We have audited the accompanying financial statements of M/S. SONI
MEDICARE LIMITED (the company), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for The Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position of
the Company in accordance with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13th September, 2013 of
the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair 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 financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control . An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
Report on Other Legal and Regulatory Requirements
1. on the matters specified As required by the Companies (Auditor's
report) order, 2003 issued by the Central Government of India in terms
of Section 227 (4A) of the Companies Act. 1956, we enclose in the
annexure statement in paragraph 4 & 5 of the said order to the extent
applicable.
2. As required by section 227(3) of the Act, we report that:
a) . we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Statement of Profit and Loss,
comply with the Accounting Standards notified under the Act read with
the General Circular 15/2013 dated 13 th September, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITOR'S REPORT
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS
OF M/S SONI MEDICARE LIMITED, JAIPUR FOR THE YEAR ENDED ON 31ST MARCH,
2014.
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. As
explained to us, all the assets have been physically verified by the
Management at reasonable intervals during the year. According to the
information and explanations given to us, no material discrepancies
have been noticed by the management on such verification.
None of the fixed assets have been revalued during the year.
2. (a) Drugs and medicines, stores and spare parts have been
physically verified at the end of the accounting year by the
management.
(b) Procedures for physical verification of stocks followed by the
Company are reasonable and adequate commensurate with the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the valuation of stocks is fair & proper in accordance
with the normally accepted accounting principles and is on the same
basis as in preceding year. The discrepancies noticed on verification
of stocks between physical & book records were not material and the
same have been properly dealt with in the books of accounts.
3. In our opinion and according to the information and explanations
given to us, the company has made investment in shares of, and provided
corporate guarantee to banks for securing repayment of loans provided
by them, on behalf a company covered in the register maintained under
section 301 of the Companies Act, 1956. However the terms there of are
not prejudicial in any manner to the Company.
4. According to information and explanation given to us the internal
control system is adequate and commensurate with the size of the
company and the nature of its business for the purchase of stores,
drugs and medicines, including components, plant & machinery, equipment
and other assets and for the sale of goods and services.
5. According to the information and explanations given to us, the
transactions that need to be entered into the register maintained under
section 301 of the Companies Act, 1956, have been entered into.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of section 58 A or 58AA or any other relevant provision of the
Companies Act 1956 and the rules framed there under. Accordingly the
provision of clause 4(vi) of the Companies (Auditor's Report) Order,
2003 is not applicable to the company.
7. The company is having adequate internal audit system commensurate
with the size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for any
of the services of the Company.
9. According to the information and explanations given to us, there
are no un-disputed amounts payable in respect of income Tax, Wealth
Tax, Service Tax, Sales Tax, Custom Duty, P.F., ESI and Excise Duty
which are outstanding as on 31st March, 2014 for a period of more than
six months from the date they became payable.
10. The Company having been registered for not less than 5 years has no
accumulated losses at the year end and has no cash loss during the year
and in preceding year.
11. The Company has not defaulted in repayment of dues to Financial
Institutions/ Banks.
12. In our opinions and according to the information and explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
13. As explained to us, the company has regular procedure for
determination of unserviceable or damaged stores, spares and other
materials. We are informed that no such materials were determined
during the year.
14. In our opinion, reasonable records have been maintained by the
company for the sale and disposal of realisable scrap. There is no by -
product.
15. In our opinion and according to the information and explanations
given to us, the company has made investment in shares of, and provided
corporate guarantee to banks for receiving repayment of loans provided
by them, on behalf of a company covered in the register maintained
under section 301 of the Companies Act, 1956. However the terms there
of are not prejudicial in any manner to the Company.
16. The term loans availed were used for the purpose for which the same
were obtained.
17. As per our examination of the books and records, we are of the view
that funds raised on short term basis were not used for long term
investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act, 1956. Accordingly the provisions of clause
(xviii) of paragraph 4 of the Companies (Auditor's Report) Order, 2003
are not applicable to the company.
19. The company has not issued any debentures.
20. The company has not raised monies by public issue during the year.
Accordingly the provisions of clause (xx) of paragraph 4 of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
21. According to the information and explanations given to us, no
personal expenses other than those payable under contractual
obligations or in accordance with generally accepted business practice,
have been charged to revenue account.
22. In relation to the service activities of the company the Company
has a reasonable system of authorization at proper levels, and an
adequate system of internal control commensurate with the size of the
company and the nature of its business, for issue of drugs and
medicines and other store items.
23. As per books and records examined by us, no fraud on or by the
company has been noticed or reported during the year.
For Tambi Ashok & Associates
Chartered Accountants
Sd/-
Place : Jaipur (Ashok Kumar Tambi)
Dated : 30.05.2014 Partner
M.No. 74100
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