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Doctors Biotech India Ltd.

BSE: 512079 Sector: Industrials
NSE: N.A. ISIN Code: INE739D01027
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Doctors Biotech India Ltd. (DOCTORSBIOTECH) - Auditors Report

Company auditors report

DOCTORS BIOTECH INDIA LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT TO, THE MEMBERS OF DOCTORS BIOTECH INDIA LIMITED W have audited the attached Balance Sheet of Doctors Biotech India Ltd., as at 30th June 2004 and the Profit and Loss Account of the Company, for the period ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements, based on our audit. A. We conduct our audit, in accordance with auditing standards. gracefully accepted in India. Those standards require that w plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by tile management. as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. B. As required by the Manufacturing and other companies (Auditor's Report) Order 1988. issued by the Company Law Board, in terms of sub-section (4A) of Section 27 of the Companies Act, 1956, we enclosed the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. C. Further to our comments in the Annexure referred to in paragraph B above, we report that: 1) We, have obtained all the information and explanations, which to the be it of our information and belief. were necessary for the purposes of our audit : 2) In our opinion, proper books of account, as required by law, have been kept by the Company, so far as appears from our examination of those books: 3) The Balance Sheet and Profit and Loss Account, dealt with by this report are in agreement with the Books,of account ; 4) In our opinion, the Balance Sheet and Profit & Loss Account, dealt with by this report, comply with the Accounting Standards, referred to in sub- section (3C) of Section 211 of the Companies Act, 1956 ; 5) On the basis of the written representations received by the Directors, as on 30th June 2004 and taken on record by the Board of Directors, we report that none of the Director is disqualified, as on 30th June 2004, from being appointed as a Director, in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 ; 6) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts, give the information required by the Companies Act, 1956, in the manner so required and give true and fair view, in conformity with the accounting principles, generally accepted in India: i) In case of the Balance Sheet, of the state of affairs of the Company, as to 30th June 2004. ii) In the case of the Profit and Loss Account, of the profit of the Company, for the period ended on that date. FOR S.M. BHAT & ASSOCIATES CHARTERED ACCOUNTANTS S.M. BHAT PROPRIETOR Place : Mumbai Dated : 1st December 2004. ANNEXURE I. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets (b) The management during the period has physically verified the fixed assets of the Company. No material discrepancies between the book records and physical inventory have been noticed in respect of such verification. II. Non of the fixed assets have been revalued during the period. III. We have been informed by the management that they have conducted physical verification of the raw material and finished goods at reasonable internals. IV. In our opinion the procedures 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. V. We have been informed by the management that no material discrepancies have been noticed on physical verification of stock as compared to book records. VI. On the basis of our examination of Stock records, we are of the opinion that the Valuation of stocks is fair and proper and is in accordance with the normally accepted accounting principles. VII. As per information available to us, the company has not taken any loans, secured or unsecured, from firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or from the companies under the same management as defined under sub section (1B) of section 370 of the Companies Act, 1956. VIII. As per information available to us. the company has not granted any loans, to the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or from the companies under the same management as defined under sub section (1B) of section 370 of the Companies Act, 1956. where the rate of interest or the other terms and conditions of such loans arc prima-facia prejudicial to the interest of the company. In terms of sub section (6) of section 370 of the Act, the provisions of the section are not applicable to the company after the commencement of the Companies (Amendment) Act, 1999. IX. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regards to the purchase of stores, raw materials, including components, plant and machinery equipment and other assets and with regard to the sale of goods & services. X. In our opinion and according to the information and explanations given to us, the transactions of purchase and sale of goods and materials and services made in pursuance of contracts or arrangements entered in the Register maintained under section 301 and aggregating during the period to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices for such goods, materials or services or the prices at which transaction for similar goods, materials or services have been made with other parties. XI. According to the information and explanations given to us, the Company has a regular procedure for determining unserviceable or damaged stores and raw materials and finished goods. XII. The Company has not accepted any deposit from public during the period. XIII. The Company has no by-products. XIV. In our opinion and having regard to the size of the company there is an adequate internal control procedure. XV. Maintenance of cost records has not been prescribed by the Central Government under section 209 (i) (d) of the Companies Act, 1956 for any of the Companies products. XVI. The Company is not contributory to the Provident Fund and employees State According to the records of the Company, Provident Fund and Employee's State Insurance Scheme as in the opinion of directors. it is not applicable to the Company. XVII. According to the information and explanations given to us there as no undisputed amount payable in respect of income-tax, sales-tax, wealth tax. customs duty and excise duty or standing as at the last day of the financial period for a period of more than six months from the date they became payable. XVIII. During the course of examination of the books of account, we have not noticed any personal expenses, which are debited in revenue account during the period other than those payable under contractual obligations. Regular bills paid to clubs where company is corporate member is not treated as personal expense. XIX. The Company is not a Sick Industrial Company within the meaning of clause (O) of Sec. 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. XX. In respect of the trading activity of the Company there were no damaged goods in the closing stock. FOR S.M. BHAT & ASSOCIATES CHARTERED ACCOUNTANTS S.M. BHAT PROPRIETOR Place : Mumbai Dated : 1st December, 2004