Mar 31, 2015
We have audited the accompanying financial statements of RAAJ MEDISAFE
INDIA LIMITED ("the Company") which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a 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 the preparation of these financial statements
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including Accounting
Standards specified under section 133 of the Act read with Rule 7 of
the Companies (Accounts) Rule, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with
the 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 the 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 the
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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Company's
Directors, 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 to the standalone
financial statements.
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 confirm 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 31st March, 2015;
(b) in the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year 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 the absence of actuarial valuation it is not possible to
quantify the amount payable on this account and its effect on Profit
and Loss of the company.
b) The Fixed assets items of which residual life remains nil as on
01.04.2014, book value of these assets has been transferred to retained
earnings in accordance with the Schedule II to Companies Act/2013.
Accordingly the depreciation has been less charged by Rs. 27,80,047/-
in the Profit and Loss Statement and Loss is less computed by the same
amount.
Our opinion is not qualified / modified in respect of these matters.
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Centre! Government of India in terms of section
143 (11) of the Companies Act, 2013, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4of 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 best of 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 the company so fares it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with 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 Flow Statement comply with the Accounting Standards
specified in section 133 of the Act, read with rule 7 of the Companies
(Accounts) Rules, 2014 except as otherwise stated under the "Emphasis
of Matters" paragraph above or specifically mentioned in Notes on
Accounts.
(e) No matters found during the audit which have adverse effect on the
functioning of the company except continuous generation of cash loss to
the company, which in the opinion of the board, the company will now be
able to recover gradually with the ongoing production and Sales.
(f) On the basis of the written representations received from the
directors as on 31" March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of sub-section (2) of
section 164 of the Act.
(g) In our opinion, and on the basis of audit procedures adopted, there
are adequate and effectively operational internal financial control
with regard to financial reporting of the company commensurate with the
size of the company and the nature of its business.
(h) With respect to the other matters in the Auditor's Report in
accordance with rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material for seeable
losses. (iii) There were no amounts which were required to be
transferred to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date for the year
ended as on 31.03.2015)
01. a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b) The management at reasonable interval during the year has physically
verified Fixed Assets of the company based on phased program of
verifying all the assets over a period of three years, which in our
opinion is reasonable having regard to the size of the company and
nature of assets and business. Further, no Material discrepancies were
observed during the process of physical verification.
02. a) The Inventory/stock have been physically verified by the
Management at reasonable interval during the year and /or at close of
the year.
b) The procedure adopted by the company for verification of inventory
is in our opinion reasonable having regard to the size of the company
and nature of its current operations.
c) On the basis of our examination of the inventory records, in our
opinion the company is maintaining proper records of inventory and its
disposing off and no material discrepancies were noticed on physical
verification of inventory.
03. The company has not granted any loan, secured or unsecured to the
companies, firms and other parties cove red in the register maintained
under section 189 of the companies Act, 2013.
04. In our opinion, and according to the information and explanations
given to us there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory and Fixed Assets and for the sale of goods
and services. Further, on the basis of our examination of the books and
records of the company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control systems.
05. The company has not accepted any deposits from the public and
therefore, the provisions of section 73 to 76 of the Companies Act,
2013 are not applicable. Further, the provisions of Companies
(Acceptance of deposits) Rules, 2014 and the order passed by Company
Law Board or National Company Law Tribunal and the directive issued by
the Reserve Bank of India are not applicable.
06. Based on the review of the books of accounts maintained by the
company and explanations and information provided to us, we are of the
opinion that provisions of Maintenance of cost records, under Section
148(1) of the Companies Act, 2013 read with Rule 3 to The Companies
(Cost Records and Audit) Rule 2014, are not required on the activity
being carried out by the company and accordingly the company is not
required statutorily to include cost records in its books of accounts.
07. (a) The company is regular in depositing the Undisputed Statutory
dues including Income Tax, Sales Tax, Service Tax, Excise Duty, Value
Added Tax, Cess, Customs Duty and other statutory dues with the
appropriate authorities.
(b) According to the information and explanations given to us and on
the basis of records of the company, the company does not have any
liability during the year towards Value Added Tax, Commercial Tax,
Central Excise Duty, Service Tax or any other statutory dues, which
have not been deposited on account of any dispute.
