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Perk Pharmaceuticals Ltd.

BSE: 530673 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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Perk Pharmaceuticals Ltd. (PERKPHARMA) - Auditors Report

Company auditors report

PERK PHARMACEUTICALS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To, The Members, M/s PERK PHARMACEUTICALS LIMITED, MEERUT. We have audited the attached Balance Sheet of MESSRS. PERK PHARMACEUTICALS LIMITED, MEERUT as on 31st March 2011, and Profit & Loss Account of the company for the year ended on that date annexed there to & report that:- 1. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 (revised) issued by the Company law Board in terms of Section 227 (4-A) of the Companies Act, 1956, & on the basis of such checks of books & records of the company as we considered appropriate & information and explanation given to us during the course of audit, we give in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order to the extent applicable to the Company. 2. Further to our comments referred to in paragraph (1) 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 proper books of account as required by law have been kept by the company so far as appears from our examination of those books. (c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. (d) 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 Account Policies and other notes thereon as per 'Schedule - 18', give the information required by The Companies Act, 1956, in the manner so required & give true and fair view: (e) On the basis of written representation received from the Directors as on 31.03.2011and taken on record by the Board of Directors, we report that none of the directors disqualified as on 31.03.2011f rom being appointed as director in term of Section 274(1) (g) of the Companies Act, 1956. i. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011, and ii. In the case of Profit & Loss Account, of the profit for the year ended as on that date. For JYOTSNA MADAN & ASSOCIATES Chartered Accountants (JYOTSNA MADAN) PLACE: Meerut B.Com., F.C.A. DATED: This 11th day of July, 2011 Chartered Accountant ANNEXURE TO THE AUDITOR'S REPORT: To The Members M/S PERK PHARMACEUTICALS LIMITED (Referred to in 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 assets have not been physically verified by the management during the year but 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. No material discrepancies with respect to book records were noticed on such verification. 2. None of the fixed assets of the company have been revalued during the year. 3. The stock of finished goods, stores and raw materials of the Company have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. 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 same have been properly dealt with in the books of accounts. 5. The discrepancies noticed on physical verification of stocks as compared to book records were not material in relation to the operations of the Company and the same have been properly dealt with in the books of accounts. 6. In our opinion the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in previous year. 7. The Company has not taken any loans secured or unsecured from Companies, Firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, As explained to us , there are no Companies under the same management as defined under section 370(1B) of the Companies Act, 1956. 8. The Company has not granted any loans secured or unsecured to Companies, firms or other parties listed in register maintained under section 301 of Companies Act, 1956. 9. The Company has not given advances in the nature of loans to employees and others. 10. 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 regard to purchase of stores, raw materials including components , plant and machinery, equipment & other similar assets and for the sale of goods. 11. The Company has made sale of goods and materials in aggregate in excess of Rs. 50,000/- in pursuance of contracts or arrangements entered with a firm listed in the register maintained u/s 301 of the Companies Act,1956. In our opinion the rates terms and conditions of such contracts / arrangements, sales are in normal business and prima facie not prejudicial to the interest of the Company. 12. As explained to us the Company has a regular procedure for the determination of unserviceable or damaged raw materials and finished goods. 13. The Company has not accepted any deposits from the public during the year, hence the provision of section 58A of the Companies Act, 1956 and the rules framed thereunder are not applicable to the company. 14. We are informed that there is no by-product. 15. The paid up Share Capital of the Company at the commencement of financial year is more than Rs. 25 Lacs and the Company has an internal audit system commensurate with its size and nature of its business. 16. Cost Records as required to be maintained under section 209 (1) (d) of the Companies Act, 1956, have prima facie been made and maintained by the company. 17. The Company has been regular in depositing Provident Fund and the Employee State Insurance dues with the appropriate authorities. 18. We are informed that there are no disputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty and Excise Duty outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable. 19. During the course of our examination of books of account carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses, which have been charged to revenue account. 20. The Company is not a sick industrial Company within the meaning of section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986). For JYOTSNA MADAN & ASSOCIATES Chartered Accountants (JYOTSNA MADAN) PLACE: MEERUT B.Com., F.C.A. DATED: This 11th day of July, 2011 Chartered Accountant