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Indraprastha Medical Corporation Ltd.

BSE: 532150 Sector: Health care
NSE: INDRAMEDCO ISIN Code: INE681B01017
BSE 15:43 | 23 Feb 54.20 0.40
(0.74%)
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54.25

HIGH

55.00

LOW

54.00

NSE 15:56 | 23 Feb 54.40 0.55
(1.02%)
OPEN

54.30

HIGH

55.00

LOW

54.20

OPEN 54.25
PREVIOUS CLOSE 53.80
VOLUME 18512
52-Week high 68.35
52-Week low 45.35
P/E 24.64
Mkt Cap.(Rs cr) 497
Buy Price 54.20
Buy Qty 490.00
Sell Price 0.00
Sell Qty 0.00
OPEN 54.25
CLOSE 53.80
VOLUME 18512
52-Week high 68.35
52-Week low 45.35
P/E 24.64
Mkt Cap.(Rs cr) 497
Buy Price 54.20
Buy Qty 490.00
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 IND AS FINANCIAL STATEMENTS

We have audited the accompanying Ind AS financial statements of Indraprastha MedicalCorporation Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss (including other comprehensive income)the Statement of Cash Flows and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE IND AS 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Ind AS financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the Ind AS financial statements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Ind AS financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the financialposition of the Company as at 31st March 2017 its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report)

Order 2016 ("the Order") issued by the Central Government of India in termsof sub-section (11) of section 143 of the Act we give in the Annexure -A which forms apart of this report a statement on the matters specified in paragraph 3 and 4 of theOrder to the extent applicable.

2. 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 purpose of our audit; (b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of such books.

(c) the Balance Sheet Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account ; (d) in our opinion the aforesaidInd AS financial statements comply with the Accounting Standards specified under Section133 of the Act read with relevant rules issued thereunder. (e) on the basis of writtenrepresentations received from the Directors and taken on record by the Board of Directorswe report that none of the Directors is disqualified as on 31st March 2017from being appointed as a Director in terms of Section 164(2) 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 in our opinion and to the best of our information and according to theexplanation given to us: (a) the Company has disclosed the impact of pending litigationson its financial position in its Ind AS financial statements – Refer Note 31B to theInd AS financial statement.

(b) the Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses. (c) there has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company. (d) The Company has provided requisite disclosures in the Ind ASfinancial statements as to holdings as well as dealings in Specified Bank Notes during theperiod from 8th November 2016 to 30th December 2016. However asstated in Note 31F to the Ind AS financial statements amounts aggregating to Rs.17683500 as represented to us by the Management have been received from transactionswhich are other than permitted. Such holdings and dealings are in accordance with thebooks of accounts maintained by the Company.

For S.C. Vasudeva & Co.
Chartered Accountants
Firm Reg. No: 000235N
Abhinav Khosla
Place: New Delhi Partner
Dated: 26th May 2017 M. No. 87010

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the Ind AS financial statements for the year ended 31st March 2017 we report that: i.(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 areheld in the name of the company. ii. Physical verification has been carried out by the

Management in respect of inventory at reasonable intervals including as on March 312017. In our opinion the frequency of verification is reasonable. According to theinformation and explanations given to us discrepancies noticed on physical verificationof inventory as compared to the book records were not material and have been dealt with inthe books of account. iii. According to the information and explanations given to us andbased on such tests which we considered necessary we report that the company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013 . Therefore the provisions of paragraph (iii) (a) (b) and (c) of theabove order are not applicable to the Company. iv. According to the information andexplanations given to us the Company has not made any loans investments or given anyguarantees or provided any security pursuant to the provisions of section 185 and 186 ofthe Companies Act 2013. Therefore the provisions of paragraph (iv) of the above order arenot applicable to the Company.

v. 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. vi. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the sub-section (1) of section 148 of the CompaniesAct specified by the Central Government and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete. vii. (a) According to the information and explanations given to us and recordsof the Company examined by us in our opinion the company is 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 andexplanation given to us no undisputed amounts payable were outstanding as at March 312017 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 Service Tax under Finance Act 1994 Nature of Dues Service Tax. Disputed Amount (Rs. in lacs) 276.14 Period to which it relates Financial years 2006-07 to 2010-11 Forum where Dispute is pending Customs Excise & Service Tax Appellate
Tribunal
New Delhi

viii. 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.

ix. 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 . x. According to theinformation and explanations given to us no fraud by the company or any fraud on thecompany by its officers or employees has been noticed or reported during the year underreview. xi. 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. xii. According to theinformation and explanation given to us the company is not a Nidhi Company. Therefore theprovisions of paragraph 3(xii) of the Order are not applicable. xiii. According to theinformation and explanations given to us and based on our examination of the records ofthe company transactions with the related parties are in compliance with section 177 and188 of the Companies Act 2013. Further the details of the transactions have beendisclosed in the Ind AS financial statements as required by the applicable accountingstandards. xiv. According to the information and explanations given to us the company hasnot made preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review . Therefore the provisions ofparagraph 3(xiv) of the Order are not applicable. xv. According to information andexplanations given to us and based on our examination of the records of the company thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly provisions of paragraph 3 (xv) of the Order are not applicable.xvi. 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: 26th May 2017 M. No. 087010

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")

We have audited the internal financial controls over financial reporting of IndraprasthaMedical Corporation Limited ("the Company") as of 31st March2017 in conjunction with our audit of the Ind AS 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 (the"Guidance Note") issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable 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 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. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Company's internal financial controls system over 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; a. pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; b. 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 c. 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 31st March 2017based 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: 26th May 2017 M. No. 087010