You are here » Home » Companies » Company Overview » Anuh Pharma Ltd

Anuh Pharma Ltd.

BSE: 506260 Sector: Health care
NSE: N.A. ISIN Code: INE489G01022
BSE LIVE 15:40 | 12 Dec 172.75 -0.75
(-0.43%)
OPEN

175.90

HIGH

175.90

LOW

172.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 175.90
PREVIOUS CLOSE 173.50
VOLUME 5943
52-Week high 245.00
52-Week low 161.00
P/E 22.35
Mkt Cap.(Rs cr) 433
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 175.90
CLOSE 173.50
VOLUME 5943
52-Week high 245.00
52-Week low 161.00
P/E 22.35
Mkt Cap.(Rs cr) 433
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anuh Pharma Ltd. (ANUHPHARMA) - Auditors Report

Company auditors report

TO THE MEMBERS OF ANUH PHARMA LIMITED

1. Report on the Financial Statements

1.1. We have audited the accompanying financial statements of ANUH PHARMA Limited("Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and CashFlow Statement for the year then ended and a summaryof significant accounting policies explanatory information.

2. Management's Responsibility for the Financial Statements

2.1. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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.

3. Auditor's Responsibility

3.1. Our responsibility is to express an opinion on these financial statements based onour audit.

3.2. 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.

3.3. We conducted our audit in accordance with the Standards on Auditing specified ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial misstatement.

3.4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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.

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

4. Opinion

4.1. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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:

4.1.1. in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017;

4.1.2. in the case of the Statement of Profit and Loss of the profit for the yearended on that date; and

4.1.3. in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

5. Emphasis of Matters

5.1. We draw attention to the following matter in Note36 to the financial statements:

5.1.1. As per section 135 of the Act the Company was required to incur/spendRs.6101702 on Corporate Social Responsibility ("CSR") during thefinancial year 2016-2017. However during the financial year

2016-2017 the Company has spent Rs.5820541. Hence the unspent amount of CSRexpenditure is Rs.281161.

5.2. Our opinion is not modified in respect of this matter.

6. Report on Other Legal and Regulatory Requirements

6.1. As required by the Companies (Auditor's Report) Order 2016 ("Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in Annexure ‘A' a statement on the matters specified in paragraphs3 and 4 of the Order to the extent applicable.

6.2. As required by section 143(3) of the Act we report that:

6.2.1. we have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;

6.2.2. 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;

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

6.2.4. in our opinion the financial statements comply with the Accounting Standardsreferred to in section 133 of the Act read with rule 7 of the Companies (Accounts) Rules2014;

6.2.5. on the basis of written representations received from the directors as on March31 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms ofsub-section (2) of section 164 of the Act;

6.2.6. 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' hereto;

6.2.7. 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:

6.2.7.1.the Company has disclosed the impact of pending litigations on its financialposition in Note 18 of its financial statements.

6.2.7.2.the Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

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

6.2.7.4.the Company has provided the requisite disclosures in the financial statementsas to holdings as well as dealings in Specified Bank Notes as defined in the notificationof the India in the Ministry of Finance Department of Economic Affairs number S.O.3407(E) dated November 8 2016 during the period from November 8 2016 to December 302016. Based on audit procedures and relying on the management representation we reportthat the disclosures in Note 39 of its financial statements are in accordance with booksof account maintained by the Company and as produced to us by the management.

For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. Mogul
Partner
Mumbai India: May 26 2017 Membership No. 5572

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

As referred to in paragraph 6.1 under the heading of ‘Report on Other Legal andRegulatory Requirements' of our report of even date on the accounts for the year ended onMarch 31 2017:

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

b. As explained to us physical verification of the fixed assets was conducted by themanagement during the year. In our opinion the frequency of physical verification isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. According to the information and explanations given to us the physicalverification of inventory has been conducted at reasonable intervals by the management. Inour opinion the discrepancies noticed on verification between the physical stocks and thebook records were not material.

iii. The Company has granted an interest-free unsecured loan to a party covered in theregister maintained under section 189 of the Act. The maximum amount involved during theyear was Rs.410000 and the year-end balance of this loan was Rs.170000.

a. In our opinion the terms and conditions on which the loan has been granted to aparty covered in the register maintained under section 189 of the Act were not prima facieprejudicial to the interest of the Company.

