY 2008-09 Commissioner of Central Excise Thane-II
Central Excise Act 1944 Excise 0.04 FY 2006-07 to FY 2010-11 Assistant Commissioner of Central Excise Thane-II

*Net of amounts paid under protest or otherwise. Amount as per demand order includinginterest and penalty wherever quantified.

c) The amounts which were required to be transferred to the investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules there under has been transferred to such fund within time.

8) The Company does not have any accumulated losses as at the end of the financialyear. The Company has not incurred cash losses during the current and the immediatelypreceding financial year.

9) Based on our audit procedures information and explanations given to us in ouropinion the Company has not defaulted in repayment of dues to financial institutions andbanks. The Company does not have any outstanding debentures during the year.

10) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11) According to the information and explanations given to us the Company has nottaken any term loan during the year.

12) To the best of our knowledge and according to the information and explanationsgiven to us no fraud on or by the Company has been noticed or reported during the courseof our audit.

For Kapoor & Parekh Associates
Chartered Accountants
ICAI FRN 104803W
S. S. Kapoor
Partner
M.No. 5399
Mumbai 8th May 2015

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