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Updated:23 Aug, 2019, 15:43 PM IST

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Updated:23 Aug, 2019, 16:01 PM IST

Disclosure in auditor’s report explanatory

Annexure referred to in paragraph 1 of our report of even date

Re: Laurus Labs Private Limited

 

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

 

(b)   All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.   

 

(c)  There was no disposal of a substantial part of fixed assets during the year.

 

(ii) (a) The Management has conducted physical verification of inventory at reasonable intervals during the year.

 

(b) The procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

 

(c)  The Company is maintaining proper records of inventory.  Discrepancies noted on physical verification of inventories were not material, and have been properly dealt with in the books of account.

 

(iii) (a)   According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commented upon.

 

(e)   According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) to (g) of the Order are not applicable to the Company and hence not commented upon.

 

(iv)          In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.  During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas.

 

(v)   (a)   According to the information and explanations provided by the Management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered.

 

       (b)    None of the transactions made in pursuance of such contracts or arrangements exceed the value of Rupees five lakh in respect of any one such party in the financial year.

 

(vi)          The Company has not accepted any deposits from the public.

 

(vii)        In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

 

(viii)       We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

 

(ix)    (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees’ state insurance, income–tax, sales–tax, wealth–tax, service tax, customs duty, excise duty, cess and other material statutory dues have generally been regularly deposited with the appropriate authorities.

 

(b)   According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees’ state insurance, income–tax, wealth–tax, service tax, sales–tax, customs duty, excise duty cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

 

 (c) According to the records of the Company, the dues outstanding of income–tax, sales–tax, wealth–tax, service tax, customs duty, excise duty and cess on account of any dispute, are as follows:

 

Name of the statute

Nature of dues

Amount demanded (Rs in millions)

Amount paid under dispute (Rs in millions)

Period to which the amount relates

Forum where dispute is pending

The Income Tax Act, 1961

Disallowance of deduction under Section 10A of the Income Tax Act, 1961

10.10

7.05

AY 2008–09

Honorable High Court of Karnataka

 

(x)           The Company’s has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

 

(xi)          Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

               

(xii)        According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

 

(xiii)       In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

 

(xiv)       In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

 

(xv)         According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

 

(xvi)       Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.

 

(xvii)      According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short–term basis have been used for long–term investment.

 

(xviii)     The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

 

(xix)       The Company did not have any outstanding debentures during the year.

 

(xx)             The Company has not raised any money through public issue.

 

(xxi)           Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.  

 

 

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W

 

 

 

per Vikas Kumar Pansari

Partner

Membership No.: 093649

Place: Hyderabad

Date : 29–04–2014

Disclosure in auditors report relating to fixed assets

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) There was no disposal of a substantial part of fixed assets during the year.

Disclosure relating to quantitative details of fixed assets

The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

Disclosure relating to physical verification and material discrepancies of fixed assets

All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

Disclosure relating to fixed assets disposed off

There was no disposal of a substantial part of fixed assets during the year.

Disclosure in auditors report relating to inventories

(ii) (a) The Management has conducted physical verification of inventory at reasonable intervals during the year.

Disclosure of physical verification of inventories at fixed intervals

(a) The Management has conducted physical verification of inventory at reasonable intervals during the year.

Disclosure of procedure followed for physical verification of inventories

(b) The procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

Disclosure about maintenance of inventory records and material discrepancies

(c) The Company is maintaining proper records of inventory. Discrepancies noted on physical verification of inventories were not material, and have been properly dealt with in the books of account.

Disclosure in auditors report relating to loans

(a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commented upon. (e) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) to (g) of the Order are not applicable to the Company and hence not commented upon.

Disclosure about loans granted or taken by parties covered under section 301 of companies act

According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commented upon. (e) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) to (g) of the Order are not applicable to the Company and hence not commented upon.

Disclosure regarding terms and conditions of loans granted or taken

According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commented upon. (e) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) to (g) of the Order are not applicable to the Company and hence not commented upon.

Disclosure regarding terms of payment of loans granted or taken

According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commented upon. (e) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) to (g) of the Order are not applicable to the Company and hence not commented upon.

