To the Members of Raymed Labs Limited
Report on the Audit of the Ind AS Financial Statements
Opinion
We have audited the accompanying Ind AS financial statements of Raymed Labs Limited ("the
Company"), which comprise the Balance sheet as at March 31 2023, the Statement of
Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in Equity for the year ended, and notes to the
financial statements, including a summary of significant accounting policies and other
explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us the aforesaid Ind AS financial statements give the information required by the
Companies Act, 2013, as amended ("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, its loss including
other comprehensive income its cash flows and the changes in equity for the year ended on
that date.
Basis for Opinion
We conducted our audit of the Ind AS financial statements in accordance with the
Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the ‘Auditors
Responsibilities for the Audit of the Ind AS Financial Statements section of our report.
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 Act
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 audit
opinion on the Ind AS financial statements.
Emphasis of Matter
We draw attention to:
(1) During the year Companys administrative & other general expenses are paid by
Ajai Goyal (Director) on behalf of the company.
(2) Material Uncertainty Related to Going Concern-
The financial statements which indicates that the Company has accumulated losses and
its net worth has been substantially eroded, Company has incurred a loss during the
current and previous year(s) and, the Companys current liabilities exceeded its current
assets as at the balance sheet date and the Company is not doing any business operations
from past more than three years. These conditions, indicate the existence of a material
uncertainty that may cast significant doubt about the Companys ability to continue as a
going concern.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Ind AS financial statements for the financial year ended
March 31, 2023. These matters were addressed in the context of our audit of the Ind AS
financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Other Information or another title if appropriate, such as "Information Other than
the Financial Statements and Auditors Report Thereon"
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual report, but does not include
the Ind AS financial statements and our auditors report thereon.
Our opinion on the Ind AS financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is
to read the other information and, in doing so, consider whether such other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Ind AS Financial
Statements
The Companys Management and Board of Directors is responsible for the matters stated
in section 134(5) of the Act with respect to the preparation of these Ind 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 (Ind AS) specified under section 133 of the Act read with [the
Companies (Indian Accounting Standards) Rules, 2015, as amended]. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and the 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 Ind AS financial statements
that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the Ind AS 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 Responsibilities for the Audit of the Ind AS Financial
Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Ind AS financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the Ind AS financial
statements, including the disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
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 Act, based on our audit we give in the "Annexure A" a statement on
the matters specified in paragraphs 3 and 4 of the Order.
2. (A) 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 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 the Statement of
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 Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the 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 adequacy of the internal financial controls over financial
reporting of the Company with reference to these Ind AS financial statements and the
operating effectiveness of such controls, refer to our separate Report in "Annexure
B" to this report
(B) 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, as amended in
our opinion and to the best of our information and according to the explanations given to
us:
a) The Company does not have any pending litigations which would impact its financial
position.
b) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
d)(i) The Management has represented that, to the best of its knowledge and belief,
other than as disclosed in notes to the accounts, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other persons or entities, including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the Company or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
(ii) The Management has represented that, to the best of its knowledge and belief,
other than as disclosed in notes to the accounts, no funds have been received by the
Company from any persons or entities, including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the
Company shall directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf
of the Funding Parties or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any
material mis-statement.
(e) . The company has not declared or paid any dividend during the year.
|
For A KAY MEHRA & CO. |
|
Chartered Accountants |
|
(Firms Registration No. 050004C) |
|
CA Deepak Suneja |
|
Partner |
Date- 27/05/2023 |
(Membership No. 0501957) |
Place-DELHI |
UDIN- 23501957BGVOPX4224 |
ANNEXURE "A‘ TO THE INDEPENDENT AUDITORS REPORT
3. (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of RAYMED LABS LIMITED of even date)
With reference to the Annexure A referred to in the Independent Auditors Report to the
members of the Company on the financial statements for the year ended 31 March 2023, we
report the following:
(i) In respect of the Companys fixed assets:
(a) (i) The Company has maintained proper records showing full particulars including
quantitative details and situation of property, plant and equipment.
(ii) The Company has maintained proper records and showing full particulars of
Intangible Assets.
(b) As explained to us all the fixed assets have been physically verified by the
management during the year according to a regular program which in our opinion is
reasonable having regard to the size of the Company and the nature of its assets. No
material discrepancy was Noticed on such verification. According to the information and
explanation given to us, the company has not disposed-off substantial port of fixed assets
during the year under review.
(c) The Company has proper title deeds of immovable Property registered under its name.
(d) According to the information and explanations given to us and on the basis of our
examination of the records of the company, revaluation is not done by the company of its
property, plant and equipment (including the right of use assets) or intangible assets or
both during the year.
(e) There are no proceedings initiated or are pending against the company for holding
any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and
rules made thereunder for the Financial Year.
(ii). In respect of the Inventories: -
(a) According to the information and explanations given to us, the Company is not
holding any inventory and hence there is no requirement of physical verification of
inventory at reasonable intervals.
(b) During the Financial Year Company has not sanctioned working capital limits in
excess of five crore rupees, in aggregate, from banks or financial institutions on the
basis of security of current assets.
(c) There is no quarterly returns or statements filed by the company with financial
institutions or banks in agreement with the books of account of the Company.
(iii). According to the information and explanations given to us and on the basis of
our examination of the records of the company, the Company has not made investments in,
provided any guarantee or security or any loans, secured or unsecured to companies, firms,
Limited Liability partnerships or other parties covered in the Register maintained under
section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (f) of the
Order are not applicable to the Company and hence not commented upon.
