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Adeshwar Meditex Ltd.

BSE: 543309 Sector: Health care
NSE: N.A. ISIN Code: INE0H8J01015
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NSE 05:30 | 01 Jan Adeshwar Meditex Ltd
OPEN 26.40
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VOLUME 6000
52-Week high 34.00
52-Week low 25.00
P/E 48.00
Mkt Cap.(Rs cr) 38
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.40
CLOSE 26.40
VOLUME 6000
52-Week high 34.00
52-Week low 25.00
P/E 48.00
Mkt Cap.(Rs cr) 38
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Adeshwar Meditex Ltd. (ADESHWARMEDITEX) - Auditors Report

Company auditors report

To

The Members of AdeshwarMeditex Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Adeshwar Meditex Limited ("theCompany") which comprise the Balance sheet as at 31st March 2022 and the statementof Profit and Loss for the Yearand the statement of cash flows for the Year ended on thatdate and notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "the financialstatements").

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and profit and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing ("SAs") specified under section 143(10) of the Companies Act 2013. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of thefinancial statements under the provisions of the Companies Act 2013and the Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and theCode of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Management's Responsibility for 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. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Information Other than the Financial Statements and Auditor's Report Thereon

• The Parent's Board of Directors is responsible for the other information. Theother information comprises the information included in the Management Discussion andAnalysis and Board's Report including Annexures to Board's Report but does not includethe consolidated financial statements standalone financial statements and our auditor'sreport thereon.

• Our opinion on the consolidated financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

• In connection with our audit of the consolidated financial statements ourresponsibility is to read the other information compare with the financial statements ofthe subsidiaries audited by the other auditors to the extent it relates to theseentities and in doing so place reliance on the work of the other auditors and considerwhether the other information is materially inconsistent with the consolidated financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. Other information so far as it relates to the subsidiaries istraced from their financial statements audited by other auditors.

• If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Report on Other Legal and Regulation Requirements

1. The Companies (Auditor's Report) Order 2020 ("the Order") as amendedissued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin paragraphs 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 purpose of our audit of the aforesaidfinancial statements;

b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept by the company so far as it appearsfrom 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 relevant 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 (as amended);

e) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2022 from being appointed as a director in terms of Section164(2) of the Act.

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".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule11 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 pending litigations which would impact its financialposition.

ii. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii. The Company is not required to transfer any amount to the Investor Education andProtection Fund.

For J N Gupta & Co.

Chartered Accountants

Firm Registration No: 006569C

SD/-

CA Jagdish N Gupta

Partner

Membership No. 400438

UDIN: 22400438AIXQYY6755

Place: Mumbai

Date: 13.05.2022

Annexure A

Independent Auditor's report on Companies (Auditor's Report) Order 2020 as amendedissued by the Central Government of India in term of sub-section (11) of section 143 ofthe Companies Act 2013 ("the Act")

i. In relation to Property Plant and Equipment and Intangible Assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment investment propertiesand relevant details of right-of-use asset. The Company has maintained proper recordsshowing full particulars of tangible assets.

b) The Company has maintained proper records showing full particulars of the intangibleasset to make identification possible along with bifurcation as per: Self-generatedintangible assets to the extent permitted by relevant accounting standards. The Companyhas maintained proper records showing full particulars of intangible assets.

c) The Company has a program of verification to cover all the items of Property Plantand Equipment in a phased manner which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to the program certainproperty plant and equipment were physically verified by the Management during theperiod. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

d) With respect to immovable properties (other than properties where the Company is thelessee and the lease agreements are duly executed in favour of the Company) disclosed inthe financial statements included in property plant and equipment Investment propertyand noncurrent assets held for sale according to the information andexplanations given tous and based on the examination of the registered sale deed / title deed provided to uswe report that the title deeds of such immovable properties are held in the name of theCompany as at the balance sheet date.

e) The Company has not revalue any of its property plant and equipment (includingRight of Use assets) and intangible assets during the year.

