Mar 31, 2018
Independent Auditors'' Report
To the Members of Themes Medicare Limited
Report on the Standalone In AS Financial Statements
We have audited the accompanying standalone In AS financial statements of THEMIS MEDICARE LIMITED("the Company"), which comprise the Balance Sheet as at 31st March, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone In AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone In AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (In AS) prescribed under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 standalone In AS 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 standalone In AS financial statements based on our audit. In conducting 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 of the standalone In AS financial statements in accordance 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 the audit to obtain reasonable assurance about whether the standalone In AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone In AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone In AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone In AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the 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 standalone Indi AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Indi AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone In AS 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, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Other Matters
The comparative financial information of the Company for the year ended 31st March,2018 and the transition date opening balance sheet as at 1st April, 2017 included in these standalone In AS financial statements, are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31st March, 2017 and 31st March, 2016 dated 10th May, 2017 and 11th May, 2016 respectively expressed an unmodified opinion on those standalone financial statements, and have been restated to comply with In AS. Adjustments made to the previously issued said financial information prepared in accordance with the Companies (Accounting Standards) Rules, 2006 to comply with In AS have been audited by us.
Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, to the extent applicable 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 far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone In AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone In AS financial statements as referred to in Note No.33 to the In AS financial Statement.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.
(Referred to in paragraph 1(f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of THEMIS MEDICARE LIMITED, ("the Company") as of 31stMarch, 2018 in conjunction with our audit of the standalone In AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by The Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by The Institute of Chartered Accountants of India and The Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013,to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing an devaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls system over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the respective Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
(Referred to in paragraph 2 under "Report on Other Legal and Regulatory Requirements" section of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a program of verification of fixed assets to cover all the items in a phased manner 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 assets. Pursuant to the program, certain fixed assets were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us and based on the examination of conveyance deed and other relevant documents provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date, except the following:-
Particulars of the land and building |
Carrying amount as at the balance sheet date at cost |
Remarks (for exception) |
Office Premises - Mumbai Admeasuring about 13770 sq.ft. |
Rs.91,00,000/- |
The title deeds are in the name of Indo French Time star Company Ltd., erstwhile Company from which asset purchased in earlier year. |
Training Centre Premises -Mumbai Admeasuring about 3000 sq.ft. |
Rs.1,06,35,000/- |
The title deeds are in the name of Indo French Time star Company Ltd., erstwhile Company from which asset purchased in earlier year. |
In respect of immovable properties of land that have been taken on lease and disclosed as fixed asset in the financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.
(ii) As explained to us, inventories were physically verified during the year by the management at reasonable intervals and no material discrepancies were noticed on physical verification.
(iii) (a) The Company has granted loan to a party covered in the register maintained under Section 189 of the
Companies Act, 2013. In our opinion and according to the information and explanation provided to us, the terms and conditions of the grant of such loan are prima facie not prejudicial to the Company''s interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated for the loan granted and the repayment / receipt is regular.
(c) The Principal and interest are not overdue in respect of loans granted to Company, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013 which are overdue for more than ninety days.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, providing guarantees and securities, as applicable. The provisions of section 186 of the Act in respect of Investments have been complied with by the Company.
(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year. In respect of unclaimed deposits, the Company has complied with the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013.
(vi) The maintenance of cost records has been specified by the Central Government under Section 148(1) of the Companies Act, 2013. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii)According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value added Tax, Goods and Services Tax, cess and other material statutory dues applicable to it, to the appropriate authorities.
(b) According to the information and explanations given to us and based on the records of the company examined by us, the particulars of dues of Sales Tax as at 31st March, 2018 which have not been deposited on account of a dispute are as follows :-
Nature of the Statute |
Nature of Dues |
Rs. In Laces |
Period to which it relates |
Forum where dispute is pending |
Sales Tax Act/ VAT Act |
Sales Tax / VAT |
17.60 |
Various demands for 1987-88 to 1995-96, 1998-99 and 2011-12. |
Various appellate stages in Sales Tax Dept. |
According to the information and explanations given to us, there are no dues of income tax, service tax, duty of customs, duty of excise outstanding on account of any dispute.
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to banks. The Company has not borrowed any money from financial institutions and government. The Company has not issued any debentures.
(ix) In our opinion and according to the information and explanation given to us, the Company did not raise moneys by way of initial public offer or further public offer (including debt instruments) during the year. Term loans raised during the year were applied for the purpose of which those were raised.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
(xii)The Company is not a Niche Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Sections 177 and 188 of the Companies Act 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements etc. as required by the applicable accounting standards.
