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Disclosure in auditor’s report explanatory

 

Independent Auditors’ Report

To the Members of

Thyrocare Technologies Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Thyrocare Technologies Limited (‘the Company’), which comprise the Balance sheet as at 31 March 2014, the Statement of profit and loss, the 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 Company’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.

Independent Auditors’ Report (Continued)

Thyrocare Technologies Limited

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in case of the Balance sheet, of the state of affairs of the Company as at 31 March 2014;

ii. in case of the Statement of profit and loss, of the profit of the Company for the year ended on that date; and

iii. in case of the Cash flow statement, of the cash flows of the Company 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 Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said 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 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 appears from our examination of these books;

c. the Balance sheet, the Statement of profit and loss and the Cash flow statement dealt with by this report are in agreement with the books of account;

d. in our opinion, the Balance sheet, the Statement of profit and loss and the Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Act; and

e. on the basis of written representations received from the directors of the Company, as of 31 March 2014, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2014 from being appointed as a director in terms of clause (g) of sub–section (1) of Section 274 of the Act.

For B S R and Co

Chartered Accountants

Firm’s Registration No: 128510W

Sadashiv Shetty

Mumbai

Partner

Date: 29 July 2014

Membership No: 048648

Thyrocare Technologies Limited

Annexure to the Independent Auditors’ Report – 31 March 2014

With reference to the Annexure referred to in our report of even date, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified once every year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) Fixed assets disposed off during the year were not substantial, and therefore, do not affect the going concern assumption.

(ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable.

(b) The procedures for the 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. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) The Company has neither granted nor taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

(iv) In our opinion and according to the information and explanations given to us, and having regard to the explanation that purchases of certain items of fixed assets and inventories are for the Company’s specialised requirements and suitable alternative sources are not available to obtain comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that Section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in (a) above and exceeding the value of Rs.5 lakh with any party during the year have been made at prices which are reasonable having regard to the prevailing prices at the relevant time.

(vi) The Company has not accepted any deposits from the public.

(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 the maintenance of cost records under section 209(1)(d) of the Act, for the manufacturing of radiopharmaceuticals and any of the products traded/services rendered by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income–tax, Sales–tax, Service tax, Customs duty, Cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Wealth tax, Excise duty and Investor Education and Protection Fund.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income tax, Sales tax, Service tax, Customs duty, Cess and other material statutory dues were in arrears as at 31 March 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Sales tax, Service tax, Customs duty and Cess which have not been deposited with the appropriate authorities on account of any dispute. According to the information and explanations given to us, the following dues of Income–tax as listed below have not been deposited by the Company on account of disputes:

Name of the statute

Nature of the dues

Amount (Rs. Millions)

Period to which the amount relates

Forum where dispute is pending

The Income tax Act, 1961

Income–tax

93.46

2010–11

Commissioner of Income tax (Appeals), Mumbai

The Income tax Act, 1961

Income–tax

52.20

2011–12

Commissioner of Income tax (Appeals), Mumbai

The Employees’ State Insurance Act, 1948

Employees’ State Insurance

0.68*

2009–10

Deputy Director, ESIC, Thane

*paid under protest on 21 June 2014

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xi) The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to information and explanations given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) 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.

(xvi) In our opinion and according to the information and explanations given to us, the Company did not have any term loans outstanding during the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we are of the opinion that the funds raised on short–term basis have not been used for long–term investment.

(xviii) The Company has not made any preferential allotment of shares to companies/firms/parties covered in the register maintained under Section 301 of the Act.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the year.

(xx) In our opinion and according to the information and explanations given to us, the Company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For B S R and Co

Chartered Accountants

Firm’s Registration No: 128510W

Sadashiv Shetty

Mumbai

Partner

Date: 29 July 2014

Membership No: 048648

Disclosure in auditors report relating to fixed assets

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified once every year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) Fixed assets disposed off during the year were not substantial, and therefore, do not affect the going concern assumption.

