ANNUAL REPORT OF ACCORD HEALTHCARE LIMITED FOR THE FINANCIAL YEAR ENDED ON 31 ST MARCH 2017

Transcription

1 ANNUAL REPORT OF ACCORD HEALTHCARE LIMITED FOR THE FINANCIAL YEAR ENDED ON 31 ST MARCH 2017

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3 NOTES: 1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF. THE PROXY FORM SHOULD BE LODGED WITH THE COMPANY AT ITS REGISTERED OFFICE AT LEAST 48 HOURS BEFORE THE TIME OF THE MEETING. 2. PROXIES IN ORDER TO BE EFFECTIVE MUST BE RECEIVED BY THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE MEETING.

4 (CIN: - U24231GJ2003PLC041866) ACCORD HEALTHCARE LIMITED Registered Office: 2 nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad Tel.: Fax: Date: 29 th September, 2017 Please fill Attendance Slip and hand it over at the entrance of the meeting venue: Name Address DP Id * Client Id * Folio No. No. of shares held I/We certify that I/We am/are the registered shareholder/proxy for the registered shareholder of the Company. I/We hereby record my/our presence at the Annual General Meeting of the Company held on Friday, 29 th September, 2017 at 11:30 am at Corporate House, Nr. Sola Bridge, S. G. Highway, Ahmedabad , Gujarat, India. Signature of Shareholder/Proxy

5 (CIN: - U24231GJ2003PLC041866) ACCORD HEALTHCARE LIMITED Registered office: 2 nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad Tel.: Fax: Form No. MGT-11 PROXY FORM [Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014] Name of Member (s) : Registered Address: ID: Folio/ DP ID- Client ID No: DP ID: I/We being the member(s) holding shares of the above named Company, hereby appoint: Name: Address: ID: Signature:, or failing him/her; Name: Address: ID: Signature:, or failing him/her; Name: Address: ID: Signature: or failing him/her; as my/our proxy to attend and vote (on a poll) for me/us and on my /our behalf at the ensuing Annual General Meeting of the Company, to be held on Friday, 29 h September, 2017 at am at Corporate House, Nr. Sola Bridge, S. G. Highway, Ahmedabad , Gujarat, India and at any adjournment thereof in respect of such resolutions as are indicated below: Resolution Particulars of Resolution No. 1. Adoption of Financial Statements for the year ended in 31 st March, Re-appointment of Mr. Nimish Chudgar, Director retiring by rotation. 3. Ratification of appointment Statutory Auditors. Optional For Optional Against Signed this day of 2017 Signature of shareholder Affix Revenue Stamp Signature of Proxy holder(s) Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48 hours before the commencement of the Meeting.

6 VENUE OF THE ANNUAL GENERAL MEETING OF THE COMPANY

7 To the Members, ACCORD HEALTHCARE LIMITED BOARDS REPORT Your Directors present herewith Annual Report of the Company, together with the Audited Financial Statements and Auditors report, for the financial year ended 31 st March, OPERATIONS / FINANCIAL RESULTS Since the company has not started commercial operations there is no revenue generated during the year under review. DIVIDEND & RESERVES As the company has not started commercial operations, directors do not recommend any payment of dividend for the year under review. Further, no amount is transferred to the reserves during the year under review. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY There were no material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate and the date of this report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Since the Company has not started its commercial operation, the Company has not incurred any expenditure towards conservation of energy, technology absorption and research & development. There was no foreign exchange earnings and outgo during the year under review. RISK MANAGEMENT POLICY OF THE COMPANY The Management regularly reviews the risk and took appropriate steps to mitigate the risk. The company has in place the Risk Management policy. The Company has a robust Business Risk Management (BRM) frame work to identify, evaluate, business risks, financial risk, Competition risk, Human resource risk. In the opinion of the Board, no risk has been identified that may threaten the existence of the Company. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013 During the year under review there are no Loans granted, Guarantees or Investments given under Section 186 and hence reporting under the said section is not applicable to the company.

