To
The Members of
M/s PRISM MEDICO AND PHARMACY LIMITED
IOpinion
We have audited the accompanying standalone financial statements of M/s. PRISM
MEDICO AND PHARMACY LIMITED which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss (statement of changes in equity), Cash Flow Statement for the
year then ended, notes to the financial statements and a summary of significant accounting
policies and other explanatory information. These financial statements are the
responsibility of the companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
i
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid (Standalone) 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 March 31, 2023, and its Profit, (changes in equity) for the year ended on that date.
I
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
IKey Audit Matters j
Key Audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters
except for the following:
Previous year capital gain on transfer of shares of Ajooni Biotech Ltd is considered in
current year as prior period Income and its tax effect is also treated accordingly.
iManagements Responsibility for the Standalone Financial Statements
The Companys 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 financial statements that give a true and fair view of the financial
position, financial performance, (changes in equity) 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 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 financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so. Those Board of Directors are also responsible for overseeing the
Companys financial reporting process.
: Auditors Responsibility for the audit of the Standalone Financial Statements j
Our responsibility is to express an opinion on these (Standalone) 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 thereunder.
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
: Report on Other Legal and Regulatory Requirements j
1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure-A, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
. 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 it appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss dealt with by this Report are in
agreement with the books of account
d) In our opinion, the aforesaid (Standalone) financial statements comply with the
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,
2023 taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2023 from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
and to the best of our information and according to the explanations given to us:
i. The company does not have any pending litigations which would impact its financial
position.
ii. The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the company.
|
For Harjeet Parvesh & Co. |
|
Chartered Accountants |
|
FRN:017437N |
|
Sd/- |
|
CA Konica Madan |
|
(PARTNER) |
Date: 30/05/2023 |
M. No.: 547759 |
Place: MOHALI |
UDIN: 23547759BGROFA2190 |
"Annexure A" to the Independent Auditors Report i
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory
Requirement of our report of even date to the financial statements of the Company for the
year ended March 31, 2023:
1) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased
manner, designed to cover all the items over a period of three years, which in our
opinion, is reasonable having regard to the size of the company and nature of its
business. Pursuant to the program, a portion of the fixed asset has been physically
verified by the management during the year and no material discrepancies between the books
records and the physical fixed assets have been noticed;
(c) The title deeds of immovable properties are held in the name of the company;
(d) The company has not revalued its Property, Plant and Equipment during the year;
(e) No proceedings have been initiated against the company for holding any Benami
Property under the Benami Transactions (Prohibition) Act 1988 and rules made there under.
2) (a) The management has conducted physical verification of inventory at reasonable
intervals and according to our opinion is reasonable having regard to the size of the
company and nature of its business. There were no discrepancies noticed on physical
verification of the inventory.
Also there is no change in inventory as compared to last year as company is involved in
Trading Activities only.
(b) There are no quarterly returns or statements filed by company with banks or
financial institutions.
3) (a) The company has not granted any loans or provided any advances in nature of
loans , secured or unsecured to companies , firms , Limited Liability Partnerships or any
other party.
4) In our opinion and according to the information and explanations given to us, the
company has complied with the provisions of Section 185 and I86 of the Companies Act, 2013
In respect of loans, investments, guarantees, and security.
5) The company has not accepted deposits from the public and hence the directives
issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other
relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with
regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the
Central Government under sub-section (1) of Section 148 of the Act, in respect of the
activities carried on by the company.
7) (a) According to information and explanations given to us and on the basis of our
examination of the books of account, and records, the Company has been generally regular
in depositing undisputed statutory dues including Provident Fund, Employees State
Insurance, Income-Tax, Duty of Customs, Duty of Excise, Goods and Service Tax, Cess and
any other statutory dues with the appropriate authorities
According to the information and explanations given to us, no undisputed amounts
payable in respect of the above were in arrears as at March 31, 2023 for a period of more
than six months from the date on when they become payable.
b) According to the information and explanation given to us, there are no dues of
income tax, GST, duty of customs, duty of excise, value added tax outstanding on account
of any dispute.