(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.
(xv)In our opinion and according to the information and explanations given to us, during the year, the Company has not entered into any non-cash transactions with its directors, or directors of its holding, joint venture company or persons connected with them and hence provisions of Section 192 of the Companies Act, 2013 are not applicable.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
For R. P. Sardar & Co.
Chartered accountants
(Firm''s Registration No.-109273W)
Raju P. Sardar
Place: Mumbai (Proprietor)
Date: 09th May, 2018 (Membership No. 37845)
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of Themis
Medicare Limited("the Company"), which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) 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 the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014. This responsibility
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding 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; design,
implementation and maintenance of adequate internal financial controls,
that are 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.
Auditor's 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 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 financial control relevant to the Company's
preparation of the financial statements, that give a true and fair
view, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, of the state of affairs of the Company as
at 31st March,2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of sectionl43 of the Act,and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to information and explanations given to us,
we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
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 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors
as on March 31, 2015 taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2015 from being appointed
as a director in terms of Section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014 :
(i) The Company has disclosed the impact of pending litigations as at
March 31, 2015 on its financial position in its financial statements.
(ii) The Company has made provision as at March 31,2015, as required
under the applicable law or accounting standards, for material
foreseeable losses,if any,on long-term contracts includingDerivative
contracts.
(iii) There has been no delay in transferring amounts, required to
betransferred,tothe Investor Education and Protection Fund by the
Company during the year ended March 31, 2015.
Annexure referred to in paragraph 7 Our Report of even date to the
members of Themis Medicare Limited on the accounts of the company for
the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
(b) The Fixed Assets are physically verified by the Management
according to a phased program designed to cover items having material
value which, in our opinion, is reasonable having regard to the size of
the Company and the nature of its assets. Pursuant to the program, a
portion of the fixed assets have been physically verified by the
Management during the year and no material discrepancies have been
noticed on such verification.
(ii) (a) The Inventory, including stocks with certain third parties,
has been physically verified by the Management during the year. In our
opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the Company is maintaining proper records of Inventory. The
discrepancies noticed on physical verification of Inventory as compared
to book records were not material.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase 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 weaknesses in
aforesaid internal control system.
(v) In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India, the provisions of sections 73 and 74 or any
other relevant provisions of the Companies Act, 2013 and the rules
framed thereunder to the extent notified, wherever applicable with
regard to the deposits accepted from the public. According to the
information and explanations given to us, no order has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal on the Company in respect
of the aforesaid deposits.As informed to us, the Company has applied to
the Company Law Board for revised repayment schedule for certain class
of Deposits, for which the Order is awaited.
(vi) We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of Cost records has been
specified under sub-section (1) of Section 148 of the Act, and are of
the opinion that, prima facie, the prescribed accounts and records have
been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, in our opinion, the
company is regular in depositing the undisputed statutory dues,
including Provident Fund, Employees' State Insurance, lncome-Tax,Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value added
Tax and other material statutory dues, as applicable, with the
appropriate authorities.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, the particulars of dues
of Sales Tax as at 31st March, 2015 which have not been deposited on
account of a dispute are as follows :-
Nature of the Nature Rs. In Period to which
it relates Forum where
dispute is
Statute of Dues Lacs pending
Sales Tax Act Sales Tax 32.95 Various demands
for 1987-88 to
1998-99, Various
apellate
stages in
Sales
1993-94 to
1994-95 and
2006-07 Tax Dept.
According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income-Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty which have not been
deposited on account of any dispute.
(c) The amount required to be transferred to Investor Education and
Protection Fund has been transferred according to the provisions of the
Companies Act, 1956 and the rules made thereunder.
(viii)The accumulated losses of the Company at the end of the current
financial year are less than fifty percent of its net worth.lt has not
incurred cash losses in the current financial year or in the
immediately preceding financial year.
(ix) According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
defaulted in repayment of dues to any bank as at the balance sheet
date. The Company has not issued any debentures.
(x) In our opinion, and according to the information and explanations
given to us,the terms and conditions of the guarantees given by the
Company for loans taken by others from banks or financial institutions,
during the year, are not prejudicial to the interest of the Company.
(xi) In our opinion, and according to the information and explanations
given to us, the term loans have been applied, on an overall basis, for
the purposes for which they were obtained.
(xii) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such instance by the Management.