8 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES During the year under review the company did not enter into any transactions which fall under section 188 of the Companies Act, DIRECTORS In accordance with the provisions of the Companies Act, 2013 and Company s Articles of Association, Mr. Nimish Chudgar (holding DIN: ), Director of the Company will retire by rotation at the ensuing Annual General Meeting and he being eligible offers himself for reappointment in accordance with the provisions of Companies Act, Your Directors recommended his re-appointment. MEETINGS The Board of Directors met 4 times during the financial year ended 31 st March, 2017 in accordance with the provisions of the Companies Act, 2013 and rules made thereunder. The details of the date of the Board Meetings and number of meetings attended by each of the Directors are mentioned below: Name of Director Date of Board Meetings Total no. 9 th June, th August, 26 th December, 31 st March, 2017 of meetings attended Mr. Nimish Chudgar 4/4 Mr. Binish Chudgar 4/4 Dr. Urmish Chudgar 4/4 Mrs. Bindi Chudgar 4/4 EXTRACTS OF ANNUAL RETURN The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is furnished in Annexure-I and is attached to this Report. DIRECTORS RESPONSIBILITY STATEMENT To the best of our knowledge and belief and according to the information and explanations obtained by us, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013: a) in the preparation of the annual financial statements for the year ended March 31, 2016, the applicable Accounting Standards had been followed along with proper explanation relating to material departures.

9 b) for the financial year ended March 31, 2016, such accounting policies as mentioned in the Notes to the financial statements have been applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the Company and the loss of the company for the year under review. c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. d) the annual financial statements have been prepared on a going concern basis. e) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS During the year under review, there was no fraud reported by the Statutory Auditors. INTERNAL FINANCIAL CONTROLS The Company has implemented adequate procedures and internal financial controls which provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements. The Company ensures that internal controls are operating effectively. DEPOSITS During the year under review, your Company has not accepted any deposits within the meaning of provisions of Chapter V Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, AUDITORS M/s. Apaji Amin & Co LLP, Chartered Accountants (Registration No W/W100062) were appointed as Statutory Auditors, for a term of five years to hold office till the conclusion of the Annual general Meeting to be held for the financial year ending on March 31, 2019, subject to the ratification by the members at every Annual general Meeting. Accordingly, the appointment of said Statutory Auditors of the Company is placed for ratification by the members. There were no qualifications, reservations or adverse remarks made by the Auditors in their reports. SIGNIFICANT AND MATERIAL ORDERS There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

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11 ANNEXURE - I FORM NO. MGT 9 EXTRACT OF ANNUAL RETURN As on financial year ended on Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, I. REGISTRATION & OTHER DETAILS: 1. CIN U24231GJ2003PLC Registration Date 20/01/ Name of the Company Accord Healthcare Limited 4. Category/Sub-category of Public Company Limited by shares. the Company 5. Address of the Registered office & contact details 6. Whether listed company No 7. Name, Address & contact No details of the Registrar & Transfer Agent, if any. 2 nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad Tel.: Fax: II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or more of the total turnover of the company shall be stated) Sr. No. Name and Description of main products 1 Manufacturing, marketing, distribution, sale of finished Pharmaceutical formulations, Active Pharmaceutical Ingredient (API), Medical Appliances, Medical Devices NIC Code of the Product/service % to total turnover of the company III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES Sr. No NAME AND ADDRESS OF THE COMPANY CIN/GLN HOLDING/ SUBSIDIARY/ ASSOCIATE % of shares held Section 1. Intas Pharmaceuticals Ltd. U24231GJ1985PLC Holding 100% 2(46) IV.SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

