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Sunil Healthcare Ltd.

BSE: 537253 Sector: Others
NSE: N.A. ISIN Code: INE671C01016
BSE 00:00 | 20 Mar 34.85 -0.65
(-1.83%)
OPEN

35.45

HIGH

35.45

LOW

32.65

NSE 05:30 | 01 Jan Sunil Healthcare Ltd
OPEN 35.45
PREVIOUS CLOSE 35.50
VOLUME 613
52-Week high 92.10
52-Week low 31.50
P/E 9.84
Mkt Cap.(Rs cr) 36
Buy Price 34.00
Buy Qty 20.00
Sell Price 34.90
Sell Qty 663.00
OPEN 35.45
CLOSE 35.50
VOLUME 613
52-Week high 92.10
52-Week low 31.50
P/E 9.84
Mkt Cap.(Rs cr) 36
Buy Price 34.00
Buy Qty 20.00
Sell Price 34.90
Sell Qty 663.00

Sunil Healthcare Ltd. (SUNILHEALTHCARE) - Auditors Report

Company auditors report

TO THE MEMBERS OF SUNIL HEALTHCARE LIMITED

Report on the Standalone Ind-AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statements (herein afterreferred as "Ind AS financial statement) of Sunil Healthcare Limited ("theCompany") which comprise the Balance Sheet as at March 312018 the Statement ofProfit and Loss including the statement of Other Comprehensive Income the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibilityfor the Ind-AS 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 Ind AS 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 accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof theAct for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the Ind AS financial statements thatgive a true andfair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind -AS financial statements basedon our audit. We have taken into account the provisions of theAct the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section143(10)of theAct.ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the Ind-AS financial statement sare free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the Ind-AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Ind-AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind-AS financial statements that give a trueand fairview in order to design audit procedures thatare appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Ind-AS financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Ind-AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by theAct inthe manner so required and give a true and fairview in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312018 its profit including other comprehensive income its cash flows and the changesin equity for the year ended on that date. Report on Other Legal and RegulatoryRequirements

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 oftheAct we give in theAnnexure-Astatements on the matters specified in the paragraphs 3and 4 of the Order to the extent applicable.

2. As required by Section143 (3)of theAct we reportthat:

(a) We have sought and obtained all the information and explanations which to the besto four knowledge and belief were necessary for the purpose of ouraudit.

b) In our opinion proper bookso f account as required by law have been kept by theCompany so far as it appearsfrom ourexamination of those books.

(c) The Balance Sheet the Statement of Profit and Loss Statement of Change in Equityand the Cash Flow Statementdealtwith by this Report are in agreementwith the books ofaccount.

(d) In our opinion the a fore said Ind-AS financial statements comply with theAccounting Standards specified under Section133 of the Act read with Rule 7of theCompanies(Accounts) Rules 2014 and the Companies (IndianAccounting Standards)Rules2015as amended.

(e) On the basis of written representations received from the directors as on 31stMarch'2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164(2) of theAct.

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness ofsuch controls refer to ourseparate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule11of the Companies (Audit and Auditors) Rules 2014in our opinion andto the best of our information and according to the explanations given to us:

a. The Company does not have any pending litigationswhich would impact itsfinancialposition.

b. The Company did not have any long term contracts including derivative contractsforwhich there were any material foreseeable losses.

c. There is no amount which is required to be transferred to the Investor Educationand Protection Fund by the Company.

Other Matter

The comparative financial information of the Company for the year ended March 312017and the transition date opening balance sheet as at April 1 2016 included in these Ind ASfinancial statements are based on the previously issued financial statements prepared inaccordance with the Accounting Standards referred in section 133 of the Companies Act'2013audited by the previous auditor whose report for the year ended March 312017 and March312016dated 18th May'2017 and 27thMay'2016 respectively expressedunmodified opinion on those financial statements as adjusted for the differences in theaccounting principles adopted bytheCompanyon transition tothe IndASwhich have beenaudited by us.

For Jitendra K Agarwal & Associates
Chartered Accountants
Firm Reg. No. 318086E
Kuldeep Maloo
Place: Alwar Partner
Date: 25thMay 2018 Membership No. 515707

Annexure-Ato the Auditor's Report

Annexure referred to in paragraph 1 of our report of even date on the other legal andregulatory requirements (Re:SunilHealthcare Limited)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of plant property and equipment however the same is inprocess of updation.

