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Alpa Laboratories Ltd.

BSE: 532878 Sector: Health care
NSE: ALPA ISIN Code: INE385I01010
BSE 00:00 | 01 Dec 55.10 -0.55
(-0.99%)
OPEN

58.35

HIGH

58.35

LOW

54.10

NSE 00:00 | 01 Dec 54.75 -0.75
(-1.35%)
OPEN

56.00

HIGH

56.55

LOW

54.50

OPEN 58.35
PREVIOUS CLOSE 55.65
VOLUME 3153
52-Week high 108.95
52-Week low 48.90
P/E 25.16
Mkt Cap.(Rs cr) 116
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 58.35
CLOSE 55.65
VOLUME 3153
52-Week high 108.95
52-Week low 48.90
P/E 25.16
Mkt Cap.(Rs cr) 116
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alpa Laboratories Ltd. (ALPA) - Auditors Report

Company auditors report

To the Members of Alpa Laboratories Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. I have audited the accompanying Standalone financial statements of ALPA LABORATORIESLIMITED ("the Company") which comprises the Balance Sheet as at 31st March2021 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of changes in equity for the year then ended and notesto the financial statements including a summary of significant accounting policies andother explanatory information.

2. In my opinion and to the best of my information and according to the explanationsgiven to me my report the aforesaid standalone financial statements give the informationrequired by the Companies Act 2013 (the 'Act') in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2021 profit other comprehensiveincome changes in equity and cash flows for the year ended on that date.

Basis of Opinion

3. I conducted my audit in accordance with the Standards of Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. My responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of my report. I am independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to my audit of the financial statementsunder the provisions of the Companies Act 2013 and the Rules thereunder and I havefulfilled my other ethical responsibilities in accordance with these requirements and theCode of Ethics. I believe that the audit evidence I have obtained is sufficient andappropriate to provide a basis for my opinion.

Emphasis of Matter

4. I draw attention to note 41 to the accompanying financial statement which describesthe effects of uncertainties relating to COVID - 19 pandemic outbreak on the Company'soperations and management's evaluation of its impact on the accompanying financialstatement as at 31 March 2021 the impact of which is dependent on future developments.

5. My opinion is not modified in respect of this matter.

Key Audit Matters

6. Key audit matters are those matters that in my professional judgement were of mostsignificance in my audit of the financial statements of the current period. These matterswere addressed in the context of my audit of the financial statements as a whole and informing my opinion thereon and I do not provide a separate opinion on these matters.

7. I have determined that there are no key audit matters to be communicated in myreport.

 

Information other than the Financial Statements and Auditor's Report thereon

8. The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sAnnual Report but does not include the financial statements and my auditors' reportthereon.

9. My opinion on the standalone financial statements does not cover the otherinformation and I do not express any form of assurance conclusion thereon.

10. In connection with my audit of the standalone financial statements myresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements ormy knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work I have performed if I conclude that there is a material misstatement ofthis other information I am required to report that fact. I have nothing to report inthis regard.

 

Responsibility of Management for the Standalone Financial Statements

11. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to preparation ofthese financial statements that give a true and fair view of the state of affairs profitand other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including the IndAS specified under Section 133 of the Act. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

12. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative to do so.

13. Those Board of Directors are also responsible for overseeing the Company'sfinancial reporting process.

 

Auditor's Responsibility for the Audit of the Financial Statements

14. My objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue and auditor's report that includes my opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted is in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in aggregate they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these financial statements.

15. As part of an audit in accordance with Standards on Auditing I exerciseprofessional judgment and maintain professional skepticism throughout the audit. I also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for my opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act I am also responsible for expressing my opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting in preparation of standalone financial statement and based on the auditevidence obtained whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the appropriateness of this assumption. If I concludethat a material uncertainty exists I am required to draw attention in my auditor's reportto the related disclosures in the standalone financial statements or if such disclosuresare inadequate to modify my opinion. My conclusions are based on the audit evidenceobtained up to the date of my auditor's report. However future events or conditions maycause the Company (including its joint operations) to cease to continue as a goingconcern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

• Obtain sufficient appropriate audit evidence regarding the financial informationof such entities or business activities within the Company to express an opinion on thestandalone financial statements of which I am the independent auditors. I am responsiblefor the direction supervision and performance of the audit of financial information ofsuch entities. For the other entities included in the standalone financial statementswhich have been audited by other auditor such other auditor remains responsible for thedirection supervision and performance of the audit carried out by them. I remain solelyresponsible for my audit opinion.

16. I communicate with those charged with governance of the Company regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that I identify during myaudit.

17. I also provide those charged with governance with a statement that I have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on myindependence and where applicable related safeguards.

18. From the matters communicated with those charged with governance I determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. I describe these matters inmy auditors' report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstancesI determine that a matter should not becommunicated in my report because the adverse consequences of doing so would reasonably beexpected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

19. As required by section 197(16) of the Act I report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under Section 197 read with Schedule V of the Act.

20. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of section 143 (11) of the Act I give in the"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

21. As required by Section 143 (3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit;

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

c) The standalone financial statements dealt with by this Report are in agreement withthe books of account;

d) In my opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

e) On the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31st March2021 from being appointed as a director in terms of Section 164 (2) of the Act.

f) I have also audited the internal financial controls over financial reporting of theCompany as on 31st March 2021 in conjunction with my audit of the standalone financialstatements of the Company for the year ended on that date and my report as per"Annexure B" expressed an unmodified opinion;

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in my opinionand to the best of my information and according to the explanations given to me:

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

Refer note no.34.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. During the year ended 31st March 2021 there were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company.

