Bajaj Healthcare Limited
Report on the Financial Statements
We have audited the accompanying financial statements Bajaj Health Care Limited ("theCompany") which comprise the Balance Sheet as at March 31 2015 and the Statementof Profit and Loss for the year then ended and a summary of significant accountingpolicies 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 standalone financial statements that give a true and fair view of the financialposition financial performance 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 provision of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of the appropriateaccounting policies; making judgements 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 fair presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.
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 materia! misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement 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 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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 standalone financial statements.
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 31stMarch 2015 its "Profit" for the year ended on that date and its "CashFlow Statement of the cash flows for the year ended 31st March 2015.
Emphasis of Matter
As stated in Note no 9.1 Board of Directors in accordance with the meeting held on 30thMarch 2015 decided to revalue the Land and Building as on 31st March 2015 toreflect the realistic value on the basis of valuation report of Government approvedvaluer by Rs.4311.70 Lacs and an equivalent amount has been transferred to RevaluationReserve.
Our opinion is not qualified in respect of this matter.
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 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.
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 appears from our examination of those books.
c. The Balance Sheet Statement of Profit and Loss account & Cash Flow 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 written representations received from the directors as on 31st March2015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of section 164(2) of theAct.
For Paresh Rakesh & Associates
Firm Registration No.: 119728W
|Date: 5th Sept2015 ||Rakesh Chaturvedi |
| ||Partner |
|Place: Mumbai ||Membership No. 102075 |
Annexure referred to in paragraph 1 under the heading Report on other legal andregulatory requirements of our report of even date
i) In respect of its Fixed Assets :
a. The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets on the basis of available information.
b. As explained to us major portion of the fixed assets have been physically verifiedby the management in a phased periodical manner which in our opinion isreasonable'having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.
ii) In respect of its Inventories:
a. As per information & explanation provided to us the procedure of physicalinventory has been physically verified during the year by the management. In our opinionthe frequency of the verification is reasonable.
b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness. Flowever management has relied upon the third party certification wherever thematerials are lying at the third party locations.
c. The Company has maintained proper records of inventories. As explained to us thematerial discrepancies noticed on physical verification are properly reported with in thebooks of accounts.
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 and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company andnature of its business for the purchase of goods fixed assets and for the sale of goods.During the course of our audit we have not observed any continuing failure to correctmajor weaknesses in such internal control system.
v) According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of provisions of sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed thereunder. Therefore the provisionsof Clause (v) of paragraph 3 of the Order are not applicable to the Company.
vi) According to the information and explanations given to us the Company hasmaintained cost records under Section 148 of the Companies Act 2013 in respect ofbusiness carried by the company.
vii) In respect of Statutory dues :
a. According to the records of the Company undisputed statutory dues including incometax Service Tax Sales Tax and any other material statutory dues have been generallyregularly deposited with appropriate authorities.
According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2015 for aperiod of more than six months from the date of becoming payable.
b. According to the information and explanations given to us and according to thebooks and records as produced and examined by us following disputed amount of tax demandedhave not been deposited with concern authorities as on 31st March2015.
|Sr. No ||Nature of Liability ||Name of Statute ||Amt (in Rs) ||Period which the amount relates ||Forum where the dispute pending |
|1 ||Sales Tax ||CST ( Gujarat )Act ||1956242A ||2008-09 ||Commissioner of Sales Tax (Appeals) |
|2 ||Sales Tax ||CST ( Gujarat )Act ||363756/- ||2009-10 ||Commissioner of Sales Tax (Appeals) |
|3 ||Sales Tax ||CST (Gujarat )Act ||4097927/- ||2010-11 ||Commissioner of Sales Tax (Appeals) |
|4 ||Sales Tax ||CST (Maharashtra) Act ||1053053/- ||2010-11 ||Assistance Commissioner of Sales Tax Palghar |
|5 ||Custom Duty ||Custom Act 1944 ||41525427/- ||2004-05 ||CESTAT (Appeal) |
|6 ||Central Excise ||Central Excise Act 1944 ||119928/- ||2007-08 ||Commissioner of Central Excise (Appeals) |
|7 ||Central Excise ||Central Excise Act 1944 ||6761197/- ||2007-08 ||Commissioner of Central Excise (Appeals) |
| ||Total || ||55877530/- || || |
c. There were no asnounts which are required to be transferred to the investorEducation and Protection Fund by the Company during the year.
viii) The Company does not have any accumuiated losses at the end of the financial yearand has not incurred cash losses in the financial year and in immediately precedingfinancial year.
ix) As per the information and explanation given to us and based on the recordsexamined by us the company has not defaulted in repayment of dues to banks financialinstitutions and debentures during the year
x) The company has not given any guarantee for any loans taken by others from Banks orfinancial Institutions on the terms & conditions which are prejudicial to theinterest of the company however Company has Co-Borrowed Loan with its Associate Concernfor details Refer Note no. 28.
xi) In our opinion and on the basis of information and explanations given to us and onthe review of its balance sheet at the year end we are of the opinion that the Companyhas applied Term Loan taken during the year for the purpose for which it was obtained.
xii) In our opinion and according to the information and explanations given to us nofraud on or by the Company has been noticed or reported during the year.
For Paresh Rakesh & Associates Chartered Accountants Firm Registration No.: 119728W
| ||Rakesh Chaturvedi |
|Date: 5th Sept2015 ||Partner |
|Place: Mumbai ||Membership No. 102075 |