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Sharma East India Hosp and Medical Research Ltd.

BSE: 524548 Sector: Health care
NSE: N.A. ISIN Code: INE465H01012
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Sharma East India Hosp and Medical Research Ltd. (SHARMAEIHOSP) - Auditors Report

Company auditors report

To the Members of

Sharma East India Hospitals & Medical Research Limited

Report on the Financial Statements

1. Report on the Financial Statements

We have audited the accompanying financial statements of SHARMA EAST INDIA HOSPITALS& MEDICAL RESEARCH LTD ("the Company") which comprise the Balance Sheetas at 31st March 2015 the Statement of Profit & Loss and the Cash Flow Statement forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.

2. 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.

3. 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 thereunder.

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 financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015.

b) in the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

5. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the 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 it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement 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 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

f. 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 does not have any pending litigations which would impact its financialposition

ii. In our opinion and as per the information and explanations provided to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

iii. The Company has not declared any dividend hence the requirement to transfer theamount to the Investor Education and Protection Fund is not applicable.

For: GOPAL SHARMA AND COMPANY
CHARTERED ACCOUNTS
Sd/-
(VIRENDRA BHURAT)
(PARTNER)
Place: Jaipur Membership No.071964
Date : 21.05.2015 Firm Registration No. 002803C

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our Report of even date)

1.

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

b. All the fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

2.

a. The inventories have been physically verified at reasonable intervals by themanagement.

b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c. In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of its inventories and no material discrepancieswere noticed on such physical verification.

3. As informed to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act. Accordingly the sub-clauses (a) and (b) are not applicable to thecompany.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and for the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

5. According to the information and explanations given to us the Company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under.

6. We are informed that the Central Government has not prescribed the maintenance ofcost records under Section 148(1) of the Companies Act.

7.

a. The company is generally regular in depositing statutory dues including providentfund employees state insurance income tax service tax and any other statutory dueswith the appropriate authorities and we have been informed that there are no arrears ofoutstanding statutory dues as at the last day of the financial year under audit for aperiod of more than six months from the date they became payable.

b. According to the information and explanations given to us no disputed amount ispayable in respect of income tax or sales tax or wealth tax or service tax or duty ofcustoms or duty of excise or value added tax or cess as at March 31 2015.

c. In our opinion and according to the information and explanations given to us thecompany has not declared any dividend so it is not required to transfer any amount toInvestor Education and Protection Fund.

8. The Company has no accumulated losses at the end of the financial year under audit.The company has not incurred cash losses during the financial year covered by audit and inthe immediately preceding financial year.

9. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institution or bank.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions theterms and conditions whereof are prejudicial to the interest of the Company.

11. According to the information and explanations given to us no term loans wereobtained during the year under audit.

12. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the year of our audit.

For: GOPAL SHARMA AND COMPANY
CHARTERED ACCOUNTS
Sd/-
(VIRENDRA BHURAT)
(PARTNER)
Place: Jaipur Membership No.071964
Date : 21.05.2015 Firm Registration No. 002803C