For M. T. Ankleshwaria & Co
Chartered Accountants
Registration No. 100501W
Madhu T. Ankleshwaria
Place: Mumbai Proprietor
Date: May 27, 2015 Membership no. 030128
Mar 31, 2014
We have audited the accompanying financial statements of Themis
Medicare Limited (Âthe Company ) which comprise the balance sheet as
at 31 March 2014, the statement of profit and loss and the cash flow
statement for the year then ended and 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,
financial performance and cash flows 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"). 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 entity''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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor s Report) Order, 2003 ("the
Order"), as amended, issued
1. 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 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, Statement of Profit and Loss and 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
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 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 Auditors'' Report
The Annexure referred to in our report to the members of Themis
Medicare Ltd (,, the Company) for the year ended 31st March 2014. We
report that:
i. (a) The Company has maintained proper records showing particulars
including quantitative details and situation of its fixed assets,
however these records are to be updated;
(b) As explained to us, fixed assets according to the practice of the
Company are physically verified by the management except Office
Equipments and Furniture & Fixtures at reasonable intervals as per the
phased verification programme, which in our opinion, is reasonable,
looking to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification as compared to
available records;
(c) Fixed assets disposed off during the year were not substantial; and
therefore, do not affect the going concern assumption.
ii (a) As explained to us, inventories have been physically verified
during the year by the management, the stocks of finished goods
(including goods traded in), stores, spare parts, packing materials and
raw materials have been physically verified at reasonable intervals by
the management, except in cases of stocks in transit and stocks lying
with some outside parties, which have, however, been confirmed by them;
(b) The procedure explained to us , which are followed by the
management for physical verification of inventories, are in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business;
(c) On the basis of our examination of the inventory records of the
Company, we are of the opinion that, the Company is maintaining proper
records of its inventory. Discrepancies which were noticed on physical
verification of inventory as compared to book records, have been
properly dealt with in the books of account;
iii (a) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to Companies,
firms or other parties covered in the Register maintained under Section
301 of the Companies Act, 1956. Accordingly, the provisions of clause
4(iii)(a) to (d) of the Order are not applicable to the company and
hence not commented upon.
(b) The company has taken from 13 parties unsecured loans in the nature
of fixed deposits from directors, relatives and Companies listed in the
register maintained under section 301 of the Companies Act 1956. The
maximum amount involved during the year and the year end balance of
such loans aggregating to Rs 854.60 lacs and Rs.831.85 lacs
respectively. The Company has also taken foreign currency loan from a
foreign promoter; the maximum amount involved during the year and the
year end balance of such loans aggregating to Rs 2127.16 lacs and
Rs.2127.16 lacs respectively;
(c) In our opinion, the rate of interest where applicable and other
terms and conditions of such loans are prima facie not prejudicial to
the interest of the Company;
(d) In respect of the aforesaid loans, the Company is regular in
repaying the principal amount as stipulated and also regular in payment
of interest where applicable;
iv. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of specific nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods and services. Further on the basis of
our examination of the books of account 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 weaknesses in the aforesaid internal control system;
v. (a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 exceeding the value of Rs. 5 lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at that time. However,
except in cases where purchases of similar goods were not made from any
other party and for which market prices are also not available and
therefore, the prices could not be compared. In respect of sale of
goods, materials and services, the same have generally been made at
prevailing price list rates of the Company, except in cases where
similar goods, materials and services were not sold to any other party
and for which market prices are not available and therefore, we are
unable to compare prices to determine whether the same were reasonable;
vi. In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India, the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of deposits) Rules, 1975 with regard to the deposits
accepted from the public. According to the information and explanations
given to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal on the Company in respect of the aforesaid deposits;
vii. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit functions
carried out by firms of Chartered Accountants appointed by the
management, needs to be increased so as to commensurate with the size
of the Company and the nature of its business;
viii. 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 (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 accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records since the same
will be carried out by the Cost Auditors with a view to determine
whether they are accurate;
ix. (a) According to the information and explanations given to us and
on the basis of our examination of records of the Company amounts
deducted / accrued in the books of accounts in respect of undisputed
statutory dues, including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income tax, Sales tax,
Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues have been deposited late during the year by the
Company with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income Tax,
Wealth tax, Service Tax, Customs Duty, Excise Duty and Cess which have
not been deposited on account of any dispute.
The particulars of dues of Sales Tax as at 31st March, 2014 which have
not been deposited on account of a dispute are as follows :-
Nature of Nature of Rs. in Period Forum where
statute Dues lacs To which it dispute is
relates pending
Sales Sales Tax 24.29 Various demands Various appellate
Tax Act for 1987-88 to stages in Sales Tax
1998-99, Dept.
