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Shukra Pharmaceuticals Ltd.

BSE: 524632 Sector: Health care
NSE: N.A. ISIN Code: INE551C01028
BSE 00:00 | 02 Dec 159.00 -5.95
(-3.61%)
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167.00

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167.00

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NSE 05:30 | 01 Jan Shukra Pharmaceuticals Ltd
OPEN 167.00
PREVIOUS CLOSE 164.95
VOLUME 118
52-Week high 219.80
52-Week low 53.50
P/E 22.65
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 167.00
CLOSE 164.95
VOLUME 118
52-Week high 219.80
52-Week low 53.50
P/E 22.65
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shukra Pharmaceuticals Ltd. (SHUKRAPHARMA) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SHUKRA PHARMACEUTICALS LIMITED

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of SHUKRA PHARMACEUTICALSLIMITED ("the Company") which comprise the Balance Sheet as at March 312022 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the financial statements").

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Basis for Qualified Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 (the Act). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Results section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial results under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Basis for Qualified Opinion

1. The company had made interest free loans and advances to related parties during theyear. In our opinion and according to the information and explanations provided to us theterms and conditions of the grant of such loans are not prima facie prejudicial to theCompany's interest.

2. The company had not paid the dividend distribution tax for the dividend declaredduring the earlier year.

Key Audit Matters

Key audit matters are those matters that in our professional judgment where of mostsignificance in our audit of the financial statements of the current year. These matterswhere addressed in the contacts of our audit of the statements as a whole and in formingour opinion thereon and we do not provide a separate opinion on this matters.

Sr No Key Audit Matters Auditor's response
1 The company has availed interest free loans payable on demand from its director compliance with the provisions of the Companies Act and also confirmation of the said balances outstanding as at the year end. The above loans were taken to meet the business needs of the company. The compliance with the provisions of the Companies Act were verified by us. The company has complied with the statutory requirements

Management's Responsibility for the financial statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance total comprehensiveincome changes in equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding 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.

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 but to do so. The Board of Directors are responsible for overseeing theCompany's financial reporting process.

Our 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 an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness 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 and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Report on Other Legal and Regulatory Requirements

1. 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 the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.

f) 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 of pending litigations as on 31st March 2022on its financial position in its financial statements - Refer Note 26 to the financialstatements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

3. As required with reference to the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") we give inthe "Annexure-B" a statement on the matters specified to the extentapplicable.

For MAAK and Associates
Chartered Accountants
FRN: 135024W
Marmik Shah
Place: Ahmedabad Partner
Date: 28-05-2022 Membership No: 133926
UDIN: 22133926AJUDQO5750

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our Report of even date)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(b) According to information and explanation given to us the company has maintainingproper records showing full particulars of Property Plant and Equipment.

(c) The Property Plant and Equipment have been physically verified by the managementin a phased manner designed to cover all the items over a period of three years which inour opinion is reasonable having regard to the size of the company and nature of itsbusiness and no material discrepancies were noticed on such verification.

(d) The title deeds of immovable properties are held in the name of Company.

(e) The company has not revalued its Property Plant and Equipment (including Right ofUse assets) or intangible assets or both during the year the clause for revaluation ofProperty Plant and Equipment (including Right of Use assets) or intangible assets or bothis not applicable.

(f) No any proceedings have been initiated or are pending against the company forholding any Benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) and rules made there under.

(ii) (a) According to the information and explanation given to us the management hascarried out physical verification of Inventories during the year on quarterly basis and atthe end of Financial Year which considering nature of Business and size of the companyis in our opinion at suitable intervals.

(b) According to the information and Explanation given to us the company hasmaintained proper records of inventory and has not found any material discrepancies onPhysical verification and the same have been properly dealt with in the books of Accounts.

(iii) (a) According to information and explanation given to us the Company has grantedloans secured or unsecured to companies firms Limited Liability Partnerships or otherparties covered in the register maintained under section 189 of the Companies Act 2013within applicable limits.

(b) In our opinion and according to information and explanations given to us theinvestments made guarantees provided security given and the terms and conditions of thegrant of all loans and advances in the nature of loans and guarantees provided are notprejudicial to the company's interest;

(c) According to information and explanation given to us In respect of loans andadvances in the nature of loans the schedule of repayment of principal and payment ofinterest has been stipulated and the repayments or receipts are regular;

(d) According to information and explanation given to us the company has not given anyloan to the party the clause for total amount overdue for more than ninety days andreasonable steps have been taken by the company for recovery of the principal andinterest;

(e) According to information and explanation given to us the company has not given anyloan to the party the clause for any loan or advance in the nature of loan granted whichhas fallen due during the year has been renewed or extended or fresh loans granted tosettle the overdue of existing loans given to the same parties is not applicable to thecompany.

(f) According to information and explanation given to us the company has not grantedany loans or advances to Promoters related parties as defined in clause (76) of section 2of the Companies Act 2013 in the nature of loans either repayable on demand or withoutspecifying any terms or period of repayment;

(iv) In our opinion and according to information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investment guarantees and security.

