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Dr Agarwals Eye Hospital Ltd.

BSE: 526783 Sector: Health care
NSE: N.A. ISIN Code: INE934C01018
BSE LIVE 19:48 | 19 Oct 640.00 20.75
(3.35%)
OPEN

626.00

HIGH

649.00

LOW

600.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 626.00
PREVIOUS CLOSE 619.25
VOLUME 475
52-Week high 649.00
52-Week low 215.55
P/E 31.07
Mkt Cap.(Rs cr) 301
Buy Price 0.00
Buy Qty 0.00
Sell Price 639.00
Sell Qty 15.00
OPEN 626.00
CLOSE 619.25
VOLUME 475
52-Week high 649.00
52-Week low 215.55
P/E 31.07
Mkt Cap.(Rs cr) 301
Buy Price 0.00
Buy Qty 0.00
Sell Price 639.00
Sell Qty 15.00

Dr Agarwals Eye Hospital Ltd. (DRAGARWALSEYE) - Auditors Report

Company auditors report

TO THE MEMBERS OF DR. AGARWAL'S EYE HOSPITAL LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of DR. AGARWAL'S EYE HOSPITALLIMITED ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 prescribedunder Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; the selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the 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 financial statements based on ouraudit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to usthe aforesaid financial statements give the information required by the Act inthe 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 March31 2017 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 Section 143 (3) of the Act we report that: a). We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. d) In our opinion the aforesaid financial statements comply with the AccountingStandards prescribed under Section 133 of the Act. e) On the basis of the writtenrepresentations received from the directors as on March 31 2017 and taken on record bythe Board of Directors none of the directors is disqualified as on March 31 2017from being appointed as a director in terms of Section 164 (2) of the Act. f) With respectto the adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate Report in"Annexure A". Our report expresses an unmodified opinion on the adequacy andoperating effectiveness of the Company's internal financial controls over financialreporting. 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 as amendedinour opinion and to the best of our information and according to the explanations given tous: i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements; ii) The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses. iThere were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company. ii) iv) The Company has provided requisite disclosures inthe financial statements as regards its holding and dealings in Specified Bank Notes asdefined in the Notification S.O. 3407(E) dated the 8 November 2016 of the Ministry ofFinance during the period from 8 November 2016 to 30 December 2016. However as stated inNote 40 to the financial statements amounts aggregating to

` 759000 as represented to us by the Management have been received from transactionswhich are not permitted.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Deloitte Haskins & Sells

Chartered Accountants (Firm's Registration No. 008072S)

sd/-

Sriraman Parthasarathy

Partner (Membership No. 206834)

Place: Chennai

Date: May 23 2017

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f)under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DR.AGARWAL'S EYE HOSPITAL LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe designimplementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditor's 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 to the best of our information and according to the explanations givento usthe Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Deloitte Haskins & Sells

Chartered Accountants

(Firm's Registration No. 008072S)

sd/-

Sriraman Parthasarathy

Partner

(Membership No. 206834)

Place: Chennai Date: May 23 2017

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) i) In respect of fixed assets: a) TheCompany has maintained proper records showing full particulars including quantitativedetails and situation of the fixed assets. b) The fixed assets were physically verifiedduring the year by the Management in accordance with a regular programme of verificationwhich in our opinion provides for physical verification of all the fixed assets atreasonable intervals. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification. c) The Company does not have anyimmovable properties of freehold or leasehold land and building and hence reporting underclause (i)(c) of the CARO 2016 is not applicable. ii) As explained to us the inventorieswere physically verified during the year by the Management at reasonable intervals.Discrepancies noticed on physical verification during the year have been properly dealtwith in the books of account. iii) The Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. iv) The Company hasnot granted any loans made investments or provided guarantees and hence reporting underclause (iv) of the CARO 2016 is not applicable. v) According to the information andexplanations given to us the Company has not accepted any deposits during the year. vi)The maintenance of cost records has been specified by the Central Government under Section148(1) of the Companies Act 2013. We have broadly reviewed the cost records maintained bythe Company pursuant to the Companies (Cost Records and Audit) Rules 2016 as amended andprescribed by the Central Government under sub-section (1) of Section 148 of the CompaniesAct 2013 and are of the opinion that prima facie the prescribed cost records have beenmade and maintained. We have however not made a detailed examination of the cost recordswith a view to determine whether they are accurate or complete. vii) According to theinformation and explanations given to us in respect of statutory dues; a) The Company hasgenerally been regular in depositing undisputed statutory dues including Provident FundEmployees' State Insurance Income Tax Service Tax Customs Duty Value Added Tax Cessand other material statutory dues applicable to it with the appropriate authorities duringthe year except for certain delays in remittance of Tax Deducted at Source Advance IncomeTax and Service Tax. b) There were no undisputed amounts payable in respect of ProvidentFund Employees' State Insurance Income Tax Service Tax Customs Duty Value Added TaxCess and other material statutory dues in arrears as at March 31 2017 for a period ofmore than six months from the date they became payable. c) Details of Value Added Tax andIncome Tax which have not been deposited as at March 31 2017 on account of disputes aregiven below:

Name of the Statute Nature of dues Forum where Dispute is pending Period to which the Amount Relates (Financial Year) Amount Involved Amount Unpaid
` ( In Lakhs) ` ( In Lakhs)
Commissioner of Income Tax (Appeals) 2008-09 78.74 63.75
Income Tax Act 1961 Income Tax Commissioner of Income Tax (Appeals) 2009-10 111.64 55.10
Income Tax Appellate Tribunal (ITAT) 2010-11 191.50 35.54
Rajasthan Value Commissioner of Income Tax (Appeals) 2013-14 443.47 152.72
Added Tax 2003 Value Added Tax Assistant Commissioner Commercial Taxes Jaipur 2014-15 0.72 0.72

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks. The Companyhas not taken any loans or borrowings from financial institutions and government or hasnot issued any debentures.

ix) In our opinion and according to the information and explanations given to us moneyraised by way of term loans have been applied by the Company during the year for thepurposes for which they were raised other than temporary deployment pending applicationof proceeds. Further the Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments). x) To the best of our knowledge andaccording to the information and explanations given to us no fraud by the Company and nomaterial fraud on the Company by its officers or employees has been noticed or reportedduring the year. xi) In our opinion and according to the information and explanationsgiven to us the Company has paid / provided managerial remuneration in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V tothe Companies Act 2013. xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the CARO 2016 Order is not applicable. xiii) In our opinion and accordingto the information and explanations given to us the Company is in compliance with Section188 and 177 of the Companies Act 2013 where applicable for all transactions with therelated parties and the details of related party transactions have been disclosed in thefinancial statements etc. as required by the applicable accounting standards. xiv) Duringthe year the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures and hence reporting under clause (xiv) ofCARO 2016 is not applicable to the Company. xv) In our opinion and according to theinformation and explanations given to us during the year the Company has not entered intoany non-cash transactions with its directors or persons connected with him andhence provisions of Section 192 of the Companies Act 2013 are not applicable. xvi) TheCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934.

For Deloitte Haskins & Sells

Chartered Accountants

(Firm's Registration No. 008072S)

sd/-

Sriraman Parthasarathy

Partner

(Membership No. 206834)

Place: Chennai

Date: May 23 2017