1993-94 to
1994-95
and 2004-05 to
2006-07
x. The accumulated losses of the Company at the end of the current
financial year are less than fifty percent of its net worth. It has not
incurred cash losses in current financial year; however it has incurred
cash losses in the immediately preceding financial year.
xi. On the basis of records examined by us and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to banks as at the balance sheet date.
xii. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities;
xiii. As informed to us the provision of any special statue applicable
to chit fund / niddhi /mutual benefit fund/ societies are not
applicable to the Company;
xiv. In our opinion the Company is not dealing or trading in shares,
securities, debentures and other investments;
xv. According to the information and explanations given to us by the
Company has given guarantee for loans taken by others from any bank or
financial institution; as mentioned in Note No. 3 in our opinion the
terms and conditions thereof are not prejudicial to the interest of the
Company.
xvi. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained;
xvii. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
classification of long term and short term usage of funds, we are of
the opinion that, the funds raised on short term basis have not been
used for long term investment;
xviii. The Company has made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The price at which shares have been issued is not
prejudicial to the interest of the company.
xix. The Company has not issued any debentures during the year;
xx. The Company has not raised any money by public issue, during the
year;
xxi. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For M. T. ANKLESHWARIA & CO.
CHARTERED ACCOUNTANTS
REGISTRATION NO : 100501W
MADHU T. ANKLESHWARIA
Place : Mumbai PROPRIETOR
Date: 14 / 05 / 2014 Membership No. 30128
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Themis
Medicare Limited (Âthe Company ) which comprise the balance sheet as at
31 March 2013, the statement of profit and loss and the cash flow
statement for the year then ended and 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,
financial performance and cash flows 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"). 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. 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the statement of profit and loss, of the loss for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor s Report) Order, 2003 ("the
Order"), as amended, issued
1. 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 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, Statement of Profit and Loss and 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
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, 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 Auditors'' Report
The Annexure referred to in our report to the members of Themis
Medicare Ltd (,, the Company) for the year ended 31st March 2013. We
report that:
i. (a) The Company has maintained proper records showing particulars
including quantitative details and situation of its fixed assets,
however these records are to be updated;
(b) As explained to us, fixed assets according to the practice of the
Company are physically verified by the management except Office
Equipments and Furniture & Fixtures at reasonable intervals as per the
phased verification programme, which in our opinion, is reasonable,
looking to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification as compared to
available records;
(c) Fixed assets disposed off during the year were not substantial; and
therefore, do not affect the going concern assumption.
ii (a) As explained to us, inventories have been physically verified
during the year by the management, the stocks of finished goods
(including goods traded in), stores, spare parts, packing materials and
raw materials have been physically verified at reasonable intervals by
the management, except in cases of stocks in transit and stocks lying
with some outside parties, which have, however, been confirmed by them;
(b) The procedure explained to us , which are followed by the
management for physical verification of inventories, are in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business;
(c ) On the basis of our examination of the inventory records of the
Company, we are of the opinion that, the Company is maintaining proper
records of its inventory. Discrepancies which were noticed on physical
verification of inventory as compared to book records, have been
properly dealt with in the books of account;
iii (a) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to Companies,
firms or other parties covered in the Register maintained under Section
301 of the Companies Act, 1956. Accordingly, the provisions of clause
4(iii)(a) to (d) of the Order are not applicable to the company and
hence not commented upon.
(b) The company has taken from 13 parties unsecured loans in the nature
of fixed deposits from directors, relatives and Companies listed in the
register maintained under section 301 of the Companies Act 1956.The
maximum amount involved during the year and the year end balance of
such loans aggregating to Rs 854.60 lacs and Rs.831.85 lacs
respectively. The Company has also taken foreign currency loan from a
foreign promoter; the maximum amount involved during the year and the
year end balance of such loans aggregating to Rs 1952.50 lacs and
Rs.1928.01 lacs respectively;
(c) In our opinion, the rate of interest where applicable and other
terms and conditions of such loans are prima facie not prejudicial to
the interest of the Company;
(d) In respect of the aforesaid loans, the Company is regular in
repaying the principal amount as stipulated and also regular in payment
of interest where applicable;
iv. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of specific nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods and services. Further on the basis of
our examination of the books of account 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 weaknesses in the aforesaid internal control system;
v. (a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 exceeding the value of Rs. 5 lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at that time. However, except
in cases where purchases of similar goods were not made from any other
party and for which market prices are also not available and therefore,
the prices could not be compared. In respect of sale of goods,
materials and services, the same have generally been made at prevailing
price list rates of the Company, except in cases where similar goods,
materials and services were not sold to any other party and for which
market prices are not available and therefore, we are unable to compare
prices to determine whether the same were reasonable;
vi. In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India, the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of deposits) Rules, 1975 with regard to the deposits
accepted from the public. According to the information and explanations
given to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal on the Company in respect of the aforesaid deposits;
vii. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit functions
carried out by firms of Chartered Accountants appointed by the
management, needs to be increased so as to commensurate with the size
of the Company and the nature of its business;
viii. 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 (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 accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records since the same
will be carried out by the Cost Auditors with a view to determine
whether they are accurate;
ix. (a) According to the information and explanations given to us and
on the basis of our examination of records of the Company amounts
deducted / accrued in the books of accounts in respect of undisputed
statutory dues, including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income tax, Sales tax,
Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues have been deposited late during the year by the
Company with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income Tax,
Wealth tax, Service Tax, Customs Duty, Excise Duty and Cess which have
not been deposited on account of any dispute.
