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Soni Medicare Ltd.

BSE: 539378 Sector: Health care
NSE: N.A. ISIN Code: INE848R01018
BSE 00:00 | 19 Feb 32.70 0
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NSE 05:30 | 01 Jan Soni Medicare Ltd
OPEN 32.70
PREVIOUS CLOSE 32.70
VOLUME 27
52-Week high 37.95
52-Week low 32.70
P/E
Mkt Cap.(Rs cr) 14
Buy Price 32.70
Buy Qty 1.00
Sell Price 32.70
Sell Qty 35.00
OPEN 32.70
CLOSE 32.70
VOLUME 27
52-Week high 37.95
52-Week low 32.70
P/E
Mkt Cap.(Rs cr) 14
Buy Price 32.70
Buy Qty 1.00
Sell Price 32.70
Sell Qty 35.00

Soni Medicare Ltd. (SONIMEDICARE) - Auditors Report

Company auditors report

TO THE MEMBERS OF SONI MEDICARE LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of Soni Medicare Limited ("theCompany") which comprise the balance sheet as at 31st March 2019 and thestatement of Profit and Loss statement of changes in equity and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information. In our opinion and tothe best of our information and according to the explanations given to us the aforesaidstandalone financial statements give the information required by the Companies Act 2013("the Act") in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of theCompanies Act 2013 read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2019 the loss and TotalComprehensive Income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Other Information

The Company's Board of Directors is responsible for the preparation of otherinformation. The other information comprises the information included in the in theManagement Discussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholder's Information butdoes not include the financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we will not express any form of assurance conclusion thereon. In connection with ouraudit of the standalone financial statements our responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on thework we have performed on the other information obtained prior to the date of thisauditor's report we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in this regardsince the other information comprising the above documents is expected to be issued bythe management after the date of our audit report.

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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance total comprehensive income changes in equity and cashflows of the Company in accordance with the Ind-AS and other accounting principlesgenerally accepted in India. 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 theCompany's financial reporting process.

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 weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

• Identify and assess the risks of material misstatement of the financialstatements 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 system in place and the operatingeffectiveness 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.Materiality is the magnitude of misstatements in the standalone financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 Companies Act 2013 we give in the Annexure A statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164 (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 A".

(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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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 disclosures in the financial statements on thebasis of information available with the Company. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with booksof account maintained by the Company and as produced to us by the Management.

FOR A.NATANI& CO.
Chartered Accountants
Firm Reg. No. 007347C
sd/-
ASHOK KUMAR NATANI
Place : JAIPUR PARTNER
Date : 30.05.2019 Membership No. 074692

ANNEXURE - A REFERRED TO IN THE AUDITOR'S REPORT ON THE ACCOUNTS OF SONI MEDICARELIMITED FOR THE YEAR ENDING 31st MARCH 2019

As required by the Companies (Auditor's report) Order 2016 issued by the CentralGovernment of India in terms of section 143(11)of the Companies Act 2013 we report that:

1) In respect of fixed assets:

(a) According to information and explanation given to us fixed asset register of theCompany has been properly maintained.

(b) As explained to us all the fixed assets have been physically verified by themanagement during the year at reasonable intervals which in our opinion is reasonable.

(c) The company does not own any immovable property which requires title deed

2) In respect of its inventories:

(a) As explained to us the inventory has been physically verified by the management atregular intervals during the year.

(b) In our opinion and according to the information and explanations given to us theprocedures followed by the management for physical verification of inventory arereasonable and adequate in relation to size of the Company and nature of its business.

(c) According to information and explanation given to us all discrepancies have beenrectified by the Company and accordingly considered in books of accounts.

3) In respect of loans:

According to the information and explanations given to us the Company has not grantedany loans secured and unsecured to companies firms and other parties covered in theregister maintained under section 189 of Companies Act 2013.

4) As per information and explanations provided to us in respect of loans investmentsand guarantees provisions of Section 185 and 186 of the Companies Act 2013 have beencomplied with.

5) According to the information and explanations given to us the Company has notaccepted any deposits from the public within the meaning of the directives issued by theReserve Bank of India and the provisions of section 73 to 76 or any relevant provisions ofthe Companies Act 2013 and the rules made there under.

6) In respect of cost records:

We have been explained that the maintenance of cost records has not been prescribed bythe Central Government under Section 148(1) of the Companies Act2013 for the period underreview for any of the products.

7) In respect of statutory dues:

(a) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Employees' State Insurance Income-tax GSTSales-tax Service Tax customs Duty Excise Duty Value Added Tax Cess and othermaterial statutory dues applicable to it.

Further no undisputed amounts payable in respect thereof were outstanding at the yearend for a period more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Wealth tax Sales Tax Value Added Tax Service Tax Custom duty and ExciseDuty and Goods and Service Tax which have not been deposited on account of any disputeexcept the following:

Particulars Financial year to which matter pertains Forum where dispute is Pending Amount (in Rs.)
Income Tax 2012-13 Commissioner of Income Tax (Appeals) Jaipur 285850/-

8) In respect of repayment of dues:

As per information and explanation given to us the company has not defaulted inrepayment of any amount to a financial institution or bank or debenture holders.

9) In our opinion and according to the information and explanation given to us termloans have been applied for the purposes for which they were obtained.

10) According to the information and explanations provided to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

11) In respect of manegerial remuneration:

According to the information and explanations given to us we report that managerialremuneration has been paid in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act 2013.

12) In respect of Nidhi Company:

The Company is not a Nidhi Company. Therefore this clause is not applicable to theCompany.

13) In respect of related parties:

All transactions with the related parties are in compliance with Section 188 and 177 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the accounting standards and Companies Act 2013.

14) In respect of preferential allotment / private placement of shares: The company hasnot made any preferential allotment / private placement of shares or fully or partlyconvertible debentures during the year under review.

15) In respect of Non-cash transactions with directors: The Company has not enteredinto any non-cash transactions with directors or persons connected with him.

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

FOR A.NATANI& CO.
Chartered Accountants
Firm Reg. No. 007347C
Sd/-
ASHOK KUMAR NATANI
Place : JAIPUR PARTNER
Date : 30.05.2019 Membership No. 074692

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF SONI MEDICARE LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SoniMedciare Limited ("the Company") as of March 31 2019 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

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 the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 financial reporting includes those policiesand procedures that: 1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; 2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and 3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the Company's assets that could have a material effecton 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 judging by the nature andquantum of transactions appearing in the financial statements an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 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.

Other Matter

Broadly the Company is having most of the system in place as required for thecompliance of Internal Financial Control on Financial Reporting. However those systems orcontrols are having scope of further improvement. Also Company has not documentedadequately the internal financial controls based on Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India. Based on our audit procedures we are of the opinion that Companyhas rectified all material observations of our audit on internal financial controls overfinancial reporting to ensure that they do not significantly affect financial reporting onInternal Financial Control as on Balance Sheet date.

FOR A.NATANI& CO.
Chartered Accountants
Firm Reg. No. 007347C
sd/-
ASHOK KUMAR NATANI
Place : JAIPUR PARTNER
Date : 30.05.2019 Membership No. 074692

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