12 i) Category-wise Share Holding Category of Shareholders No. of Shares held at the beginning of the year [As on 1-April-2015] Demat Physical Total % of Total Shares No. of Shares held at the end of the year [As on 31-March-2016] Demat Physical Total % of Total Shares % Change during the year A. Promoter s (1) Indian a) Individual/ HUF b) Central Govt c) State Govt(s) d) Bodies Corp. - 50,000 50, % - 50,000 50, % - e) Banks / FI f) Any other Sub total (A)(1) - 50,000 50, % - 50,000 50, % - (2) Foreign a)nris Individuals b)other - Individials c)bodies Corporate d)banks / FI e)any other Sub total (A)(2) Total shareholding of - 50,000 50, % - 50,000 50, % - Promoter (A)=A(1)+A(2) B. Public Shareholding 1. Institutions a) Mutual Funds b) Banks / FI c) Central Govt d) State Govt(s) e) Venture Capital Funds f) Insurance Companies g) FIIs h) Foreign Venture Capital Funds i) Others (specify) Sub-total (B)(1): Non-Institutions a) Bodies Corp i) Indian ii) Overseas b) Individuals i) Individual shareholders holding nominal share capital uptors. 1 lakh ii) Individual shareholders holding share capital in excess of Rs 1 lakh Non Resident Indians Overseas Corporate Bodies - Foreign Nationals Clearing Members Trusts Foreign Bodies Sub-total (B)(2): Total Public Shareholding (B)=(B)(1)+ (B)(2) C. Shares held by Custodian for GDRs & ADRs Grand Total (A+B+C) % % - ii) Shareholding of Promoters

13 Sr. No Shareholder s Name 1. Intas Pharmaceuticals Ltd. (IPL) Shareholding at the beginning of the year No. of Shares % of total Shares of the company %of Shares Pledged / encumbered to total shares Shareholding at the end of the year No. of Shares % of total Shares of the company %of Shares Pledged / encumbered to total shares 49, % - 49, % - - % change in shareholding during the year 2. Chudgar H. Binish & IPL % % Chudgar B. Bindi & IPL % % Maheshwari B. Kirti & IPL % % Shah S. Jayesh & IPL % % Vyas G. Jainand & IPL % % Nimish H Chudgar & IPL % % - - Total 50, % - 50, % - - iii) Change in Promoters Shareholding (please specify, if there is no change) There is no change in promoters shareholding iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs): Not Applicable v) Shareholding of Directors and Key Managerial Personnel: Sr. NO Name of the Director 1 Mrs. Bindi Chudgar 2 Dr. Urmish Chudgar 3 Mr. Binish Chudgar 4 Mr. Nimish Chudgar Shareholdi ng at the beginning of the year % of total shares of the company Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): Nil Cumulative Shareholding during the Year % of total shares of the comp any At the end of the year % of total shares of the company V. INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment. Particulars Secured Loans excluding deposits NIL Unsecured Loans Deposits Total Indebtedness VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

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15 Partners : Tehmul B. Sethna B. Com., F.C.A. Rity M. Malhotra M. Com., A.C.A. Chirag R. Ganatra B. Com., A.C.A Apaji Amin & Co LLP CHARTERED ACCOUNTANTS Phone No.: /33 auditors.apajiamin@gmail.com Regd. Office: 304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF ACCORD HEALTHCARE LIMITED Report on the Standalone Financial Statements We have audited the accompanying standalone Ind AS financial statements of ACCORD HEALTHCARE LIMITED ( the Company ), which comprise the Balance Sheet as at March 31, 2017, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as Standalone Ind AS Financial Statements ). Management s Responsibility for the Standalone Ind AS Financial Statements The Company s 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive Income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, This responsibility also includes the 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 standalone Ind AS 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 standalone Ind AS 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. We conducted our audit of the standalone Ind AS financials 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 standalone financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company s preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company s Board of Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