f) No proceedings have been initiated during the year or are pending against theCompany as at 31 March 2022 for holding any benami property under the Benami Transactions.

ii. a) The inventories were physically verified during the year by the Management atreasonable intervals. In our opinion and according to the information and explanationsgiven to us the coverage and procedure of such verification by the management isappropriate having regard to the size of the Company and the nature of its operations. Nodiscrepancies of 10% or more in the aggregate for each class of inventories were noticedon such physical verification of inventories when compared with books of account.

b) According to the information and explanations given to us at any point of time ofthe year the Company has not been sanctioned any working capital facility from banks orfinancial institutions on the basis of security of current assets.

iii. (a) The Company has provided loans during the year and details of which givenbelow:

Aggregate amount granted / provided during the year: Loan Amount (in Lacs)
Loan to Corporates 135.00
Balance outstanding as at balance sheet date in respect of above cases: -
Loan to Corporates 125.00

(b) The investments made guarantees provided security given and the terms andconditions of the grant of all the abovementioned loans and advances in the nature ofloans and guarantees provided during the year are in our opinion prima facie notprejudicial to the Company's interest.

(c) In respect of loans granted and advances in the nature of loans provided by theCompany the schedule of repayment ofprincipal and payment of interest has been stipulatedand the repayments or receipts of principal amounts and interesthave been regular as perstipulations except for the following:

Name of the entity Amount (in Lacs) Due Date Remark if Any
MSB Corportaion Pvt Ltd. Nature Interest 5.50 10th of every Month

(d) According to information and explanations given to us and based on the auditprocedures performed in respect of loans granted and advances in the nature of loansprovided by the Company there is no overdue amount remaining outstanding as at thebalance sheet date.

(e) According to information and explanations given to us and based on the auditprocedures performed there is no such case in respect loan granted which has fallen dueduring the year has been renewed or extended or fresh loans granted to settle the overdueof existing loans given to the same parties.

(f) According to information and explanations given to us and based on the auditprocedures performed the Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentduring the year. Hence reporting under clause (iii) (f) is not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

v. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015regarding the deposits accepted from the public are not applicable.

vi. The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Act. We have broadly reviewed the cost records maintained by theCompany pursuant to the Companies (Cost Records and Audit) Rules 2014 as amendedprescribed by the Central Government under sub-section (1) of Section 148 of the Act andare of the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether they are accurate or complete.

vii. Statutory dues

(a)Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxGoods and Service Tax Value Added Tax Customs Duty Excise Duty Cess and other materialstatutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Goods and Service Tax Customs DutyExcise Duty Cess and other material statutory dues in arrears as at March 31 2021 for aperiod of more than six months from the date they became payable. However Deferred VatLiability is payable in three years i.e. In F.Y. 2022-23 Rs.1303468/- in F.Y.2023-24Rs.838970/- and in F.Y. 2024-25 Rs.377695/.

(c) According to the information and explanation given to us there were no dues ofExcise duty Income tax Customs duty Wealth tax Service tax which have not beendeposited as on 31-03-2021 except the following:

Name of the Statue Nature of Dues Amount Period to which amount relates Forum where the dispute is pending
Central Sales Tax Act 1956 Disputed CST - tax liability 283882 FY 2012-13 Commissioner of Sales Tax (Appeals)
Central Sales Tax Act 1956 Disputed CST - tax liability 746221 FY 2014-15 Commissioner of Sales Tax (Appeals)
Maharashtra Value Added Tax Act 2002 Disputed MVAT - tax liability 1291216 FY 2015-16 Commissioner of Sales Tax (Appeals)
Central Sales Tax Act 1956 Disputed CST - tax liability 147180 FY 2015-16 Commissioner of Sales Tax (Appeals)
Maharashtra Value Added Tax Act 2002 Disputed MVAT - tax liability 2506415 FY 2016-17 Commissioner of Sales Tax (Appeals)
Central Sales Tax Act 1956 Disputed CST - tax liability 82581 FY 2016-17 Commissioner of Sales Tax (Appeals)

viii. In our opinion and according to the information and explanations given to us.There were no transactions relating to previously unrecorded income that were surrenderedor disclosed as income in the tax assessments under the Income Tax Act 1961 (43 of 1961)during the year.

