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A D S Diagnostic Ltd.

BSE: 523031 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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A D S Diagnostic Ltd. (ADSDIAGNOSTIC) - Auditors Report

Company auditors report

To the Members of ADS DIAGNOSTIC LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ADS DIAGNOSTIC LIMITED("the Company") which comprise the Balance Sheet as at March 312015 theStatement of Profit and Loss and the 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the 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 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; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid 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 March312015 and 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 by the Central Government in terms of Section 143(11) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

2. As required by Section 143(3) of the Act we report that:

a) we have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as it appears from our examination of those books.

c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) oftheAct.

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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 26 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There are no amounts that were due for being transferred to the Investor Educationand Protection Fund by the Company.

Place: New Delhi
Dated: 30th May 2015 For R. NAGPAL ASSOCIATES
Chartered Accountants
Firm Registration Number 002626N
(CA J. S. Quadros)
Partner
M No.089181

ANNEXURE referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date to the members of ADS DIAGNOSTICLIMITED on the accounts of the Company for the year ended 31st March2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) A substantial portion of the Fixed Assets have been physically verified by themanagement during the year and to the best of our knowledge and information given to usno material discrepancies have been noticed on such physical verification.

(ii) (a) As explained to us & information provided to us the Inventory has beenphysically verified by the management at reasonable intervals during the year.

(b) In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) The Company is maintaining proper records of inventory. Discrepancies noticed onphysical verification of inventory as compared to book records were not material and thesehave been properly dealt with in the books of account. The Company has written downinventories to the extent of Rs.6694267 on account of diminution in their net realizablevalue.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013.

(iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for sales of goods & services. During the course of our audit we have notobserved any major weakness in such internal control system.

(v) The Company has not accepted any deposit from the public during the year.

(vi) According to the information and explanations given to us cost accounting recordshave not been prescribed for the company u/s 148(1) of the Companies Act 2013; henceClause (vi) of Para 4 of the Order is not applicable.

(vii) (a) As per records produced before us and according to the information andexplanations given to us the Company is generally regular in depositing undisputedstatutory dues applicable to it like Provident Fund Employees' State InsuranceIncome-tax Service Tax Sales Tax/ Value Added Tax Wealth Tax Customs Duty ExciseDuty Cess and other material statutory dues applicable to it with the appropriateauthorities and there were no arrears of such dues at the end of the year which haveremained outstanding for a period of more than six months from the date they becamepayable.

(b) As per records produced before us and according to the information and explanationsgiven to us there are no dues of Income-tax Sales-tax Wealth tax Service Tax Customsduty Excise Duty Value Added Tax or Cess which have not been deposited on account of anydispute except for the following:

Name of Statute (Nature of dues) Period to which amount relates Forum where dispute is pending Amount(Rs)
Customs Duty 1995-96 Commissionerate (Customs) 4000000 (Amount deposited under protest Rs.500000
Customs Duty 1993-94 Commissionerate (Directorate of Revenue Intelligence) 5601507
Income Tax AY 1988-89 & AY 1989-90 High Court 1873290
Income Tax AY 2012-13 Assessing Officer (CPC) 3421
Income Tax AY 2014-15 Assessing Officer (CPC) 324390
TDS demands Various financial years Assessing Officer (Traces) 92550

(c) There are no amounts that were due for being transferred to the Investor Educationand Protection Fund in accordance with the relevant provisions of the Companies Act 1956and Rules made thereunder.

(viii) The company has accumulated losses of Rs.957665 as at the end of the financialyear and has not incurred any cash losses during the financial year covered by our auditand in the immediately preceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto any bank or financial institution.

(x) The Company has not given any guarantee for loans taken by others from banks orfinancial institutions; hence Clause (x) of Para 4 of the Order is not applicable.

(xi) The Company has not taken any term loans; hence Clause (xi) of Para 4 of the Orderis not applicable.

(xii) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the year.

Place: New Delhi
Dated: 30th May 2015 For R. NAGPAL ASSOCIATES
Chartered Accountants
Firm Registration Number 002626N
(CA J. S. Qadros)
Partner
M No.089181

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