Disclosure regarding terms of recovery of loans granted or taken

According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commented upon. (e) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) to (g) of the Order are not applicable to the Company and hence not commented upon.

Disclosure in auditors report relating to internal control system

In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas.

Disclosure in auditors report relating to contracts and arrangements under section 301 of companies act

(v) (a) According to the information and explanations provided by the Management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered. (b) None of the transactions made in pursuance of such contracts or arrangements exceed the value of Rupees five lakh in respect of any one such party in the financial year.

Disclosure relating to presence of register for necessary transactions

(v) (a) According to the information and explanations provided by the Management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered.

Disclosure relating to reasonability of transactions

(b) None of the transactions made in pursuance of such contracts or arrangements exceed the value of Rupees five lakh in respect of any one such party in the financial year.

Disclosure in auditors report relating to deposits accepted from public

The Company has not accepted any deposits from the public.

Disclosure in auditors report relating to companies internal audit system

In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

Disclosure in auditors report relating to maintenance of cost records

We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

Disclosure in auditors report relating to statutory dues

(ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees’ state insurance, income–tax, sales–tax, wealth–tax, service tax, customs duty, excise duty, cess and other material statutory dues have generally been regularly deposited with the appropriate authorities. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees’ state insurance, income–tax, wealth–tax, service tax, sales–tax, customs duty, excise duty cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income–tax, sales–tax, wealth–tax, service tax, customs duty, excise duty and cess on account of any dispute, are as follows: Name of the statute Nature of dues Amount demanded (Rs in millions) Amount paid under dispute (Rs in millions) Period to which the amount relates Forum where dispute is pending The Income Tax Act, 1961 Disallowance of deduction under Section 10A of the Income Tax Act, 1961 10.10 7.05 AY 2008–09 Honorable High Court of Karnataka

Disclosure relating to regularity in payment of undisputed statutory dues

a) Undisputed statutory dues including provident fund, investor education and protection fund, employees’ state insurance, income–tax, sales–tax, wealth–tax, service tax, customs duty, excise duty, cess and other material statutory dues have generally been regularly deposited with the appropriate authorities. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees’ state insurance, income–tax, wealth–tax, service tax, sales–tax, customs duty, excise duty cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable

Disclosure relating to disputed statutory dues

(c) According to the records of the Company, the dues outstanding of income–tax, sales–tax, wealth–tax, service tax, customs duty, excise duty and cess on account of any dispute, are as follows: Name of the statute Nature of dues Amount demanded (Rs in millions) Amount paid under dispute (Rs in millions) Period to which the amount relates Forum where dispute is pending The Income Tax Act, 1961 Disallowance of deduction under Section 10A of the Income Tax Act, 1961 10.10 7.05 AY 2008–09 Honorable High Court of Karnataka

Disclosure in auditors report relating to accumulated losses

The Company’s has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

Disclosure in auditors report relating to default in repayment of financial dues

Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

Disclosure in auditors report relating to loans and advances granted by way of pledge of shares debentures and other securities

According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

Disclosure in auditors report relating to provisions under special statute

In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

Disclosure relating to net owned fund to deposit liability ratio

In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

Disclosure relating to income recognition and provisioning against assets

In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

Disclosure relating to credit appraisal procedure

In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

Disclosure relating to repayment schedule and procedure of recovery

In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

Disclosure in auditors report relating to adequacy of records maintained by share trading companies

In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not applicable to the Company.

Disclosure in auditors report relating to guarantee given

According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

Disclosure in auditors report relating to term loans used for purpose other than for purpose they were raised

Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.

Disclosure in auditors report relating to nature and amount of fund raised for short–term has been used for long–term or vice versa

According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short–term basis have been used for long–term investment.

Disclosure in auditors report relating to preferential allotment of shares

The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

Disclosure in auditors report relating to securities created against debentures issued

The Company did not have any outstanding debentures during the year.

Disclosure in auditors report relating to any material fraud reported during period

Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

Disclosure in auditors report relating to purpose and end use of money raised through public issues

The Company has not raised any money through public issue.

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