AUDITOR
The Members of
NOIDA MEDICARE CENTRE LIMITED.
1. We have audited the attached balance sheet of NOIDA MEDICARE CENTRE LIMITED,
as at 31st March 2009, the profit and loss account and also the cash flow
statement for the year ended on that date annexed thereto. These financial statements are
the responsibility of the company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted
in India. Those Standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and 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. 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, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and
5 of the said Order.
4. Further to our comments in the Annexure referred to 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 purposes 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;
c. The Balance sheet, Profit and loss account and Cash flow statement dealt with by
this report are in agreement with the books of account;
d. In our opinion, the Balance sheet, Profit and 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;
e. On the basis of written representation received from the directors, as on 31s1
March 2009 and taken on record by the Board of Directors, we report that none of the
directors is disqualified as on 31st March 2009 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
f. In our opinion and to the best of our information and according to the explanations
given to us, the said financial statements together with the notes thereon and attached
thereto give in the prescribed manner the information required by the Companies Act, 1956,
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 31st
March 2009;
ii. In the case of the Profit and Loss account, 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.
ForN.K. DUGGAL & CO.
Chartered Accountants
(N .K. DUGGAL) F.C.A.
Date : September 2, 2009
Place: New Delhi
Annexureto Auditors' Report
Referred to in paragraph 3 of our report of even date,
(i) (a) The Company is maintaining proper records showing particulars including
quantitative details and situation of fixed assets.
(b) The Fixed Assets of the company have been physically verified by the management
during the year and no material discrepancies between the book records and the physical
inventory have been noticed. In our opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations given to us, a
substantial part of fixed assets has not been disposed off by the company during the year.
(ii) (a) The inventory has been physically verified during the year by the management.
In our opinion, the frequency of verification is reasonable.
(b) In our opinion, the procedures of physical verification of inventories followed by
the management are reasonable in relation to the size of the company and the nature of its
business.
(c) On the basis of our examination of 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 and is properly
dealt with the books of accounts.
(iii) In respect of loans, secured or unsecured, granted or taken by the company
to/from companies, firm or other parties covered in the register maintained under section
301 of the Companies Act, 1956 according to the information and explanations given to us :
a. The company has not granted any loan to the parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of
clause 4(a-d) of the Companies (Auditors Report) order, 2003 are not applicable to the
company.
b. The company has taken loans of Rs.3,27,75,000/- from the companies, firms or other
parties covered in the register maintained under section 301 of the Companies Act, 1956,
during the year. In respect of the said loan, the maximum amount outstanding at any time
during the year was Rs. 4,13,91,539/- and the year-end balance is Rs. 1,07,41,539/-.
c. In our opinion and according to the informations and explanations given to us, the
above said • loans is unsecured loans and other terms and conditions on which loans
has been taken are not prima facie prejudicial to the interest of the company.
d. The rate of interest and other terms and conditions of unsecured loans taken by the
company 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
amounts as stipulated and is also regular in payment of interest.
(iv) In our opinion there are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to purchases of
inventory, fixed assets and sale of goods.
Further, on the basis of our examination of the books and records, and according to the
information and explanations given to us, we have neither come across, nor have been
informed of any major weakness in the aforesaid internal control procedures.
(v) (a) According to the information and explanation give to us, we are of the opinion
that the transactions that need to be entered into the register maintained under section
301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations given to us, there
are no transactions made in pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees
five lakhs in respect of any party during the year.
(vi) The Company has not accepted any deposits from the public within the meanings of
Sections 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits)
Rules, 1975.
(vii) In our opinion, the company has an internal audit system commensurate with the
size and nature of its business.
(viii) The Central Government of India has not prescribed the maintenance of cost
records under clause (d) of subsection (1) of Section 209 of the Companies Act, 1956.
(ix) (a) The company is regular in depositing with appropriate authorities undisputed
statutory dues including income tax, sales tax, custom duty, provident fund and other
material statutory dues applicable to it. Other Statutory dues i.e. ESI is not applicable.
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of income tax, wealth tax, sales tax, excise duty and cess were in
arrears, as at 31st March 2009 for a period of more than six months from the
date they became payable.
(x) The company has not incurred cash losses during the year covered by our audit and
the immediately preceding Accounting year.
(xi) The company has no default with the F.l's 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.
(xiii) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund
/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report)
Order, 2003 are not applicable to the company. .
(xiv) In our opinion, the company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the company.
(xv) In our opinion, and according to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from Banks or Financial
Institutions during the year.
(xvi) In our opinion, the term loans have been applied for the purposes for which they
were raised.
(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 by the company.
(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 Act during the year.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by public issues during the year.
(xxi) According to the information and explanations given to us, no fraud on or by the
company, which is material in amount and nature has been noticed or reported by the
management during the course of our audit.
For N.K. DUGGAL & CO.
Chartered Accountants
N.K. DUGGAL F.C.A.
Date : September 2, 2009
Place: New Delhi