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Alembic Pharmaceuticals Ltd.

BSE: 533573 Sector: Health care
NSE: APLLTD ISIN Code: INE901L01018
BSE LIVE 13:36 | 08 Dec 634.20 0.15
(0.02%)
OPEN

635.00

HIGH

636.10

LOW

629.75

NSE LIVE 13:51 | 08 Dec 633.55 2.10
(0.33%)
OPEN

627.00

HIGH

637.90

LOW

627.00

OPEN 635.00
PREVIOUS CLOSE 634.05
VOLUME 2194
52-Week high 727.25
52-Week low 514.35
P/E 20.46
Mkt Cap.(Rs cr) 11954.67
Buy Price 632.65
Buy Qty 20.00
Sell Price 634.25
Sell Qty 20.00
OPEN 635.00
CLOSE 634.05
VOLUME 2194
52-Week high 727.25
52-Week low 514.35
P/E 20.46
Mkt Cap.(Rs cr) 11954.67
Buy Price 632.65
Buy Qty 20.00
Sell Price 634.25
Sell Qty 20.00

Alembic Pharmaceuticals Ltd. (APLLTD) - Auditors Report

Company auditors report

To The Members of

Alembic Pharmaceuticals Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ALEMBICPHARMACEUTICALS LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2016 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory 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 accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand 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 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 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 financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements.

The procedures selected depend on the auditor's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and 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 ("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 A' a statement on the matters specified in paragraphs 3and 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".

(g) 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 (net of provision made) in its financial statements -Y (II) to the financialstatements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts that were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year.

For K.S.AIYAR & Co
Chartered Accountants
Firm's Registration No. 100186W
RAGHUVIR M. AIYAR
Mumbai Partner
Date: 27th April 2016 Membership No. 38128

Annexure ‘A' to the Independent Auditor's Report

Re: Alembic Pharmaceuticals Limited

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. As informed to usthe programme is such that all the fixed assets will get physically verified in three yeartime. In our opinion the same is reasonable having regard to the size of the Company andthe 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 exceptfor Land having book value of '1712.35 Lacs is still held in the names of erstwhiledemerged companies.

(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 secured or unsecured loans to companies firmslimited liability partnership or other parties covered in the register maintained undersection 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) In respect of loans investments guarantees and security provisions of section185 and 186 of the Companies Act 2013 have been complied with.

(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 (1) 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 service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe 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.

Statue & Nature of dues Amount not deposited (Rs.) Forum where dispute is pending
Sales Tax interest and penalty. 1312295 High Court
16384603 Asst. Commissioner Demand
44830 Additional Commissioner
153406 Revisional Board (Tribunal)
2328932 Jt. Commissioner Appeals
2006174 Jt. Commissioner Appeals
2300108 Jt. Commissioner Appeals
2368469 Jt. Commissioner Appeals
2092750 Jt. Commissioner Appeals
765686 Jt. Commissioner Appeals
827211 Tribunal
184321 Additional Commissioner
24654 Additional Commissioner
1506831 Additional Commissioner
5288111 Tribunal
6432292 Additional Commissioner
1185131 Jt. Commissioner
340990 Jt. Commissioner
6678714 Jt. Commissioner
Central Sales Tax 151971 Additional Commissioner
75612 Additional Commissioner
1093955 Deputy Commissioner II
2702 Tribunal
28481 Tribunal
123800 Jt. Commissioner Appeals
324342 Jt. Commissioner Appeals
13450 Jt. Commissioner
Excise Duty Interest & Penalty. 21395574 CESTAT
985233 CESTAT
16091 CESTAT
210579 CESTAT
35000 Commissioner (Appeal)
5003165 High Court
12099486 High Court
55306 CESTAT
121276 CESTAT
10181463 CESTAT
2411210 Commissioner (Appeals)
275323 CESTAT
Excise Duty Interest & Penalty. 56760 CESTAT
1370807 Commissioner (Appeals)
412504 Commissioner (Appeals)
1257669 Commissioner (Appeals)
345902 CESTAT
118282 CESTAT
Stamp duty 50118535 Supreme Court
Income Tax 458530 ITAT

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

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer {including debt instruments) or any 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's Registration No. 100186W
RAGHUVIR M. AIYAR
Mumbai Partner
Date: 27th April 2016 Membership No. 38128

Annexure ‘B' to the Independent Auditor's Report

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF ALEMBIC PHARMACEUTICALS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ALEMBICPHARMACEUTICALS LIMITED ("the Company") as of March 31 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such 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 selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 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 financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that could have a material 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 controlswere operating effectively as at March 31 2016 based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For K.S.AIYAR & Co
Chartered Accountants
Firm's Registration No. 100186W
RAGHUVIR M. AIYAR
Mumbai Partner
Date: 27th April 2016 Membership No. 38128

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