To the Members of
RAAJ MEDISAFE INDIA LTD.
CIN - L33112MP1985PLC003039
Report on the Financial Statements
We have audited the accompanying financial statements of RAAJ MEDISAFE INDIA LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2017the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of the 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 sub-section(5) of section 134 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 and cash flows of the Company in accordance with theaccounting principles generally accepted in India including Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rule2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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.
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 accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with the ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from materialmisstatement. 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 the internal control relevant to the Company's preparation and fairpresentation of the financial statements 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 Directors as well as evaluating the overall presentation of the financialstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion to the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017
(b) in the case of the Statement of Profit and Loss of the Loss of the Company for theyear ended on that date; and
(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the financial statements:
a) Gratuity and Leave Encashment benefits are accounted for on cash basis. In theabsence of actuarial valuation it is not possible to quantify the amount payable on thisaccount and its effect on Profit and Loss of the company.
Our opinion is not qualified / modified in respect of these matters.
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 section 143 (11) of the CompaniesAct 2013 we give in the Annexure "A" a statement on the matters specified inparagraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Companies Act 2013 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 Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet Statement of Profit and Loss and the Cash FlowStatement comply with the Accounting Standards specified in section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules 2014 except as otherwise stated under the"Emphasis of Matters" paragraph above or specifically mentioned in Notes onAccounts.
(e) No matters found during the audit which have adverse effect on the functioning ofthe company except continuous generation of cash loss to the company which in the opinionof the board the company will now be able to recover gradually with the ongoingproduction and Sales.
(f) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofsub-section (2) of section 164 of the Act.
(g) In our opinion and on the basis of audit procedures adopted there are adequateand effectively operational internal financial control with regard to financial reportingof the company commensurate with the size of the company and the nature of itsbusiness.(Refer Annexure "B")
(h) With respect to the other matters in the Auditor's Report in accordance with rule11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and according to the explanations given to us: (i) The Company does nothave any pending litigations which would impact its financial position.
(ii) The Company did not have any long-term contracts including derivative contractsfor which 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.
(iv) The Company has provided requisite disclosure in its Financial Statements as toholding as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company. Refer Notes on Accounts point no. 29(k) To the FinancialStatements.
|PLACE : PITHAMPUR ||For NITINVASANT GARUD & CO. |
|DATED : 29th May'2017 ||Chartered Accountants |
| ||Firm Regn. No. 014133C |
| ||Sd/ |
| ||CA Abizer Pithewan Partner |
| ||Membership No. 400753 |