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Sangam Health Care Products Ltd.

BSE: 531625 Sector: Health care
NSE: N.A. ISIN Code: INE431E01011
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Sangam Health Care Products Ltd. (SANGAMHEALTH) - Auditors Report

Company auditors report

To the Members of

Sangam Health Care Products Limited

Hyderabad.

Report on the Financial Statements

We have audited the accompanying financial statements of Sangam Health Care ProductsLimited (‘the Company’) which comprise the Balance Sheet as at 31stMarch 2015 the statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flow of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors’ 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 accordance with the Standards on Auditing specified undersection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material 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 financial control relevant to the Company’spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the entity’s internal financialcontrol. An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by Company’s Director aswell as evaluating the overall 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 financial statements.

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 2015 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe 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 and Statement of Profit and Loss dealt with by this Report are inagreement 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 the written representations received from the directors as on 31stMatch 2015 taken on record by the Board of Directors none of the director is disqualifiedas on 31st March 2015 from being appointed as a director in terms of section164(2) of the Act; and

f. With respect to the other matters included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our knowledge and belief and according to the information andexplanations given to us :

1) The company has disclosed the impact of pending litigations on its financialposition in its financial statement — Refer Note No 5 to the financial statement

2) The company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

3) There were no amounts which are required to be transferred to the Investor Educationand Protection Fund by the Company during the year ended March 31st 2015.

For Jayant & Sadashiv

Chartered Accountants

Firm Regn. No: 001297S

by the hand of

Jayant Palnitkar

Partner

Membership No.20851

Place: Hyderabad

Date: 14-05-2015.

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph of report on other legal and regulatory requirements ourreport of even date)

I a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us these fixed assets have been physically verified by theManagement at reasonable intervals. In our opinion the interval is reasonable havingregard to the size of the Company and the nature of its assets. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

II a) As explained to us inventories have been physically verified by the managementduring the year. In our opinion the frequency of such verification is reasonable.

b) As per the information given to us the procedure of physical verification ofinventories followed by the management are in our opinion reasonable and adequate inrelation to the size of the company and the nature of its business.

c) The Company is maintaining proper records of inventory. The discrepancies noticed onverification between physical stocks and the book records which were not material havebeen properly dealt with in the books of account.

III According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act.

IV In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for thesale of goods. During the course of audit we have neither come across nor have beeninformed of any continuing failure to correct major weaknesses in internal control system.

V According to the inoformation and explanations given to us the company has notaccepted deposits from public within the meaning of section 73 to 76 or any other relevantprovision of the Act and the rules framed there under.

VI The Central Governament rules prescribing maintenance of cost records underSection 209(1)(d) of the Companies Act 1956 in respect of its products manufacturedduring the year are not applicable to the company.

VII a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including Value added taxWealth Tax Service Tax Customs Duty Excise duty Cess where applicable with theappropriate authorities. According to the information and explanations given to us thereare arrears of outstanding statutory dues as at the last day of the financial year for aperiod of more than six months from the date they became payable are as under.

Nature of Statute Nature of dues Amount (Rs in Lakhs) Period to which the amount relates Remarks
The Employees’ Provident Funds And Miscellaneous Provisions Act 1952 Provident Fund 41.27 Aug 2013 to Sep 2014 Not deposited
Employees’ State Insurance Act 1948 ESI 3.11 July 2014 to Sep 2014 Not deposited

b) According to the information and explanations given to us and the records of thecompany examined by us the particulars of Income Tax Value Added Tax wealth taxservice tax customs duty Sales tax excise duty and cess as at 31st March 2015 whichhave not been deposited on account of a dispute pending are as under;

Nature of Statute Nature of dues Amount (Rs in Lakhs) Period to which the amount relates Forum where pending
Income Tax Laws Mininum AlternateTax (MAT) 22.15 FY.2004-05 Income Tax Tribunal Hyderabad

c) According to the information and explanations given to us there is no amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the companies act 1956 (1 of 1956) and rules made there under.

VIII The company has accumulated losses at the end of the financial year and thecompany has not incurred cash losses in the current year and immediately precedingfinancial year.

IX According to the information and explanations given to us and as per the records ofthe Company examined by us the Company has defaulted in repayment of dues to bank to thetune of Rs.3.28 Crores.

X The Company has not given any guarantee for loans taken by others from banks orfinancial institutions.

XI In our opinion and according to the explanations given to us on an overallbasis the term loans have been applied for the purposes for which the term loans wereobtained.

XII 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 anymaterial fraud on or by the Company noticed or reported during the year nor have we beeninformed of such case by management.

For Jayant & Sadashiv

Chartered Accountants

Firm Regn. No: 001297S

by the hand of

Jayant Palnitkar

Partner

Membership No.20851

Hyderabad

14th May 2015