For and on behalf of ANURADHA RATNAPARKHI & ASSOCIATES

Chartered Accountants Firm Registration No.: 023451C

ANURADHA RATNAPARKHI
Place: Indore

Date: This 30th Day of June 2021

Proprietor Membership No.: 075412

UDIN: 21075412AAAAAL1938

"ANNEXURE REFERRED TO IN PARAGRAPH 20 OF OUR AUDITOR'S REPORT OF EVEN DATE TO THEMEMBERS OF "ALPA LABORATORIES LIMITED" ON THE STANDALONE FINANCIAL STATEMENTSFOR THE YEAR ENDED ON 31ST MARCH 2021

i. Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to me and the books of account and other recordsexamined by me in the normal course of audit and to the best of my knowledge and beliefI report that :

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

b) All the assets have not been physically verified by the management during the yearbut there is a programme of verification which in my opinion is reasonable having regardto the size of the Company and the nature of its assets.

c) Based on the examination of the registered sale deed provided to me I report thatthe title deeds comprising of immovable property of land which is freehold is held inthe name of the Company as at the Balance Sheet date.

i. In my opinion the management has conducted physical verification of inventory atreasonable intervals during the year except for goods-in-transit and stocks lying withthird parties. For stocks lying with third parties at the year end written confirmationshave been obtained by the management. No material discrepancies were noticed on theaforesaid verification.

ii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder are not applicable to the Company and hence not commented upon.

iii. In my opinion and according to the information and explanations given to me thecompany has not given any loans guarantees and security as provided under section 185 and186 of the Companies Act 2013 hence this clause is not applicable to the company andhence not commented upon.

iv. In my opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposit) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

v. I have broadly reviewed the books of account maintained by the Company pursuant tothe Rules made by the Central Government for the maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of the Company's products andservices and are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. However I have not made detailed examination of the costrecords with a view to determine whether they are accurate or complete.

vi. a) The Company is generally regular in depositing undisputed statutory duesincluding income tax goods and service tax and other material statutory dues as may beapplicable to it with the appropriate authorities. No undisputed statutory dues inrespect of income tax goods and service tax and other material statutory dues were inarrears as at 31st March 2021 for a period of more than six months from the date theybecame payable.

b) The dues outstanding in respect of income tax sales tax duty of customs duty ofexcise and value added tax on account of any dispute are as follows:

Name of Statute Nature of Dues Amount (' in Lakhs) Amount paid under protest (' in lakhs) Period to which the amount relates Forum where dispute is pending
M.P.VAT Act Value Added Tax 3.18 2002-03 Second Appeal filed before MP Appeal Board Bhopal.
M.P.VAT Act Value Added Tax 37.78 2016-17 Pending before VAT Commissioner Indore
Central Sales Tax Act Central Sales Tax 15.03 2002-03 Second Appeal filed before MP Appeal Board Bhopal.
M.P.VAT Act Value Added Tax 16.55 2005-06 Second Appeal filed before MP Appeal Board Bhopal.
Central Sales Tax Act Central Sales Tax 22.81 2005-06 Second Appeal filed before MP Appeal Board Bhopal.
Income Tax Act Income Tax 27.00 2007-08 Litigation pending in MP High Court.

vii. In my opinion and according to the information and explanations given to me theCompany has not defaulted in repayment of loans or borrowings to financial institution.The Company did not have any outstanding dues to any banks government or debenture holderduring the year.

viii. The company has not raised moneys by way of initial public offer or furtherpublic offer including debt instruments and term Loans. Accordingly the provisions ofclause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.

ix. No fraud by the Company and no material fraud on the Company by its officers oremployees has been noticed or reported during the course of our audit.

x. Based upon the audit procedures performed and the information and explanations givenby the management the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Companies Act;

xi. In my opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

xii. In my opinion all transactions with the related parties are in compliance withsection 188 of Companies Act 2013 However the details have been disclosed in theFinancial Statements as required by the applicable accounting standards and section 177 ofCompanies Act 2013 is complied with.

xiii. During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Accordingly the provisionsof clause 3 (xiv) of the Order are not applicable to the Company and hence not commentedupon.

xiv. The Company has not entered into any non-cash transactions with directors orpersons connected with them during the year. Accordingly paragraph 3(xv) of the Order isnot applicable to the Company.

xv. The Company is not required to register under section 45-IA of the Reserve Bank ofIndia Act 1934.

For and on behalf of

ANURADHA RATNAPARKHI & ASSOCIATES

Chartered Accountants Firm Registration No.: 023451C

ANURADHA RATNAPARKHI
Proprietor
Membership No.: 075412
UDIN: 21075412AAAAAL1938
Place: Indore
Date: This 30th Day of June 2021

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF ALPA LABORATORIES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

I have audited the internal financial controls over financial reporting of ALPALABORATORIES LIMITED ("the Company") as of 31st March 2021 in conjunction withmy audit of the standalone financial statements of the Company for the year ended on thatdate.

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 reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that I comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In my opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2021 based on theinternal control 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.

For and on behalf of ANURADHA RATNAPARKHI & ASSOCIATES

Chartered Accountants Firm Registration No.: 023451C

ANURADHA RATNAPARKHI
Proprietor
Membership No.: 075412
UDIN: 21075412AAAAAL1938
Place: Indore
Date: This 30th Day of June 2021

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