The particulars of dues of Sales Tax as at 31st March, 2013 which have
not been deposited on account of a dispute are as follows :-
Nature of
statute Nature of Dues Rs. in lacs
Sales Tax
Act Sales Tax 24.29
Name Period Forum where
To which it relates dispute is pending
Sales Tax
Act Various demands Various appellate
for 1987-88 to stages in Sales Tax
1998-99, Dept.
1993-94 to 1994-95 and
2004-05 to 2006-07
x. The accumulated losses of the Company at the end of the current
financial year are less than fifty percent of its net worth. It has
incurred cash losses in current financial year and also in the
immediately preceding financial year.
xi. On the basis of records examined by us and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to banks as at the balance sheet date.
xii. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities;
xiii. As informed to us the provision of any special statue applicable
to chit fund / niddhi /mutual benefit fund/ societies are not
applicable to the Company;
xiv. In our opinion the Company is not dealing or trading in shares,
securities, debentures and other investments;
xv. According to the information and explanations given to us by the
Company has given guarantee for loans taken by others from any bank or
financial institution; as mentioned in Note No. 3 in our opinion the
terms and conditions thereof are not prejudicial to the interest of the
Company.
xvi. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained;
xvii. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
classification of long term and short term usage of funds, we are of
the opinion that, the funds raised on short term basis have not been
used for long term investment;
xviii. 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;
xix. The Company has not issued any debentures during the year;
xx. The Company has not raised any money by public issue, during the
year;
xxi. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For M. T. ANKLESHWARIA & CO.
CHARTERED ACCOUNTANTS
REGISTRATION NO : 100501W
MADHU T. ANKLESHWARIA
Place : Mumbai PROPRIETOR
Date: 15 / 05 / 2013 Membership No. 30128
Mar 31, 2012
We have audited the attached Balance Sheet of THEMIS MEDICARE LIMITED
as at 31st March, 2012, and the annexed Statement of Profit & Loss and
Cash Flow Statement for the year ended on that date. 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.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These 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 disclosures 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.
2. As required by Companies (Auditor's Report) Order, 2003 as amended
by the Companies (Auditor's Report) (Amendment ) Order, 2004, issued by
the Central Government in terms of Section-227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
3. Further to our comments referred to in paragraphs 1 and 2 above, 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, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) Attention is invited to note 3. of Other Notes No. 4 regarding
managerial remuneration of Rs. 15.89 lacs paid during the year 2010-11,
in excess of specified limits, for which Central Government's approval
is still to be obtained.
e) On the basis of written representations received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors as on 31st March, 2012 is disqualified from being
appointed as a Director in terms of Clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
In our opinion, the Balance Sheet, the Statement of Profit & Loss and
the Cash Flow Statement dealt with by this report comply with the
accounting standards as applicable referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements read together
with notes thereon give the information 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 Balance Sheet, of the state of affairs of the
Company as at 31st March 2012.
