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Alembic Ltd.

BSE: 506235 Sector: Health care
NSE: ALEMBICLTD ISIN Code: INE426A01027
BSE LIVE 15:40 | 09 Dec 36.25 -0.20
(-0.55%)
OPEN

36.25

HIGH

36.55

LOW

36.05

NSE LIVE 15:57 | 09 Dec 36.20 -0.20
(-0.55%)
OPEN

36.50

HIGH

36.70

LOW

36.10

OPEN 36.25
PREVIOUS CLOSE 36.45
VOLUME 25963
52-Week high 52.25
52-Week low 32.00
P/E 35.19
Mkt Cap.(Rs cr) 968.06
Buy Price 36.30
Buy Qty 108.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.25
CLOSE 36.45
VOLUME 25963
52-Week high 52.25
52-Week low 32.00
P/E 35.19
Mkt Cap.(Rs cr) 968.06
Buy Price 36.30
Buy Qty 108.00
Sell Price 0.00
Sell Qty 0.00

Alembic Ltd. (ALEMBICLTD) - Auditors Report

Company auditors report

TO THE MEMBERS OF ALEMBIC LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ALEMBIC LIMITED(“the Company”) which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company 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 accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance 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 theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor’s judgment including the assessment of the risks of material misstatementof the standalone financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficientand appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 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 2016 (“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’ a statement on the mattersspecified 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 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure B”.

(h) 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 of pending litigations on its financialposition in its standalone financial statements at Note - Z (II) (II);

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material 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 K. S. AIYAR & CO.
Chartered Accountants
Firm Registration No. : 100186W
RAJESH S. JOSHI
Place of Signature : Vadodara Partner
Vadodara : 26th April 2016 Membership No. 38526

Re: Alembic Limited.

ANNExURE A to the Independent Auditor’s Report

Referred to in paragraph 1 on Report on Other Legal and Regulatory Requirements of ourreport.

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets however item wise value in respect ofassets other than land buildings and vehicles prior to 1982 are not available;

(b) These fixed assets have been physically verified by the management during the yearas per the phased programme of physical verification of fixed assets. physically verifiedin three year time. In our opinion the same is reasonable having regard to the size of theCompany and the nature of its fixed assets. No material discrepancies were noticed on suchverification.

(c) The title deeds of immovable properties are held in the name of the Company.

(ii) Physical verification of inventory has been conducted at reasonable intervals bythe management and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to companiesfirmsLimited Liability partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013. Therefore the requirements of sub-clause(a) (b) and (c) of clause (iii) are not applicable to the Company.

(iv) The Company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 in respect of loans given investments made guarantees and securitygiven by the Company.

(v) The Company has not accepted any deposits during the year. Therefore the questionof complying with directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed thereunder do not arise.

(vi) The Central Government has specified the maintenance of cost records undersub-section (l) of section 148 of the Companies Act 2013. Such accounts and records havebeen made and maintained by the Company.

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees’ state insurance income tax sales-tax servicetax duty of customs duty of excise value added tax cess and any other statutory duesto the appropriate authorities.

(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value added tax that have not been deposited on account of any dispute are as under.

Nature of dues. Amount not deposited Rs Forum where dispute is pending
Sales Tax interest and penalty. 8016782 Joint Commissioner Appeals
1442264 Joint Commissioner Appeals
Excise Duty Interest & Penalty. 172556 CESTAT
662557 Commissioner Appeals
500000 Commissioner
3521786 Supreme Court
459176 CESTAT
44106 CESTAT
Income Tax 139458 ITAT

(viii) The Company has not defaulted in repayment of loans or borrowing to a financialinstitution bank government or dues to debenture holders.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

(x) Any fraud by the Company or any fraud on the Company by its officers or employeeshas not been noticed or reported during the year.

(xi) Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) The Company is not a Nidhi Company and therefore the compliance requirementsrelevant to a Nidhi Company are not applicable.

(xiii) All transactions with related parties are in compliance with section 177 and 188of the Companies Act 2013 where applicable and the details have been disclosed in thestandalone financial statements etc. as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review thereforethe compliance of the requirement of section 42 of the Companies Act 2013 are notapplicable.

(xv) Pursuant to the provisions of section 192 of the Companies Act 2013 the Companyhas not entered into any non-cash transactions with directors or persons connected withhim/her.

(xvi) The Company is not required to be registered under section 45-1(A) of the ReserveBank of lndia Act 1934.

For K. S. AIYAR & CO.
Chartered Accountants
Firm Registration No. : 100186W
RAJESH S. JOSHI
Place of Signature : Vadodara Partner
Vadodara : 26th April 2016 Membership No. 38526

ANNEXURE B to the Independent Auditor’s Report

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 paragraph 2 (f) onReport on Other Legal and Regulatory Requirements of our report.

We have audited the internal financial controls over financial reporting of AlembicLimited (“the Company”) 2016 in conjunction with our audit of the standalonefinancial 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 Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). 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 safeguardingof its 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 audit of Internal Financial Controls andboth issued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally control over financial accepted accounting principles. A company’s internalfinancial procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and dispositions of the assets ofthe company; (2) provide reasonable assurance that transactions are recorded as necessarywith generally accepted accounting principles and that receipts topermitpreparationoffinancial and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company’s assets that could have a material effect on thefinancial 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 anyevaluationoftheinternal financial reporting to future periods aresubject to the risk controlsover may become inadequate because of changes in conditionsor that the thattheinternalfinancial degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2016 based on thecriteria established by the Company considering the essential components of internalinternalcontroloverfinancial control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For K. S. AIYAR & CO.
Chartered Accountants
Firm Registration No. : 100186W
RAJESH S. JOSHI
Place of Signature : Vadodara Partner
Vadodara : 26th April 2016 Membership No. 38526

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