b. In case of the loan granted to a party covered in the register maintained undersection 189 of the Act the borrower has been regular in the payment of principal asstipulated.

c. There is no overdue amount of the loan granted to the party listed in the registermaintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and security made.

v. The Company has not accepted any deposit from the public to which the provisions ofsection 73 to section 76 or any other relevant provisions of the Act and rules framedthereunder apply.

vi. We have broadly reviewed the books of accounts maintained by the Company in respectof products where pursuant to the Rules made by the Central Government the maintenanceof cost records has been prescribed under sub-section (1) of section 148 of the Act andare of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. We have not however made a detailed examination of the records witha view to determine whether they are accurate or complete.

vii. a. According to the information and explanations given to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax service taxcustom duty excise duty value added tax cess and other material statutory duesapplicable to it. According to the information and explanations given to us the followingundisputed amounts payable in respect of above were in arrears as at March 31 2017 for aperiod of more than six months from the date on which they became payable:

Statement of Undisputed Dues

Name of the Statute Nature of the Dues Amount (Rs.) Financial Year to which the amount relates Remarks
1. Income-tax Act 1961 Short deduction of TDS and/or interest thereon 120 2008-2009 since paid on May 25 2017
Total 120

b. According to the information and explanations given to us the dues as on March 312017 in respect of income tax sales tax service tax customs duty excise duty valueadded tax and cess that have not been deposited with the appropriate authorities onaccount of any dispute are as under:

Statement of Disputed Dues

Name of the Statute Nature of the Dues Amount (Rs.) Financial Year to which the amount relates Remarks
1. Bombay Sales Tax Act 1959 Sales Tax including Interest and Penalty 1265784 1991-1992 The figures in the amount column are as per the orders dated April 10 2003 of the Assistant Commissioner of Sales Tax (Appeals) Thane. Thereafter the Company had preferred an appeal before the Maharashtra Sales Tax Tribunal which has passed its orders on August 27 2009. However the Company has not yet received the revised assessment orders giving effect to the above referred Tribunal orders. The Company has filed a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order which was accepted on January 27 2011.
2. Central Sales Tax Act 1956 Sales Tax including Interest 648290 1991-1992
3. Bombay Sales Tax Act 1959 Sales Tax including Interest and Penalty 397152 1992-1993
4. Central Sales Tax Act 1956 Sales Tax including Interest and Penalty 392142 1992-1993
5. Employees' State Insurance Act 1948 ESIC Employee and Employer share 304844 2016-2017 The Company is disputing this due and has filed Writ Petition before the Honourable High Court of Bombay through Tarapur Industrial Association of which the Company is a member against the dues payable.
Total 3008212

viii. The Company has not defaulted in repayment of any loans or borrowings from anyfinancial institutions banks government or debentures holders during the year.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanation given to us and based on ourexamination of the records of the Company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him/her. Accordingly paragraph3(xv) of the Order is not applicable.

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

For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. Mogul
Partner
Mumbai India: May 26 2017 Membership No. 5572

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 ("Act")

1. Report on the Internal Financial Controls

1.1. We have audited the internal financial controls over financial reporting of AnuhPharma Limited ("Company") for the year ended on March 31 2017 inconjuction with our audit of the financial statements of the Company for the year ended ason that date.

2. Management's Responsibility for the Internal Financial Controls

2.1. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls 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' ("Guidance Note") issued by the Institute of CharteredAccountants of India ("ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act

3. Auditor's Responsibility

3.1. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit.

3.2. We conducted our audit in accordance with the Guidance Note and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of the Act tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by ICAI. 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.

3.3. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

3.4. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

4. Meaning of Internal Financial Controls over Financial Reporting

4.1. A company's internal financial control over financial reporting is a assuranceregarding the reliability of financial reporting and the preparation of financial externalpurposes in accordance with generally accepted accounting principles. A company's internalfinancial control over financial reporting includes those policies and procedures that:

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

4.1.2. provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

4.1.3. 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.

5. Inherent Limitations of Internal Financial Controls over Financial Reporting

5.1. 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.

6. Opinion

6.1. 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 for the year ended on March 31 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Noteissued by ICAI.

For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. Mogul
Partner
Mumbai India: May 26 2017 Membership No. 5572