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Syncom Healthcare Ltd.

BSE: 533157 | NSE: SYNCOM | Series: BZ | ISIN: INE602K01014 | SECTOR: Pharmaceuticals

BSE Live

Oct 30, 16:00
1.33 0.04 (3.10%)
Volume
AVERAGE VOLUME
5-Day
23,577
10-Day
28,405
30-Day
36,184
34,517
  • Prev. Close

    1.29

  • Open Price

    1.35

  • Bid Price (Qty.)

    1.24 (890)

  • Offer Price (Qty.)

    1.33 (849)

NSE Live

Oct 30, 15:32
1.30 -0.05 (-3.70%)
Volume
AVERAGE VOLUME
5-Day
29,420
10-Day
38,802
30-Day
72,572
21,791
  • Prev. Close

    1.35

  • Open Price

    1.35

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2015 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying standalone financial statements of SYNCOM HEALTHCARE LIMITED, which comprise the Balance Sheet as at 31st March 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 Management is responsible for the matters stated 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 is in accordance with the accounting principles generally accepted in India including, Accounting Standards specified in 133 of the Act read with Rule 7 of the Companies (Account) Rules 2014. This responsibility 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 deducting the fraud and other irregularities; selection and application of appropriate accounting policies; making judgement and estimates that are reasonable and prudent: and design, implementation and maintenance of internal control, 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matter which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. 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 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements hereto 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 and subject to the note : (a) In the case of the Balance Sheet, of the statement of affairs of the Company as at 31st March 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. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (''the Order'') issued by the Central Government of India in terms of sub- section (11) of section 142 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable. 2. As required by section 143(3) of the Act, we report that: i. 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 ii. 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 iii. 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 iv. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards specified in 133 of the Act read with Rule 7 of the Companies (Account) Rules 2014. v. On the basis of written representations received from the directors as on 31st March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015, from being appointed as a director in terms of section 164(2) of the Act, and. vi. With respect to the other matters to be included in the Auditor''s report in accordance with the Rule 11 of the Companies (Audit and Auditors) Rule, 2014, in our opinion o the best of our information and according to the explanations given to us: a. The company has disclosed the impact of the pending disputes/litigations in its financial statements - Refer Note No. 26 to the financial Statements. b. The company was not required to make provision for any material foreseeable losses on long term contracts or including derivative contracts. c. There was no requirement of transferring amounts to the Investors Education and Protection Fund by the Company. ANNEXURE TO THE AUDITOR''S REPORTS (Referred point (1) of our report on Other Legal and Regulatory Requirements of even date) With reference to the Annexure referred in our report of even date to the members of Syncom Healthcare Limited for the year ending 31st March 2015, we report that in our opinion and to the best of our information and explanations furnished to us and the books and records examined by us in the normal course of Audit: 1. (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. Controls regarding electronic form of records for fixed asset register are sufficient for the company to secure it from unauthorized access. (b) As explained to us physical verification of a major portion of fixed assets as at 31 March, 2015 was conducted by the management during the year. In our opinion the frequency of physical verification is reasonable having regard to the size of the Company and nature of its Assets. According to the information and explanation given to us, no material discrepancies were noticed on such verification. (c) The Company has not undertaken disposal of a substantial part of fixed assets of the Company during the year. 2. (a) As explained to us, the inventories were physically verified during the year by management at periodic intervals. In our opinion frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, 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) In our opinion and according to the information and explanations given to us, the company has maintained proper records of inventory. The discrepancies noticed between physical stock and book stock during periodic physical verification of stock by the management, were given effect in the Books of accounts. 3. The company has not granted loans to any Firm or Companies covered in the register maintained under Section 189 of the Companies Act 2013. 4. In our opinion and according to explanation given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit we have not observed any major weaknesses in internal controls. 5. During the year, the company has not accepted any deposits from public, because of which there is no need to comply with the provisions of section 73 to 76 or any other relevant provision and rules made there under of companies act 2013 and also the directives issued by the Reserve Bank of India. No Order on this matter has been passed by Company law board or National Company law tribunal or reserve bank of India or any other tribunal which has to be compiled by the company. 6. The maintenance of cost records has been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 and the company has also appointed Cost Auditor for financial year 2014-15. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. However, we are neither required to carryout nor have carried out any detailed examination of such Accounts and records. 7. According to information and explanations given to us in respect of statutory dues: (1) the company is generally regular in depositing undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty and other material statutory dues applicable to it, except as liabilities detailed in note -27 of the Notes to Accounts, which were outstanding for more than six months as on year end. (2) According to information and explanations given to us and records of company examined by us, there are no dues of sales tax, wealth tax and excise duty which are outstanding as at 31st March 2015, which have not been deposited on account of any dispute. The particulars of various statutory dues as at 31st March 2015, which have not been accounted for and not deposited on account of disputed Liability are as follows. S. No. Statute Nature of Amount of Dues Tax Demand 1. Income Tax Act 1961 Income Tax Demand Rs. 8,45,268/- A.Y. 2005-06 2. Income Tax Act 1961 Income Tax Rs. 1,24,250/- A.Y. 2011-12 3 Sales Tax Act Sales Tax Demand Rs. 12,08,922/- for A.Y. 2012-13 4. Sales Tax MVAT Rs. 17,78,293/- Demand for A.Y. 2011-12 S. No. Statute Amount Paid Unipaid against Demand Amount 1. Income Tax Act 1961 Rs- 4,36,600/- is deposited against this Rs. 4,08,668/ in previous years. 2. Income Tax Act 1961 Nil Rs. 1,24,250/- 3 Sales Tax Act Nil Rs. 12,08,922/- 4. Sales Tax Nil Rs.17,78,293/- S. No. Statute Forum in which it is Pending 1. Income Tax Act 1961 CIT (Appeals) CIT (Appeals) 2. Income Tax Act 1961 CIT (Appeals) 3 Sales Tax Act DY Comm. CT, Indore 4. Sales Tax Dy Comm. Appeals, Mumbai (3) According to information and explanations given to us and records of company examined by us, the company was not required to transfer any amount to investor education and protection fund in accordance with the relevant provisions of the companies act 1956 (1 of 1956) and rules made thereunder. 8. Based on final accounts for the year under report, the company does not have any accumulated losses. 9. In our opinion and according to information and explanation given to us the company has not defaulted in repayment of dues to any financial institution or bank. The company did not issue any debentures during the year and nor had outstanding debentures from previous year. 10. The company has not given any guarantee for loans taken by others from bank or financial institutions. 11. In our opinion, the term loans have been applied for the purpose for which they were raised. 12. To the best of our knowledge and belief and as per the information given to us, no fraud on or by the company has been noticed or reported during the year. For Sanjay Mehta & Associates Chartered Accountants Firm Regn. 011524C Manish Mittal Place : Indore Partner Date : 30/05/2015 M .No. 079452