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Biowin Pharma (India) Ltd.

BSE: 531372 Sector: Health care
NSE: N.A. ISIN Code: INE244D01010
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Biowin Pharma (India) Ltd. (BIOWINPHARMA) - Auditors Report

Company auditors report

BIOWIN PHARMA (INDIA) LTD AUDITORS REPORT ANNUAL REPORT 1998-99 To, THE MEMBERS OF BIOWIN PHARMA (INDIA) LTD. We have audited the attached Balance Sheet of Biowin Pharma (India) Limited as at 31st March,1999 and also Profit and Loss Account of the Company for the year ended on that date annexcd thereto and report that: 1) As required by the Manufacturing and other Companies (Auditor's Report) Order, 1988 issued by the Central Government in terms of Section 227 (4-A) of the Companies Act, 1956, in our opinion, and on the basis of such checks of the books and records as we considered appropriate, we give in the annexure statement on the matters specified in paragraph 4 of the said order. Further to our comments in the annexure referred to in paragraph I above we report that: 2) a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our examination of the books. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion the Profit and Loss Account and the Balance Sheet comply with the accounting standards referred to in sub section (3c) of Section 211 of the Companies Act, 1956 to The extent applicable. e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view. i) In the case of the Balance Sheet, of the state of affairs of the Company as a 31st March, 1999 and ii) In the case of Profit Loss Account, of the Profit for the year ended on that date. For R.A.KUVADIA & Co. Chartered Accountants R.A.KUVADIA Proprietor Place: Mumbai Date : 01-09-99. ANNEXURE TO THE AUDITOR'S REPORT: Referred to in paragraph 1 of our report of even date on the accounts of Biowin Pharma (India) Limited, for the year 31 st March , 1999 . I) The Company maintains proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets were physically verified at the year end by the management. We are informed that no material discrepancies were noticed on such verification. 2) None of the fixed assets have been revalued during the year. 3).The stock of finished goods, stores, spare parts trading materials, packing materials, raw materials except stock Lying with third parties have been physically verified at the year end by the management. In our opinion, the frequency of verification is reasonable. 4) The procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. 5) The discrepancies noticed on verification of stocks between the physical stocks and the books records were not material and the same has been properly dealt with in the books of account. We are of the opinion that valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceeding year. 6) The Company has not accepted loans from Companies, firms and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The Company has not accepted any loans from the Companies under the same management as defined under subsection (IB) of Section370 of the Companies Act, 1956. 7) The Company has not granted any loans secured / unsecured, to Companies, firms or other parties listed in the register(s) maintained under Section 01 and/or to the Companies under the same management as defined under sub- section ( IB) of Section 370 of the Companies Act 1956. 8) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regards to purchase of stores, raw materials, including components plant & machinery, equipment and other assets and for sale of goods. 9) The Company has neither made any purchase of goods and material nor sold goods, materials and service exceeding Rs.50,000/- from/to Companies, firms or other parties which have been listed in the register maintained under Section 301 of the Companies Act, 1956. 10) According to the information and explanation given to us, the Company has no unservicable or damaged stores, raw materials and finished goods. 11) The Company has not accepted any deposits from the public within the meaning of Section 58A of the Companies Act,1956 and rules framed thereunder during the year. 12) The Company has maintained reasonable records for the generation and disposal of scrap. We have been informed that there are no by-products. 13) As informed by the management, in view of proper internal controls, no internal audit system has been introduced during the year 14)The maintenance of cost record has not been prescribed by the Central Government under Section 209 (I)(d) of the Companies Act, 1956. 15) According to the information and explanation given to us the provident fund dues have generally been regularly deposited with the appropriate authority. There are marginal delays in some payments 16) According to the information and explanations given to us except Income Tax amounting Rs 86,985/- there are no other undisputed amounts payable in respect of Income Tax, Wealth Tax,Sales Tax,Custom Duty were outstanding as at 31st March,1999 for a period of more than six months from the date they became payable. There has been a marginal delay in payment of Statutory dues. 17. According to the information and explanation given to us no personal expenses of employees or Directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 18. The Company is not a Sick Industrial Company within the meaning of clause (O) of subsection 3 of the Sick Industrial Companies (Special Provision) Act,1985. 19. The Company does not have any damaged goods as informed to us in respect of its trading activities. For R.A.KUVADIA & CO Chartered Accountants R.A.KUVADIA Proprietor Place: Mumbai Date : 01-09-99.

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