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Dolphin Medical Services Ltd.

BSE: 526504 Sector: Health care
NSE: N.A. ISIN Code: INE796B01013
BSE 11:24 | 18 Jun 0.88 -0.04
(-4.35%)
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NSE 05:30 | 01 Jan Dolphin Medical Services Ltd
OPEN 0.88
PREVIOUS CLOSE 0.92
VOLUME 950
52-Week high 2.10
52-Week low 0.88
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.88
Buy Qty 550.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.88
CLOSE 0.92
VOLUME 950
52-Week high 2.10
52-Week low 0.88
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.88
Buy Qty 550.00
Sell Price 0.00
Sell Qty 0.00

Dolphin Medical Services Ltd. (DOLPHINMEDICAL) - Auditors Report

Company auditors report

To the Members of M/s. DOLPHIN MEDICAL SERVICES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. DOLPHIN MEDICAL SERVICESLIMITED (‘the Company') which comprise the balance sheet as at 31 March 2017 thestatement of profit and loss and the cash flow statement for the year then ended and asummary 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 there under.

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.

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 of the state of affairs of the Company as at 31March 2017 and its loss and its cash flows for the year 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 terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 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 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 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"; and

(g) 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 except dispute regarding the premises.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the investoreducation and protection fund by the Company.

For PINNAMANENI & CO.
CHARTERED ACCOUNTANTS
F.R.No. 002661S
Hyderabad Sd/-
29.05.2017 CA PVV SATYANARAYANA
Partner
Membership No. 026600

Annexure - A to the Auditors' Report

The Annexure "A" to the Independent Auditors' Report of DOLPHIN MEDICALSERVICES LIMITED for the year ended 31 March 2017 we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assetsby which all fixed assets are verified in a phased manner over a period of three years. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to such program a portion offixed asset has been physically verified by the management during the year and no materialdiscrepancies were noticed on such verification.

(c) According to the 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) (a) The management has conducted the physical verification of inventory atreasonable intervals.

(b) The discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account were notmaterial.

(iii) According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms limited liability partnershipsor other parties covered in the register required under section 189 of the Companies Act2013. Accordingly paragraph 3 (iii) of the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has not given any loans made any investments provided any guarantees and givenany security to which the provisions of section 185 and 186 of the Companies Act 2013 areapplicable.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits and accordingly paragraph 3 (v) of the Order is notapplicable.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax sales tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues have been generally regularly depositedduring the year by the Company with the appropriate authorities.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

(viii) According to the books and records examined by us and information andexplanations given to us Canara Bank has assigned its rights on the loan favoringEdelweiss Asset reconstruction Company Ltd. (EARC). On 18.03.2015 the EARC has granted aNegotiated Settlement (NS) of dues at a total consideration of Rs.250.00 lacs payable ininstallments specified therein. In terms of the NS the company has paid an amount ofRs.25.00 lacs as Upfront payment. The company has not issued any debentures.

(ix) The company has not obtained any term loans or raised any moneys by way of initialpublic offer or further public offer (including debt instruments) during the year.

(x) According to the information and explanations given to us no fraud by the Companyor on by its officers or employees has been noticed or reported during the course of ouraudit.

(xi) The Company has not paid/provided for managerial remuneration during the yearunder audit and accordingly paragraph 3 (xi) of the Order is not applicable.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For PINNAMANENI & CO.
CHARTERED ACCOUNTANTS
F.R.No. 002661S
Hyderabad Sd/-
29.05.2017 CA PVV SATYANARAYANA
Partner
Membership No. 026600