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Ganga Pharmaceuticals Ltd.

BSE: 539680 Sector: Health care
NSE: N.A. ISIN Code: INE615T01017
BSE 00:00 | 22 Feb Ganga Pharmaceuticals Ltd
NSE 05:30 | 01 Jan Ganga Pharmaceuticals Ltd
OPEN 6.00
PREVIOUS CLOSE 6.00
VOLUME 56000
52-Week high 6.60
52-Week low 5.49
P/E 13.04
Mkt Cap.(Rs cr) 2
Buy Price 5.42
Buy Qty 8000.00
Sell Price 6.00
Sell Qty 8000.00
OPEN 6.00
CLOSE 6.00
VOLUME 56000
52-Week high 6.60
52-Week low 5.49
P/E 13.04
Mkt Cap.(Rs cr) 2
Buy Price 5.42
Buy Qty 8000.00
Sell Price 6.00
Sell Qty 8000.00

Ganga Pharmaceuticals Ltd. (GANGAPHARMA) - Auditors Report

Company auditors report

To

The Members of Ganga Pharmaceuticals Limited Report on the Financial Statements

We have audited the accompanying financial statements of Ganga PharmaceuticalsLimited("the Company") which comprise the Balance Sheet as at March 31 2018the Profit and Loss Statement and Cash Flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The management and Board of Directors of the company are responsible for the matters inthe section 134(5) of the Companies Act 2013 (‘the Act') with respect to thepreparation of these financial statement that give a true and fair view of the financialposition financial performance and cash flows of the company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of 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 are operating effectively for ensuring the accuracy and completeness of theaccounting 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.

Auditors' 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 and the Order under section 143(11) ofAct.

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 true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 31stMarch 2018 and its profit and cash flows for the year ended on that date.

Emphasis on Matters

We draw at tension to followings notes to the financial statement:

Refer note no. 27 relating to Non-compliance of Accounting Standard 15 EmployeesBenefits (revised) to the extent of non provision for gratuity without ascertainingactuarial valuation due to non-materiality of an amount;

Our opinion is not qualified in respect of above matter.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Actwe give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable

2 As required by Section 143(3) of the Act we further 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 purpose of our audit;

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

c. The Balance Sheet and the Profit and Loss and cash flow Statement dealt with by thisReport are in agreement with the books of account.

d. Except for the matter described in the Basis of emphasis on matters paragraph Inour opinion the aforesaid financial statements comply with applicable 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 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 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 B'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g. with respect to the other matters to be included in the Auditors' 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 does not have any pending litigations which would impact its financialposition.

(ii) The company did not have any long-term contracts including derivative contractsduring the year under report.

(iii) There has not been an occasion in case of the company during the year underreport to transfer any sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.

For Anil Bansal & Associates

Chartered Accountants

Firm registration number:100421W

Sd/-

Anil Bansal Proprietor

Membership no.: 043918

Place: Mumbai Date: May 28 2018

Annexure ‘A' referred to in paragraph 1 under the heading Report on other legaland regulatory requirements" of our report of even date.

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that: -

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

b. All fixed assets were physically verified during the year by the Management inaccordance with a reqular programme of verification which in our opinion provide forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were notice on suchverification.

c. According to information & explanation given to us on the basis of theexamination of the records of the company the title deeds of immovable properties recordedas fixed assets in the books of account of the Company are held in the name of Company ason balance sheet date

ii. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

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.

iv. In our opinion according to information & explanation given to us company hascomplied with the provision Section 185 & 186 of the Act. In respect of grant ofloans making investments and providing guarantees & securities as applicable.

v. The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

vi. We have been informed by the management that maintenance of cost record undersection 148(1)(d) is not applicable to the company.

vii. According to the information and explanations given to us in respect of statutorydues:

a. The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxValue Added Tax duty of Customs duty of Excise Cess and other material statutory duesapplicable to it with the appropriate authorities.

b. There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Value Added Tax duty of Customsduty of Excise Cess and other material statutory dues in arrears as at March 31 2018 fora period of more than six months from the date they became payable.

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks. The Companydoes not have any loans or borrowings from financial institutions or government and hasnot issued any debentures.

ix. Based on our audit procedures and according to the information given by themanagement the company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) or taken any term loan during the year.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no fraud on the Company by its officers or employeeshas been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the provisions ofSection 197 read with Schedule V to the Act.

xii. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable.

xiii. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

xiv. During the year the Company has not made any preferential allotment of shares asper provision of companies Act 2013.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its Directors and hence provisions of Section 192 of theAct are not applicable.

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

For Anil Bansal & Associates

Chartered Accountants

Firm registration number:100421W

Sd/-

Anil Bansal Proprietor

Membership no.: 043918

Place: Mumbai

Date: May 28 2018

ANNEXURE B' TO THE INDEPENDENT AUDITORS' REPORT

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

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 accompanying financial statements of Ganga Phramaceuticals Ltd.("the Company") which comprise the Balance Sheet as at March 31 2018 inconjunction with our audit of the financial statements of the Company for the year endedand as 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 (the ‘Guidance Note').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and 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.

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 auditors' judgment including the assessment of the risks ofmaterial misstatement 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 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 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 InherentLimitations 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 controlsover 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 controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 312018 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note.

or Anil Bansal & Associates

Chartered Accountants

Firm registration number:100421W

Sd/-

Anil Bansal Proprietor

Membership no.: 043918

Place: Mumbai

Date: May 28 2018