Mar 31, 2015
We have audited the accompanying financial statements of INVICTA
MEDITEK LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and 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 Company's Board of Directors is responsible for the matters 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 the Companies (Accounts )
Rules,2014.This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies ;making judgments and
estimate that are reasonable and prudent ; and design , implementation
and maintenance of internal financial control, that were operation
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 provision
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 true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting polices used and the reasonableness of the accounting
estimates made by 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 on the financial
statements.
Basis of Qualified Opinion
Short term loans and advances includes an amount of Rs.
70,47,151/-(amount sanctioned during the year Rs.Nii) beind outstanding
of loans given to one the Director, without obtaining the prior
approval of Central Government as per Sec.295 of the erstwhile
Companies Act, 1956.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis of Qualified Opinion Paragraph, the financial
statements give the information required by the Act in the manner so
required and give true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Emphasis of Matter
Attention of the shareholders is drawn to Note No. 1 of Notes to
accounts which elaborate the ability of the company to continue as a
going concern. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
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 accounts as required by law have been
kept by the Company so far as appears from our examination of those
books (and proper returns adequate for the purpose of our audit have
been received from the branches not visited by us.
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 statement comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts ) Rules, 2014
e) The going concern matter described in sub-paragraph(b) under the
Emphasis of Matter paragraph above, in our Opinion, may have an adverse
effect on the functioning of the Company.
f) On the basis of written representation received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the director is disqualified as on 31 March, 2015 from being
appointed as a director in terms of Section 164(2) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
Re: INVICTA MEDITEK LIMITED,
Referred to in paragraph 1 of our report of even date,
i)
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) Fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such
verification.
ii)
(a) Physical verification of inventory has been conducted at reasonable
intervals by the management;
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
iii)
(a) The company has not given any loan to any of its directors during
the year that has to be entered in the register maintained under
section 189 of Companies Act.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory, fixed assets and for sale of goods and services.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
v) The company has not accepted any deposits from public during the
year. Hence the provisions of section 73 to 76 or other relevant
provisions of the Companies Act, 2013 are not applicable.
vi) The Central Government has not prescribed maintenance of cost
records under section 148(1) of the Companies Act, 2013.
vii) The company has generally been regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income-Tax, Sales- Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, cess and any other statutory dues with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable were in arrears, for a
period more than six months from the date they become payable. The
Employees' State Insurance Act does not apply to the company.
viii) The company has accumulated losses more than 50% of its net worth
and has incurred cash loss of Rs.8,51,757/- during the year and
Rs.5,98,785/- during the preceding year.
ix) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution, bank or debenture holders.
x) The Company has not given any guarantee for loans taken by others
from banks or financial institutions based on the record produced to
us.
xi) The company has not taken any loans from the banks; hence this
clause is not applicable.
xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P.B. Vijayaraghavan & Co.
Chartered Accountants
Firm Regn No. 004721S
Place:- Chennai
Date:- 30.05.2015 -sd-
P.B. Srinivasan
Partner
M No. 203774
Mar 31, 2014
We have audited the accompanying financial statements of INVICTA
MEDITEK LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and 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
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.
Basis of Qualified Opinion
During the previous financial years the Company had given loan to a
director amounting to Rs. 82.72 lakh (FY 2012-13 - Rs.82.72 lakh)
(Maximum Outstanding during the year Rs. 82.72 lakh); without obtaining
the prior approval of Central Government, which is not in line with the
requirements of Section 295 of the Companies Act, 1956.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis of Qualified Opinion Paragraph, the financial
statements give the information required by the Act in the manner so
required and give true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
Attention of the shareholders is drawn to Note No. 1 of Notes to
accounts which elaborate the ability of the company to continue as a
going concern. Our opinion is not qualified in respect of this matter.
Report on Other Legal and 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 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;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
Re: INVICTA MEDITEK LIMITED,
Referred to in paragraph 1 of our report of even date,
i)
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) Fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such
verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
ii)
(a) Physical verification of inventory has been conducted at reasonable
intervals by the management;
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
iii)
(a) The company has not given any loan to any of its directors during
the year that has to be entered in the register maintained under
section 301 of Companies Act.
(b) The company has taken unsecured loan from directors covered in the
register maintained under section 301 of the Companies Act, 1956.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory, fixed assets and for sale of goods and services.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
v) As per the information and explanation given to us, there are no
contracts or arrangements referred to in Section 301 of the Companies
Act, 1956 that needs to be entered into the register maintained under
the section.
vi) The company has not accepted any deposits from public during the
year. Hence the provisions of section 58A, 58AA or other relevant
provisions of the Companies Act, 1956 are not applicable.
vii) The company has an internal audit system commensurate with the
nature and its size of business.
viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956.
ix) The company has generally been regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income-Tax, Sales-Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty, cess and any other statutory dues with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable were in arrears, for a
period more than six months from the date they become payable. The
Employees'' State Insurance Act does not apply to the company.
x) The company has accumulated losses more than 50% of its net worth
and has incurred cash loss of Rs.5,98,785/- during the year and
Rs.6,36,891/- during the preceding year.
xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of dues to any
financial institution, bank or debenture holders.
xii) The Company has not granted loans & advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence the question of maintenance of documents and records does not
arise.
xiii) The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Hence this clause is not applicable to the company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Hence this clause
is not applicable to the company.
xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions based on the records produced to
us.
xvi) The company has not taken any loans from the banks, hence this
clause is not applicable.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii) According to the information and explanations given to us,
during the year the Company has not made preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Act.
xix) As per the information and explanation given to us, the company
has not issued any debentures during the year.
xx) The company has not raised any money through public issue. Hence
the provisions of clause 4(xx) of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the Company.
xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For P.B. Vijayaraghavan& Co.
