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Anuh Pharma Ltd.

BSE: 506260 Sector: Health care
NSE: N.A. ISIN Code: INE489G01022
BSE LIVE 15:42 | 05 Dec 207.00 -0.95
(-0.46%)
OPEN

207.00

HIGH

208.50

LOW

206.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 207.00
PREVIOUS CLOSE 207.95
VOLUME 2353
52-Week high 344.00
52-Week low 159.00
P/E 27.13
Mkt Cap.(Rs cr) 518.74
Buy Price 0.00
Buy Qty 0.00
Sell Price 207.00
Sell Qty 140.00
OPEN 207.00
CLOSE 207.95
VOLUME 2353
52-Week high 344.00
52-Week low 159.00
P/E 27.13
Mkt Cap.(Rs cr) 518.74
Buy Price 0.00
Buy Qty 0.00
Sell Price 207.00
Sell Qty 140.00

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 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

2. Management’s Responsibility for the Financial Statements

2.1. The Company’s Board of Directors is responsible for the matters stated insection 134(5) of the Companies Act 2013 ("Act") with respect to thepreparation and presentation of these financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under section 133 of the Act read with rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions 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 that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement 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 specifiedunder section 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.

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 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by Company’s Directors as well as evaluating theoverall presentation of the financial statements. 3.5. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onthe 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 2016;

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 Note 36 to the financialstatements:

5.1.1. As per section 135 of the Act the Company was required to incur/spendRs4764736 on Corporate Social Responsibility ("CSR") during thefinancial year 2015-2016. However during the financial year 2015-2016 the Company hasspent Rs4084510. Hence the unspent amount of CSR expenditure is Rs680226.

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 inparagraphs 3 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 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 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 derivativecontracts for which there were any material foreseeable losses.

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

For S. I. MOGUL & CO.
Chartered Accountants
Firm Registration No. 106512W
S. I. Mogul
Partner
Mumbai India: May 27 2016 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 yearended on March 31 2016:

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 650000 and the year ended balance of this loan was Rs 410000.

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 primafacie prejudicial 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 been madeand maintained. We have not however made a detailed examination of the records with aview 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 servicetax custom 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 were payable in respect of above were in arrears as at March 31 2016for a period of more than six months from the date on which they became payable:

Statement of Undisputed Dues

Sr. No. Name of the Statute Nature of the Dues Amount Financial Year to which the amount relates Remarks
(Rs)
1. Income-tax Act 1961 Dividend Distribution Tax 151782 2015-2016 since paid on May 25 2016
Interest thereon 15180
TOTAL 166962

b. According to the information and explanations given to us the dues as on March 312016 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

Sr. No. Name of the Statute Nature of the Dues Amount Financial Year to which the amount relates Forum where dispute is pending
(Rs)
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.
2. Central Sales Tax Act 1956 Sales Tax including Interest 648290 1991-1992 Thereafter the Company had preferred an appeal before the Maharashtra Sales Tax
3. Bombay Sales Tax Act 1959 Sales Tax including Interest and Penalty 397152 1992-1993 Tribunal which has passed its orders on August 27 2009.
4. Central Sales Tax Act 1956 Sales Tax including Interest and Penalty 392142 1992-1993 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.
5. Income-tax Act 1961 Income-tax 14562 2010-2011 The Company is awaiting the assessment order giving effect to the order of the Commissioner of Income Tax (Appeals)
6. Income-tax Act 1961 Short deduction of TDS and interest thereon 6570 2007-2008 The Company is disputing this due and is in the process of taking necessary steps to resolve the matter.
7. Income-tax Act 1961 Short deduction of TDS and interest thereon 90 2009-10 The Company is disputing this due and is in the process of taking necessary steps to resolve the matter.
8. Income-tax Act 1961 Short deduction of TDS and interest thereon 20 2010-11 The Company is disputing this due and is in the process of taking necessary steps to resolve the matter.
9. Income-tax Act 1961 Short deduction of TDS and interest thereon 30 2015-16 The Company is disputing this due and is in the process of taking necessary steps to resolve the matter.
TOTAL 2724640

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 27 2016 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 2016 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 maintaininginternal financial controls based on the internal controls over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the ‘Guidance Note on Audit of Internal Financial Controls overFinancial Reporting’ ("Guidance Note") issued by the Institute ofChartered Accountants of India ("ICAI"). 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 theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

3. Auditor’s Responsibility

3.1. Our responsibility is to express an opinion on the Company’s internalfinancial controls 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 ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial 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 havea material 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 2016based 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 27 2016 Membership No. 5572

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