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 | 28 Jun 38.40 -2.30
(-5.65%)
OPEN

47.00

HIGH

47.00

LOW

37.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 47.00
PREVIOUS CLOSE 40.70
VOLUME 22382
52-Week high 79.45
52-Week low 37.65
P/E 174.55
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 47.00
CLOSE 40.70
VOLUME 22382
52-Week high 79.45
52-Week low 37.65
P/E 174.55
Mkt Cap.(Rs cr) 28
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

on Financial Statements

To the Members of

CONCORD DRUGS LIMITED.

Report on the financial Statements

We have audited the accompanying standalone financial statements of CONCORD DRUGSLIMITED (‘the Company’) which comprise the balance sheet as at 31st March2016 the statement of profit and loss and the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Managements 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 preparationand presentation of these standalone 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.

Auditors Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 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.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone

Opinion

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 31 March 2016 and its profit and its cash flows for the ended on that date exceptemphasis of matters stated below.

Emphasis of Matters

1. Company has unsecured loans of Rs. 408.67 Lakhs as on balance sheet date receivedfrom other than Directors and promoters.

2. The stock of raw material work in progress finished goods and packing materialworth of Rs.814.85 Lakhs are subject to management confirmations.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (‘the Order’)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A statement on the matters specified in the paragraph 3and 4 of 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 purposes 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 the cash flow statementdealt with by this Report 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;

e) on the basis of the written representations received from the directors as on 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

f) 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:

i. The Company does not have any pending litigations.

ii. The Company did not have any 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 M REDDY & CO.
Chartered Accountants
Firm Registration No.010371S
M Madhusudhana Reddy
Place: Hyderabad Partner
Date : 30.05.2016 Membership No.213077

Annexure-A to the Auditors' Report

The Annexure-A referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the Year ended 31 March 2016 we report that:

1. a. The Company has not maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The title deeds of the immovable property are held in the name of the company.

2. The physical verification of the inventory excluding stocks with third parties hasbeen conducted at reasonable intervals by the management during the year. In our opinionthe frequency of the verification is reasonable.

3. The Company has not granted any loans to bodies corporate covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act’).

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. The Company has not accepted any deposits from the public in specific and acceptedunsecured loans from the persons other than directors and promoters.

6. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

7. a. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including duty of excise sales taxwealth tax service tax duty of customs value added tax cess and other materialstatutory dues have been regularly deposited during the year. The company has not compliedthe provisions under income tax (TDS) Employees State Insurance Provident Fund andService tax.

b. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund sales tax wealth tax duty of customs value addedtax cess and other material statutory dues were in arrears as at 31 March 2016 for aperiod of more than six months from the date they became payable except the following.

Financial Year Section under which TDS Due Amount in Rs.
2014-15 194 J 210000
2014-15 194 C 3964
2015-16 194J 62800
2015-16 194C 1036

c. According to the information and explanations given to us there are no materialdues of sales tax service tax and value added tax wealth tax duty of customs and cesswhich have not been deposited with the appropriate authorities on account of any dispute.However according to information and explanations given to us the following dues ofincome tax have not been deposited by the Company on account of disputes:

Particulars Demand U/s Period to which the amount relates Forum where the dispute is pending Amount in Rs.
Act 1961 148 A.Y.2006-07 Commissioner of Income -II 11987841
Act 1961 148 A.Y. 2007-08 Commissioner of Income -II 2244779
Act 1961 148 A.Y. 2008-09 Commissioner of Income -II 1606275
Act 1961 143(1) A.Y. 2010- Jurisdictional AO 1677610
Act 1961 143(3) -12 Commissioner of Income -II 38128810
Act 1961 143(3) A.Y. 2012-13 Jurisdictional AO 443910
Act 1961 143 1(a) A.Y. 2013-14 Jurisdictional AO
Act 1961 Others A.Y. 2015-16 Jurisdictional AO 1263500

8. In our opinion and according to the information and explanations given to us theCompany is not in regular in repayment of loans or borrowings to banks financialinstitutions. The Company has not issued any debentures.

9. The company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and terms loans during the year.

10. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit Except IssuesReported Under Matters Emphases.

11. The company has paid/ provided managerial remuneration in accordance with requisiteapprovals mandated by the provisions of section 197 read with schedule V to the act.

12. The company is not Nidhi Company and the Nidhi Rules 2014 not applicable to it.Accordingly the provisions of Clause 3(Xii) of order not applicable to the company.

13. The company has entered transactions with the related parties and complied withSection 188 and 177 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc as required by the accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of order notapplicable to the company.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For M M REDDY & CO.
Chartered Accountants
Firm Registration No.010371S
M Madhusudhana Reddy
Place: Hyderabad Partner
Date : 30.05.2016 Membership No.213077