(b) in the case of Statement of Profit and Loss, of the Loss for the
year ended on that date; and
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to Auditors' Report
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF THEMIS
MEDICARE LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST
MARCH, 2012.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that:
i. (a) The Company has generally maintained proper records showing
particulars including quantitative details and situation of its fixed
assets, however these records are to be updated;
(b) As explained to us, fixed assets according to the practice of the
Company are physically verified by the management except Office
Equipments and Furniture & Fixtures at reasonable intervals as per the
phased verification programme, which in our opinion, is reasonable,
looking to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification as compared to
available records;
(c) The Company has not disposed off a substantial part of its fixed
assets so as to affect its going concern;
ii (a) As explained to us, inventories have been physically verified
during the year by the management, the stocks of finished goods
(including goods traded in), stores, spare parts, packing materials and
raw materials have been physically verified at reasonable intervals by
the management, except in cases of stocks in transit and stocks lying
with some outside parties, which have, however, been confirmed by them;
(b) The procedure explained to us , which are followed by the
management for physical verification of inventories, are in our
opinion, reasonable and adequate in relation to the size of the Company
and the nature of its business;
(c ) On the basis of our examination of the inventory records of the
Company, we are of the opinion that, the Company is maintaining proper
records of its inventory. Discrepancies which were noticed on physical
verification of inventory as compared to book records, have been
properly dealt with in the books of account;
iii a) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to Companies,
firms or other parties listed in the Register maintained under Section
301 of the Companies Act, 1956.
b) In our opinion, the terms and conditions of such advance given by
the company are prima facie not prejudicial to the interest of the
Company;
c) The company has taken from 16 parties unsecured loans in the nature
of fixed deposits from directors, relatives and Companies listed in the
register maintained under section 301 of the Companies Act 1956.The
maximum amount involved during the year and the year end balance of
such loans aggregating to Rs 854.60 lacs and Rs.854.60 lacs
respectively. The Company has also taken foreign currency loan from a
foreign promoter. The maximum amount involved during the year and the
year end balance of such loans aggregating to Rs 2045.12 lacs and
Rs.1882.56 lacs respectively;
d) In our opinion, the rate of interest where applicable and other
terms and conditions of such loans are prima facie not prejudicial to
the interest of the Company;
e) In respect of the aforesaid loans, the Company is regular in
repaying the principal amount as stipulated and also regular in payment
of interest where applicable;
iv. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of specific nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods and services. Further on the basis of
our examination of the books of account 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 weaknesses in the aforesaid internal control system;
v. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 exceeding the value of Rs. 5 lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at that time. However, except
in cases where purchases of similar goods were not made from any other
party and for which market prices are also not available and therefore,
the prices could not be compared. In respect of sale of goods,
materials and services, the same have generally been made at prevailing
price list rates of the Company, except in cases where similargoods,
materials and services were not sold to any other party and for which
market prices are not available and therefore, we are unable to compare
prices to determine whether the same were reasonable;
vi. In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India, the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of deposits) Rules, 1975 with regard to the deposits
accepted from the public. According to the information and explanations
given to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal on the Company in respect of the aforesaid deposits;
vii. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit functions
carried out by firms of Chartered Accountants appointed by the
management, needs to be increased so as to commensurate with the size
of the Company and the nature of its business;
viii. 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 (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 accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records since the same
will be carried out by the Cost Auditors with a view to determine
whether they are accurate;
ix. (a) According to the information and explanations given and
records of the Company examined by us, in our opinion there are delays
in depositing undisputed statutory dues, during the year, including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income tax, Sales tax, Wealth tax, Service Tax, Customs
Duty, Excise Duty, Cess and other material statutory dues with the
appropriate authorities. Further, an amount of Rs. 76.23 Lacs is
outstanding for a period exceeding six months in respect of Corporate
tax for the assessment year 2011-12.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income Tax,
Wealth tax, Service Tax, Customs Duty, Excise Duty and Cess which have
not been deposited on account of any dispute.
The particulars of dues of Sales Tax and Income Tax as at 31st March,
2012 which have not been deposited on account of a dispute are as
follows :-
Nature of statute Nature of Dues Rs. in lacs Period Forum where
To which
it relates
dispute
is pending
Sales Tax
Act Sales Tax 61.58 Various
demands Various
appellate
for
1987-88
to stages in
1998-99
and Sales
Tax Dept.
2004-05
to
2006-07
x. The Company has no accumulated losses at the end of the year. The
Company has incurred cash losses in the current year. However, it has
not incurred cash losses in the immediately preceding financial year.
xi. In our opinion and according to the information and explanations
given to us, the Company has defaulted in repayment of dues to banks in
respect of letter of credit which have devolved on the bank. Details of
defaults in repayment of principal of the same are as under.