(c) There is no amount with the company which is required to be
transferred to Investor Education and Protection Fund as per the
provisions of section 205C of the Companies Act, 1956 and IEPF
(Awareness and Protection of Investors) Rules, 2001.
08. The accumulated losses of the company are more than it's Net Worth
during the period covered under audit. Also, the company has incurred
cash loss in the current financial year and in the immediately
preceding financial year.
09. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that
the company has not defaulted in repayment of dues to any financial
institution or bank. Further, the company has not issued any Debenture
during any of the preceding years
10. According to the information and explanations given to us, the
company has not given guarantee for loan taken by others from banks and
financial institutions.
11.there cords examined by us and the information and explanations
given to us, the company during the financial year has taken a term loan
from Bank and has applied it for the purpose for which it was obtained.
12. Based up on the audit procedures performed in accordance with the
generally accepted auditing practices in India, and information and
explanations given by management, we report that no fraud on or by the
company has been notice dare ported during the year under audit.
FOR NITIN GARUD & CO.
Chartered Accountants
Place : UJJAIN
DATED : 27th May 2015
Sd/-
CA Abizer Pithewan, Partner
Membership No. 400753
Mar 31, 2014
We have audited the accompanying financial statements of RAAJ MEDISAFE
INDIA LIMITED ('the Company'), which comprise the Balance Sheet as at
31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section (X)
of section 211 of the Companies Act, 1956 ("the Act"). 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.
Auditors' 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 the
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 the 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 the 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. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the 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 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit /
Loss of the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company of the year ended on that date.
Report on other Legal anti Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained alt the information and explanations which to the
best of 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 the Company 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 dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of sub-section
(1)of section 274oftheAct,
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
01. a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b) The management at reasonable interval during the year has physically
verified Fixed Assets of the company based on phased program of
verifying all the assets over a period of three years, which in our
opinion is reasonable having regard to the size of the company and
nature of assets and business No Material discrepancies were observed
during the process of physical verification.
c) In our opinion and as per the records and information and
explanations given to us, no substantial part of Fixed Assets has been
disposed off during the year and the going concern status of the
company is not affected. However, no manufacturing activity done
during the year.
02. a) The Inventory/stock have been physically verified by the
Management at reasonable interval during the year and /or at close of
the year. The procedure adopted by the company for verification of
inventory is in our opinion reasonable having regard to the size of the
company and nature of its current operations,
b) On the basis of our examination of the inventory records, in our
opinion the company is maintaining proper records of inventory and its
disposing off and no material discrepancies were noticed on physical
verification of inventory.
03. The company has neither taken loan nor granted any unsecured loan
to the parties covered under section 301 of the companies Act, 1956.
04. In our opinion, and according to the information and explanations
given to us there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of Inventory, Fixed Assets and for the sale of goods.
Further, on the basis of our examination of the books and records of
the company, and according to the information and explanations given to
us, we have neither come across nor-have been informed of
any-continuing failure to correct major weakness in the aforesaid
internal control systems.
05. a) Based on the audit procedures applied by us and according to the
information and Explanations provided by the management, there are no
such transadions that need to be entered into the register maintained
U/s 301 of the Companies Act, 1956.
b) Based on the audit procedures applied by us and according to the
information & explanations given to us there are no such transaction of
purchase and sales of materials and services made in pursuance of the
contracts or agreements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating
during the year to Rs. 5,00,000/-ormore.
06. The company has not accepted any deposits from the public and
therefore, the provisions of section 58 A & 56 AA of the CompaniesAct,
1956 and Companies (Acceptance of deposits) Rules, 1975 and the
diredive issued by the Reserve Bank of India are not applicable.
07. In our opinion the company has an internal audit system
commensurate with the size of the company and nature of it business,
However, the company has not done any commercial produdion during the
period under audit.
08. We have broadly reviewed the books of accounts maintained by the
company pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of the Company's products to which the said rules
are made applicable and are of the opinion that prima facie, the
prescribed records have been made and maintained. We have, however, not
made a detailed examination of the said records with a view to
determine whether they are accurate and complete.