(b) The Company has a regular programme of physical verification of its plant propertyand equipment by which plant property and equipment are verified in a phased manner overa period of three years. In accordance with this programme fixed assets were notphysically verified during the year.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The management has conducted physical verification of inventories during the yearat reasonable interval and no material discrepancies were noticed on such physicalverification.

(iii) The Company has not granted any loan to companies firms limited liabilitypartnership or other parties covered in the register maintained under section 189 of theCompanies' Act 2013. Therefore the provisions of clause 3(iii) of the Order are notapplicable.

(iv) The Company has complied with provisions of Section 186 of the Actin respect ofadvances given and investments made. According to information and explanations given bythe management no loan or guarantee or security under section 185 and no guarantee loanor security under section 186 of the Act have given during the year.

(v) The Company has not accepted any deposits covered under section 76 of the CompaniesAct'2013 during the year. Therefore the provisions of clause 3(v) of the Order are notapplicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 in respect of the Company's products to whichthe said rules are applicable and are of the opinion that prima facie the prescribedrecords have been made and maintained. We have however not made a detailed examinationof the said records with a view to determine whether they are accurate or complete.

(vii) a. According to the records of the Company the Company is generally regular indepositing amounts deducted/ accrued in the books of account in respect of undisputedstatutory dues including Provident Fund Employee's State Insurance Income-taxSales-tax Service Tax Duty of customs Duty of excise Value Added Tax Cess and othermaterial statutory dues with the appropriate authorities. There was no undisputedoutstanding statutory dues as at the year end for a period of more than six months fromthe date they became payable.

b. According to the records of the Company there are no dues outstanding on account ofIncome-tax Sales- tax Value Added Tax Service Tax Duty of customs Duty of excise andCess on account of any dispute.

(viii) The Company has not defaulted in repayment of dues to bank. The Company did nothave any borrowing from any financial institution or Government and dues to debentureholders.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). Further in our opinion and explanations givento us term loans were applied for the purpose forwhich loans were raised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven to us no fraud by the Company or no fraud on the Company by its officers andemployees has been noticed or reported during the year.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Therefore the provisions of clause 3(xii) of the Orderare not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) The Company has made private placement of fully convertible warrants during theyear and requirements of section 42 of the CompaniesAct'2013 in this respect have beencomplied with.Amount raised on private placement of fully convertible warrants has beenused for the purpose for which funds were raised. The Company has not made anypreferential allotment of equity shares and has not issued fully or partly convertibledebentures.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with directors. Therefore the provisionsof clause 3(xv) of the Order are not applicable.

(xvi) The Company is not required to be registered under section 45-IAof the ReserveBank of India Act 1934.

For Jitendra KAgarwal & Associates
Chartered Accountants
Firm Reg. No. 318086E
Kuldeep Maloo
Place: Alwar Partner
Date: 25th May 2018 Membership No. 515708
Annexure - B to the 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 SunilHealthcare Limited ("the Company") as of 31 March 2018 in conjunction with ouraudit of the Ind-AS financial statements of the Company for the year ended on that date.Management's Responsibility forInternal FinancialControls

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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired underthe Companies Act 2013.

Auditor's 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 overfinancial 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 judgment including the assessment of the risks ofmaterial misstatement of the Ind-ASfinancial statements whetherduetofraudorerror.

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 systemoverfinancial reporting.

Meaning ofInternal Financial Controls overFinancial Reporting

A company's internal financial control overfinancial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of Ind-AS financial statements for external purposes in accordance withgenerally accepted accounting principles. Acompany's internal financial controloverfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind-ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effecton theInd-ASfinancial 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 occurand not be detected. Alsoprojections of any evaluation of the internal financial controls overfinancial reportingto future periods are subject to the riskthatthe internal financial control overfinancialreporting may become inadequate because of changes in conditions orthatthe degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system overfinancial reporting and such internal financial controlsoverfinancial reporting were operating effectively as at March 31 2018 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 ofCharteredAccountants of India howeversame needs to befurtherstrengthened.

For Jitendra K Agarwal & Associates
Chartered Accountants
Firm Reg. No. 318086E
Kuldeep Maloo
Place: Alwar Partner
Date: 25thMay 2018 Membership No. 515708