| Report on the Financial Statements
We have audited the accompanying financial statements of Zenith
Healthcare Ltd ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
"An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's directors, as well as
evaluating the overall presentation of the financial statements".
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its loss and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
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 best of 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 the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards 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 March, 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The company has not any pending litigations on its financial
position in its financial statements.
ii) The company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any.
Referred to in paragraph 1 of the Independent Auditor's report of even
date to the members of Zenith Healthcare Limited on the financial
statements as of and for the year ended March 31, 2015.
1.
a) The company has maintained proper records, showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
b) Physical verification of major assets was conducted by the
Management during the year, which in our opinion is reasonable having
regard to the size of the Company and nature of its assets. No material
discrepancies were noticed on such verification as with the book of
record.
2.
a) The inventory excluding stocks in transit has been physically
verified by the management during the year. In our opinion, the
frequency of verification is reasonable.
b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventories as
compared to book records were not material.
3.
a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Hence, the question of
receipt of the principal amount and interest does not arise.
b) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the companies Act, 2013. Hence, the question of
overdue amount does not arise.
4. In our opinion, and according to the information and explanation
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. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanation given to us, we have neither come across, nor have been
informed of, any continuing failure to correct major weakness in the
aforesaid internal controls.
5. The Company has not accepted any deposits from the public within
the meaning of section 73 to 76 of the Companies Act, 2013 rules framed
there under.
6. We have broadly reviewed, the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been
prescribed sub section (1) of section 148 of the Act, and are of the
opinion that, prima facie, the prescribed accounts and records have
been made and maintained. We have not, however, made a detailed
examination of the cost records with a view to determine whether they
are accurate or complete.
7.
a. According to the information and explanations given to us and the
records of the company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues in respect of
profession tax, service tax, TDS, excise duty, provident fund, custom
duty, investor education protection fund, employees' state insurance,
income tax, sales tax, wealth tax, purchase tax, entry tax, municipal
tax and other material statutory dues applicable, with the appropriate
authorities.
b. According to the information and explanation given to us, and the
records of the Company examined by us, there is no disputed tax or
statutory dues as on 31.03.2015.
c. According to the information and explanation given to us, there is
no declaration of dividend during the financial year 2014-15 by the
Company; hence the question of transferring amount to investor
education and protection fund does not arise.
8. According to the information and explanation given to us and the
records of the Company examined by us, the Company has no accumulated
losses at the ended of the financial year and it has incurred cash loss
in immediately preceding financial year of Rs. 16.60 lakhs.
9. According to the records of the Company examined by us and the
information and explanation given to us, the Company has no dues to
financial institution or banks or debentures holders as at balance
sheet date.
11. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
12. According to the information and explanation given to us, the
Company has not taken any term loan from any bank or financial
institution.
13. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, according to the information and
explanation given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have been informed any such case by the management.
For Jayesh R. Mor & Co.
Chartered Accountants
Firm No. 122056W
[Jayesh R. Mor]
PLACE : AHMEDABAD
DATE : 29.05.2015 Proprietor
Membership No. 37941 |