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Standard Medical & Pharmaceuticals Ltd.

BSE: 511042 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Standard Medical & Pharmaceuticals Ltd
NSE 05:30 | 01 Jan Standard Medical & Pharmaceuticals Ltd

Standard Medical & Pharmaceuticals Ltd. (STANDARDMEDICAL) - Auditors Report

Company auditors report


Report on the financial Statements

We have audited the accompanying standalone financial statements of STANDARD MEDICAL& PHARMACEUTICALS LIMITED ('the Company') which comprise the balance sheet as at 31March 2017 the statement of profit and loss and the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Managements 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 preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding 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 statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors 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 thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are Free frommaterial 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness

of the accounting policies used and the reasonableness of the accounting estimates madeby the Company's Directors as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone


In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read with other notes to accounts and accounting policiesgive the information required subject to Note No.1.3 in the Notes Forming Part of theFinancial Statements regarding preparation of accounts on principles applicable to thegoing concern give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

a. In the case of Balance Sheet of the state of the affairs of the Company as at 31stMarch 2017;

b. In the case of Statement of Profit & Loss of the Loss of the Company for theyear ended on that date; and

c. In the Cash Flow statement of the Cash Flow for the year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:Note No.1.3 in the Notes forming part of the financial statements which indicates that theCompany has accumulated losses and its net worth has been fully eroded the Company hasincurred a net loss/net cash loss during the current and previous year(s) and theCompany's current liabilities exceeded its current assets as at the balance sheet date.These conditions indicate the existence of a material uncertainty that may castsignificant doubt about the Company's ability to continue as a going concern. However thefinancial statements of the Company have been prepared on a going concern basis for thereasons stated in the said Note.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 ('the Order') issued bythe Central Government of India in terms ofsub-section (11) of section 143 of the Act wegive in the Annexure B statement on the matters specified in the paragraph 3 and 4 of theOrder 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) 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; and

f) With reference to the adequacy of the internal financial controls over financialreporting of the company and operating effectives of such controls refer to our separatereport in Annexure A.

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.

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.

iv. The Company has provided requisite disclosures in the standalone financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated November 8 2016 of the Ministry of Finance during theperiod from November 8 2016 to December 30 2016. Based on audit procedures performed andthe representations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe

Chartered Accountants
Firm Registration No.010000S
Place : Hyderabad G MURALI
Date : 30.05.2017 Partner
M.No. 234971