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Albert David Ltd.

BSE: 524075 Sector: Health care
NSE: ALBERTDAVD ISIN Code: INE155C01010
BSE LIVE 15:26 | 11 Dec 340.00 1.90
(0.56%)
OPEN

346.45

HIGH

346.75

LOW

335.00

NSE 15:49 | 11 Dec 338.75 2.95
(0.88%)
OPEN

337.00

HIGH

343.80

LOW

332.00

OPEN 346.45
PREVIOUS CLOSE 338.10
VOLUME 3089
52-Week high 381.00
52-Week low 276.00
P/E 178.01
Mkt Cap.(Rs cr) 194
Buy Price 340.00
Buy Qty 37.00
Sell Price 342.45
Sell Qty 10.00
OPEN 346.45
CLOSE 338.10
VOLUME 3089
52-Week high 381.00
52-Week low 276.00
P/E 178.01
Mkt Cap.(Rs cr) 194
Buy Price 340.00
Buy Qty 37.00
Sell Price 342.45
Sell Qty 10.00

Albert David Ltd. (ALBERTDAVD) - Auditors Report

Company auditors report

To

The members of ALBERT DAVID LTD.

I. REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Albert David Limited("the Company") which comprise the balance sheet as at 31stMarch 2017 thestatement of Profit and loss the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

II. MANAGEMENT'S RESPONSIBILITY FOR THE 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the Accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

III. AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 there-under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

IV. OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch'2017 and its Profit and its cash flows for the year ended on that date.

V. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure-2 a statement on the matters specified in paragraphs 3and 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 purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 on31stMarch'2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March'2017 from being appointed as a director in terms of Section164(2) of the Act.

f) Our separate report on adequacy of internal financial control system and operatingeffectiveness of such controls is enclosed in Annexure-1.

3. 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 our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 27.1 to the financial statements.

b) The Company did not have any long-term contract including derivative contract whichmay lead to any material foreseeable loss.

c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

d) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 08.11.2016 to30.12.2016 and the same are in accordance with the books of accounts maintained by thecompany.

For G. Basu & Co.
Chartered Accountants
(Registration No.301174E)
Subroto Lahiri
Place: Kolkata Partner
Date: 30th May 2017 (Membership No.051717)

Annexure-1

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i) OF SUB-SECTION 3 OF SECTION143 OF THE COMPANIES ACT 2013 ("THE ACT") REFERRED TO IN PARA V (2) (f) OF OURREPORT OF EVEN DATE.

We have audited the internal financial controls over financial reporting of AlbertDavid Limited ("the Company") as of 31st March 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the "Guidance Note on Audit of Internal Financial Controls over FinancialReporting" issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia.

Those Standards and the Guidance Note require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk.

The procedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles.

A company's internal financial control over financial reporting includes those policiesand procedures that:

1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For G. Basu & Co.
Chartered Accountants
(Registration No.301174E)
Subroto Lahiri
Place: Kolkata Partner
Date: 30th May 2017 (Membership No.051717)

Annexure-2

REPORT ON THE MATTERS SPECIFIED IN PARAGRAPHS 3 AND 4 OF THE COMPANIES (AUDITOR'SREPORT) ORDER 2016 REFERRED TO IN PARA V (1) OF OUR REPORT OF EVEN DATE

I. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets have been physically verified by the management at reasonableintervals. As informed no material discrepancies between book records and the physicalinventories have been noticed on such verification.

c. The title deeds of immovable property are held in the name of the Company.

II. The inventories have been physically verified at reasonable intervals during theyear by the management. The discrepancies noticed on physical verification between thephysical stock and book records were not material and have been properly dealt with in thebooks of accounts.

III. The company has granted two unsecured loans to two companies covered in theregister maintained under section 189 of the Companies Act 2013. Repayment of loan andinterest thereon form part of loan arrangement which have been regularly complied with.There are no overdue principal or interest outstanding.

IV. The Company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 in respect to loans investments guarantees and securities.