16 Partners : Tehmul B. Sethna B. Com., F.C.A. Rity M. Malhotra M. Com., A.C.A. Chirag R. Ganatra B. Com., A.C.A Apaji Amin & Co LLP CHARTERED ACCOUNTANTS Phone No.: /33 auditors.apajiamin@gmail.com Regd. Office: 304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF ACCORD HEALTHCARE LIMITED Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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, 2017, and its profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date. Emphasis of Matter We draw attention to the following matter in the Notes to the standalone Ind AS financial statements: Note 2 in the standalone Ind AS financial statements which indicate that the Company has accumulated losses and its net worth has been substantially eroded, the Company has incurred a net cash loss during the current and previous year. These conditions, along with other matters set forth in Note 2, indicate the existence of a material uncertainty that may cast significant doubt about the Company s ability to continue as a going concern. However, the standalone Ind AS financial statements of the Company has been prepared on a going concern basis for the reasons stated in the said Note. Our opinion is not modified in respect of above said matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor s Report) Order, 2016 ( the Order ), issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A a statement on the matters specified in Paragraphs 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 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 other comprehensive Income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules (e) The going concern matter described under the Emphasis of Matter paragraph above, in our opinion, may have an adverse effect on the functioning of the Company. (f) On the basis of the written representations received from the Directors as on March 31, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164 (2) of the Act. (g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B. Our Report Express an unmodified opinion on the adequacy and operating effectiveness of the Company s internal financial controls over financial reporting.

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18 Partners : Tehmul B. Sethna B. Com., F.C.A. Rity M. Malhotra M. Com., A.C.A. Chirag R. Ganatra B. Com., A.C.A Apaji Amin & Co LLP CHARTERED ACCOUNTANTS Phone No.: /33 auditors.apajiamin@gmail.com Regd. Office: 304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF ACCORD HEALTHCARE LIMITED ANNEXURE A TO THE INDEPENDENT AUDITOR S REPORT (Referred to in Paragraph 1 under Report on Other Legal and regulatory Requirements Section of Our Report of even date) (i) (ii) (iii) (iv) (v) (vi) (vii) The Company does not have any fixed assets during the current year and hence reporting under Clause (i) of CARO, 2016 is not applicable to the Company. According to the information and explanations given to us, the Company has no inventories and hence reporting under clause (ii) of the CARO, 2016 is not applicable to the Company. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register under Section 189 of the Companies Act and hence reporting under clause (iii) of the CARO, 2016 is not applicable to the Company. The Company has not granted any loan, guarantees, securities to director nor made any investments covered under Section 185 and 186 respectively of the Companies Act, 2013 and hence reporting under clause (iv) of the CARO, 2016 is not applicable to the Company. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of the CARO, 2016 is not applicable to the Company. To the best of our knowledge and according to explanation given to us, the Central Government has not prescribed maintenance of cost records under sub section (1) of Section 148 of the Companies Act, 2013 for the products of the Company. According to the information and explanation given to us, in respect of statutory dues: (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Service Tax, Income Tax, Sales Tax, Value Added tax, Custom Duty, Cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding at the year end, for a period of more than six months from the date they become payable. (b) According to the information and explanations given to us, there are no dues outstanding for Income Tax, Service Tax, Customs Duty and Cess on account of any dispute. (viii) Based on our audit procedures and according to the information and explanations given to us, the Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year. Accordingly, Clause (viii) of the Companies (Auditor s Report) Order, 2016 is not applicable to the Company. (ix) (x) The Company has not raised money by way of Initial Public Offer or Further Public Offer during the current year. Accordingly Clause (ix) of the Companies (Auditor s Report) Order, 2016 is not applicable to the Company. In our opinion and according to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

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20 Partners : Tehmul B. Sethna B. Com., F.C.A. Rity M. Malhotra M. Com., A.C.A. Chirag R. Ganatra B. Com., A.C.A Apaji Amin & Co LLP CHARTERED ACCOUNTANTS Phone No.: /33 auditors.apajiamin@gmail.com Regd. Office: 304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF ACCORD HEALTHCARE LIMITED ANNEXURE B TO THE INDEPENDENT AUDITOR S REPORT (Referred to in Paragraph 2(f) under Report on Other Legal and Regulatory Requirements of Our Report of even date) Report on the Internal Financial Control over Financial Reporting under Clause (i) of the Sub-section 3 of the Section 143 of the companies act 2013 ( the act ) We have audited the internal financial controls over financial reporting of Accord Healthcare Limited ( the Company ) as of March 31, 2017 in conjunction with our audit of the standalone Ind AS financial Statements of the Company for the year ended on that date. Management s Responsibility for Internal Financial Controls The Company s management is 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 (the Guidance Note ) 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 Company s 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, Auditors Responsibility Our responsibility is to express an opinion on the Company s internal financial controls over financial reporting based on our audit. We have conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. The Guidance Note and those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial Controls over financials 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 operative 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 material weakness exist and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. The procedures selected depend on the auditor s judgment, including the assessment of the risk of material misstatement of the standalone Ind AS financial Statements, whether due fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our audit opinion on the Company s internal financial control system over financial reporting.