(iv.) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the Company has not granted any loan, making
investments and providing guarantees and securities. Hence compliance with the provisions
of Sections 185 and 186 of the Act is not applicable.
(v). The Company has not accepted deposits during the year and does not have any
unclaimed deposits as at March 31, 2023 and therefore, the provisions of the clause 3 (v)
of the Order are not applicable to the Company.
(vi). According to the information and explanations given to us, the Central Government
has not prescribed the maintenance of cost records under Section 148(1) of the Act for the
services provided by it. Accordingly, clause 3(vi) of the Order is not applicable.
(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, Employees State Insurance, Income Tax, Goods and Service Tax,
Customs Duty, Cess and other material statutory dues applicable to it with the appropriate
authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees
State Insurance, Income Tax, Sales Tax, Service Tax, Value Added Tax, Goods and Service
Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at
March 31, 2023 for a period of more than six months from the date they became payable.
(viii) According to the information and explanations given to us and on the basis of
our examination of the records of the company, there is no transaction which are not
recorded in the accounts have been disclosed or surrendered before the tax authorities as
income during the year.
(ix). According to the information and explanations given to us and on the basis of our
examination of the records of the company, the Company has not defaulted in the repayment
of dues to banks. The Company has not taken any loan either from financial institutions or
from the government and has not issued any debentures.
(x) The Company has not raised any moneys by way of initial public offer or further
public offer, private placement or preferential allotment (including debt instruments)
Accordingly, clause 3(x)(a) of the Order is not applicable.
(xi). (a) Based on examination of the books and records of the Company and according to
the information and explanations given to us, considering the principles of materiality
outlined in the Standards on Auditing, we report that no fraud by the Company or on the
Company has been noticed or reported during the course of the audit.
(b) According to the information and explanations given to us, no report under
sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government.
(c) There is no whistle blower complaints received during the year hence this clause
3(xi)(c) is not applicable to the company.
(xii). The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of
the Order is not applicable to the Company.
(xiii). In our opinion and according to the information and explanations given to us,
the Company is in compliance with Section 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 financial statements as required by the applicable
accounting standards.
(xiv) Based on information and explanations provided to us and our audit procedures, in
our opinion, the Company has an internal audit system commensurate with the size and
nature of its business.
(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 persons connected to its directors and hence provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under Section 45-IA of the
Reserve Bank of India Act, 1934. Accordingly, clauses 3(xvi)(a) of the Order are not
applicable.
(b) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India. Accordingly, clause 3(xvi)(b) of the Order is not
applicable.
(c) According to the information and explanations provided to us during the course of
audit, the Group does not have any CICs.
(xvii) The Company has not incurred cash losses in the current and in the immediately
preceding financial year.
(xviii) There has been no resignation of the statutory auditor during the year.
Accordingly, clause 3(xviii) of the Order is not applicable.
(xix) According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realisation of financial assets and payment
of financial liabilities, other information accompanying the financial statements, our
knowledge of the Board of Directors and management plans and based on our examination of
the evidence supporting the assumptions, The financial statements which indicates that the
Company has accumulated losses and its net worth has been substantially eroded, Company
has incurred a loss during the current and previous year(s) and, the Companys current
liabilities exceeded its current assets as at the balance sheet date and the Company is
not doing any business operations from past more than three years. These conditions,
indicate the existence of a material uncertainty that may cast significant doubt about the
Companys ability to continue as a going concern.
(xx) In our opinion and according to the information and explanations given to us,
there is no unspent amount under sub-section (5) of section 135 of the Act pursuant to any
project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
|
For A KAY MEHRA & CO. |
|
Chartered Accountants |
|
(Firms Registration No. 050004C) |
|
CA Deepak Suneja |
|
Partner |
Date- 27/05/2023 |
(Membership No. 0501957) |
Place-DELHI |
UDIN- 23501957BGVOPX4224 |
ANNEXURE-B TO THE INDEPENDENT AUDITORS REPORT
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Raymed Labs
Limited ("the Company") as of March 31,2023 in conjunction with our audit of the
financial statements of the Company for the year ended on that date.
Managements and Board of Directors Responsibilities for Internal Financial Controls
The Companys Management and the Board of Directors are 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 the 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 with reference to these Financial Statements based on
our audit. We conducted our audit in accordance with the Guidance Note and the Standards
on Auditing as specified under Section 143(10) of the Act, to the extent 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 with reference to
these Financial Statements 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 over financial reporting with reference to these financial
statements and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial
controls over financial reporting with reference to these financial statements, 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 internal financial controls over financial.
Meaning of Internal Financial Controls with Reference to Financial Statements
A companys internal financial control over financial reporting with reference to these
financial statements 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 with reference to these financial
statements 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 authorisations of management and directors of the company: and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorised 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 with
Reference to these Financial Statements
Because of the inherent limitations of internal financial controls over financial
reporting with reference to these financial statements, 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 with reference to these financial
statements to future periods are subject to the risk that the internal financial control
over financial reporting with reference to these financial statements 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, adequate internal financial
controls over financial reporting with reference to these financial statements and such
internal financial controls over financial reporting with reference to these financial
statements were operating effectively as at March 31, 2023, 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.
|
For A KAY MEHRA & CO. |
|
Chartered Accountants |
|
(Firms Registration No. 050004C) |
|
CA Deepak Suneja |
|
Partner |
Date- 27/05/2023 |
(Membership No. 0501957) |
Place-DELHI |
UDIN- 23501957BGVOPX4224 |
+91-9892691696
