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Caplin Point Laboratories Ltd.

BSE: 524742 Sector: Health care
NSE: CAPLIPOINT ISIN Code: INE475E01026
BSE LIVE 15:44 | 08 Dec 354.50 -0.40
(-0.11%)
OPEN

357.95

HIGH

360.00

LOW

352.80

NSE LIVE 15:59 | 08 Dec 354.40 1.80
(0.51%)
OPEN

359.60

HIGH

361.00

LOW

351.20

OPEN 357.95
PREVIOUS CLOSE 354.90
VOLUME 2920
52-Week high 424.80
52-Week low 167.05
P/E 37.96
Mkt Cap.(Rs cr) 2678.25
Buy Price 354.50
Buy Qty 82.00
Sell Price 0.00
Sell Qty 0.00
OPEN 357.95
CLOSE 354.90
VOLUME 2920
52-Week high 424.80
52-Week low 167.05
P/E 37.96
Mkt Cap.(Rs cr) 2678.25
Buy Price 354.50
Buy Qty 82.00
Sell Price 0.00
Sell Qty 0.00

Caplin Point Laboratories Ltd. (CAPLIPOINT) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS’ REPORT

To

The Members

Caplin Point Laboratories Limited. Chennai

Report on the Standalone Financial Statements

We have audited the accompanying Financial Statements of Caplin Point LaboratoriesLimited (herein after referred to as "the Company") which comprise the BalanceSheet as at 31st March 2016 the Statement of Profit and Loss the Cash Flow Statementfor the 9 months period and financial year then ended and a summary of SignificantAccounting Policies and other explanatory information (hereinafter referred to as"the Financial Statements").

Management’s Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 asamended. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; the selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of 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 Financial Statements based on ouraudit. 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.

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 the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosure in the financial statements. These procedures selected depend on theauditor’s judgment including the assessment of the risk 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 the Company’s Board of Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 its Profit and its cash flows for the 9 months period and financial yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (the Order) issuedby the Central Government of India in terms of sub-section (11) of Section 143 of theAct we give in the Annexure-A a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

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 purpose of our audit.

b. 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.

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the relevant books of account maintainedby the Company.

d. In our opinion the aforesaid Financial Statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 as applicable.

e. On the basis of written representation received from the Directors as on 31st March2016 taken on record by the Board of Directors none of the Directors of the Company isdisqualified as on 31st March 2016 from being appointed as a director in terms ofsection 164(2) of the Act;

f. with respect to the adequacy of the Internal Financial Controls over the FinancialReporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure-B. Our report expresses an unmodified opinion on the adequacyand operating effectiveness of the company’s Internal Financial Controls overFinancial Reporting.

g. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and 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 financialstatements – Refer Note: 29 to the financial statements

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

for M/s CNGSN & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
Firm Registration No: 004915S/S200036
B. Ramakrishnan
Place : Chennai Partner
Date : May 27 2016 Membership No:201023

ANNEXURE-A TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1 of Report on Other Legal and Regulatory Requirements in ourIndependent Auditors’ Report of even date)

In terms of the information and explanations sought by us and given by the Company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that:

1. in respect of the company’s fixed assets: a) The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets.

b) The fixed assets were physically verified during the period by the Management inaccordance with a regular programme of verification by which the physical verification ofall the fixed assets were carried out at reasonable intervals. There is no materialdiscrepancies noticed on such verification.

c) The title deeds comprising all the immovable properties of land and buildings whichare freehold are held in the name of the Company as at the balance sheet date

2. The inventories were physically verified during the period by the Management atreasonable intervals and no material discrepancies were noticed on physical verification.

3. The Company has not granted any loans secured or unsecured to companies firmsLLPs or other parties covered in the register maintained under section 189 of the Act andthe provisions of clause 3 (iii) of the Companies (Auditor’s Report) Order 2016 arenot applicable to the Company for the 9 months period and financial year under audit.

4. The Company has not given loans investments guarantees and security and thereforethe provisions of clause 3 (iv) of the Companies (Auditor’s Report) Order 2016 arenot applicable to the Company for the 9 months period and financial year under audit.

5. The Company has not accepted deposits from public during the 9 months period andfinancial year and does not have any unclaimed deposits as at March 31 2016 and thereforethe provisions of clause 3 (v) of the Companies (Auditor’s Report) Order 2016 arenot applicable to the Company for the 9 months period and financial year under audit.