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25 ACCORD HEALTHCARE LIMITED Notes to the Financial Statements as at March 31, CORPORATE INFORMATION Accord healthcare Limited (the company) is a public company domiciled in India. The Company has yet to start its operation. The Company is a wholly owned subsidiary of Intas Pharmaceuticals Limited (Holding Company). 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2014, (as amended) and the relevant provisions of the Companies Act, The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year. (b) Going Concern The Company has yet to start its operation which may cast significant doubt about the company's ability to continue as going concern, however the accounts have been prepared by management on going concern basis. This being a technical matter and in view of uncertainties. The ability of Company to continue as going concern is dependent on the Intas Pharmaceuticals Limited (Holding Company) continuing to provide financial support. (c) Use of estimates The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. (d) Cash and cash equivalents Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

26 Accord Healthcare Limited Notes to the Financial Statements as at March 31, CASH AND CASH EQUIVALENTS March 31, 2017 March 31, 2016 ` ` ` Cash on Hand Balances with Bank: O 3,56,481 3,61,681 3,56,806 3,62,006 Details of Specified Bank Notes (SBN) and Other Denomination Note (ODN) held and transacted during the period from November 8, 2016 to December 30, 2016: Closing SBNs ODNs Total Closing cash in hand as on 08-Nov Add : Permitted receipts Add : Cash withdrawals from banks Less : Permitted payments - - Less : Amount deposited in banks Closing cash on hand as on 30-Dec SHARE CAPITAL March 31, 2017 March 31, 2016 No. ` No. ` Authorised Shares Equity Shares of Rs. 10 each 50,000 5,00,000 50,000 5,00,000 50,000 5,00,000 50,000 5,00,000 Issued, Subscribed and Fully Paid-up Shares Equity Shares of Rs. 10 each 50,000 5,00,000 50,000 5,00,000 50,000 5,00,000 50,000 5,00,000 (a) Reconciliation of the shares outstanding at the beginning and at the end of the year March 31, 2017 March 31, 2016 No. ` No. ` Equity Shares At the Beginning of the year 50,000 5,00,000 50,000 5,00,000 Outstanding at the End of the year 50,000 5,00,000 50,000 5,00,000 (b) Shares held by Holding Company of the Company Intas Pharmaceuticals Limited, the Holding Company March 31, 2017 March 31, 2016 No. ` No. ` 50,000 5,00,000 50,000 5,00,000 50,000 5,00,000 50,000 5,00,000 (c) Details of shareholders holding more than 5% Shares in the Company (d) March 31, 2017 March 31, 2016 No. % Holding in the % Holding in the No. Class Class Equity Shares Intas Pharmaceuticals Limited 50, % 50, % 50, % 50, % The Company has only one class of equity shares having a par value of ` 10 per share. Each equity shareholder is entitled to one vote. In the event of liquidation of the Company, the equity shareholders will be entitled to receive assets of the Company. 5 RESERVES & SURPLUS March 31, 2017 March 31, 2016 ` ` Surplus Balance as per Last Financial Statements (2,05,212.00) (1,88,562.00) Net Loss for the year (16,700) (16,650.00) Net Loss in the Statement of Profit and Loss (2,21,912) (2,05,212.00) 6 OTHER CURRENT LIABILITIES March 31, 2017 March 31, 2016 ` ` Other Liability - Legal & Professional Charges - - Audit Fees 78,718 67,218 78,718 67,218

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