09. (a) The company is regular in depositing the Undisputed Statutory
dues including Income Tax, Sales Tax, Service Tax, Excise Duty, Cess,
Customs Duty and other statutory dues with the appropriates authorities.
(b) According to the information and explanations given to us and on the
basis of records, following dues in respect of Sales Tax, Commercial
Tax, Professional Tax and Entry Tax have not been deposited on account
of some disputes nor provided in books of accounts.
Nature of Status Nature of Dues Amount pending Forum where
dispute is
pending
Local & Central Sales The dues are in connection with pending
declarations and one prominent issue
Tax / Entry Tax regarding exemption of Tax on Needles, Honable
High Court has held the issue in
favour of company.
Year 2000-01 Sales Tax 5,07,490.00 After Assessment
Year 2005-06 Sales Tax 2.46,047.00 After Assessment
Year2007-08 Professional Tax 51,430.00 After Assessment
TOTAL Rs. 8,05,017,00
10. The accumulated losses of the company is more than its Net Worth
during the period covered under audit. Also, the company has incurred
cash losses in the current financial year and in the immediately
preceding financial year.
11. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that
the company has not defaulted in repayment of dues to any financial
institution or bank.
12. In our opinion and according to explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of sh ares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund/
nidhi/ mutual benefit fund / societies are not applicable to the
oompany. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditor's report) order, 2003, are not applicable to the company.
14. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that the
company is not dealing in or trading in shares, securities, debentures
and other investments regularly. However the company has invested in
shares of a closely held company during the year and the company has
maintained proper records of the investment. All the shares have been
held by the company in its own name.
15. According to the information and explanations given to us, the
company has not given guarantee for loan taken by others from banks and
financial institutions.
16. The company during the financial year has not taken any term loan
and hence applicability of loan and its proper utilization need not
required to comment upon.
17. In our opinion and on the basis of overall examination of the
Balance sheet of the company and cash flow statement, no fund raised on
short term basis have been used for Long term investment and
vice-versa.
18. According to the records of the company, the company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under section 301 of theAct.
19. According to the records of the company, the company has not
issued debentures.
20. The company has not raised any money by public issues during the
period covered by our audit report.
21. Based upon the audit procedures performed in accordance with the
generally accepted auditing practices in India, and information and
explanations given by management, we report that no fraud on or by the
company has been noticed or reported during the year under audit.
For NITIN VASANT GARUD & CO.
Chartered Accountants
Sd/-
PLACE : UJJAIN CAABIZER PITHEWAN
DATED : 29/05/2014 PARTNER (M.NO. 400753)
FRN : 014133C, PAN: AAHFN1127E
Mar 31, 2012
We have audited the attached Balance sheet of RAAJ MEDISAFE INDIA LTD.
as at 31st MARCH'' 2012, and the profit & Loss Account for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
01. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
02. 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
such books.
(c) The Balance Sheet and Profit & Loss referred to in this report are
in agreement with the books of account of the company.
(d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash
Flow Statement dealt with by this report comply, to the extent
applicable, with the requirements of the Mandatory Accounting Standards
referred to in sub section (3 C) of section 211 of the Companies Act.,
1956 subject to matters reported in notes to Profit & Loss Account &
Balance Sheet.
(e) On the basis of written representation received from the Directors
as on 31st March 2012 and taken on record by the Board of Directors, we
report that none of the directors of the company is disqualified to be
appointed as Directors under clause (g) of sub-section (1) of section
274 of the companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, Profit & Loss
Account and Cash Flow Statement read together with the Significant
Accounting Policies and notes thereon in schedule, give the information
required by the Companies Act, 1956 in the manner so required subject
to notes on accounts as provided, gives a true and fair view.
(i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March, 2012, and (ii) In the case of the Profit & Loss
Account of the Profit for the year ended on that date.
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
03. As required by the Companies (Auditors'' Report) order, 2003 as
amended by the Companies (Auditors'' Report) (Amendment) order, 2004
(together the "Order") issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956. We enclose in
the annexure a statement on related matters specified in paragraphs 4 &
5 of the said order.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of our report of even date)
01. a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b) The management at reasonable interval during the year has physically
verified Fixed Assets of the company based on phased program of
verifying all the assets over a period of three years, which in our
opinion is reasonable having regard to the size of the company and
nature of assets and business. No Material discrepancies were observed
during the process of physical verification.
c) In our opinion and as per the records and information and
explanations given to us, no substantial part of residual Fixed Assets
has been disposed off during the year and the going concern status of
the company is not affected. However, no manufacturing activity done
during the year.