ix. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of borrowing to banks. The Company has nottaken any loan from the government and has not issued any debenture.

x. (a) As per information and documents provided to us the company has raised money on28th June 2021 through initial public offer during the year for the amount of Rs.9.75Crores. the company issued shares of face value 10/- each were issued at @ 25/- each togeneral public & the money were applied for the purposes for which those are raisedthe details for the money which is yet to applied for its utilisation is as under and thesame is laying in escrow account maintained with Axis bank.

(Amounts in Lacs)
Particulars As per Prospectus Actual Utilization (as on 31.03.2022) Pending For Utilization (31.03.2022)
Part Repartment of Loans 200.00 200.00 -
Funding Working Capital Requirement 527.00 527.00 -
General Corporate Purpose 248.00 168.00 80.00
Total 975.00 895.00 80.00

(b) The company has raised money by way of term loan during the period and the proceedswere applied for the purpose for which it was raised.

(c) During the period the Company has not made preferential allotment of fully paid-upshares and complied with all the requirements of section 42 of the companies Act 2013.

xi.(a) According to the information and explanations given to us no fraud by theCompany or on the company by its officers or employees has been noticed or reported duringthe period.

(b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

xii. According to the information and explanations given to us the Company is not aNidhi Company. Therefore the provisions of clause 3(xii) of the Order are not applicableto the Company.

xiii. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv.(a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business.

(b) We have considered the internal audit reports issued to the Company during the yearand covering the period up to 31 March 2022 for the period under audit.

xv. In our opinion and according to the information and explanations given to usduring the period the Company has not entered into any non-cash transactions with itsdirectors or persons connected to its directors and hence provisions of Section 192 of theCompanies Act 2013 are not applicable to the Company.

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.Hence reporting under clause (xvi)(a) (b) (c) and (d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company duringthe year.

xix. On basis of the Financial Ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements the knowledge of board of Directors and management plans nomaterial uncertainty exists as on the date of audit report and the company is capable ofmeeting of its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date.

xx. The company has not transferred any unspent amount to a Fund specified in ScheduleVII to the Companies Act within a period of six months of the expiry of the financial yearin compliance with second proviso to sub-section (5) of section 135 of the said Act.Hence reporting under clause (xx) (a) and (b) of the Order is not applicable.

xxi. The accounts are standalone financials and there has not been any consolidation ofaccounts of any companies with the company. Hence reporting under clause (xxi) of theOrder is not applicable.

For J N Gupta & Co.

Chartered Accountants

Firm Registration No: 006569C

SD/-

CA Jagdish N Gupta

Partner

Membership No. 400438

UDIN: 22400438AIXQYY6755

Place: Mumbai

Date: 13.05.2022

"Annexure B"

Independent Auditor's Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act").

In conjunction with our audit of the financial statements of Adeshwar MeditexLimited as at and for the period ended 31 March 2022 we have audited the internalfinancial controls over financial reporting ("IFCoFR") of the Company as at thatdate.

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("the 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 torespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's IFCoFR based on our audit.We conducted our audit in accordance with the Guidance Note and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of IFCoFR. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

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

Meaning of Internal Financial Controls Over Financial Reporting

A Company's IFCoFR is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A Company'sIFCoFR includes those policies and procedures that:

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

2) 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

3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of IFCoFR including the possibility of collusionor improper management override of controls material misstatements due to error or fraudmay occur and not be detected. Also projections of any evaluation of the IFCoFR to futureperiods are subject to the risk that IFCoFR may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

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 31 March 2022 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For J N Gupta & Co.

Chartered Accountants

Firm Registration No: 006569C

SD/-

CA Jagdish N Gupta

Partner

Membership No. 400438

UDIN: 22400438AIXQYY6755

Place: Mumbai

Date: 13.05.2022.

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