| 1. We have audited the accompanying financial statements of Noida
Medicare Centre Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, 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
2. 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 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; design, implementation and maintenance of
adequate internal financial controls, that are 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. We have taken into account the provisions of the Act and Rules made
there under including the accounting standards and matters which are
required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and the 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.
7. 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.
8. 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 31st March 2015, its loss and its cash flows for the year ended on
that date
Report on Other Legal and Regulatory Requirements
9. 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 section143 of the Act (hereinafter referred to as
the "Order"), and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to the
information and explanation given to us, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
10. As required by section 143(3) of the Act, we further 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 appears from our examination of those
books;
c) 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;
d) in our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014;
e) on the basis of written representations received from the directors
as on March 31, 2015, and 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 knowledge and belief
and according to the information and explanations given to us:
i) The Company has disclosed the impact, if any, of pending litigation
as at March 31, 2015 on its financial position in its financial
statements -Refer Note-17.
ii) The Company did not have any long-term contracts including
derivative contracts as at March 31, 2015.
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company during the year ended March 31, 2015.
Annexure to Independent Auditors' Report
Referred in paragraph 9 of the Independent Auditors' Report of even
date to the members of Noida Medicare Centre Ltd 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 fixed
assets.
b. The fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such
verification.
c. In our opinion and according to the information and explanations
given to us, the company has disposed off its Imaging and Diagnostic
unit located at VIMHANS, New Delhi as going concern on slump sale basis
during the year under review.
2. a. Physical verification of inventory has been conducted at
reasonable intervals by the management.
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 and no
material discrepancies were noticed on physical verification of the
Inventory.
3. The company has granted loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act. The receipt of the amount so granted is
regular and all reasonable steps have been taken for ensuring proper
recovery of the amount in question. No amount is outstanding as at
31-03-2015.
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 weaknesses in the
aforesaid internal control system.
5. The company has not accepted any deposits during the year.
6. Maintenance of cost records has not been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act.
7. a. The company is regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, cess and any
other statutory dues with the appropriate authorities. However,
according to the information and explanations given to us, undisputed
amounts payable in respect of TDS (income tax) was in arrears, as at
31st March 2015 for a period of more than six months from the date they
became payable amounting to Rs. 43,31,060.00 b Following disputes are
pending as at 31-03-2015 pertaining to dues of income tax or sales tax
or wealth tax or service tax or duty of customs or duty of excise or
value added tax or cess:
Name of the Nature of Forum where Period to which the
Statue Dues dispute is
pending amount relates (FY) Gross Amount
Involved
Sales
Tax Act Entry Tax High Court 1994-95 595,000
Sales
Tax Act Sales Tax Sales Tax
Deptt 2007-08 & 2009-10 613,375
Total (Rs) 1,208,375
c. No amount is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
8. The company has been registered for a period not less than five
years and its accumulated losses at the end of the financial year March
31,2015 are Rs 62.53 lacs and is less than fifty per cent of its net
worth. Further, the company has incurred cash losses in the financial
year under consideration. No cash loss was there in the immediately
preceding financial year.
9. The company has defaulted in repayment of dues to financial
institutions or banks or debenture holders amounting to Rs
2,82,26,675.00 during the year.
1 In our opinion, and 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 during the year.
Accordingly, the provisions of Clause 3(x) of the Order are not
applicable to the Company.
1 The Company has not raised any term loans. Accordingly, the
provisions of Clause 3(xi) of the Order are not applicable to the
Company.
1 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally
2. accepted auditing practices in India, and 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 we been informed of any such case by
the management.
For N. K. DUGGAL & CO.
Chartered Accountants
Regn. No004809N
Place : New Delhi
Date : 07.12.2015 N.K DUGGAL
Prop.
Membership. No.: 083661 | 