Chartered Accountants
Firm Registration No. 004721S
Place - Chennai
Date - 30.05.2014 -sd-
P.B. Srinivasan
Partner
M No. 203774
Mar 31, 2013
Report on the Financial Statement
We have audited the accompanying financial statement of INVICTA MEDITEK
LIMITED (" the company") , which comprise the Balance Sheets as at
March 31 , 2013, and 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
Management is responsible for the preparation of these financial
statements that gives a true and fair view of the financial position,
financial performance and cash flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of the 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
Statement based on our audit. We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountant 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 amount and disclosures in the financial
statements. The procedures selected depend on the auditor''s judgment ,
including the assessment of the risk 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.
Basie of Qualified Opinion
As per Note No. B(3) the loan of Rs.25 Lakh in the current year and
Rs.57.72 Lakh in the previous years given to a Director Mr.Sathish
Kumar is without prior approval of Central Government under Section 295
of the Companies Act, 1956.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except of the matter described in the Basic
of Qualified Opinion Paragraph, the financial statement give the
information required by the Act in the manner so required and give true
and fair view in conformity with the accounting principles generally
accepted in India.
a) In the case of the balance sheet, of the state of affairs of the
Company as at March 31, 2003:
b) In the case of the Profit and Loss , of the Loss for the year ended
on that date: and
c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
Report on Other Legal and 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 Companies Act, we give in the
Annexure, a statement on the matters specified in paragraphs4and 5 of
the said order.
2 .As requited 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 andbeliefwerenecessaryforthepurposeofouraudit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from examination of those
books:
(c) The Balance Sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreementwiththebooksofaccount:
(d) In our opinion, the Balance Sheet and Profit & Loss Account and
cash flow statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the
Directors, we report that none of the Directors is disqualified as on
31st March 2013 from being appointed as a director in terms of clause
(g)ofsub-section(1)ofsection274oftheCompaniesAct,1956.
(f)Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441 A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid , no cess is
due and payable by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR ''S REPORT ON THE ACCOUNTSOF
INVICTAMEDITEKLIMITEDFORTHEYEARENDING31stMarch2013.
Referred to in paragraph 1 of our report of even date :
(I)a) The company is maintaining proper records showing full
particulars, including details and situation offixedassets.
b) Fixed assets have been physically verified by the management at
reasonable intervals;nomaterial discrepancieswere noticed on
suchverification.
c)Nosubstantialpartoffixedassetshasbeendisposedoffduringtheyear.
(ii) a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticedonphysicalverification.
(iii) a) The Company has given a loan of Rs.25 Lakh to one of the
Director Mr. Sathish and
enteredintheregistermaintainedunderSection301oftheCompaniesAct.
b) The company has not taken any loan, secured or unsecured from
companies, firms or other parties
coveredintheregistermaintainedundersection301oftheCompaniesAct.1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services. During the course of our audit, we have not
obtained any continuing failure to correct major weakness
intheinternalcontrol system.
(v) As per the information and explanation given to us , there are no
contracts or agreements referred to in Section 301 of the Companies
Act, 1956 that needs to be entered into the register maintained under
the section.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
during the year . Hence the provisions of Section 58A and 58AA or other
relevant provisions of the Companies Act, 1956 arenot
applicabletotheCompany.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
records under Section209(1)(d)oftheCompaniesAct,956.
(ix) T he company has generally been regular in depositing undisputed
statutory dues including Employees Provident Fund, Income Tax , Wealth
Tax, Service Tax , Sales Tax , Investor Education and Protection Fund,
Value Added Tax, Customs Duty with the appropriate authorities.
According to the information and explanation given to us no undisputed
amounts payable were in arrears, for a period more than six months from
the date they become payable . The Employee State Insurance Act does
not apply to the company.
(x) The Company has accumulated losses more than 50% of its net worth
and has incurred cash losses during the year and the preceding year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayments of its dues to
any financial institutions, banks or debenture holders during the year.
(xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence the question of maintenance of documents and records does not
arise.
(xiii) The Company is not a chit fund or a nidhi/ Mutual benefit Fund
/Society. Hence this clause is not applicable to the Company.
(xiv) In our opinion , the company is not a dealing in or trading in
shares, securities, debentures and other investments. Hence this clause
is not applicable to the company.
(xv) As per the information and explanation given to us by the
management, the company has not given any guarantee for loans taken by
others from banks or Financial Institutions based on the record
produced to us.
(xvi)The company has not taken any loans from the banks; hence this
clause is not applicable.
