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Chennai Meenakshi Multispeciality Hospital Ltd.

BSE: 523489 Sector: Health care
NSE: N.A. ISIN Code: INE889F01017
BSE 13:50 | 16 Feb 29.00 -0.55
(-1.86%)
OPEN

29.00

HIGH

29.00

LOW

29.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 29.00
PREVIOUS CLOSE 29.55
VOLUME 6386
52-Week high 31.70
52-Week low 10.60
P/E 21.80
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 29.00
Sell Qty 14754.00
OPEN 29.00
CLOSE 29.55
VOLUME 6386
52-Week high 31.70
52-Week low 10.60
P/E 21.80
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 29.00
Sell Qty 14754.00

Chennai Meenakshi Multispeciality Hospital Ltd. (CHENNAIMEENA) - Auditors Report

Company auditors report

To

The Members

Chennai Meenakshi Multispeciality Hospital Limited

Chennai.

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Chennai MeenakshiMultispeciality Hospital Limited ('the Company' ) which comprise the Balance Sheet as at31st March 2017 the Profit and Loss Statement and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 there under.

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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its loss and its cash flows for the year ended on that date.

Report on Other Legal Et Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("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" a statement on the matters specified inparagraph 3 and 4 of the Order to the extent applicable.

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 it appears from our examination of those books;

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

(d)In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e)On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) 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 did not have any pending litigations;

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

iii. There are no amounts due to be transferred to the Investor Education andProtection

Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management - Refer Note No. 32 toFinancial Statements.

For VARMA Et VARMA
Chartered Accountants
(FRN.004532S)
K.M Sukumaran
Place: Chennai Partner
Date: 22.05.2017 Membership. No. 15707

ANNEXURE "A" REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING REPORT ON"OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR INDEPENDENTAUDIT REPORT OF EVENDATE ON THE STANDALONE FINANCIAL STATEMENTS OF CHENNAI MEENAKSHI MULTISPECIALITY HOSPITALLIMITED FORTHE YEAR ENDED 31.03.2017

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

b. We are informed that fixed assets have been physically verified by the management atreasonable intervals and that no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us and based on theexamination of the records of the company and also having regard to the confirmationreceived from financial lenders in respect of title deeds deposited with them whereverapplicable we report that the title deeds of immovable properties are held in the nameof the company.

(ii) We are informed that the physical verification of inventory has been conducted bythe management at reasonable intervals and no material discrepancies were noticed on suchverification.

(iii)The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013 and hence the relative reporting requirementsunder Clause 3(iii) of the Order is not commented upon.

(iv)According to the information and explanations given to us and based on the recordsof the company examined by us the Company has not made any investments granted anyloans security or guarantee for which the provisions Section 185 and 186 of the Act areapplicable.

(v) The Company has not accepted any deposits from the public during the year andhence the directives issued by the Reserve Bank of India and the provisions of Sections73 to 76 or any other relevant provisions of the Act and the rules framed thereunder arenot applicable.

(vi)To the best of our knowledge and according to the information and explanationsgiven to us the Central Government has not prescribed the maintenance of cost recordsunder Section 148 (1) of the Act for the company.

(vii)a. As per the information and explanations furnished to us and according to ourexamination of the records of the Company the Company has been regular in depositing theundisputed statutory dues including provident fund employees state insurance income taxsales tax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues as applicable to the Company with the appropriate authoritiesduring the year and no undisputed amounts in respect of material statutory dues were inarrears as at 31st March 2017 for a period of more than six months from the date theybecame payable.

b. According to the information and explanations given to us and based on the recordsof the Company examined by us there were no dues that have not been deposited withappropriate authorities as at 31st March 2017 on account of dispute.

(viii) In our opinion and according to the information and explanations given to us andbased on the records of the Company examined by us the Company has not defaulted inrepayment of dues to banks and government. The Company has neither taken any loans orborrowings from any financial institution nor has issued any debentures.

(ix) According to the information and explanations given to us and based on the recordsof the Company examined by us no monies were raised by way of initial public offer orfurther public offer(including debt instruments) or by way of term loans during the yearand hence relative reporting requirements under clause 3(ix) of the Order are notcommented upon.

(x) During the course of our examination of the books and records of the companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud by the company or on the company by its officers or employeeswhich has been noticed or reported during the year nor have we been informed of any suchcase by the management.

(xi) According to the information and explanations given to us and based on the recordsof the Company examined by us managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

(xii) The Company is not a Nidhi Company. Accordingly the reporting requirements underclause 3(xii) of the Order are not applicable.

(xiii) According to the information and explanations given to us and based on therecords of the Company examined by us transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and the details thereofhave been duly disclosed in Note 26 to the standalone financial statements as required bythe applicable accounting standard.

(xiv) According to the information and explanations given to us and based on therecords of the Company examined by us the company has not made any preferentialallotment/private placement of shares or fully or partially convertible debentures duringthe year under review and hence the requirements of Section 42 of the Act are notApplicable.

(xv) According to the information and explanations given to us and based the records ofthe Company examined by us the company has not entered into any non -cash transactionswith directors or persons connected with the directors. Accordingly the reportingrequirements under clause 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us and the records of theCompany examined by us the company is not required to be registered under section 45 -IAof the Reserve Bank of India Act 1934. Accordingly the reporting requirement underclause 3(xvi) of the Order is not applicable.

For Varma Et Varma
Chartered Accountants
Firm Registration No. 004532S
K.M Sukumaran
Place : Chennai Partner
Date :22.05.2017 Membership. No. 15707

ANNEXURE "B" REFERRED TO IN PARAGRAPH 2(f) UNDER THE HEADING "REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR INDEPENDENT AUDIT REPORT OF EVEN DATEON THE STANDALONE FINANCIAL STATEMENTS OF CHENNAI MEENAKSHI MULTISPECIALITY HOSPITALLIMITED FOR THE YEAR ENDED 31ST MARCH 2017

Report on the Internal Financial Controls under Clause (i) of Sub -section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ChennaiMeenakshi Multispecialty Hospital Limited ("the Company") as of March 31 2017in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of

Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Varma Et Varma
Chartered Accountants
Firm Registration No. 004532S
K.M Sukumaran
Place : Chennai Partner
Date : 22nd May 2017 Membership. No. 15707