Disclosure relating to quantitative details of fixed assets

The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

Disclosure relating to physical verification and material discrepancies of fixed assets

 The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified once every year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

Disclosure relating to fixed assets disposed off

Fixed assets disposed off during the year were not substantial, and therefore, do not affect the going concern assumption.

Disclosure in auditors report relating to inventories

Texual Information (12)  [see below]

Disclosure of physical verification of inventories at fixed intervals

The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable.

Disclosure of procedure followed for physical verification of inventories

 The procedures for the 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.

Disclosure about maintenance of inventory records and material discrepancies

 The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

Disclosure in auditors report relating to loans

The Company has neither granted nor taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

Disclosure about loans granted or taken by parties covered under section 301 of companies act

 The Company has neither granted nor taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act during the year.

Disclosure in auditors report relating to internal control system

 In our opinion and according to the information and explanations given to us, and having regard to the explanation that purchases of certain items of fixed assets and inventories are for the Company’s specialised requirements and suitable alternative sources are not available to obtain comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

Disclosure relating to presence of register for necessary transactions

In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered in the register required to be maintained under that Section.

Disclosure relating to reasonability of transactions

 In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in (a) above and exceeding the value of Rs.5 lakh with any party during the year have been made at prices which are reasonable having regard to the prevailing prices at the relevant tim

Disclosure in auditors report relating to deposits accepted from public

 The Company has not accepted any deposits from the public.

Disclosure in auditors report relating to companies internal audit system

In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

Disclosure in auditors report relating to maintenance of cost records

 The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Act, for the manufacturing of radiopharmaceuticals and any of the products traded/services rendered by the Company.

Disclosure relating to regularity in payment of undisputed statutory dues

 According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income–tax, Sales–tax, Service tax, Customs duty, Cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Wealth tax, Excise duty and Investor Education and Protection Fund.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income tax, Sales tax, Service tax, Customs duty, Cess and other material statutory dues were in arrears as at 31 March 2014 for a period of more than six months from the date they became payable.

Disclosure relating to disputed statutory dues

 According to the information and explanations given to us, there are no dues of Sales tax, Service tax, Customs duty and Cess which have not been deposited with the appropriate authorities on account of any dispute. According to the information and explanations given to us, the following dues of Income–tax as listed below have not been deposited by the Company on account of disputes:

Name of the statute

Nature of the dues

Amount (Rs. Millions)

Period to which the amount relates

Forum where dispute is pending

The Income tax Act, 1961

Income–tax

93.46

2010–11

Commissioner of Income tax (Appeals), Mumbai

The Income tax Act, 1961

Income–tax

52.20

2011–12

Commissioner of Income tax (Appeals), Mumbai

The Employees’ State Insurance Act, 1948

Employees’ State Insurance

0.68*

2009–10

Deputy Director, ESIC, Thane

*paid under protest on 21 June 2014

Disclosure in auditors report relating to accumulated losses

The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

Disclosure in auditors report relating to default in repayment of financial dues

The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

Disclosure in auditors report relating to loans and advances granted by way of pledge of shares debentures and other securities

According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

Disclosure in auditors report relating to provisions under special statute

In our opinion and according to information and explanations given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society.

Disclosure in auditors report relating to adequacy of records maintained by share trading companies

According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

Disclosure in auditors report relating to guarantee given

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.

Disclosure in auditors report relating to term loans used for purpose other than for purpose they were raised

In our opinion and according to the information and explanations given to us, the Company did not have any term loans outstanding during the year.

Disclosure in auditors report relating to nature and amount of fund raised for short–term has been used for long–term or vice versa

According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we are of the opinion that the funds raised on short–term basis have not been used for long–term investment.

Disclosure in auditors report relating to preferential allotment of shares

The Company has not made any preferential allotment of shares to companies/firms/parties covered in the register maintained under Section 301 of the Act.

Disclosure in auditors report relating to securities created against debentures issued

According to the information and explanations given to us, the Company has not issued any debentures during the year.

Disclosure in auditors report relating to any material fraud reported during period

According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

Disclosure in auditors report relating to purpose and end use of money raised through public issues

In our opinion and according to the information and explanations given to us, the Company has not raised any money by public issues.

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