Period of Default Rs. in lacs Remark ]
Less than 30 days 702.93 Rs. 702.93 lacs outstanding
as on 31.03.2012
30-60 days 381.07 Rs. 246.07 lacs outstanding
as on 31.03.2012
xii. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities;
xiii. As informed to us the provision of any special statue applicable
to chitfund / niddhi /mutual benefit fund/ societies are not applicable
to the Company;
xiv. In our opinion the Company is not dealing or trading in shares,
securities, debentures and other investments;
xv. According to the information and explanations given to us and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institution;
xvi. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained;
xvii. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
classification of long term and short term usage of funds, we are of the
opinion that, the funds raised on short term basis have not been used
for long term investment;
xviii. 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;
xix. The Company has not issued any debentures during the year;
xx. The Company has not raised any money by public issue, during the
year;
xxi. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For and on behalf of
M. T. ANKLESHWARIA & CO.,
CHARTERED ACCOUNTANTS,
REGISTRATION NO: 100501W
MADHU T. ANKLESHWARIA,
Place: Mumbai PROPRIETOR.
Date: 12/05/2012 Membership No. 30128.
Mar 31, 2010
We have audited the attached Balance Sheet of THEMIS MEDICARE LIMITED
as at 31st March, 2010, and the annexed Profit & Loss Account and Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the CompanyÃs management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These 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 disclosures 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.
2. As required by Companies (AuditorÃs Report) Order, 2003 as amended
by the Companies (AuditorÃs Report ) (Amendment ) Order, 2004, issued
by the Central Government in terms of Section-227 (4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
3. Further to our comments referred to in paragraphs 1 and 2 above, 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 reports on the accounts of Hyderabad Unit audited by Branch
Auditors have been forwarded to us and have been appropriately dealt by
us in preparing our audit report.
d) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
e) On the basis of written representations received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors as on 31st March, 2010 is disqualified from being
appointed as a Director in terms of Clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Without qualifying our report we draw reference to:
Note No. 25 in Schedule XVI of the Financial Statements to write off of
Debtors, Inventories, Loans and Advances and Intangible Assets
aggregating Rs. 2,607.94 lacs against Reconstruction Reserve Account as
per the Scheme of Arrangement with the Shareholders and as per the
approval of Honorable Gujarat High Court and Central Government.
In our opinion, the Balance Sheet, the Profit & Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards as applicable referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements read together
with notes thereon give the information 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 Balance Sheet, of the state of affairs of the
Company as at 31st March 2010.
(b) in the case of Profit and Loss Account, of the Profit for the year
ended on that date; and
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF THEMIS MEDICARE LIMITED ON THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31ST MARCH, 2010.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that :
i. a) The Company has generally maintained proper records showing
particulars including quantitative details and situation of its fixed
assets, however these records are to be updated;
b) As explained to us, fixed assets according to the practice of the
Company are physically verified by the management except Office
Equipments and Furniture & Fixtures at reasonable intervals as per the
phased verification programme, which in our opinion, is reasonable,
looking to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification as compared to
available records;
c) The Company has not disposed off a substantial part of its fixed
assets so as to affect its going concern;
ii a) As explained to us, inventories have been physically verified
during the year by the management, the stocks of finished goods
(including goods traded in), stores, spareparts, packing materials and
raw materials have been physically verified at reasonable intervals by
the management, except in cases of stocks in transit and stocks lying
with some outside parties, which have, however, been confirmed by them;
b) The procedure explained to us, which are followed by the management
for physical verification of inventories, are in our opinion,
reasonable and adequate in relation to the size of the Company and the
nature of its business;
c ) On the basis of our examination of the inventory records of the
Company, we are of the opinion that, the Company is maintaining proper
records of its inventory. Discrepancies which were noticed on physical
verification of inventory as compared to book records, have been
properly dealt with in the books of account;
iii a) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to Companies,
firms or other parties listed in the Register maintained under Section
301 of the Companies Act, 1956 except for interest free advance granted
to wholly owned overseas subsidiary amounting to Rs. nil, (Maximum
amount Rs.8.08 Lacs ) without any stipulation for repayment; which is
fully recovered during the year.
