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Organon (India) Ltd.

BSE: 532002 Sector: Health care
NSE: INFARINDIA ISIN Code: INE568A01018
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Organon (India) Ltd. (INFARINDIA) - Auditors Report

Company auditors report

ORGANON (INDIA) LIMITED ANNUAL REPORT 2009 AUDITORS' REPORT TO THE MEMBERS OF ORGANON (INDIA) LIMITED 1. We have audited the attached Balance Sheet of Organon (India) Limited, ('the Company'), as at December 31, 2009, the Profit and Loss Account and also the Cash Flow Statement for the year 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. 2. 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 principles 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. 3. As required by the Statement on Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 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. 4. Further to our comments in the Annexure referred to above, we report that: (i) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) 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; (iii) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (v) on the basis of written representations received from directors as on December 31, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on December 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; (vi) in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with 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 in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the State of Affairs of the Company as at December 31, 2009; (b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. For Deloitte Haskins & Sells Chartered Accountants (Reg. No. 117366W) K.A. Katki Partner Mumbai, February 23, 2010 (Membership No. 038568) ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS' REPORT ON THE ACCOUNTS OF ORGANON (INDIA) LIMITED 1. In respect of its fixed assets: (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Physical verification of fixed assets is being conducted in a phased programme by the management designed to cover all assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of account. (c) Although some of the fixed assets have been disposed off during the year, in our opinion and according to the information and explanations given to us, the ability of the company to continue as a going concern is not affected. 2. In respect of its inventories: (a) As explained to us, the inventories were physically verified during the year by the management at reasonable intervals. (u) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and the discrepancies noticed on such physical verification between physical stock and book records were not material and have been adequately dealt with in the books of account. 3. According to the information and explanations given to us, the company has not granted or taken any loan secured or unsecured to/or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub clauses (a), (b), (c), (d), (e), (f) and (g) of clause (iii) are not applicable. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control systems. 5. To the best of our knowledge and belief and according to the information and explanations given to us, there were no transactions required to be entered in the register maintained in pursuance of section 301 of the Companies Act, 1956. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 7. In our opinion, the internal audit functions carried out during the year by an external entity appointed by the management have been commensurate with the size of the Company and nature of its business. 8. We have broadly reviewed the books of account and records maintained by the Company relating to the manufacture of formulations and bulk drugs, pursuant to the Order made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed records have been maintained and the prescribed accounts are in the process of being made up. We have however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any other product of the Company. 9. In respect of statutory dues: (a) According to the information and explanations given to us the Company has been generally regular in depositing undisputed statutory dues, including Providend Fund, Investor Education and Protection Fund, Employees' State Insurance, Income tax, Sales tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues with the appropriate authorities during the year. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441 A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. (b) According to the information and explanations given to us, details of disputed income tax, excise duty, sales tax and customs duty, which have not been deposited as on December 31, 2009 on account of any dispute are given below: Nature of Nature of Dues Amount Period to Forum where Statute in Rupees which the dispute is Amount pending relates Central Pregcolour- 31,668,278 1995-1996 Tribunal Excise Classification Act, 1944 of product Central Excise Wrong 395,245 1997-1988 Tribunal Act, 1944 classification of Contraceptive Central Excise Short payment 128,425 2007-2008 Tribunal Act, 1944 of Duty West Bengal Calculation 484,329 2002-2003 Additional Sales Tax of gross Commissioner Act, 1944 turnover for Sales Tax levy of sales (Appeal) tax & purchase tax Gujarat Sales Non submission 3,156,775 2004-2005 Assistant Tax Act, 1956 of sales form Commissioner of H, F and Sales Tax enhancement of tax accordingly Central Sales Non submission 1,195,584 2001-2002 Deputy Tax Act, 1956 of sales patti, Commissioner form F, form Sales Tax C/D etc. (Appeal) Central Sales Non submission 45,653 2000-2001 Deputy Tax Act, 1956 of sales form Commissioner Sales Tax (Appeal) Local Sales Non submission 92,908 2001-2002 Deputy Tax Act, 1956 of sales form Commissioner Sales Tax (Appeal) Central Sales Non submission of 101,122 2002-2003 Deputy Tax Act, 1956 sales form Commissioner Sales Tax (Appeal) Central Sales Non submission of 369,948 2003-2004 Deputy Tax Act, 1956 sales form Commissioner Sales Tax (Appeal) Central Sales Non submission of 577,607 2004-2005 Deputy Tax Act, 1956 sales form Commissioner Sales Tax (Appeal) Income Tax Disallowance of 8,350,987 2005-2006 Deputy Act, 1956 expense Commissioner of Income Tax There were no disputed dues which remained unpaid in respect of custom duty, wealth tax, service tax and cess during the year. 10. The Company does not have any accumulated losses as at the end of the financial year. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not obtained any borrowings from any banks or financial institutions or by way of debentures. 12. In our opinion, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities 13. In our opinion, the Company is not a chit fund or a Nidhi/mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company. 14. In our opinion the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company. 15. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions. 16. The Company has not obtained any term loans during the year. 17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have prima-facie, not been used during the year for long term investment. 18. The Company has not made any preferential allotment of shares to parties or companies covered in the Register maintained under section 301 of the Companies Act, 1956. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by public issues during the year. 21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants (Reg. No. 117366W) K.A. Katki Partner Mumbai, February 23, 2010 (Membership No. 038568)