V. The Company has not accepted deposits from the public within the meaning of Sections73 to 76 of the Act and the Rules framed there under to the extent notified. Accordinglyparagraph 3(V) of the Order is not applicable.

VI. On the basis of records produced we are of the opinion that prima facie costrecords and accounts prescribed by the Central Government under sub section (1) of section148 of the Companies Act 2013 in respect of products of the company covered under therules under said section have been made and maintained. However we are neither required tocarry out nor have carried out any detailed examination of such accounts and records.

VII. a) According to information and explanations given to us the company is regularin depositing with appropriate authorities undisputed statutory dues including providentfund employees state insurance income tax sales tax service tax custom duty exciseduty value added tax cess and other statutory dues to the extent applicable to it.According to the information and explanations given to us no undisputed amounts payablein respect of the aforesaid dues were outstanding as at 31st March 2017 for a period ofmore than six months from the date of becoming payable.

b) The dues on account of Sales Tax Income Tax Excise Duty and Cess disputed by thecompany and not being paid vis--vis forums where such disputes are pending arementioned below:-

Name of the Statute Nature of dues Amount Rs. in lacs Period to which the amount relates Forum where dispute is pending
Sales Tax :
Central Sales Tax Act 1956 Tax on Lease Rental 5.74 2002-2003 Calcutta High Court
Central Sales Tax Act 1956 Tax on Lease Rental 1.52 2003-2004 - Do -
- Do - - Do - 2.62 2005-2006 W.B. Com. Taxes Appealate & Revisional Board
West Bengal VAT Act 2003 Vat on sample dispute on sale & Purchase Tax 51.86 2009-2010 - Do -
- Do - Dispute of sale and input tax credit 2.07 2011-2012 - Do -
Jharkhand VAT Act2005 Dispute of sale 0.81 2011-12 Dy.Commissioner Commercial Tax Jharkhand
Income Tax :
Income Tax Act 1961 Tax on disallowance of expenditure 0.20 1991-1992 Commissioner of Income Tax (Appeal)
- Do - - Do - 6.95 1999-2000 Calcutta High Court
- Do - Tax on disallowance of depreciation. 26.41 2013-2014 Com. of Income Tax (Appeal)
Excise Duty :
Central Excise Act 1944 Classification of Products 188.04 01.06.2003 to 28.02.2008 CESTAT
- Do - Additional Levy of Duty and Valuation of Sample 0.99 13.06.1961 to 30.04.1962 Collector of Central Excise
- Do - Valuation of Exports 2.84 08.01.2005 to 31.08.2007 CESTAT
- Do - Duty on scrap 0.18 01.04.2003 to 31.03.2010 Com. of Central Excise (Appeal)
Cess : Water (Prevention & Control of Pollution) Cess Act 1977 Additional levy of Water Cess 30.56 05.01.1994 to 31.03.2017 Allahabad High Court

VIII. Based on our audit procedures and as per the information and explanations givenby the management we are of the opinion that the company has not defaulted in repaymentof dues to any bank or government. Company has no debenture holder or financialinstitutional borrowing during the year.

IX. Neither any term loan has been obtained during the year nor any money was raised byway of public offer (including debt instruments) during the year by the company.

X. No fraud has been noticed or reported on or by the company during the year.

XI. The managerial remuneration has been paid or provided in accordance with theprovisions of section 197 read with Schedule V of the Act.

XII. The Company is not a Nidhi Company accordingly paragraph 3 (XII) of the Order isnot applicable.

XIII. All the transactions with the related parties are in compliance with section 177and 188 of Companies Act 2013 and the details of related parties transactions have beendisclosed in the Financial Statements as required by the applicable accounting standard.

XIV. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

XV. The Company has not entered into any non-cash transaction with directors.

XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For G. Basu & Co.
Chartered Accountants
(Registration No.301174E)
Subroto Lahiri
Place: Kolkata Partner
Date: 30th May 2017 (Membership No.051717)