02. a) The Inventory / stock have been physically verified by the
Management at reasonable interval during the year and /or at close of
the year. It is explained to us that the unusable/ obsolete inventory
has been disposed off during the year and loss on sale of inventory is
booked in Profit and Loss account. b) On the basis of our examination
of the inventory records, in our opinion the
company is maintaining proper records of inventory and its disposing
off and no material discrepancies were noticed on physical verification
of inventory.
03. a) The company has taken unsecured loan from Directors of the
company as listed in the register maintained under section 301 of the
Companies Act, 1956. Details about the amount involved and balance
outstanding at the end of year are as follows;
Sr.
No. Name of Director Maximum
amount Amount o/s at
involved
during the
Year end of Year
01 Himanshu Sharma 12,42,930.00 Nil
02 Manoj Kumar Dhandia 90,70,505.00 Nil
03 M. C. Dhandia 79,89,607.00 Nil
04 Satish Rakyan 1,43,472.40 Nil
Terms and Conditions of the loans are prima facie not pre-judicial to
the interest of the company as concluded from the representation by the
management and as per our examination of the books of the accounts of
the company. b) The company has not granted any unsecured loan to the
parties covered under section 301 of the companies Act, 1956.
04. In our opinion, and according to the information and explanations
given to us there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of Inventory, Fixed Assets and for the sale of goods.
Further, on the basis of our examination of the books and records of
the company, and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control systems.
05. a) Based on the audit procedures applied by us and according to the
information and
Explanations provided by the management, there are no such transactions
that need to be entered into the register maintained U/s 301 of the
Companies Act, 1956. b) Based on the audit procedures applied by us
and according to the information & explanations given to us there are
no such transaction of purchase and sales of materials and services
made in pursuance of the contracts or agreements that need to be
entered in the register maintained under section 301 of the Companies
Act, 1956 aggregating during the year to Rs. 5,00,000/- or more.
06. The company has not accepted any deposits from the public and
therefore, the provisions of section 58 A & 58 AA of the Companies Act,
1956 and Companies ( Acceptance of deposits ) Rules, 1975 and the
directive issued by the Reserve Bank of India are not applicable.
07. In our opinion the company has an internal audit system
commensurate with the size of the company and nature of its business.
However, the company has not done any commercial production during the
period under audit.
08. We have broadly reviewed the books of accounts maintained by the
company pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 in respect of the Company''s products to which the said rules
are made applicable and are of the opinion that prima facie, the
prescribed records have been made and maintained. We have, however, not
made a detailed examination of the said records with a view to
determine whether they are accurate and complete.
09. (a) During the year the company has deposited the undisputed
Statutory dues payable
In the previous year outstanding for more than six months, including
Income Tax, Sales Tax, Service Tax, Excise Duty, Cess, Customs Duty and
other statutory dues with the appropriates authorities.
10. The accumulated losses of the company have exceeded its Net Worth
during the period covered under audit. Also, the company has incurred
cash losses in the current financial year and in the immediately
preceding financial year.
11. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that
the company has not defaulted in repayment of dues to any financial
institution or bank.
12. In our opinion and according to explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund/
nidhi/ mutual benefit fund / societies are not applicable to the
company. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditor''s report) order, 2003, are not applicable to the company.
14. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that
the company is not dealing in or trading in shares, securities,
debentures and other investments regularly. The company has not
purchased any securities during the financial year.
15. According to the information and explanations given to us, the
company has not given guarantee for loan taken by others from banks and
financial institutions.
16. The company during the financial year has not taken any term loan
and hence applicability of loan and its proper utilization need not
required to comment upon.
17. In our opinion and on the basis of overall examination of the
Balance sheet of the company and cash flow statement, no fund raised on
short term basis have been used for Long term investment and
vice-versa.
18. According to the records of the company, the company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under section 301 of the Act.
19. According to the records of the company, the company has not issued
debentures.
