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Combat Drugs Ltd.

BSE: 524752 Sector: Health care
NSE: N.A. ISIN Code: INE643N01012
BSE 00:00 | 26 Apr 26.00 0
(0.00%)
OPEN

27.25

HIGH

27.25

LOW

26.00

NSE 05:30 | 01 Jan Combat Drugs Ltd
OPEN 27.25
PREVIOUS CLOSE 26.00
VOLUME 130
52-Week high 31.20
52-Week low 17.75
P/E 61.90
Mkt Cap.(Rs cr) 21
Buy Price 24.90
Buy Qty 40.00
Sell Price 26.95
Sell Qty 250.00
OPEN 27.25
CLOSE 26.00
VOLUME 130
52-Week high 31.20
52-Week low 17.75
P/E 61.90
Mkt Cap.(Rs cr) 21
Buy Price 24.90
Buy Qty 40.00
Sell Price 26.95
Sell Qty 250.00

Combat Drugs Ltd. (COMBATDRUGS) - Auditors Report

Company auditors report

To

The Members of Combat Drugs Limited

Report on the Standalone Indian Accounting Standards (Ind AS)Financial Statements Wehave audited the accompanying Standalone Ind AS Financial Statements ofCombat DrugsLimited(the Company") which comprise the Balance Sheet as at 31stMarch 2018 theStatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement Statement of Changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS 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 the preparation andpresentation of these Standalone Ind AS Financial Statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (IndAS)prescribed under Section 133 of the Act.

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 Standalone IndAS Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS FinancialStatements based on our audit.

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 there under.

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 Standalone Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS Financial Statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS Financial Statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of theStandalone Ind AS 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 theStandalone Ind ASFinancial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the afore said Standalone Ind AS Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31stMarch 2018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Actwe report that:

(a) We have sought and obtained all the information and explanations which to the bestof ourknowledge 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 faras it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncometheCash Flow Statement and Statement of Changes in Equitydealt with by this Reportare in agreement with the books of account.

(d) In our opinion the aforesaidStandalone Ind AS Financial Statements comply with theIndian AccountingStandards prescribed underSection 133 of the Act read with relevantrules issued thereunder.

(e) On the basis of the written representations received from the directors as on31stMarch2018 taken on record by the board of directors none of the directors isdisqualified as on 31st March2018 from being appointed as director in terms of section164(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 A".

(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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company does not have any pending litigations which would impact its financialposition;

ii) The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 (the Order") issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the Annexure B" a statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

Annexure - A to the Independent Auditors' Report

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (the Act")

We have audited the internal financial controls over financial reporting of CombatDrugs Limited (the Company") as of 31stMarch 2018 in conjunction with our audit ofthe Standalone Ind As Financial Statements of the Company for the year ended on 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") issued by the ICAI and the Standards on Auditingprescribed undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout 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 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 Standalone Ind AS Financial Statements whether due to fraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our 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 Standalone Ind AS Financial Statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Standalone Ind AS Financial Statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; 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 Standalone Ind AS 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 adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31stMarch 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

Annexure - B to the Independent Auditors' Report

(Referred to in paragraph 2 under Report on Other Legal and RegulatoryRequirements" section of our report of even date)

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

(b) As explained to us the fixed assets have been physically verified by themanagement in a periodical manner which in our opinion is reasonable having regard tothe size of the company and the nature of its business. No material discrepancies werenoticed 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 no immovable properties were held by theCompany.

(ii) The inventories have been physically verified during the year by the management.The discrepancies noticed on verification between the physical stocks and book recordswere not material.

(iii) 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 paragraph 3 (iii) (a) to (c) of the Order is notapplicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has no transactions with regard to the provisions of Section 185 and 186 of theAct with respect to loans investments guarantees and securities made.

(v) The Company has not accepted deposits within the meaning of the provisions ofsections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

(vi) Maintenance of cost records by the company has not been prescribed by CentralGovernment of India under sub-section (1) of section 148 of the Companies Act 2013.Accordingly paragraph 3 (vi) of the Order is not applicable.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us the Company is regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax value addedtax wealth tax service tax customs duty excise duty cess and any other statutory duesas applicable with the appropriate authorities and there were no arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable except an amount of Rs. 38979/- duewith respect to Professional tax for more than six months.

(b) According to the information and explanations given to us and records of theCompany examined by us there are no disputes pending against the company as at 31stMarch2018.

(viii) The Company has not taken any loans or borrowing from a financial institutionbanks and Governments during the financial year. Accordingly paragraph 3 (viii) of theOrder is not applicable.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). The company is not having any term loans hence theparagraph 3(ix) of the order is not applicable.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company was noticed or reported during theyear.

(xi) According to the information and explanations give 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 explanations 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 explanations give 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 explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3 (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.