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Gran Heal Pharma Ltd.

BSE: 512614 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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Gran Heal Pharma Ltd. (GRANHEALPHARMA) - Auditors Report

Company auditors report

GRAN HEAL PHARMA LTD. ANNUAL REPORT 1999-2000 AUDITOR'S REPORT To the Members of Gran Heal Pharma Ltd. We have audited the Balance Sheet of M/s. Gran Heal Pharma Ltd. as on 31st March 2000, and also the Profit & Loss account for the year ended on that date annexed thereto. We report as follows : 1. As required by the Manufacturing and other Companies (Auditor's Report) Order, 1988, issued by the Company Law Board, in terms of Section 227 (4A) of the Companies Act, 1956 we enclose, in the Annexure a statement of the matters specified in the paragraphs 4 & 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above 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 account as required by law have been kept by the company so far as appears from our examination of the books. c) The balance Sheet and Profit & Loss Account dealt with by the report are in agreement with the books of account. d) In our opinion, the Balance Sheet and Profit and Loss Account referred to in this report, comply with the accounting standards referred to in subsection (3C) of section 211 of the Companies Act, 1956. Subject to the foregoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Company's accounting policies and the notes thereto, forming part of the accounts, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view : i) In the case of Balance Sheet, of the state of affairs of the company as on 31st March, 2000, and ii) In the case of Profit & Loss Account, the profit of the Company for the year ended on that date. For KAMLESH B. MEHTA & CO. MUMBAI Chartered Accountant 2nd September, 2000 KAMLESH B. MEHTA (Proprietor) ANNEXURE TO THE AUDITORS REPORT Referred to the paragraph 1 of our Report of even date 1) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. All the assets have not been physically verified by the management during the year and there is a regular program of verification, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. The Company is in process of reconciliation of Physical Inventory. of Fixed Assets with book records. 2) None of the fixed assets have been revalued during the year. 3) According to the information and explanations given to us, 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. 4) The discrepancies noticed on physical verification of stocks as compared to the book records were, in our opinion, not material. 5) On the basis of our examination of stock records for trading activities 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 the proceeding years. 6) The Company has not taken loans from companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act 1956 (1 of 1956). As certified by the management, there are no companies under the same management. 7) The Company has not granted loans to the other parties listed in the Register maintained under section 301 of companies Act 1956, (1 of 1956). As certified by the management there are no companies under the same management. 8) Parties to whom loans & advances in the nature of loans have been given are repaying the principal amount as stipulated and are also regular in payment of interest, where applicable. 9) 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 nature of its business with regard to the purchase of stores, raw materials including components, plant and machinery, equipment and other assets, and with regard to the sale of goods. 10) In our opinion and according to the information and explanations given to us, the transaction of purchase and sale of goods and materials in pursuance of contract or arrangement entered in the Register maintained under Section 301 and aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prices at which transactions of similar goods and materials have been made with other parties or quoted by the other parties except, where comparable quotations are not available having regard to the specialised nature of materials purchased by the Company. 11) As explained to us, the Company has a regular procedure for the determination or unservice able or damaged stores, raw materials and finished goods. Adequate provisions have been made in the accounts for the loss so determined. 12) The Company has not accepted deposits from the public and therefore the provisions of Section 58A of the Companies Act 1956 and rules there under are not applicable to the company. 13) The Company has maintained reasonable records in respect of sale and disposal of realisable by products and scrap. We were informed that there were no by products generated by the Company. 14) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business. 15) The Central Government has not prescribed maintenance of cost records under section 209 (1)(d) of the Companies Act 1956, for any of the products of the Company. 16) The Company has not deducted the Provident Fund, Employment State Insurance Fund, as the company is not registered with the respective authorities. 17) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty & Excise Duty were outstanding as on 31st March, 2000 for a period of more than six months from the date they became payable. 18) On the basis of examination of the books of accounts of the Company carried out by us and in accordance to the information and explanation given to us, no personal expenses of the employees or the Directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. 19) The company is not a sick industrial company within the meaning of clause (0) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act 1965. 20) In respect of the trading activity of the company there were no damaged goods in closing stock. For KAMLESH B. MEHTA & CO. MUMBAI Chartered Accountant 2nd September, 2000 KAMLESH B. MEHTA (Proprietor)