You are here » Home » Companies » Company Overview » Concord Drugs Ltd

Concord Drugs Ltd.

BSE: 538965 Sector: Health care
NSE: N.A. ISIN Code: INE858L01010
BSE LIVE 15:40 | 09 Dec 51.00 0.05
(0.10%)
OPEN

54.00

HIGH

54.00

LOW

50.55

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 54.00
PREVIOUS CLOSE 50.95
VOLUME 2573
52-Week high 79.45
52-Week low 42.25
P/E 12.29
Mkt Cap.(Rs cr) 36.92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 54.00
CLOSE 50.95
VOLUME 2573
52-Week high 79.45
52-Week low 42.25
P/E 12.29
Mkt Cap.(Rs cr) 36.92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Concord Drugs Ltd. (CONCORDDRUGS) - Auditors Report

Company auditors report

Independent Auditors

on Financial Statements

To

The Members of

CONCORD DRUGS LIMITEDHyderabad.

Report on the financial Statements

We have audited the accompanying financial Statements of M/s. CONCORD DRUGS LIMITEDwhich comprise the Balance Sheet as at 31st March 2014 the statement of Profit& Loss for the year ended and a summary of the significant accounting policies andother explanatory information.

Managements Responsibility for the Financial Statements

The Companies management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the company in accordance with the accounting standards referred to inSub-section (3C) of section 211 of the companies Act 1956 (the "Act") read withthe General Circular 15/2014dates September 13 2014 of the Ministry of Corporate Affairsin respect of section 133 of the Companies Act 2014. This responsibility includes thedesign Implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatements whether due to fraud or error.

Auditors Responsibility

We have audited the attached Balance Sheet of M/s CONCORD DRUGS LIMITED. Hyderabad asat 31st March 2014 Statement of Profit & Loss for the year ended annexedthereto. These financial statements are the responsibility of the company's management.Our responsibility is to express an opinion on these financial statements based on ouraudit.

We conducted our audit in accordance with auditing standards generally accepted inIndia. These standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatements. Anaudit includes examining on test basis evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accounting principles usedand significant estimates made by the management as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read with other notes to accounts and accounting policiesgive the information required by the Companies Act 1956 in the manner so required andgive a true and fair view subject to point numbers 2 and 5 mentioned in the notes toaccounts:-

a. In the case of Balance Sheet of the state of the affairs of the Company as at 31stMarch 2014; and

b. In the case of Statement of Profit & Loss of the Profit of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor Report) Order 2003issued by the Company LawBoard in terms of section 227(4A) of the Companies Act 1956 we give in annexure astatement on the matters specified in the paragraph 4 & 5 of the said order.

2. Further to our comments in the annexure referred to in paragraph 1 above we statethat:

a. We have obtained all the information and explanations which to the best ourknowledge and belief were necessary for the purpose of our audit.

b. In our opinion proper books of accounts as required by the law have been kept by thecompany so far as appears from our examination of these accounts.

c. The company's Balance Sheet and Statement of Profit & Loss dealt with by thereport are in agreement with the books of accounts.

d. In our opinion the Balance Sheet and Statement of Profit & Loss comply with theaccounting standards referred to in sub-section (3C) of section 211 of the Companies Act1956 (the "Act") read with the General Circular 15/2014dates September 132014of the Ministry of Corporate Affairs in respect of section 133 0f Companies Act .

e. On the basis of written representations received and taken on record by Board ofDirectors none of the directors is disqualified under clause (g) of sub - section (1) ofsection 274 of the Companies Act 1956.

For M M REDDY & CO.
Chartered Accountants
Firm Registration No.010371S
Sd/-
Place: Hyderabad M Madhusudhana Reddy
Date : 30.05.2014 Partner
Membership No.213077

Annexure to the Auditors' Report (referred to in paragraph 3 of our Report of even dateto the Members of CONCORD DRUGS LIMITED for the year ended March 312014)

1. In respect of its fixed assets

a) The Company has maintained proper records to show full particulars includingquantitative details and situation of its Fixed Assets on the basis of availableinformation wherein the fixed asset register is in the process of being updated. .

b) The Fixed Assets of the Company were physically verified by the management atreasonable intervals and no material discrepancies between the books/records and thephysical inventory was noticed on such verification.

c) In our opinion the Company has not disposed off a substantial part of its fixedassets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a) The Inventory of the Company has been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company has maintained proper record of inventories. As explained to us therewere no material discrepancies notices on physical verification of inventories as comparedto the book records.

