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Anuh Pharma Ltd.

BSE: 506260 Sector: Health care
NSE: N.A. ISIN Code: INE489G01022
BSE 00:00 | 15 Nov 126.75 -2.10
(-1.63%)
OPEN

128.65

HIGH

131.30

LOW

126.00

NSE 05:30 | 01 Jan Anuh Pharma Ltd
OPEN 128.65
PREVIOUS CLOSE 128.85
VOLUME 5641
52-Week high 173.00
52-Week low 101.25
P/E 16.21
Mkt Cap.(Rs cr) 318
Buy Price 126.00
Buy Qty 794.00
Sell Price 128.30
Sell Qty 42.00
OPEN 128.65
CLOSE 128.85
VOLUME 5641
52-Week high 173.00
52-Week low 101.25
P/E 16.21
Mkt Cap.(Rs cr) 318
Buy Price 126.00
Buy Qty 794.00
Sell Price 128.30
Sell Qty 42.00

Anuh Pharma Ltd. (ANUHPHARMA) - Auditors Report

Company auditors report

TO THE MEMBERS OF ANUH PHARMA LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of ANUH PHARMA LIMITED(‘the Company') which comprise the balance sheet as at 31st March2018 the statement of profit and loss (including other comprehensive income) thestatement of cash flows and the statement of changes in equity for the year then ended anda summary of the 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder and the Orderissued under section 143(11) of the Act.

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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us 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 31stMarch 2018 and its profit total comprehensive income the changes in equity and itscash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matter in Note No. 46 to the financial statements:

As per section 135 of the Act the Company was required to incur/spend Rs. 64.25 lakhs(including Previous Year Rs. 2.81 lakhs) on Corporate Social Responsibility ("CSR")during the financial year 2017-2018. However during the financial year 2017-2018 theCompany has spent Rs. 57.42 lakhs. Hence the unspent amount of CSR expenditure is Rs.6.83 lakhs.

 

Our opinion is not modified in respect of this matter.

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 section 143(11) ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 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 (including other comprehensiveincome) the statement of cash flows and the statement of changes in equity dealt with bythis Report are in agreement with the books of account;

(d) in our opinion the aforesaid financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act;

(e) on the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164 (2) of the Act;

(f) with respect to the internal financial controls with reference to financialstatements of the Company refer to our separate report in "Annexure B"; and

(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 our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact if any of pending litigations on itsfinancial position in its financial statements; Refer Note No. 42 to the financialstatements.

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

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

FOR JAYANTILAL THAKKAR & CO.
Chartered Accountants
(Firm Reg. No. 104133W)
VIRAL A. MERCHANT
Partner
Mumbai India: 25th May 2018 Membership No.116279

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31st March 2018 we report that

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

b. As explained to us physical verification of the fixed assets was conducted by themanagement during the year. In our opinion the frequency of physical verification isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. According to the information and explanations given to us the physicalverification of inventory has been conducted at reasonable intervals by the management. Inour opinion the discrepancies noticed on verification between the physical stocks and thebook records were not material.

iii. In our opinion and according to information and explanations given to us theCompany has not granted any loans secured or unsecured to any companies firms LimitedLiability Partnerships or other parties as covered in the register maintained undersection 189 of the Act. Accordingly the provisions of clause 3(iii) (a) (b) and (c) ofthe order are not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and security made.

v. The Company has not accepted any deposit from the public to which the provisions ofsection 73 to section 76 or any other relevant provisions of the Act and rules framedthereunder apply.

vi. We have broadly reviewed the books of accounts maintained by the Company in respectof products where pursuant to the Rules made by the Central Government the maintenanceof cost records has been prescribed under sub-section (1) of section 148 of the Act andare of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. We have not however made a detailed examination of the records witha view to determine whether they are accurate or complete.

vii. a. According to the records of the company and the information and explanationsgiven to us the Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees' State Insurance Incometax Sales tax Service tax Custom Duty Excise Duty Value added tax Goods and ServicesTax Cess and other statutory dues applicable to it. There are no undisputed statutorydues as referred to above as at 31st March 2018 outstanding for a period ofmore than six months from the date on which they became payable.

b. According to the information and explanations given to us the dues as on March 312018 in respect of Sales tax and Employees' State Insurance that have not been depositedwith the appropriate authorities on account of dispute and the forum where the disputesare pending are given below:

Statement of Disputed Dues

Sr. No. Name of the Statute Nature of the Dues Amount (Rs. in Lakhs) Financial Year to which the amount relates Remarks
1. Bombay Sales Tax Act 1959 Sales Tax including Interest and Penalty 12.66 1991-1992 The figures in the amount column are as per the orders dated April 10 2003 of the Assistant Commissioner of Sales
2. Central Sales Tax Act 1956 Sales Tax including Interest 6.48 1991-1992 Tax (Appeals) Thane. Thereafter the Company had preferred an appeal before the Maharashtra Sales Tax
3. Bombay Sales Tax Act 1959 Sales Tax including Interest and Penalty 3.97 1992-1993 Tribunal which has passed its orders on August 27 2009. However the Company has not yet received the
4. Central Sales Tax Act 1956 Sales Tax including Interest and Penalty 3.92 1992-1993 revised assessment orders giving effect to the above referred Tribunal orders. The Company has filed a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order which was accepted on January 27 2011.
TOTAL 27.03

viii. The Company has not defaulted in repayment of any loans or borrowings from anyfinancial institutions banks government or debentures holders during the year.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanation given to us and based on ourexamination of the records of the Company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him/her. Accordingly paragraph3(xv) of the Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR JAYANTILAL THAKKAR & CO.
Chartered Accountants
(Firm Reg. No. 104133W)
VIRAL A. MERCHANT
Partner
Mumbai India: 25th May 2018 Membership No.116279

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

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

We have audited the internal financial controls over financial reporting of AnuhPharma Limited ("the Company") as of 31st March 2018 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 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' 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 over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 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 that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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 our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an internal financial controls withreference to financial statements as at 31st March 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India

FOR JAYANTILAL THAKKAR & CO.
Chartered Accountants
(Firm Reg. No. 104133W)
VIRAL A. MERCHANT
Partner
Mumbai India: 25th May 2018 Membership No.116279