You are here » Home » Companies » Company Overview » Eupharma Laboratories Ltd

Eupharma Laboratories Ltd.

BSE: 530409 Sector: Health care
NSE: EUPHARMLAB ISIN Code: INE909A01014
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Eupharma Laboratories Ltd. (EUPHARMLAB) - Auditors Report

Company auditors report

EUPHARMA LABORATORIES LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT TO THE MEMBERS OF EUPHARMA LABORATORIES LIMITED We have audited the attached Balance Sheet of EUPHARMA LABORATORIES LIMITED as at 31st March, 2003 and also the annexed Profit and Loss Account for the period ended on that date which is in agreement with books of account of the Company and include accounts of the Company's Indrad, Dholla and Bombay branches, and report as follows. 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. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we 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 principal used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the manufacturing and Other Companies (Auditors Report) Order 1988, issued by the Company Law Board in terms of section 227(4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we hereby give our report in an annexure attached herewith. 2) Further to our comments in the annexure refereed to in paragraph (1) above and the notes produced in the Schedule 'T' attached to the Balance Sheet, we further report that; a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of those books. c) The Balance Sheet and Profit and Loss account referred to in this report the in agreement with books of accounts. d) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report have been prepared in compliance with the accounting standards refereed to in sub section (3C) of section 211 of Companies Act, 1956 to the extent applicable subject to the accounts attached to the Balance Sheet. e) On the basis of representations received from the directors of the company, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub section (1) of section 274 of the Companies Act, 1956. f) As stated in Note No. 4 and 8 to 16 of Schedule T - Notes to the accounts, the Accounts have been prepared on a going concern basis. Because of the low level of operations during the accounting period, continuing operating losses and liquidity problems, we are unable to form an opinion as to whether the going concern basis is an appropriate basis for the presentation of the accounts of the Company. g) Subject to comments in para No. (f) above, Note No. 13 of Schedule T regarding Non provision of interest on Working Capital loans and Term Loans facility with Bank and note No. 15 of the same schedule regarding non-provision of diminution in the value of Investment in our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the notes thereon give the information required by the companies Act, 1956 in the manner so required and gives a true and fair view; i) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2003. ii) In the case of Profit and Loss account of the Loss of the company for the period ended on that; FOR RAJESH J.SHAH & ASSOCIATES CHARTERED ACCOUNTANTS Place : Ahmedabad RAJESH J.SHAH Date : 2nd September, 2003 PROPRIETOR ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 1 of our report of even date on the accounts of even date on the accounts of Eupharma Laboratories Limited for the period ended 31st March 2003) 1) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets have been physically verified by the management during the year. We are informed that on examination by the management no serious discrepancies were noticed. In our opinion the frequency of verification is reasonable. However, the records are not updated regularly. 2) None of the fixed assets have been revalued during the year. 3) We have physically verified the stocks of finished goods and raw materials (excluding stocks lying with third parties) during the year at regular interval. No material discrepancies were noticed during the course of such verification. 4) In our opinion the procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 5) We are informed that no material discrepancies were noticed by the management on physical verification of stocks as compared to book, records. The discrepancies noticed have been properly dealt with in the books of account. 6) On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7) The Company has taken unsecured loan from the parties listed in the register maintained under Section 301 of the Companies Act, 1956. the terms and conditions of such loans are prima facie not prejudicial to the interest of Company. 8) As per information and explanations submitted to us, the company has given loans or advances in the nature of loans to the parties listed in the register maintained under section 301 of the companies Act, 1956, the terms and conditions are prejudicial to the interest of the company as there no stipulation for repayment of principal as well as interest and we are informed that there are not companies under the same management as defined under the section 370(1-B) of Companies Act, 1956. 9) We are informed that there is no specific stipulation as to time for repayment of the loans or advances in the nature of loans granted by the Company and as such they are repayable on demand, along with interest where applicable. We are therefore unable to comment on regularity of repayment of principal amount and recovery of interest thereon, where applicable. Attention is also invited to notes to Schedule 'T' notes forming part of accounts) attached to the Balance Sheet. 10) In our opinion the internal control procedures for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods need to be strengthened commensurate with the size of the Company and nature of its business. 11) We are informed that there are no transactions of purchase of good and materials and service made in purchase of goods and materials and service made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000 or more in respect of each party. 12) According to the information and explanations given to us, the Company has a regular procedure for determination of unserviceable or damaged stores, raw materials, finished goods and goods held in respect of trading activity. 13) In our opinion, the Company has not accepted public deposits within the meaning of Section 58A of the Companies Act read with the Companies (Acceptance of Deposits) Rules 1975. 14) We are informed that Company's production process dies not generate releasable by products and we are also informed that there were no sale of scrape during the period under conderation. 15) The Company does not have an internal audit system. 16) The Company has not maintained the cost accounts and records prescribed under Section 209(1)(d) of the Companies Act, 1956. 17) According to the records of the Company Provident Fund and Employee;s State Insurance Scheme dues have not been regularly deposited with the appropriate authorities. The aggregate amount of Provident Fund and Employees State insurances Scheme dues outstanding as on 31st March, 2003 was Rs. 1,35,781/-. 18) According to the information and explanations given to us, no undisputed amount payable in respect of Income tax, Wealth tax, Sales tax Custom duty and Excise duty were outstanding as at 31st March, 2003 for a period of more that six months from the date they became payable Except Rs. 16,05,473/- for Sales Tax. 19) According to the information and explanations given to us and the records of the Company examined by us, no personnel expenses have been charged to revenue accounts other than those payable under contractual obligations or in accordance with generally accepted business practice. 20) The Company is a Sick Industrial Company, (subject to the notes no 4 & 8 to 12 mentioned in the schedule 'T' being Notes forming parts of accounts attached to the balance sheet within the meaning of clause (0) of Sub- section (1) of section 3 of the Sick Industrial Companies (Special Provision) Act, 1985 (1 of 1986). Reference to the Board of Industrial and Financial Reconstruction under section 15 of the said Act has been made by lodging the application in appropriate form on 3rd November, 2001. FOR RAJESH J.SHAH & ASSOCIATES CHARTERED ACCOUNTANTS Place : Ahmedabad RAJESH J.SHAH Date : 2nd September, 2003 PROPRIETOR