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Fortis Healthcare Ltd.

BSE: 532843 Sector: Health care
NSE: FORTIS ISIN Code: INE061F01013
BSE 15:57 | 27 Mar 2018 Fortis Healthcare Ltd
NSE 05:30 | 01 Jan 1970 Fortis Healthcare Ltd
OPEN 150.55
PREVIOUS CLOSE 147.70
VOLUME 3201239
52-Week high 230.90
52-Week low 106.65
P/E
Mkt Cap.(Rs cr) 7,388
Buy Price 143.45
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 150.55
CLOSE 147.70
VOLUME 3201239
52-Week high 230.90
52-Week low 106.65
P/E
Mkt Cap.(Rs cr) 7,388
Buy Price 143.45
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Fortis Healthcare Ltd. (FORTIS) - Auditors Report

Company auditors report

To the Members of Fortis Healthcare Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Fortis HealthcareLimited ("the Company") which comprises the Balance Sheet as at March 31 2015the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 its loss and its 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure 1 a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. 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 bestof 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 theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164 (2) ofthe Act; (f) With respect to the other matters to be included in the Auditor’s Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note XX to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E

Sd/-

per Tridibes Basu

Partner

Membership Number: 017401

Place of Signature: Gurgaon

Date: May 28 2015

Annexure 1 referred to in paragraph 1 under the heading of "Report on Other Legaland Regulatory Requirements" of our report of even date

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

(b) Fixed assets have been physically verified by the management during the year and nomaterial discrepancies were identified on such verification.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) (a) The Company has granted a loan that is re-payable on demand to a companycovered in the register maintained under section 189 of the Companies Act 2013. We areinformed that the company has not demanded repayment of such loan during the year andthus there has been no default on the part of the parties to whom the money has beenlent. Further we are informed that there is no due date for receipt of intereststipulated in respect of the above loan and accordingly no interest has been receivedduring the year on such loan.

(b) There is no overdue amount of loans granted to companies firms or other partieslisted in the register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us andhaving regard to the explanation that purchases of items of inventories and certain fixedassets are of proprietary nature for which alternative sources are not available to obtaincomparable quotations there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory andfixed assets and for the sale of goods and services. During the course of our audit wehave not observed any major weakness or continuing failure to correct any major weaknessin the internal control system of the Company in respect of these areas.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to health services and are of theopinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax wealth-tax service tax customs duty value addedtaxes cess and other material statutory dues have generally been regularly deposited withthe appropriate authorities though there has been a slight delay in a few cases. Theprovisions relating to excise duty are not applicable to the Company.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income-taxwealth-tax service tax sales-tax customs duty value added taxes cess and othermaterial statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax wealth-tax service tax customs duty value added tax and cess on account ofany dispute are as follows:

Name of Statute Nature of the dues Amount involved (Rs.) Amount paid under protest (Rs.) Assessment year to which amount relates Forum where dispute is pending
Income Tax Act Tax Deducted at Source & Interest thereon 239.92 239.92 2010-11 Income Tax Appellate Tribunal Chandigarh
Income Tax Act Tax Deducted at Source & Interest thereon 261.49 22.30 2011-12 Income Tax Appellate Tribunal Chandigarh
Income Tax Act Income tax & Interest thereon 332.08 Nil 2012-13 Commissioner of Income Tax (Appeals) Delhi
Finance Act 1994 Service tax and penalty 265.48 Nil 2007-08 to 2012-13 Custom Excise & Service Tax Appellate Tribunal
Finance Act 1994 Service tax and penalty 294.35 Nil 2008-09 to 2011-12 Custom Excise & Service Tax Appellate Tribunal

(d) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder.

(viii)The Company has no accumulated losses at the end of the financial year and it hadnot incurred cash losses in the immediately preceding financial year. The Company hasincurred cash losses in the current financial year.

(ix) Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to a financial institution bank or debenture holders.

(x) According to the information and explanations given to us the Company has givenguarantee for loans taken by others from banks and financial institutions the terms andconditions whereof in our opinion are not prima-facie prejudicial to the interest of theCompany.

(xi) Based on the information and explanations given to us by the management termloans were applied for the purpose for which the loans were obtained.

(xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the company has been noticed orreported during the year.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E

Sd/-

per Tridibes Basu

Partner

Membership Number: 017401

Place of Signature: Gurgaon

Date: May 28 2015