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Pharmaids Pharmaceuticals Ltd.

BSE: 524572 Sector: Health care
NSE: N.A. ISIN Code: INE117D01018
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.55
PREVIOUS CLOSE 2.55
VOLUME 2309
52-Week high 4.97
52-Week low 2.55
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.55
Buy Qty 91.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.55
CLOSE 2.55
VOLUME 2309
52-Week high 4.97
52-Week low 2.55
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.55
Buy Qty 91.00
Sell Price 0.00
Sell Qty 0.00

Pharmaids Pharmaceuticals Ltd. (PHARMAIDSPHARMA) - Auditors Report

Company auditors report

To The Members of

Pharmaids Pharmaceuticals Limited .

Report on the Financial Statements

We have audited the accompanying financial statements of Pharmaids PharmaceuticalsLimited (“the Company”) which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143( 10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company’s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the management as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31st 2016 and its Loss and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (“theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in “Annexure 1” statement on matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable

2. As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

c. the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 3191 March 2016 from being appointed as a director interms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure 2”.

g. With respect to the other matters included in the Auditor's Report and in accordancewith Rule 11 of Companies (Audit and Auditors) Rules 2014 and in our opinion and to thebest of our information and explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For Rakesh S Jain & Associates
Chartered Accountants
Firm Registration No. 010129S
(B.Ramesh Kumar)
Place : Hyderabad Partner
Date : 27.05.2016 M.No. 200304

Annexure 1 referred to in our report of even date Re: Pharmaids PharmaceuticalsLimited

i. a) The Company has maintained proper records showing full particular includingquantitative details and situation of fixed assets.

b) As explained to us the fixed assets have been physically verified by the managementaccording to the phased program designed to cover all the fixed assets over the year. Inrespect of fixed assets verified according to this program which we consider reasonableno material discrepancies were noticed on such verification.

c) As verified by us the title deeds of immovable property are held in the name of thecompany.

ii. As explained to us inventories have been physically verified during the year bythe management. In our opinion the frequency of verification is reasonable. The Companyis maintaining proper records of inventory and no material discrepancies were noticed onphysical verification.

iii. According to the information and explanations given to us the Company has notgranted any Loans to any of the parties covered in the register maintained under section189 of the Act.

iv. In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security; provisions of section 185 and 186of the Companies Act 2013 have been complied with.

v. The Company has not accepted any deposits from the public within the meaning ofsections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed there under.

vi. We have broadly reviewed the cost records maintained by the Company prescribed bythe Central Government of India under Section 148(1) of the Act and are of the opinionthat prima facie the prescribed accounts and records have been maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete

vii. a) The Company is regular in depositing undisputed statutory dues with appropriateauthorities including provident fund employees’ state insurance income-taxsales-tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues applicable to it.

b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax sales tax service tax duty of customs duty of excisevalue added tax were in arrears as at 31st March 2016 for a period more thansix months from the date they became payable except TDS amounting to Rs.6540/-.

viii. According to the records of the Company examined by us and the information andexplanations given to us the company has not defaulted in repayment of loans or borrowingto a financial institution bank Government or dues to debenture holders as applicableas at the Balance sheet date.

ix. In our opinion and according to the information and explanations given to usmoneys raised by way of initial public offer or further public offer (including debtinstruments) and the term loans as applicable have been applied for the purposes forwhich they were raised.

x. According to the information and explanations given to us we have neither comeacross any instance of fraud on the company by its officers or employees or by the Companynoticed or reported during the year nor have we been informed of such case by themanagement.

xi. According to the records of the Company examined by us and the information andexplanations given to us managerial remuneration has been paid in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

xii. In our opinion the company is not a Nidhi company. Therefore the provisions ofclause 3 (xii) of the Companies (Auditor’s Report) Order 2016 are not applicable tothe company

xiii. According to the records of the Company examined by us and the information andexplanations given to us all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards.

xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

xv. According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him. .

xvi. According to the information and explanations given to us in our opinion thecompany is not required to get registration under section 45-IA of the Reserve Bank ofIndia Act 1934.

For Rakesh S Jain & Associates
Chartered Accountants
FRN: 010129-S
Sd/-
(B.Ramesh Kumar)
Place: Hyderabad Partner
Date: 27.05.2016 M.No: 200304

“Annexure - 2”

Annexure to the Independent Auditor’s Report of even date on the FinancialStatements of Pharmaids Pharmaceuticals Limited

Report on the internal Financial Controls under Clause (it of Sub-section 3 of 143 ofthe Companies Act 2013 (“the Ac’)

To the Members of Pharmaids Pharmaceuticals Limited

We have audited the internal financial controls over financial reporting of PharmaidsPharmaceuticals Limited (“the Company”) as of 31st March 2016 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial criteria establish by thecompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to the Company’s policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls of Financial Reporting (the“Guidance Note”) and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by Instituteof Chartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness Our audit of internal financial controls over financial reporting includedobtaining and understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing evaluating the design andoperating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the risk of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis of our audit opinion on internal financial control system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company’s internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and the receipts andexpenditures of the Company are being made only in accoroance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition ofCompany’s assets that could have a material effect on the financial statements.

Inherent limitations of Internal Financial Controls over Financial Reporting

Because of inherent limitations of internal controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of internal financial controls over financial reporting tofuture periods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with policies and procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial control systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting Issued by the Institute of CharteredAccountants of India.

Explanatory paragraph

We also have audited in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of the .Act the financial statements of Pharmaids Pharmaceuticals Limited which comprisethe Balance Sheet as at March 312016 and the related Statement of Profit and Loss andCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information and our report as of date expressed anunqualified opinion thereon.

For Rakesh S Jain & Associates
Chartered Accountants
FRN: 010129-S
Sd/-
(B.Ramesh Kumar)
Place: Hyderabad Partner
Date: 27.05.2016 M.No: 200304