(v) According to information and explanation given to us the Company has not acceptedany deposits as defined in the Companies (Acceptance of Deposits) Rules 2014.Accordingly the provision of Clause 3(v) of the order is not applicable to the Company.

(vi) The provisions of Section 148 (1) are not applicable to the company for the FY201920. In this context the company has maintained cost records in pursuant to Companies(Cost records and Audit) Rules 2014 for internal control purpose.

(vii) (a) According to the information and explanations given to us in respect ofstatutory dues:

1. The Company has generally been regular in depositing undisputed statutory dues.

2. There were no undisputed amounts payable as at March 31 2022 for a period of morethan six months from the date they became payable.

3. The Company has no disputed outstanding statutory dues as at 31st March 2022.

(viii) According to the information and explanations given to us there is no anytransactions found which is not recorded in the books of account so this clause of anytransactions not recorded in the books of account have been surrendered or disclosed asincome during the year in the tax assessments under the Income Tax Act 1961 (43 of 1961)if so whether the previously unrecorded income has been properly recorded in the books ofaccount during is not applicable to company;

(ix) (a) In our opinion and according to information and explanations given to us theCompany has not defaulted in the repayment of loans and borrowings to financialinstitutions and banks.

(b) In our opinion and according to information and explanations given to us thecompany is not a declared wilful defaulter by any bank or financial institution or otherlender;

(c) In our opinion and according to information and explanations given to us thecompany has applied term loans for the purpose for which the loans were obtained;

(d) In our opinion and according to information and explanations given to us thecompany has not utilised fund raised on short term basis have been utilised for long termpurposes.

(e) In our opinion and according to information and explanations given to us thecompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures this clause is notapplicable to the company.

(f) In our opinion and according to information and explanations given to us thecompany has not raised loans during the year on the pledge of securities held in itssubsidiaries joint ventures or associate companies.

(x) (a) In our opinion and according to information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt instruments). The term loans have been applied by the Company during theyear for the purpose for which they were raised.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and therefore the reportingunder clause 3 (xiv) of the Order is not applicable to the company.

(xi) (a) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the course of our audit.

(b) To the best of our knowledge and according to the information and explanationsgiven to us any report under sub-section (12) of section 143 of the Companies Act has notbeen filed by the auditors in Form ADT-4 the clause for rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government is not applicable to the company.

(c) To the best of our knowledge and according to the information and explanationsgiven to us there are no whistle-blower complaints received during the year by thecompany and accordingly no reporting is required under this clause.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly reporting under clause 3(xii) of the Order isnot applicable.

(xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with sections 177 and 188 of the Companies Act 2013

where applicable for all transactions with related parties and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) (a) In our opinion and according to the information and explanations given to usthe company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) We have considered the reports of the Internal Auditors for the period under auditand there are no adverse comments made by the Internal Auditors.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into non-cash transactions with directors orpersons connected with him and hence provisions of section 192 of the Companies Act 2013are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Therefore the reporting under clause (xvi) of the Orderis not applicable to the company.

(b) In our opinion and according to the information and explanations given to us thecompany has not conducted any Non-Banking Financial or Housing Finance activities withouta valid Certificate of Registration (CoR) from the Reserve Bank of India as per theReserve Bank of India Act 1934;

(c) The company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India accordingly this clause is not applicable to thecompany.

(xvii) In our opinion and according to the information and explanations given to usCompany has not incurred cash losses in the financial year and in the immediatelypreceding financial year.

(xviii) During the Year the statutory auditor M/S B J Trivedi & Associates hasresigned and new auditor M/S MAAK & Associates have been appointed in annual generalmeeting for the period of FY 2021-22 to FY 2025-26 and there are no issues objections orconcerns raised by the outgoing auditors.

(xix) In our opinion and according to the information and explanations given to us thecompany is capable of meeting its liabilities existing at the date of balance sheet as andwhen they fall due within a period of one year from the balance sheet date.

(xx) In our opinion and according to the information and explanations given to us thatother than ongoing projects the company has not transferred unspent amount to a Fundspecified in Schedule VII to the Companies Act within a period of six months of the expiryof the financial year. The clause for second proviso to sub-section (5) of section 135 isnot applicable to the company.

FOR MAAK and Associates
[Firm Registration No.135024W]
Chartered Accountants
Marmik Shah
Place : Ahmedabad Partner
Date :28-05-2022 Mem. No. 133926
UDIN : 22133926AJUDQO5750

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF SHUKRA PHARMACEUTICALS LIMITED

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

1. We have audited the internal financial controls over financial reporting of SHUKRAPHARMACEUTICALS LIMITED ("the Company") as of March 31 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We have conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. We believe that the audit evidence I/we have obtained is sufficient and appropriateto provide a basis for my /our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting 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 authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized 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

7. 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 Guidance Note on Audit of reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our 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 March 31 2022 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 MAAK and Associates
[Firm Registration No.135024W]
Chartered Accountants
Marmik Shah
Place : Ahmedabad Partner
Date : 28-05-2022 Mem. No. 133926
UDIN : 22133926AJUDQO5750

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