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Indraprastha Medical Corporation Ltd.

BSE: 532150 Sector: Health care
NSE: INDRAMEDCO ISIN Code: INE681B01017
BSE LIVE 15:49 | 11 Dec 53.00 0.85
(1.63%)
OPEN

52.10

HIGH

54.00

LOW

52.05

NSE 15:49 | 11 Dec 52.80 0.80
(1.54%)
OPEN

51.80

HIGH

53.85

LOW

51.80

OPEN 52.10
PREVIOUS CLOSE 52.15
VOLUME 42004
52-Week high 64.30
52-Week low 50.25
P/E 23.45
Mkt Cap.(Rs cr) 486
Buy Price 53.00
Buy Qty 319.00
Sell Price 0.00
Sell Qty 0.00
OPEN 52.10
CLOSE 52.15
VOLUME 42004
52-Week high 64.30
52-Week low 50.25
P/E 23.45
Mkt Cap.(Rs cr) 486
Buy Price 53.00
Buy Qty 319.00
Sell Price 0.00
Sell Qty 0.00

Indraprastha Medical Corporation Ltd. (INDRAMEDCO) - Auditors Report

Company auditors report

To the Members of

Indraprastha Medical Corporation Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Indraprastha MedicalCorporation Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2016 and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of 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 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 of 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial 2015–16 statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal 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 accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 2016 and its profits 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 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure -A a statement on the matters specifiedin paragraphs 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 purpose 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 such 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 and returns;

(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 and taken onrecord by the Board of Directors we report that none of the Directors is disqualified ason 31st March 2016 from being appointed as a Director in terms of undersub-section (2) of Section 164 of the Companies Act 2013.

(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".

3. As required by Rule 11 of the Companies (Audit and Auditors) Rules 2014 issued bythe Central Government of India in terms of clause (j) of subsection (3) of section 143 ofthe Act we report that:

(a) The company has disclosed the impact if any of pending litigations on itsfinancial position in its financial statements.

(b) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

(c) In our opinion there has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For S.C. Vasudeva & Co.
Chartered Accountants
Firm Reg. No: 000235N
Abhinav Khosla
Place: New Delhi Partner
Dated: 20th May 2016 M. No. 87010

ANNEXURE–A TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph (1) under ‘Report on Other Legal and RegulatoryRequirements’ section of even date)

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) According to the information and explanations given to us the fixed assets of theCompany have been physically verified by the management at reasonable intervals. Nomaterial discrepancies were noticed on such verification as compared to the book records.

(c) According to information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties are heldin the name of the company

2. (a) Physical verification has been carried out by the Management in respect ofinventory at reasonable intervals including as on March 31 2016. In our opinion thefrequency of verification is reasonable.

(b) The Company is maintaining proper records of inventory. As per the information andexplanations provided to us by the Management the discrepancies observed on physicalverification of inventory were not material and the same has been properly dealt with inthe books of account.

3. According to the information and explanations given to us and based on such testswhich we considered necessary we report that the company has not granted any loanssecured or unsecured to companies firms limited liability partnerships or other partiescovered in the register maintained under section 189 of the Companies Act2013 . Thereforethe provisions of paragraph (iii) (a) (b) and (c) of the above order are not applicableto the Company.

4. According to the information and explanations given to us the Company has not madeany loans investments or given any guarantees or provided any security pursuant to theprovisions of section 185 and 186 of the Companies Act2013 . Therefore the provisions ofparagraph (iv) of the above order are not applicable to the Company.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public during the year under audit.Therefore directives issued by Reserve Bank of India and the provisions of Sections 73 to76 or any other relevant provisions of the Companies Act and the rules framed there underare not applicable to the company.

6. We have broadly reviewed the cost records maintained by the Company pursuant to thesub-section (1) of section 148 of the Companies Act specified by the Central Governmentand are of the opinion that prima facie the prescribed cost records have beenmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

7. (a) According to the information and explanations given to us and records of theCompany examined by us in our opinion the company is generally regular in depositingundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome-tax Sales-tax Service tax Duty of Customs Value Added Tax cess and any otherstatutory dues with the appropriate authorities. We are informed that the provisions ofExcise Duty are not applicable to the company. According to the information andexplanations given to us no undisputed amounts payable were outstanding as at March 312016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs or value added tax which have not beendeposited on account of any dispute except as given under:

Name of the Statute Nature of Dues Disputed Amount (Rs. in lacs) Period to which it relates Forum where Dispute is pending
Service Tax under Finance Act 1994 Service Tax. 276.14 Financial years 2006-07 to 2010-11 Customs Excise & Service Tax Appellate Tribunal New Delhi

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowing to any financial institution bank or Government . The Company does not have any debenture holders.

9. In our opinion and according to the information and explanations given to us thecompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) and term loans during the year .

10. According to the information and explanations given to us no fraud by the companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year under review.

11. According to the information and explanations given to us and based on ourexamination of records of company the company has paid / provided for the managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013 .

12. According to the information and explanation given to us the company is not aNidhi Company. Therefore the provisions of paragraph 3(xii) of the Order are notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with section 177 and 188 of the Companies Act 2013. Further the details of thetransactions have been disclosed in the financial statements as required by the applicableaccounting standards .

14. According to the information and explanations given to us the company has not madepreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review . Therefore the provisions of paragraph 3(xiv) ofthe Order are not applicable.

15. According to information and explanations given to us and based on our examinationof the records of the company the company has not entered into any non-cash transactionswith directors or person connected with him. Accordingly provisions of paragraph 3 (xv)of the Order are not applicable.

16. According to the information and explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For S.C. Vasudeva & Co.
Chartered Accountants
Firm Reg. No: 000235N
Abhinav Khosla
Place: New Delhi Partner
Dated: 20th May 2016 M. No. 87010

ANNEXURE–B TO THE INDEPENDENT AUDITOR’S REPORT

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

REPORT ON THE FINANCIAL STATEMENTS

1. We have audited the internal financial controls over financial reporting ofIndraprastha Medical Corporation Limited ("the Company") as of 31stMarch 2016 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India (‘ICAI’). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and 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

3. 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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 controlssystem over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that;

a. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

c. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

7. 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

8. 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 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S.C. Vasudeva & Co.
Chartered Accountants
Firm Reg. No: 000235N
Abhinav Khosla
Place: New Delhi Partner
Dated: 20th May 2016 M. No. 87010