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Bliss GVS Pharma Ltd.

BSE: 506197 Sector: Health care
NSE: BLISSGVS ISIN Code: INE416D01022
BSE LIVE 15:40 | 18 Aug 166.50 0.15
(0.09%)
OPEN

163.85

HIGH

167.30

LOW

163.85

NSE 15:31 | 18 Aug 166.55 -0.15
(-0.09%)
OPEN

165.00

HIGH

168.80

LOW

164.70

OPEN 163.85
PREVIOUS CLOSE 166.35
VOLUME 33899
52-Week high 202.75
52-Week low 117.50
P/E 27.43
Mkt Cap.(Rs cr) 1,717
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 163.85
CLOSE 166.35
VOLUME 33899
52-Week high 202.75
52-Week low 117.50
P/E 27.43
Mkt Cap.(Rs cr) 1,717
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bliss GVS Pharma Ltd. (BLISSGVS) - Auditors Report

Company auditors report

To the Members of Bliss GVS Pharma Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Bliss GVSPharma Limited ("the Company") which comprise the balance sheet as at March31 2016 and the related statements of profit and loss and cash flow for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone 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 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

7. 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

8. 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 March 31 2016 and its profit and its cash flows for the year ended on that date.

Emphasis of matter

9. We draw attention to Note 13 to the standalone financial statements in respect ofour reliance on the management representation in respect of the recoverability of theCompany’s investment in and loans to two of its subsidiaries aggregating Rs. 9648.12Lakhs.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act (the"Order") and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure I a statement on the matters specified in paragraphs3 and 4 of the Order.

11. 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 purpose 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 Cash Flow dealt with by thisReport 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 (as amended);

e. On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164 (2) of theAct;

f. With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in Annexure II.

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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 27 to the financial statements

ii. The Company does not have any long term contracts including derivate contracts onwhich provision for material foreseeable losses was required under the applicable law oraccounting standards.

iii. During the year there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For B. K. Khare & Co.
Chartered Accountants
Firm’s Registration Number 105102W
Himanshu Chapsey
Partner
Mumbai May 24 2016 Membership Number105731

Annexure I to the Auditor’s Report referred to in our report of even date:

1 (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which thefrequency of which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. Pursuant to the programme the fixed assets of the Companyhave been physically verified by the Management. The discrepancies noticed on suchverification were not material and have been properly dealt with in the books of account.

(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.

2 The inventory including stocks with third parties has been physically verified by theManagement during the year. The discrepancies noticed on physical verification ofinventory as compared to book records were not material.

3 According to the information and explanations given to us the Company has grantedunsecured loans to companies covered in the Register maintained under section 189 of theAct aggregating to Rs. 9967.36 lakhs as at March 31 2016.

(a) The aforesaid loans have been made to its subsidiaries. According to theinformation and explanations given to us and having regards to the management’srepresentation that the loans are to these subsidiaries of the Company in the interest ofthe Company’s business the tare of interest and other terms and conditions for suchloans are not prima facie prejudicial to the to the interest of the Company.

(b) According to the information and explanations given to us and to the best of ourknowledge no schedule of repayment of principal and interest has been stipulated inrespect of these loans and hence it is not possible to comment on the regularity ofpayment of interest and principal.

(c) In respect of these loans in view of no specific stipulation as to payment ofinterest and principal we are unable to comment on the overdue amount if any on suchloans.

4 In our opinion and according to information and explanations given to us the Companyhas complied with the provisions of section 185 and 186 of the Companies Act 2013 andthe Rules framed thereunder in respect of loans to investments in guarantees and othersecurities given by the Company.

5 In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits to which the directives issued by the Reserve Bankof India and the provisions of Sections 73-76 of the Act apply. Accordingly theprovisions of para 3(v) of the Order are not applicable to the Company.

6 The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.Accordingly the provisions of para 3(vi) of the Order are not applicable to the Company.

7 (a) According to the records of the Company and information and explanations given tous the Company is generally regular in depositing undisputed statutory dues includingProvident fund Employees’ state insurance Income tax Sales tax service tax dutyof customs duty of excise value added tax cess and any other applicable statutory dueswith the appropriate authorities. According to the records of the Company and informationand explanations given to us none of the aforementioned amounts are outstanding at thebalance sheet date for a period of more than 6 months from the date they became due.

(b) According to the information and explanations given to us and records of theCompany examined by us there are no dues of income tax sales tax service tax duty ofexcise duty of customs and value added tax which have not been deposited on account ofany dispute.

8 Based on the records examined by us and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or borrowings to anyfinancial institution bank or Government during the year. The Company has not issued anydebentures.

9 In our opinion and according to the information and explanations given to us theterm loans availed by the Company have been applied by the Company for the purposes forwhich they were obtained. The Company has not raised money by way of initial public offeror further public offer (including debt instruments) during the year.

10 During the course of our audit carried out in accordance with the generallyaccepted auditing practices in India and according to the information and explanationsgiven to us we have neither come across any instance of fraud by the Company or on theCompany by its officers or employees noticed or reported during the year nor have webeen informed of such case by the management.

11 Based on the records examined by us and according to the information andexplanations given to us the Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

12 In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of para 3(xii) of the saidOrderis not applicable.

13 Based on the records examined by us and according to the information andexplanations given to us transactions with the related parties are in compliance withsections 177 and 188 of the Act where applicable and details of such transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

14 Based on the records examined by us and according to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year. Hence theprovisions of para 3 (xiv) of the said Order are not applicable to the Company.

15 Based on the records examined by us and according to the information andexplanations given to us the Company has not entered into non-cash transactions with thedirectors or persons connected with him. Accordingly the provisions of para 3(xv) of theOrder are not applicable.

16 In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For B. K. Khare & Co.

Chartered Accountants

Firm’s Registration Number: 105102W

Himanshu Chapsey

Partner

Membership Number 105731

Mumbai May 24 2016

ANNEXURE II TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF BLISS GVS PHARMA 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 Bliss GVSPharma Limited ("the Company") as of March 31 2016 in conjunction with ouraudit 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 thatoperate effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 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 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 judgement 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 accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that:

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(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.

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 controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For B. K. Khare & Co.

Chartered Accountants

Firm’s Registration Number 105102W

Himanshu Chapsey

Partner

Membership Number: 105731

Mumbai May 24 2016