20. The company has not raised any money by public issues during the
period covered by our audit report.
21. Based upon the audit procedures performed in accordance with the
generally accepted auditing practices in India, and information and
explanations given by management, we report that no fraud on or by the
company has been noticed or reported during the year under audit.
We have audited the attached Balance sheet of RAAJ MEDISAFE INDIA LTD.
as at 31st MARCH'' 2012, and the profit & Loss Account for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
01. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
02. 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
such books.
(c) The Balance Sheet and Profit & Loss referred to in this report are
in agreement with the books of account of the company.
(d) In our opinion, the Profit & Loss Account, Balance Sheet and Cash
Flow Statement dealt with by this report comply, to the extent
applicable, with the requirements of the Mandatory Accounting Standards
referred to in sub section (3 C) of section 211 of the Companies Act.,
1956 subject to matters reported in notes to Profit & Loss Account &
Balance Sheet.
(e) On the basis of written representation received from the Directors
as on 31st March 2012 and taken on record by the Board of Directors, we
report that none of the directors of the company is disqualified to be
appointed as Directors under clause (g) of sub-section (1) of section
274 of the companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, Profit & Loss
Account and Cash Flow Statement read together with the Significant
Accounting Policies and notes thereon in schedule, give the information
required by the Companies Act, 1956 in the manner so required subject
to notes on accounts as provided, gives a true and fair view.
(i) In the case of Balance Sheet of the state of affairs of the company
as at 31st March, 2012, and (ii) In the case of the Profit & Loss
Account of the Profit for the year ended on that date.
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
03. As required by the Companies (Auditors'' Report) order, 2003 as
amended by the Companies (Auditors'' Report) (Amendment) order, 2004
(together the "Order") issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956. We enclose in
the annexure a statement on related matters specified in paragraphs 4 &
5 of the said order.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of our report of even date)
01. a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b) The management at reasonable interval during the year has physically
verified Fixed Assets of the company based on phased program of
verifying all the assets over a period of three years, which in our
opinion is reasonable having regard to the size of the company and
nature of assets and business. No Material discrepancies were observed
during the process of physical verification.
c) In our opinion and as per the records and information and
explanations given to us, no substantial part of residual Fixed Assets
has been disposed off during the year and the going concern status of
the company is not affected. However, no manufacturing activity done
during the year.
02. a) The Inventory / stock have been physically verified by the
Management at reasonable interval during the year and /or at close of
the year. It is explained to us that the unusable/ obsolete inventory
has been disposed off during the year and loss on sale of inventory is
booked in Profit and Loss account. b) On the basis of our examination
of the inventory records, in our opinion the
company is maintaining proper records of inventory and its disposing
off and no material discrepancies were noticed on physical verification
of inventory.
03. a) The company has taken unsecured loan from Directors of the
company as listed in the register maintained under section 301 of the
Companies Act, 1956. Details about the amount involved and balance
outstanding at the end of year are as follows;
Sr.
No. Name of Director Maximum
amount Amount o/s at
involved
during the
Year end of Year
01 Himanshu Sharma 12,42,930.00 Nil
02 Manoj Kumar Dhandia 90,70,505.00 Nil
03 M. C. Dhandia 79,89,607.00 Nil
04 Satish Rakyan 1,43,472.40 Nil
Terms and Conditions of the loans are prima facie not pre-judicial to
the interest of the company as concluded from the representation by the
management and as per our examination of the books of the accounts of
the company. b) The company has not granted any unsecured loan to the
parties covered under section 301 of the companies Act, 1956.
04. In our opinion, and according to the information and explanations
given to us there are adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of Inventory, Fixed Assets and for the sale of goods.
Further, on the basis of our examination of the books and records of
the company, and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control systems.
05. a) Based on the audit procedures applied by us and according to the
information and
Explanations provided by the management, there are no such transactions
that need to be entered into the register maintained U/s 301 of the
Companies Act, 1956. b) Based on the audit procedures applied by us
and according to the information & explanations given to us there are
no such transaction of purchase and sales of materials and services
made in pursuance of the contracts or agreements that need to be
entered in the register maintained under section 301 of the Companies
Act, 1956 aggregating during the year to Rs. 5,00,000/- or more.
