You are here » Home » Companies » Company Overview » Aurobindo Pharma Ltd

Aurobindo Pharma Ltd.

BSE: 524804 Sector: Health care
NSE: AUROPHARMA ISIN Code: INE406A01037
BSE 15:53 | 27 Mar 2018 Aurobindo Pharma Ltd
NSE 05:30 | 01 Jan 1970 Aurobindo Pharma Ltd
OPEN 551.00
PREVIOUS CLOSE 549.95
VOLUME 69074
52-Week high 808.95
52-Week low 504.00
P/E 16.74
Mkt Cap.(Rs cr) 32,805
Buy Price 559.95
Buy Qty 420.00
Sell Price 0.00
Sell Qty 0.00
OPEN 551.00
CLOSE 549.95
VOLUME 69074
52-Week high 808.95
52-Week low 504.00
P/E 16.74
Mkt Cap.(Rs cr) 32,805
Buy Price 559.95
Buy Qty 420.00
Sell Price 0.00
Sell Qty 0.00

Aurobindo Pharma Ltd. (AUROPHARMA) - Auditors Report

Company auditors report

The Members of

Aurobindo Pharma Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Aurobindo PharmaLimited ('the Company') which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss 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 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 of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 March31 2015 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order 2015 ('the Order') issued bythe Central Government of India in terms of sub-section (11) of Section 143 of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of the written representations received from the Directors as on March31 2015 and taken on record by the Board of Directors none of the Directors isdisqualified as on March 31 2015 from being appointed as a director in terms of Section164(2) of the Act; and

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. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements - Refer Note 29 to the financial statements; ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm's Registration Number: 101049W

per VIKAS KUMAR PANSARI

Partner

Membership No. 093649

Hyderabad May 28 2015

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

Re: Aurobindo Pharma Limited ('the Company')

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

b. All fixed assets have not been physically verified by the management during the yearbut there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

ii. a. The management has conducted physical verification of inventory at reasonableintervals during the year.

b. The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. The Company is maintaining proper records of inventory and no material discrepancieswere noted on physical verification.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under Section 189 of the Companies Act 2013.

Accordingly the provisions of clause 3(iii)(a) and (b) of the Order are not applicableto the Company and hence not commented upon.

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

v. The Company has not accepted any deposits from the public.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under Section148(1) of the Companies Act 2013 related to the manufacture of Active PharmaceuticalIngredients and Formulations and are of the opinion that prima facie the specifiedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

vii a. Undisputed statutory dues including provident fund employees' state insuranceincome tax sales tax wealth tax service tax customs duty excise duty value addedtax cess and other material statutory dues have generally been regularly deposited withthe appropriate authorities.

b. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax sales taxwealth tax service tax customs duty excise duty value added tax cess and othermaterial statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

c. According to the records of the Company the dues outstanding of income tax salestax wealth tax service tax customs duty excise duty value added tax and cess onaccount of any dispute are as follows:

Name of the statute Nature of dues Disputed Amount Rs. Paid under protest Rs. Period to which the amount relates Forum where dispute is is pending
Central Excise and Customs Act 1944 Excise duty and penalty 9224104 4000000 2007-08 2008-09 2009-10 2010-11 CESTAT
Customs duty and penalty 8709455 2002-03 2003-04 2004-05 2005-06 Commissioner of Customs
Excise duty 14606598 14471641 2005-06 Commissioner of Central Excise
Interest 13013066 1181753 2006-07 2007-08 2008-09 2009-10 CESTAT
Excise duty 1303500 2007-08 CESTAT
Excise duty and penalty 2035680 1017840 2009-10 2010-11 CESTAT
Excise duty and penalty 13029452 2569008 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 CESTAT
Excise duty 13062768 2011-12 2012-13 CESTAT
Excise duty and penalty 5480404 3490202 2008-09 CESTAT
Excise duty and penalty 5980852 2006-07 2007-08 2008-09 2009-10 2010-11 CESTAT
Customs duty and penalty 4689566 3739566 2011-12 2012-13 Commissioner of Customs-Appeals
Excise duty and penalty 6278701 2000-01 2001-02 2002-03 CESTAT
Excise duty 3962773 3962773 2012-13 Revision Authority
Interest 2297939 2297939 2007-08 2008-09 2009-10 2010-11 Revision Authority
Finance Act Service Tax 64685 2006-07 CESTAT
1994 Service Tax 458500 458500 2007-08 CESTAT
Service Tax 1524348 2006-07 CESTAT
Service Tax 3369212 428697 2012-13 CESTAT
Service Tax 11295379 2066239 2011-12 CESTAT
Service Tax 12308490 9376541 2006-07 2007-08 2008-09 2009-10 2010-11 CESTAT
Service Tax 97222192 2005-06 2007-08 2008-09 2009-10 2010-11 CESTAT
Service Tax 69299037 5197428 2011-12 CESTAT
Income Tax Income Tax 283446583 2008-09 ITAT
Act 1961 Income Tax 405333009 2009-10 ITAT
Income Tax 330121258 2010-11 ITAT

d. According to the information and explanations given to us the amount required to betransferred to Investor Education and Protection Fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made there under has beentransferred to such fund within time.

viii. The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in the current and immediately preceding financial year.

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

x. According to the information and explanations given to us the Company has givenguarantee for loans taken by wholly owned subsidiaries from banks and financialinstitutions the terms and conditions whereof in our opinion are not prima-facieprejudicial to the interest of the Company.

xi. Based on the information and explanations given to us by the Management term loanswere applied for the purpose for which the loans were obtained.

xii. Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the Company has been noticed orreported during the year.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm's Registration Number: 101049W

per VIKAS KUMAR PANSARI

Partner

Membership No. 093649

Hyderabad May 28 2015