8) According to the information and explanation given to us, there are no transactions
which have been
j surrendered or disclosed as income during the year in tax assessment under Income tax
Act, 1961. i
9) a) In our opinion and according to the information and explanations given to us, the
company has not defaulted in the repayment of dues to banks.
b) In our opinion and according to the information and explanations given to us, the
company is not declared as wilful defaulter by any bank or financial institution or other
lender.
c) In our opinion and according to the information and explanations given to us Long
term Loans were applied for the purpose they were obtained.
d) In our opinion and according to the information and explanations given to us funds
raised on short term basis were applied for the purpose they were obtained.
e) In our opinion and according to the information and explanations given to us, the
company has not taken any funds from entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures.
f) The company has not raised loans during the year on the pledge of securities held in
its subsidiaries, joint ventures or associate companies. Hence, the requirement to report
on clause of the order is not applicable to the company.
10) Based upon the audit procedures performed and the information and explanations
given by the management, the company has not raised any moneys by way of initial public
offer or further public offer including debt instruments and term loans. Accordingly, the
provisions of clause (x) of the Order are not applicable to the company and hence not
commented upon.
11) Based upon the audit procedures performed and the information and explanations
given by the management, we report that no fraud by the Company or on the company by its
officers or employees has been noticed or reported during the year.
12) In our opinion, the company is not a Nidhi Company. Therefore, the provisions of
clause (xii) of the Order are not applicable to the company.
13) In our opinion, all transactions with the related parties are in compliance with
Section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the
Financial Statements as required by the applicable accounting standards.
14) In our opinion, the company has an internal audit system to commensurate with the
size and nature of its business;
b) The reports of Internal Auditor dated 24.05.2023 were considered while forming an
opinion on financial
statements.
15) Based upon the audit procedures performed and the information and explanations
given by the management, the company has not entered into any non-cash transactions with
directors or persons connected with him. Accordingly, the provisions of clause (xiv) of
the Order are not applicable to the company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of
the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause (xvi) of the
Order are not applicable to the company and hence not commented upon.
17) In our opinion, the company has incurred any cash losses in the financial year
amounting to Rs. 9,57,143/- and Rs. 49,02,616 in the preceding financial year.
18) There is no resignation of the statutory auditor during the year, accordingly, the
provisions of clause
j (Xviii) of the Order are not applicable to the company and hence not commented upon.
i
19) In our opinion, on the basis of financial ratios, ageing and expected dates of
realization of financial assets and payment of financial liabilities, other information
accompanying the financial statements and our knowledge of Board of directors and
managements plans no material uncertainty exists as on date of audit report that company
is not capable of meeting its liabilities at the date of balance sheet as and when they
fall due within a period of one year from the balance sheet date.
20) In our opinion, the Provisions of Section 135(5) Of the Companies Act are not
applicable to the company, the provisions of clause (xx) of the Order are not applicable
to the company and hence not commented upon.
21) In our opinion the financial statements are stand alone statement and consolidation
is not required, the provisions of clause (xxi) of the Order are not applicable to the
Company and hence not commented upon.
|
For Harjeet Parvesh & Co. |
|
Chartered Accountants |
|
FRN:017437N |
|
Sd/- |
|
CA Konica Madan |
|
(PARTNER) |
Date: 30/05/2023 |
M. No.: 547759 |
Place: MOHALI |
UDIN: 23547759BGROFA2190 |
I 1
Annexure B" to the Independent Auditors Report of even date on the Financial
Statements of M/s. PRISM MEDICO AND PHARMACY LIMITED
Report on the Internal Financial Controls 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 M/s PRISM
MEDICO AND PHARMACY LTD ("the Company") as of March 31, 2023 in conjunction
with our audit of the standalone financial statements of the company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The companys management is responsible for establishing and maintaining internal
financial controls 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
companys 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.
Auditors Responsibility
Our responsibility is to express an opinion on the companys 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") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. 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 and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, 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 Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys 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 companys 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
companys 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, the company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023.
|
For Harjeet Parvesh & Co. |
|
Chartered Accountants |
|
FRN:017437N |
|
Sd/- |
|
CA Konica Madan |
|
(PARTNER) |
Date: 30/05/2023 |
M. No.: 547759 |
Place: MOHALI |
UDIN: 23547759BGROFA2190 |
+91-9892691696
