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Invicta Meditek Ltd.

BSE: 523844 Sector: Health care
NSE: N.A. ISIN Code: INE537B01011
BSE 00:00 | 11 Jan Invicta Meditek Ltd
NSE 05:30 | 01 Jan Invicta Meditek Ltd
OPEN 5.59
PREVIOUS CLOSE 5.07
VOLUME 5700
52-Week high 5.59
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.59
CLOSE 5.07
VOLUME 5700
52-Week high 5.59
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Invicta Meditek Ltd. (INVICTAMEDITEK) - Auditors Report

Company auditors report

To the members of INVICTA MEDITEK LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of M/s. InvictaMeditek Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased 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 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 standalone financial statements.

Basis of Qualified Opinion

The Company's Short term loans and advances includes an amount of Rs.7047151/- (amount sanctioned during the year Rs.NIL) being outstanding of loans given to one of theDirector without obtaining the prior approval of Central Government as per section 185 ofthe Companies Act 2013. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis of QualifiedOpinion Paragraph the financial statements give the information required by the Act inthe 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 31stMarch 2017 and its loss and its cash flows for the year ended on that date.

Emphasis of Matter

Attention of the shareholders is drawn to Note No-1 of Notes to accounts whichelaborate the ability of the company to continue as a going concern. Our opinion is notqualified in respect of this matter.

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 of the Act we give inAnnexure - I a statement on the matters specified in the paragraph 3 and 4 of the Orderto the extent applicable.

2. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. 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 written representations received from thedirectors as on March 31 2017 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director interms of Section 164 of the Act. f) With respect to the adequacy of internal financialcontrol systems and the operating effectiveness of such controls we give our Report inAnnexure II 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 2016 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany does not have any pending litigations and hence there has been no disclosure onits financial position in its financial statements. ii. The company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses. iii. An amount of Rs.56618 pending preferential allotment is requiredto be transferred to the

Investor Education and Protection Fund by the Company.

Place: Chennai P. B. Vijayaraghavan & Co.
Date: 30.05.2017 Chartered Accountants
FRN: 004721S
-sd-
P. B. Srinivasan
Partner
M. No. 203774

Annexure - I to Independent Auditor's Report to the Members of Invicta Meditek Limitedfor the year ended 31st March 2017.

Statement of matters specified in Para 3 & 4 of the order referred to insub-section (11) of section 143

1) Fixed Assets a) The company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets; b) As per theinformation and explanation given to us all the fixed assets have been physicallyverified by the management at regular intervals which in our opinion is reasonable.According to the information and explanations given to us no material discrepancies werenoticed on such verification c) The company does not hold any immovable properties.

2) Inventory

The company has physically verified the inventories during the year in accordance.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

3) Transactions with parties covered by register referred to in section 189

The company has not granted loan to any of its directors during the year that has to beentered in the register maintained under section 189 of Companies Act 2013.

4) Loans by company to persons covered by section 185 & 186

The company has not made any loan investment or granted loan guarantees and securityduring the year to persons referred to in section 185 and/or section 186 of the CompaniesAct 2013. However Short Term Loans and advances includes an amount of Rs.7047151( amount sanctioned during the year Rs.NIL) being outstanding of loans given to one of thedirectors without obtaining the prior approval as per section 185 of Companies Act 2013.

5) Public Deposits

In our opinion and according to the information and explanations given to us thecompany has not accepted deposits from public and hence the provisions of sections 73 to76 or any other provisions of the Companies Act and the rules made there under are notapplicable to the company.

6) Maintenance of Cost Records

Maintenance of cost records specified by the Central Government under sub-section (1)of section 148 of the Companies Act 2013 is not applicable to the company

7) Statutory dues a) The company has generally been regular in depositingProvident Fund dues of its employees. Based on information and explanation given to us noundisputed amounts payable in respect of Income Tax Sales Tax Wealth Tax Service TaxCustoms Duty Excise Duty Value Added Tax Cess and any other statutory dues wereoutstanding as at 31st March 2017 for a period of more than six months from the date theybecame payable. b) According to the information and explanations given to us there are nodues of Income Tax Sales Tax Customs duty Wealth Tax Excise Duty Value Added Tax andCess which have not been deposited on account of any dispute.

8) Repayment of Loans

The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank government or dues to debenture holders during the relevant financialyear.

9) Raising of monies through Public Offer and/or Term Loans

The company has not raised monies by way of initial public offer or further publicoffer (including debt instruments) during the period covered the relevant financial year.Also the company has not taken any term loans during the relevant financial year.

10) Frauds

According to the information and explanations given to us no fraud by the company orany fraud on the Company by its officers or employees has been noticed or reported duringthe year

11) Managerial Remuneration

No Managerial remuneration has been paid/ provided by the Company in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act

12) Compliance with Net Owned Funds Ratio & unencumbered term deposits

The company is not a Nidhi company and hence the provisions relating maintenance ofratio of Net Owned Funds to Deposits and maintenance of minimum prescribed percentage ofunencumbered term deposits are not applicable to the Company

13) Transaction with Related Parties

In our opinion all transactions with the related parties are in compliance with section177 and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Financial Statements etc. as required by the applicable accounting standards

14) Preferential Allotment or Private Placement

The company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review as referred to insection 42 of the Companies Act 2013

15) Non-cash transactions

The company has not entered into any non-cash transactions with directors or personsconnected with him as referred to in section 192 of the Companies Act 2013

16) Registration with Reserve Bank of India

The company not carrying any activities which require registration under section 45-IAof the Reserve Bank of India Act 1934.

Place: Chennai P. B. Vijayaraghavan & Co.
Date: 30.05.2017 Chartered Accountants
FRN: 004721S
-sd-
P. B. Srinivasan
Partner
M. No. 203774

Annexure II to Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the

Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of InvictaMeditek Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal

Financial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by

ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to 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 internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

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 March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Place: Chennai P. B. Vijayaraghavan & Co.
Date: 30.05.2017 Chartered Accountants
FRN: 004721S
-sd-
P. B. Srinivasan
Partner
M. No. 203774