To the Members
Shilpa Medicare Limited
Report on the Standalone Indian Accounting Standards ('Ind AS')Financial Statements
We have audited the accompanying standalone financial statements ofShilpa Medicare 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 in for the year thenended and a summary of significant accounting policies and other explanatory information(hereinafter referred to as "Standalone Ind AS financial Statements").
Management's Responsibility for the Standalone Ind-AS FinancialStatements
The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone Ind AS financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flows and changes in equity of the Company in accordance with accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act with relevant rules there under.
This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our audit. We have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India as specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalone IndAS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the standalone Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standlone Ind AS financial statements whether due to fraudor error. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the standalone Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Board of Directors as well as evaluating the overall presentation of thestandalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2017 its profit total Comprehensive income itscash flows and the changes in equity 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("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Act we give in the Annexure-A a statement on the mattersspecified in 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 explanationswhich to the best of 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 beenkept by the Company so far as it appears from our examination of those books;
c. The Balance Sheet Statement of Profit and Loss including othercomprehensive income the Statement of Cash Flows and Statement of changes in Equity dealtwith by this Report are in agreement with the relevant books of account;
d. In our opinion the aforesaid standalone Ind AS financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withrelevant rules issued there under;
e. On the basis of the written representations received from thedirectors as on March 31 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director in termsof Section 164 (2) of the Act; and
f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure-B"; and
g. With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour 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 itsfinancial position in its standalone Ind-AS financial statements.
ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts;
iii. There has been no delay in transferring amounts to the InvestorEducation and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the standaloneInd-AS financial statements with regards to its holding and dealings in Specified BankNotes (SBN) as defined in the Notification S.O. 3407(E) dated the November 8 2016 of theMinistry of Finance during the period from November 8 2016 to December 30 2016. Basedon audit procedures performed and the representations provided to us by the management wereport that the disclosures are in accordance with the books of account maintained by theCompany and as produced to us by the Management.
Refer note No. 42 of Standalone Ind AS financial statements.
| ||For Bohara Bhandari Bung And Associates LLP |
| ||Chartered Accountants |
| ||Firm Registration Number: 008127S/S200013 |
| ||per CA Yogesh. R. Bung |
| ||Partner |
| ||Membership Number: 143932 |
|Place : Raichur || |
|Date : 29th May 2017 || |