b) In our opinion, the terms and conditions of such advance given by
the company are prima facie not prejudicial to the interest of the
Company;
c) The company has taken from 17 parties unsecured loans in the nature
of fixed deposits from directors, relatives and Companies listed in the
register maintained under section 301 of the Companies Act 1956.The
maximum amount involved during the year and the year end balance of
such loans aggregating to Rs 559.80 lacs and Rs.542.60 lacs
respectively. The Company has also taken foreign currency loan from a
foreign promoter. The maximum amount involved during the year and the
year end balance of such loans aggregating to Rs 2028.80 lacs and
Rs.1796.00 lacs respectively;
d) In our opinion, the rate of interest where applicable and other
terms and conditions of such loans are prima facie not prejudicial to
the interest of the Company;
e) In respect of the aforesaid loans, the Company is regular in
repaying the principal amount as stipulated and also regular in payment
of interest where applicable;
iv. In our opinion and according to the information and explanations
given to us, having regard to the explanation that certain items
purchased are of specific nature for which suitable alternative sources
do not exist for obtaining comparative quotations, there is an adequate
internal control system commensurate with the size of the Company and
the nature of its business for the purchase of inventory and fixed
assets and for the sale of goods and services. Further on the basis of
our examination of the books of account 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 weaknesses in the aforesaid internal control system;
v. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section;
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 exceeding the value of Rs. 5 lacs in respect of
any
party during the year have been made at prices which are reasonable
having regard to prevailing market prices at that time. However, except
in cases where purchases of similar goods were not made from any other
party and for which market prices are also not available and therefore,
the prices could not be compared. In respect of sale of goods,
materials and services, the same have generally been made at prevailing
price list rates of the Company, except in cases where similar goods,
materials and services were not sold to any other party and for which
market prices are not available and therefore, we are unable to compare
prices to determine whether the same were reasonable;
vi. In our opinion and according to the information and explanations
given to us, the Company has complied with the directives issued by the
Reserve Bank of India, the provisions of Section 58A and 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of deposits) Rules, 1975 with regard to the deposits
accepted from the public. According to the information and
explanations given to us, no order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal on the Company in respect of the aforesaid
deposits;
vii. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit functions
carried out by firms of Chartered Accountants appointed by the
management, needs to be increased so as to commensurate with the size
of the Company and the nature of its business;
viii.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 (1) (d) of the Companies
Act, 1956 in respect of the CompanyÃs products to which the said rules
are made applicable, and are of the opinion that prima-facie, the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records since the same
will be carried out by the Cost Auditors with a view to determine
whether they are accurate;
ix. a) According to the information and explanations given and records
of the Company examined by us, in our opinion the Company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees State
Insurance, Income tax, Sales tax, Wealth tax, Service Tax, Customs
Duty, Excise Duty, Cess and other material statutory dues with the
appropriate authorities except to the extent of Rs. 12.07 lacs towards
income tax demand for Assessment Year 2001-02.
b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of Income Tax,
Wealth tax, Service Tax, Customs Duty, Excise Duty and Cess which have
not been deposited on account of any dispute.
The particulars of dues of Sales Tax and Income Tax as at 31st March,
2010 which have not been deposited on account of a dispute are as
follows
Nature of Dues Rs. in lacs Period To Forum where
which it dispute
Nature of statute relates is pending
Sales Tax 33.71 Various
Demands for Various
Appellate
Sales Tax Act 1984-85 to Stages in
1998-99 Sales
and 2005-06 Tax Dept.
Income Tax Assessment Dues 41.00 A.Y. 2002-03 CIT Appeals
Act,1961 (Hyderabad)
Income Tax Assessment Dues 11.40 A.Y. 2007-08 CIT Appeals
Act,1961 (Vapi)
x. The Company has no accumulated losses at the end of the year and
has not incurred cash losses in
the current year. The cash losses were incurred in the immediately
preceding financial year.
xi. On the basis of the records examined by us and according to the
information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions and banks as at the balance sheet date;
xii. As explained to us, the Company has not granted any loans or
advances on the basis of security by way of pledge of shares,
debentures or any other securities;
xiii. As informed to us the provision of any special statue applicable
to chitfund / niddhi /mutual benefit fund/societies are not applicable
to the Company;
xiv. In our opinion the Company is not dealing or trading in shares,
securities, debentures and other investments;
xv. According to the information and explanations given to us and the
representations made by the
management, the Company has not given any guarantee for loans taken by
others from any bank or financial institution;
xvi. In our opinion, and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purposes for which they were obtained;
xvii. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
classification of long term and short term usage of funds, we are of
the opinion that, the funds raised on short term basis have not been
used for long term investment;
xviii. 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;
xix. The Company has not issued any debentures during the year;
xx. The Company has not raised any money by public issue, during the
year;
xxi. During the course of our examination of the books of account and
records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information
and explanations given to us, we have neither come across any instances
of material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For and on behalf of
M. T. Ankleshwaria & Co.
Chartered Accountants
Madhu T. Ankleshwaria
Place: Mumbai Proprietor
Date : 27th April 2010 Membership No :- 30128