| We have audited the accompanying standalone financial statements of
SYNCOM HEALTHCARE LIMITED, which comprise the Balance Sheet as at 31st
March 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
Management 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
is in accordance with the accounting principles generally accepted in
India including, Accounting Standards specified in 133 of the Act read
with Rule 7 of the Companies (Account) Rules 2014. This responsibility
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 deducting the fraud and other irregularities;
selection and application of appropriate accounting policies; making
judgement and estimates that are reasonable and prudent: and design,
implementation and maintenance of internal control, 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 matter
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 control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements hereto 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 and subject to the note :
(a) In the case of the Balance Sheet, of the statement of affairs of
the Company as at 31st March 2015;
(b) In the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the 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 by the Central Government of India in terms of sub-
section (11) of section 142 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order
to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit
ii. in our opinion proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books
iii. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account
iv. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards specified
in 133 of the Act read with Rule 7 of the Companies (Account) Rules
2014.
v. On the basis of written representations received from the directors
as on 31st March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms of section 164(2) of the Act, and.
vi. With respect to the other matters to be included in the Auditor's
report in accordance with the Rule 11 of the Companies (Audit and
Auditors) Rule, 2014, in our opinion o the best of our information and
according to the explanations given to us:
a. The company has disclosed the impact of the pending
disputes/litigations in its financial statements - Refer Note No. 26 to
the financial Statements.
b. The company was not required to make provision for any material
foreseeable losses on long term contracts or including derivative
contracts.
c. There was no requirement of transferring amounts to the Investors
Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORTS
(Referred point (1) of our report on Other Legal and Regulatory
Requirements of even date) With reference to the Annexure referred in
our report of even date to the members of Syncom Healthcare Limited for
the year ending 31st March 2015, we report that in our opinion and to
the best of our information and explanations furnished to us and the
books and records examined by us in the normal course of Audit:
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. Controls regarding electronic form of records for fixed asset
register are sufficient for the company to secure it from unauthorized
access.
(b) As explained to us physical verification of a major portion of
fixed assets as at 31 March, 2015 was conducted by the management
during the year. In our opinion the frequency of physical verification
is reasonable having regard to the size of the Company and nature of
its Assets. According to the information and explanation given to us,
no material discrepancies were noticed on such verification.
(c) The Company has not undertaken disposal of a substantial part of
fixed assets of the Company during the year.
2. (a) As explained to us, the inventories were physically verified
during the year by management at periodic intervals. In our opinion
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of inventory.
The discrepancies noticed between physical stock and book stock during
periodic physical verification of stock by the management, were given
effect in the Books of accounts.
3. The company has not granted loans to any Firm or Companies covered
in the register maintained under Section 189 of the Companies Act 2013.
4. In our opinion and according to explanation given to us there are
adequate internal control procedures 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. During the course of audit
we have not observed any major weaknesses in internal controls.
5. During the year, the company has not accepted any deposits from
public, because of which there is no need to comply with the
provisions of section 73 to 76 or any other relevant provision and
rules made there under of companies act 2013 and also the directives
issued by the Reserve Bank of India. No Order on this matter has been
passed by Company law board or National Company law tribunal or reserve
bank of India or any other tribunal which has to be compiled by the
company.
6. The maintenance of cost records has been prescribed by the Central
Government under sub-section (1) of section 148 of the Companies Act,
2013 and the company has also appointed Cost Auditor for financial year
2014-15. We have broadly reviewed the accounts and records of the
Company in this connection and are of the opinion, that prima facie,
the prescribed accounts and records have been made and maintained.
However, we are neither required to carryout nor have carried out any
detailed examination of such Accounts and records.
7. According to information and explanations given to us in respect of
statutory dues:
(1) the company is generally regular in depositing undisputed statutory
dues including provident fund, investor education protection fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty and other material statutory dues
applicable to it, except as liabilities detailed in note -27 of the
Notes to Accounts, which were outstanding for more than six months as
on year end.
(2) According to information and explanations given to us and records
of company examined by us, there are no dues of sales tax, wealth tax
and excise duty which are outstanding as at 31st March 2015, which have
not been deposited on account of any dispute. The particulars of various
statutory dues as at 31st March 2015, which have not been accounted for
and not deposited on account of disputed Liability are as follows.
S. No. Statute Nature of Amount of
Dues Tax Demand
1. Income Tax Act 1961 Income Tax Demand Rs. 8,45,268/-
A.Y. 2005-06
2. Income Tax Act 1961 Income Tax Rs. 1,24,250/-
A.Y. 2011-12
3 Sales Tax Act Sales Tax Demand Rs. 12,08,922/-
for A.Y. 2012-13
4. Sales Tax MVAT Rs. 17,78,293/-
Demand for
A.Y. 2011-12
S. No. Statute Amount Paid Unipaid
against Demand Amount
1. Income Tax Act 1961 Rs- 4,36,600/- is
deposited against this Rs. 4,08,668/
in previous years.
2. Income Tax Act 1961 Nil Rs. 1,24,250/-
3 Sales Tax Act Nil Rs. 12,08,922/-
4. Sales Tax Nil Rs.17,78,293/-
S. No. Statute Forum in which
it is Pending
1. Income Tax Act 1961 CIT (Appeals)
CIT (Appeals)
2. Income Tax Act 1961 CIT (Appeals)
3 Sales Tax Act DY Comm.
CT, Indore
4. Sales Tax Dy Comm.
Appeals,
Mumbai
(3) According to information and explanations given to us and records
of company examined by us, the company was not required to transfer any
amount to investor education and protection fund in accordance with the
relevant provisions of the companies act 1956 (1 of 1956) and rules
made thereunder.
8. Based on final accounts for the year under report, the company does
not have any accumulated losses.
9. In our opinion and according to information and explanation given
to us the company has not defaulted in repayment of dues to any
financial institution or bank. The company did not issue any debentures
during the year and nor had outstanding debentures from previous year.
10. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
11. In our opinion, the term loans have been applied for the purpose
for which they were raised.
12. To the best of our knowledge and belief and as per the information
given to us, no fraud on or by the company has been noticed or reported
during the year.
For Sanjay Mehta & Associates
Chartered Accountants
Firm Regn. 011524C
Manish Mittal
Place : Indore Partner
Date : 30/05/2015 M .No. 079452
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