06. The company has not accepted any deposits from the public and
therefore, the provisions of section 58 A & 58 AA of the Companies Act,
1956 and Companies ( Acceptance of deposits ) Rules, 1975 and the
directive issued by the Reserve Bank of India are not applicable.
07. In our opinion the company has an internal audit system
commensurate with the size of the company and nature of its business.
However, the company has not done any commercial production during the
period under audit.
08. We have broadly reviewed the books of accounts maintained by the
company pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies
Act, 1956 in respect of the Company''s products to which the said rules
are made applicable and are of the opinion that prima facie, the
prescribed records have been made and maintained. We have, however, not
made a detailed examination of the said records with a view to
determine whether they are accurate and complete.
09. (a) During the year the company has deposited the undisputed
Statutory dues payable
In the previous year outstanding for more than six months, including
Income Tax, Sales Tax, Service Tax, Excise Duty, Cess, Customs Duty and
other statutory dues with the appropriates authorities.
10. The accumulated losses of the company have exceeded its Net Worth
during the period covered under audit. Also, the company has incurred
cash losses in the current financial year and in the immediately
preceding financial year.
11. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that
the company has not defaulted in repayment of dues to any financial
institution or bank.
12. In our opinion and according to explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund/
nidhi/ mutual benefit fund / societies are not applicable to the
company. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditor''s report) order, 2003, are not applicable to the company.
14. According to the records of the company examined by us and the
information and explanations given to us, we are of the opinion that
the company is not dealing in or trading in shares, securities,
debentures and other investments regularly. The company has not
purchased any securities during the financial year.
15. According to the information and explanations given to us, the
company has not given guarantee for loan taken by others from banks and
financial institutions.
16. The company during the financial year has not taken any term loan
and hence applicability of loan and its proper utilization need not
required to comment upon.
17. In our opinion and on the basis of overall examination of the
Balance sheet of the company and cash flow statement, no fund raised on
short term basis have been used for Long term investment and
vice-versa.
18. According to the records of the company, the company has not made
any preferential allotment of shares to parties and companies covered
in the register maintained under section 301 of the Act.
19. According to the records of the company, the company has not issued
debentures.
20. The company has not raised any money by public issues during the
period covered by our audit report.
21. Based upon the audit procedures performed in accordance with the
generally accepted auditing practices in India, and information and
explanations given by management, we report that no fraud on or by the
company has been noticed or reported during the year under audit.
21. Gratuity and Leave Encashment benefits are accounted for on cash
basis. In the absence of actuarial valuation it is not possible to
quantify the amount payable on this account and its effect on Profit
and Loss of the company.
22. In opinion of Board, there is no unpaid amount due to Small Scale
Industrial Undertaking and SMEs for more than 45 days and also there is
no interest paid or payable during the year towards unpaid amount or
delayed payment to such enterprises.
25. During the year balances of some parties have been written off.
26. The Financial Statements for the year ended 31.03.2012 has been
prepared as per revised Schedule VI to the Companies Act, 1956.
Financial Statement for the year ended 31.03.2011 had been prepared as
per pre-revised Schedule VI and hence previous year figures have been
rearranged / regrouped where ever necessary.
27. Balances of Sundry Debtors, Creditors and Loans & advances are
subject to confirmation.
28. Contingent liabilities are not provided for but disclosed, if any
by way of notes on account and will be accounted for in the year of
occurrence.
29. In the opinion of the Board of Directors, the current Assets have a
value on realization in the ordinary course of business at least equal
to the amount at which these are stated above. Provisions for known
liabilities are adequate and not in excess of the amount considered
reasonable and necessary.
30. Major part of obsolete inventory disposed off during the year by
the company after taking approval from Board and as per the
explanations of board, the company is still in the line of operation
and not discontinued its line of operation.
32. Significant accounting policies and practices adopted by the
Company are disclosed in the statement annexed to these financial
statements.
PLACE : UJJAIN For NITIN VASANT GARUD & CO.
