Indraprastha Medical Corporation Ltd.
|BSE: 532150||Sector: Health care|
|NSE: INDRAMEDCO||ISIN Code: INE681B01017|
|BSE 00:00 | 20 Sep||36.90||
|NSE 00:00 | 20 Sep||36.75||
|Mkt Cap.(Rs cr)||338|
|Mkt Cap.(Rs cr)||338.26|
Indraprastha Medical Corporation Ltd. (INDRAMEDCO) - Auditors Report
Company auditors report
To the Members of
Indraprastha Medical Corporation Limited
Report on the financial statements
We have audited the accompanying financial statements of IndraprasthaMedical Corporation Limited ("the Company") which comprise the Balance Sheet asat March 31 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.
Management's responsibility for the financial statements
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 financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Ind AS prescribed under section 133 of the Act read withthe companies (Indian Accounting Standards) Rules 2015 as amended and other accountingprinciples generally accepted in India. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financialstatements based on our audit.
We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder and the order issued undersection 143(11) of the act.
We conducted our audit of the financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor'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's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs of the Company as at March 31 2018 and its profit ( including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.
The comparative financial statements of the Company for the financialyear ended March 31 2017 included in these financial statements have been audited by thepredecessor auditor whose report for the year ended March 31 2017 dated May 26 2017expressed an unmodified opinion on those financial statements. Report on Other Legal andRegulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act based on our audit wereport to the extent applicable that: a) We have sought and obtained all the informationand explanations which to the best of our knowledge and belief were necessary for thepurposes of our audit. b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books. c) TheFinancial Statements dealt with by this report are in agreement with the books of account.d) In our opinion the financial statements comply with the Indian Accounting Standardsprescribed under section 133 of the Act. e) On the basis of the written representationsreceived from the directors as on March 31 2018 taken on record by the Board ofDirectors none of the directors is disqualified as on March 31 2018 from being appointedas a director in terms of Section 164(2) of the Act. f) With respect to the adequacy ofthe internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B". g)With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 (as amended) in ouropinion and to the best of our information and according to the explanations given to us:i. The Company has disclosed the impact of pending litigations on its financial positionin its financial statements - Refer Note 30.B (i) and (iii) to the financial statements;ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable_losses. iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company.
Annexure a to the Independent auditor's Report of even date to themembers of Indraprastha Medical Corporation Limited on the financial statements for theyear ended March 31 2018
(Referred to in paragraph 1 under Report on other Legal andRegulatory Requirements' section of the Independent auditor's Report of even date to themembers of Indraprastha Medical Corporation Limited on the financial statements as of andfor the year ended March 31 2018)
(b) The fixed assets have been physically verified by the managementduring the year and according to the information and explanation given to us no materialdiscrepancies were noticed on such verification between book records and the physicalinventories. In our opinion the frequency of verification of the fixed assets isreasonable having regard to the size of the Company and the nature of its assets.
(c) (c) According to the information and explanations given to us andthe records examined by us and based on the examination of the audit evidences provided tous we report that the title deeds of all the immovable properties (which are includedunder the head fixed assets) are held in the name of the Company.
(ii) The management has conducted physical verification of inventory atreasonable intervals during the year and according to the information and explanationsgiven to us no material discrepancies between physical inventory and book records werenoticed on physical verification.
(iii) According to the information and explanations given to us theCompany has not granted any loan secured or unsecured to companies firms LimitedLiability Partnerships (LLPs) or other parties covered in the register maintained underSection 189 of the Act. Accordingly the provisions of clauses 3(iii)(a) 3(iii)(b) and3(iii)(c) of the Order are not applicable.
(iv) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any transaction covered under Sections 185and 186 of the Act. Accordingly the provisions of clause 3(iv) of the Order are notapplicable.
(v) In our opinion and according to the information and explanationsgiven to us the Company has not accepted any deposits during the year and had nounclaimed deposits at the beginning of the year within the meaning of Sections 73 to 76 ofthe Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordinglythe provisions of clause 3(v) of the Order are not applicable.
(vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the Rules made by the Central Government for the maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of Company's servicesand are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. However we have not made a detailed examination of the cost recordswith a view to determine whether they are accurate or complete. (vii) (a) According to theinformation and explanations given to us the Company is regular in depositing undisputedstatutory dues including provident fund employees' state insurance income-tax servicetax goods and services tax duty of customs value added tax cess and other materialstatutory dues to the appropriate authorities. Further no undisputed amounts payable inrespect thereof were outstanding at the year-end for a period of more than six months fromthe date they become payable. (b) According to the information and explanations given tous there are no dues outstanding in respect of income-tax sales-tax service tax dutyof customs duty of excise and value added tax that have not been deposited with theappropriate authorities on account of any dispute except as below;
(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of loans or borrowings to any bankor financial institution or government during the year. The Company did not have anyoutstanding debentures during the year.
(ix) In our opinion and according to the information and explanationsgiven to us the Company did not raise moneys by way of initial public offer or furtherpublic offer (including debt instruments) and did not have any term loans outstandingduring the year. Accordingly the provisions of clause 3(ix) of the Order are notapplicable.
(x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company or on the company by its officers oremployees has been noticed or reported during the period covered by our audit.
(xi) In our opinion and according to the information and explanationsgiven to us managerial remuneration has been paid by the Company in accordance with therequisite approvals mandated by the provisions of Section 197 of the Act read withSchedule V of the Act.
(xii) The Company is not a Nidhi Company. Accordingly provisions ofclause 3(xii) of the Order are not applicable.
(xiii) In our opinion and according to the information and explanationsgiven to us all transactions with the related parties are in compliance with Sections 177and 188 of Act and the requisite details have been disclosed in the financial statementsetc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Accordingly provisions of clause 3 (xiv) of the order are not applicable.
(xv) In our opinion and according to the information and explanationsgiven to us the company has not entered into any non-cash transactions with the directorsor persons connected with them covered under Section 192 of the Act. Accordinglyprovisions of clause 3 (xv) of the order are not applicable. (xvi) The company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingly provisions of clause 3 (xvi) of the order are not applicable.