(xvii) According to the information and explanation given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments.
(xviii) According to the information and explanation given to us,
during the year the company has not made any preferential allotment of
shares to parties and companies covered under register maintained under
Section 301 of the Companies Act, 1956,
(xix) As per the information and explanation given to us the Company
has not issued any debentures during the year.
(xx) The Company has not raised any money to the public issues. Hence
the provision of clause 4(xx) of the Companies (Auditor''s Report) Order
2003 are not applicable to the Company.
(xxi)According to the information and explanations given to us , no
fraud on or by the company has been noticed or reported during the
course of our audit.
Date : 30.06.2013
Place : Chennai For P.B. VIJAYARAGHAVAN & CO.,
Chartered Accountants
Firm Reg. No. 004721S
Sd/-
P.B. SRINIVASAN
PARTNER
Membership No. 203774
Mar 31, 2012
1. We have audited the attached Balance Sheet of INVICTA MEDITEK
LIMITED as at 31st March 2012 and also the Profit and Loss Account and
Cash Flow Statement for the year ended on that date annexed thereto
which we have signed under reference to this report. 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.
2. 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 misstatements. 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.
3. Attention is invited to the following:
We draw attention to Note No. B 2 of Schedule - 9 in the financial
statements. Pursuant to the sale agreement, all the assets were
transferred to TTK Healthcare Ltd
4. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
of the books and records of the company as we considered appropriate
and according to the information and explanations given to us, we give
in the Annexure, a statement on the matters specified in paragraphs 4
and 5 of the said order.
5. Further to our comments in the Annexure referred to in paragraph 3
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, the company has kept proper books of accounts as
required by law, so far as appears from our examination of those books.
(c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Profit & Loss Account and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act 1956 to the extent applicable.
(e) On the basis of written representations received from the
Directors, we report that none of the Directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
(f) The company has not levied or collected any cess for the purpose of
rehabilitation or revival or protection of assets of the sick
industrial companies on its annual turnover and has not paid to the
credit of the central government the said levy as required u/s 441A of
the companies Act as the same has not been notified by the central
government.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with notes thereon and attached thereto 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:
i) In the case of balance sheet, of the state of affairs of the company
as at 31st March 2012;
ii) In the case of the Profit & Loss Account, of the LOSS 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR''S REPORT ON THE
ACCOUNTS OF INVICTA MEDI TEK LIMITED FOR THE YEAR ENDING 31st March
2011
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of section 227 (4-A) of the
Companies Act, 1956, we report that:
(i) The company does not hold any Fixed Assets as it was sold fully in
the year 2009 - 2010. So this clause does not apply to the Company.
(ii) The Company does not hold any inventory . The Inventory has been
sold out in the previous years and there were no operations during the
current year.
(iii) The Company has not taken interest free loan from the parties
covered in the register maintained under Section 301 of the Companies
Act.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory and fixed assets and with regard
to the sale of goods. During the course of audit, no major weakness has
been noticed in the internal control.
(v) (a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, if any, that needed to be entered into in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and explanation given to us, the transactions made
in pursuance of contracts or arrangements entered in the register
maintained u/s 301 of the Companies Act, 1956 have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time where such market prices are available.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of Section 58A and 58AA of the Companies Act,
1956 and Rules there under are not applicable to the Company.
(vii) The Central Government has not prescribed maintenance of Cost
records under Section 209 (1) (d) of the Companies Act, 1956.
(viii) According to the information and explanations given to us, the
company was regular in depositing dues in respect of Employees
Provident Fund, Employees State Insurance Fund, Income Tax , Wealth
Tax, Investor Education and Protection Fund, Value Added Tax, Customs
Duty with the appropriate authority during the year.
(ix) The Company has accumulated losses more than 50% of its net worth
and has incurred cash losses during the year and the preceding year.
(x) According to the records produced, the Company has not defaulted in
repayments of its dues to any financial institutions, banks during the
year.
(xi) In our opinion and according to information and explanation given
to us, no loans and advances have been granted by the company on the
basis of security by way of pledge of shares, debentures and other
security.
(xii) The Provision of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies is not applicable to the
Company.
(xiii) The company is not a dealer in shares, securities, debentures
and other investments.
(xiv) As per the information and explanation given to us by the
management, the company has not given any guarantee for loans taken by
others from banks or Financial Institutions.
(xv) The company has not taken any loans from the banks , hence this
clause is not applicable.
(xvi) On the basis of review of utilization of funds on an overall
basis, in our opinion, the funds raised on short term basis have not
been used for long term investments or vice versa during the year.
(xvii) The company has not made any preferential allotment of shares to
parties and companies covered under register maintained under Section
301 of the Companies Act, 1956, during the year.
(xviii) No debentures have been issued during the year.
(xix) The Company has not raised money by way of public issues during
the year and hence the question of disclosure and verification of end
use of such money does not arise.
(xx) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For P.B. VIJAYARAGHAVAN & CO.,
Chartered Accountants
Firm Reg. No. 004721S
-Sd-
P.B. SRINIVASAN
PARTNER
Membership No. 203774
Date : 30.06.2012
Place : Chennai
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