DATED : 21st JULY''2012 Chartered Accountants
SD/-
CA ABIZER PITHEWAN
PARTNER
(M. NO. 400753)
FRN : 014133C,
PAN : AAHFN1127E
Mar 31, 2009
1. We have audited the attached Balance Sheet of M/S RAAJ MEDISAFE
INDIA LIMITED (Previously known as Manoj Surgical Industries Ltd.) as
at 31st March 2009 and the Profit & Loss Account for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India.Those standards require that we plan &
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts &
disclosures in the financial statements. An audit also includes
assessing the accounting principles used & significant estimates made
by management, as well as evaluating the overall financial statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we give in the Annexure, a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above we report that :
(i) 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.
(ii) 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 such
books.
(iii) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C) of Section 2.11 of the Companies Act, 1956.
(v) On the basis of the written representations received from the
Directors as on 31st March, 2008, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2008, from being appointed as a Director in terms of clause
(g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said account, read the singficant
accounting policies and notes on accounts, give the informations
required by the Companies Act 1956 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 31st March 2009 and
b) In the case of Profit and Loss Account, Loss of the Company for the
year ended on that date.
c) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
1 (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) Fixed assets have been physically vertified by the management
during the year based on a phased programme of verifying all the assets
over a period of three years, which in our opinion is reasonable having
regard to the size of the Company and the nature of its fixed assets.
As informed, no material discrepancies were noticed on such
verification.
(iii) there was no substantial disposal of fixed assets during the
year.
2. (i) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(ii) The procedures of physical verification of inventory followed by
the management are, in our opinion, reasonable and adequate in relation
to the size of the Company and the nature of its business,
(iii) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3 The Company has not taken unsecured loan from a companies , firms and
other parties covered in the register maintained under section 301 of
the companies Act, 1956. The Company has not given any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956. ,
4. In our opinion and according to the information and explanatons
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, no major weakness
has been noticed in the internal control in respect of these areas.
5 (i) According to the informations and explanations given to us, there
are no such transactions that need to be entered into the register
maintained under Section 301. (ii) In our opinion and according to the
informations and explanations given to us, the transactions with
parties with whom transactions exceeding the value of Rupees Five Lakhs
have been entered into during the financial year, are at prices which
are reasonable, having regard to the prevailing market prices at the
relevant time.
6 The Company has hot accepted any deposit from the public.
7 In our opinion , the Company has an internal audit system
commensurate with the size and nature of its business.
8 We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(l)(d) of the Companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
9 (i) Undisputed statutory dues including Provident Fund, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess have generally
being regularly deposited with the appropriate authorities though there
has been a slight delay in a few cases.
(ii) According to the information and explanations given to
us, follwing undisputed amounts are payable in respect of Sales Tax and
Entry Tax, which, were outstanding at the year end for a period of more
than six months from the date they became payable.
Nature of Statute Period Amount
Central Sales Tax Act For 2006-07 Financial Year 136,870
Central Sales Tax Act For 2007-08 Financial Year 950,986
Central Sales Tax Act For 2008-09 Financial Year 106,068
Entry Tax Act For 2008-09 Financial Year 23,392
TOTAL 1217,316
10 The Company has accumulated losses of Rs. 329.74 lacs, at the end of
the financial year which has exceded fifty percent of its net worth and
it has incurred Rs. 3.74 Lacs cash losse in the current year.
11 Based on our audit procedures and as per the informations and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to finacial
institutions, banks or debenture holders.
12 According to the informations and explanations given to us and based
on the documents and records produced 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 In our opinion , the Company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14 According to the informations and explanations given to us and based
on the documents and records produced to us, the Company has sold 65
Shares of State Bank of Bikaner & Jaipur during the year.
15 According to the informations and explanations given to us, the
Company has not given guarantee for loans taken by others from banks or
financial institutions.
16 According to the informations and explanations given to us and on an
overall examination of the balance sheet and cash flow statement of the
Company , we report that no funds raised on short term basis have been
used for long-term investments and no long-term funds have been used to
finance short-term assets (excludes permanent working capital)
17 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act,1956.
18 The Company did not have any outstanding debentures during the year.
19 The Company has not raised any money through a public issue during
the year.
20 Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
informations and explanations by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For, N.PARIK& ASSOCIATES.
(Chartered Accountants)
Sd/
Place :-INDORE
Dated : - 14th August 2009 (CHHAYA SINHA)
Partner