3. In respect of loans secured or unsecured granted or taken by the Company to/ fromCompanies firms or other parties covered in the register maintained under Section 301 ofthe Company's Act 1956.

a) The Company has not granted any loans during the year to Companies firms or otherparties covered in the Register maintained under Section 301 of the Companies Act 1956.

Consequently the requirements of clauses (iii) (b)(c)(d) of paragraph 4 of the orderare not applicable.

b) As informed the Company has not taken loans from parties covered in the registermaintained under Section 301 of the Act1956. Consequently the requirements of clauses(iii) (c)(d) of paragraph 4 of the order are not applicable.

4. In our opinion and according to the information and explanation given to us theCompany has an adequate internal control procedure commensurate with the size and natureof business of the company for the purchase of inventory fixed assets and the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

5. In respect of the contracts or arrangements referred to in Section 301 of theCompanies Act 1956 in our opinion and according to the information and explanationsgiven to us there are no transactions made in pursuance of contracts or arrangements that need to be entered in the Register maintained under Section 301 of the Companies Act1956 . Consequently clause 4(v) of the order is not applicable.

6. According to the information and explanation given to us the Company has notaccepted any deposits contemplated under Sec. 58A of the Companies Act 1956 from thepublic. Therefore the provisions of clause 4(vi) of the order are not applicable.

7. In our opinion the Company has an internal audit system which needs to bestrengthened.

8. We have been informed that the Central Government has not prescribed maintenance ofcost records U/s 209 (I)(d) of the Companies Act 1956 (1 of 1956) for the Company'sservices.

9. In respect of statutory dues:

(a) According to the records of the company the company is regular in depositingundisputed statutory dues including provident fund ESI Income Tax Excise duty cess andother material statutory dues applicable at the end of the year for a period of more thansix months from the date they became payable.

(b)According to the information and explanation given to us there are dues of incometax which have not been deposited on account of dispute and no dues of sales tax wealthtax service tax customs duty excise duty and cess which have not been deposited onaccount of any dispute. There were no dues on account of cess under 441A of the CompaniesAct 1956 since the date from which the aforesaid section comes into force has not yetbeen notified by the Central Government.

Details of dues of Income Tax which have not been deposited as at March 312014 onaccount of disputes are given below:

Particulars Demand U/s Period to which the amount relates Forum where the dispute Is pending Amount in Rs.
Income Tax Act 1961 148 A.Y.2006-07 Commissioner of Income Tax (Appeals)-ll 11987841
Income Tax Act 1961 148 A.Y. 2007-08 Commissioner of Income Tax (Appeals)-ll 2244779
Income Tax Act 1961 148 A.Y. 2008-09 Commissioner of Income Tax (Appeals)-ll 1606275
Income Tax Act 1961 143(3) A. Y. 2011-12 Commissioner of Income Tax (Appeals)-ll 38128810

1. The Company does not have accumulated losses at the end of the financial year. TheCompany has not incurred cash losses during the financial year covered by the audit and inthe immediately preceding financial year.

2. Based on the audit procedures and according to the information and explanationgiven to us we are of the opinion that the Company has during the year delayed on fewoccasions in repaying term loan instilments due to the banks and financial institutions.

3. In our opinion and according to the explanation given to us and based on theinformation available the Company has not granted any loans or advances on the basis ofsecurity by way of pledge of shares debentures or other securities.

4. In our opinion the Company is not a Chit Fund Nidhi or Mutual Benefit fund /Societies. Therefore the provisions clause (xiii) of paragraph 4 of the order is notapplicable to the Company.

5. The Company is not dealing or trading in shares securities debentures.

6. According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks and financial institutions.

7. The term loans and working capital loans obtained from the banks have been appliedfor the purpose for which they were taken.

8. On the basis of an overall examination of the balance sheet of the company in ouropinion and according to the information and explanations given to us we report thatfunds raised on short-term basis have not been used for long-term investment.

9. The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 301 of the Companies Act 1956during the year.

10. During the period covered by our audit report the company does not have anyoutstanding debentures during the year.

11. The Company has not raised any money by way of public issues during the year.

12. In our opinion and according to the explanation given to us no fraud on or by theCompany has been noticed or reported during the year.

For M M REDDY & CO.
Chartered Accountants
Firm Registration No.010371S
Sd/-
Place: Hyderabad M Madhusudhana Reddy
Date : 30.05.2014 Partner
Membership No.213077

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard