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Nagarjuna Drugs Ltd.

BSE: 530064 Sector: Health care
NSE: N.A. ISIN Code: INE254C01011
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Nagarjuna Drugs Ltd. (NAGDRUGS) - Auditors Report

Company auditors report

NAGARJUNA DRUGS LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT To The Members of M/s. NAGARJUNA DRUGS LIMITED BONTHAPALLY. We have audited the attached Balance Sheet of M/s. NAGARJUNA DRUGS LIMITED, BONTHAPALLY as on 31st March, 2000 and the annexed Profit & Loss Account for the year ended on that date and report that:- 1. As required by 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, we enclose in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the said Order. 2. Our comments on the accounts are as under:- i) Reference is invited to note No. 19 under Schedule - Q regarding confirmation of Balances. ii) Reference is invited to Note No. 5 under Schedule-Q regarding Sales Tax. iii) No provision for interest is made on the amount outstanding under cash credit with State Bank of India at the year end. The amount of non- provision of interest could not quantified as necessary details are not provided and hence its impact on the loss for the year of the Company could not reflected in the Accounts. 3. Subject to our observations in the Annexure referred to in Paragraph (1) and our comments in Paragraph (2) above. We 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, the Company has kept proper books of account as required by Law so far as it appears from our examination of such books. c) In our opinion the Balance Sheet and Profit & Loss Account are in compliance with the accounting standards referred in Section 211 (3) (C) of the Companies Act, 1956. d) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account. e) In our opinion and to the best of our information and according to the explanations given to us the said Balance Sheet and Profit & Loss Account read together with the significant accounting policies and notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view. i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as on 31st March, 2000 and ii) In so far as it relates to the Profit & Loss Account of the loss of the Company for the year ended on that date. for KUMAR & GIRI CHARTERED ACCOUNTANTS Place : Hyderabad, J. BHADRA KUMAR Date : 27-07-2000. PARTNER. ANNEXURE REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE 1. Fixed Assets records showing full particulars including quantitative details and situation of fixed assets are yet to be compiled by the Company. No physical verification of fixed assets were carried out during the year. 2. The fixed assets have been revalued during the year. 3. The stocks of work-in-process, finished goods, stores,spare parts, raw- materials and packing materials have been verified by the Management at the year end and the certificate given by the Management is being relied upon. 4. The procedures of physical verification of stocks followed by the Management need to be strengthened and streamlined by drawing up a periodical programme of verification and reporting so as to be reasonable and adequate in relation to the size of the Company and the nature of its business. 5. The Company has maintained stock records for the year and we are explained that there are no material discrepancies between physical verification of stocks and books records, excepting stocks of work-in- progress in respect of which the certificate given to that extent by the Management has been relied upon. 6. According to the information and explanations given to us and subject to our comment given in clause (5) above, we are of the opinion that the valuation of stocks is fair and proper and is in accordance with normally accepted accounting principles. There is no change in the basis of valuation as compared to previous year. 7. The Company has not taken any loans from the Companies, firms or parties listed in the register maintained under Section 370(1B) of the Companies Act, 1956, excepting loans from Directors for which not terms and conditions are prescribed. 8. The Company has advanced monies to Companies, firms and other parties as listed in the register maintained under Section 301 of the Companies Act, 1956. The terms and conditions for those advances have not been specified. 9. The Company has not given any loans or advances in the nature of loans. 10. In our opinion and according to the information and explanations given to us, the internal control procedures for the purchase of stores. raw- materials and packing materials, plant and machinery, equipment and other assets and for the sale of goods needs to be strengthened and streamlined so as to be commensurate with the size of the Company and the nature of its business. 11. The transactions of Purchase of goods and Materials and sale of goods, Materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregate during the year to Rs.50,000/- or more in respect of each party are considered reasonable by comparison with the prevailing Market Prices. 12. As explained to us, the Company has a procedure for the determination of unserviceable or damaged stores, Raw-materials, Work-in-process and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Company, has taken accepted any deposits from the public excepting Unsecured Loans from directors and others and hence there is no compliance to that extent within the meaning of section 58A of the Companies Act, 1956 and the rules framed thereunder. 14. In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable by product and scrap, wherever applicable and significant. 15. The Company does not have any internal audit system.- 16. The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 for the products of the Company. 17. The Company is not regular in depositing the Employees State Insurance and Provident Fund dues with the appropriate authorities. As at 31-03-2000 an amount of Rs. 85.943/- is outstanding on payable towards PF and Rs. 32,959/- towards ESI. 18. According to the information and explanations given to us there are no undisputed amounts payable in respect of Income Tax, Customs Duty and Excise Duty outstanding as at 31st March, 2000 for a period exceeding six months from the date they became payable. However, sales tax amounting to Rs.4.95 lacs is due on 31-03-2000 which includes its. 4.59 lacs due for more than six months. 19. According to the information and explanations given to us, no personal expenses of Employees or Directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with the generally accepted business practice. 20. The Company is a Sick Industrial Company within the meaning of Section 3 (1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985. for KUMAR & GIRL CHARTERED ACCOUNTANTS Place : Hyderabad, J. BHADRA KUMAR Date : 27-07-2000. PARTNER.