6. The Company is maintaining Cost Records as required under Rule 3 of the Companies(Cost Records and Audit) Rules 2014. However as the Company is exporting in excess of 75% their turnover Cost Audit is not applicable. Hence reporting under clause 3(VI) of theOrder is not applicable.

7. a. The Company has been regular in depositing undisputed statutory dues withappropriate authorities like Provident Fund Employee’s State insurance Income-taxSales-tax Service tax Customs Duty Excise Duty Value

Added Tax Cess wherever applicable. There are no undisputed Statutory outstandingdues as at 31st March 2016 for a period of more than six months from the date they becomepayable.

b. There are no dues of Income Tax Sales Tax Wealth Tax Service Tax Customs DutyExcise Duty Value Added Tax Cess which have not been deposited on account of anydispute except the following:

Name of the statute Nature of dues 2015-16 ( Rs. In lakhs) 2014-15 ( Rs. In lakhs) Forum where dispute is pending
1 Income Tax Act 1961 Income Tax 339.59 269.33 Income Tax Appellate Tribunal/ CIT Appeals
2 Central Excise Act 1944 Excise Duty 4.54 27.26 CESTAT Tribunal/ Department of Revenue New Delhi

8. The Company has not defaulted in the repayment of loans or borrowings to banks andfinancial institutions. The Company does not have any loans or borrowings from governmentand has not issued any debentures.

9. The Company has not raised moneys by way of Initial Public Offer or Further Publicoffer and hence the provisions of clause 3 (ix) of the Companies (Auditor’s Report)Order 2016 are not applicable to the Company for 9 months period and the financial yearunder audit.

10. There are no fraud by the company or any fraud on the company by its officers oremployees and hence the provisions of clause 3 (x) of the Companies (Auditor’sReport) Order 2016 are not applicable to the Company for the 9 months period andfinancial year under audit.

11. The Company has paid / provided Managerial Remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

12. The Company is not a Nidhi company and hence the provisions of clause 3 (xii) ofthe Companies (Auditor’s Report) Order 2016 are not applicable to the Company forthe 9 months period and financial year under audit.

13. The Company is in compliance with Section 177 and 188 of the Act where applicablefor all transactions with the related parties and the details of related partytransactions have been disclosed in the Financial Statements as required by the applicableAccounting Standards.

14. The Company has not made any Preferential Allotment of shares or Private Placementof shares or Convertible Debentures and hence the provisions of clause 3 (xiv) of theCompanies (Auditor’s Report) Order 2016 are not applicable to the Company for the 9months period and financial year under audit.

15. The Company has not entered into any non-cash transactions with directors orpersons connected with them and hence the provisions of clause 3 (xv) of the Companies(Auditor’s Report) Order 2016 are not applicable to the Company for the 9 monthsperiod and financial year under audit.

16. The Company is not required to be registered under section 45-IA of Reserve Bank ofIndia Act 1934 and hence the provisions of clause 3 (xvi) of the Companies(Auditor’s Report) Order 2016 are not applicable to the Company for the 9 monthsperiod and financial year under audit.

for M/s CNGSN & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
Firm Registration No: 004915S/S200036
B. Ramakrishnan
Place : Chennai Partner
Date : May 27 2016 Membership No:201023

ANNEXURE-B TO THE AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") (Referred to in paragraph 2(f) ofReport on Other Legal and Regulatory Requirements in our Independent Auditors’ Reportof even date)

In conjunction with our audit of the Financial Statements of the Company as of and forthe 9 months period and financial year ended March 31 2016 we have audited the InternalFinancial Controls over Financial Reporting of Caplin Point Laboratories Limited.

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 (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company’s Policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate Internal Financial Controls overFinancial Reporting was established and maintained and if such controls operatedeffectively 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 judgment 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 internal financial controls system overfinancial 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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditure of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 Controlsover Financial Reporting were operating effectively as at 31 March 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.

Explanatory paragraph

We also have audited in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of theCompanies Act 2013 the financial statements of the Company which comprise the BalanceSheet as at March 31 2016 and the related Statement of Profit and Loss and Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information and our report dated May 27 2016 expressed an unqualifiedopinion.

for M/s CNGSN & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
Firm Registration No: 004915S/S200036
B. Ramakrishnan
Place : Chennai Partner
Date : May 27 2016 Membership No:201023

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