Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of P.H. CAPITAL
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, the Cash Flow Statement,
and a summary of the significant accounting policies and other
explanatory information for the year then ended.
Management's Responsibility for the Financial Statements
The management and the Company's Board of Directors are 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 in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the preparation 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 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
matters which are required to be included in the audit report. Under
the provisions of the Act and the Rules made there under.
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 the 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 financial control relevant
for the Company's preparation of the financial statements, that give a
true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Management and Board
of Directors, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 31st March, 2015, and its profit/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 ("the
Order") issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure 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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 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.
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion 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
financial position in its financial statements-refer Notes 24 to the
financial statements
ii. The Company, as detailed in Note 25 to the financial statements,
has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term and
other derivative contracts;
iii. There were no amounts which were required to be transfer, to the
Investor Education and Protection Fund by the Company during the year
ended 31.03.2015.
Referred to in Paragraph 1 under the heading "Report on other legal and
regulatory requirements" of our Independent Auditor's Report of even
date to the members of P. H. CAPITAL LTD. On the financial statements
as of and for the year ended 31.03.2015,
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) A explain to us fixed assets have been physically verified by the
management during the year and no material discrepancies were noticed
on such verification. In our opinion, the frequency of verification of
the fixed assets is reasonable having regard to the size of the Company
and the nature of its assets.
(ii) (a) The inventories of the company comprises of shares and
securities and accordingly the clause for physical verification is not
applicable.
(iii) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, the provisions of clauses
3(iii) (a) and 3(iii) (b) of the Order are not applicable.
(iv) In our opinion, there is an adequate internal control system
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 shares and securities. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
(v) The Company has not accepted any deposits from the public within
the meaning of Sections 73 to 76 of the Act or any other relevant
provisions of the Act and rules framed there under.
(vi) To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under section 148 (1) of
the Companies Act.
(vii) a) According to the information and explanation given to us, and
records being examined by us, the company is regular in depositing the
undisputed statutory dues including, Income-tax, Sales Tax, Wealth Tax,
and other statutory dues wherever applicable, with the appropriate
authorities.
b) According to the information and explanation given to us, and
records being examined by us, there are no outstanding dues of
Income-tax, Sales Tax, Wealth Tax, and other statutory dues wherever
applicable, which have not been deposited on account of any disputes
except as mentioned below:
Sr. Name of
Statute Nature of Dues Forum where Asst. Year Amount
No. Dispute is
pending in Rs
1 Income
Tax Act Income Tax Assessing
officer 2001-02 8,43,938
2 Income
Tax Act IT (penalty) Assessing
officer 2001-02 17,17,108
c) There were no amounts which were required to be transfer, to the
Investor Education and Protection Fund by the Company during the year
ended 31.03.2015.
(viii) The Company has accumulated losses of Rs.2,59,55,040/- ( P.Y.
Rs. 2,71,04,376/-) at the end of the financial year which is more than
the 50% of its Net worth. It has not incurred cash loss during the
current year but has incurred cash loss of Rs.20,39,789/- in the
immediately previous year.
(ix) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to banks.
(x) According to information and explanation given to us and to the
best of knowledge, the Company has not given guarantees for loans taken
by others from banks or financial institutions.
(xi) In our opinion and according to information and explanation given
to us, a company has not received any Term Loan during the year.
(xii) During the course of our examination of books and records of the
company, carried out in accordance with generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company noticed or reported during the year, nor have we
been informed of any such case by the management.
For S. P. JAIN & ASSOCIATES,
CHARTERED ACCOUNTANTS
Firm Reg. No. 103969W
KAPIL K. JAIN
Place : Mumbai. (PARTNER)
Date : 22-05-2015 Membership No. 108521
Mar 31, 2014
We have audited the accompanying financial statements of P.H.Capital
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, 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 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. 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
(b) in the case of the Statement of Profit and Loss, of the profit/
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, 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 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 purpose 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 those
books
c. 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.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information .
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and asset sold do not affect its going
concern.
2. The Inventories of the company comprises of shares and securities
and accordingly the clause for physical verification is not applicable.
3. In respect of loans, secured or unsecured taken or granted by the
Company from/to companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 :
a. The Company has taken loans from 2 (two) (P.Y. 1 One) parties
covered in the register maintained U/s. 301 of the Companies Act, 1956
aggregating to Rs. 5,55,06,576/- (P.Y. Rs. 9,03,35,000/-) during the
year and year End balance is Rs. 5,46,61,224/- ( Previous Year
5,93,93,906/-) and maximum amount involved during the year is
Rs.6,74,52,760/- (P.Y. Rs.7,14,92,040/-)
The company has not granted loan to parties covered in the register
maintained U/s. 301 of the Companies Act, 1956.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other Terms
and Conditions are not prima facie prejudicial to the interest of the
Company.
c. There is no overdue amount in respect of loans given/ taken by the
Company and as same is repayable on demand.
4. In our opinion and according to the information and explanations
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lakhs only) in
respect of any party during the year have been made at price, which are
reasonable having regard to prevailing market price at the relevant
time.
6. As explain to us the Company has not accepted any deposits from the
public within the meaning of Section 58A and 58AA of the Companies Act,
1956 and the Rules framed there under.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. According to information and explanations provided to us, the
company is not required to maintain cost record U/s. 209(1)(d) of the
Companies Act, 1956.
9. a) According to the information and explanation given to us, and
records being made available to us, the undisputed statutory dues
including, Income-tax, Sales Tax, Wealth Tax, and other statutory dues
wherever applicable have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2014 for a period of more than
six months from the date of becoming payable.
b) In our opinion and according to the information and explanations
given to us, following are the disputed statutory dues pending before
any Authority.
Sr. Name of Statute Nature of Dues Forum where Asst. Year
No. Dispute is pending
1 Income Tax Act Income Tax Assessing officer 2001-02
2 Income Tax Act IT (penalty) Assessing officer 2001-02
Sr. Name of Statute Amount
No. Dispute is pending (Rs.in Lacs)
1 Income Tax Act 8,43,938
2 Income Tax Act 17,17,108
10. The Company has accumulated losses of Rs.2,71,04,375/- (P.Y.
Rs.2,45,39,547/-) at the end of the financial year which is more than
the 50% of its Net worth. It has incurred cash loss of Rs. 20,39,789/-
during the immediately previous year but not so during the current
year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to banks.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transaction and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name.
15. According to information and explanation given to us and to the
best of knowledge, the Company has not given guarantees for loans taken
by others from banks or financial institutions.
16. In our opinion and according to information and explanation given
to us, a company has not received any Term Loan during the year.
17. According to the information and explanation given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not raised funds from Short Term
sources and utilized the same towards Long Term investments.
18. During the year, the Company had not made any preferential
allotment of shares to parties and companies covered in the register
maintained U/s. 301 of the Companies Act, 1956.
19. According to information and explanation given to us, the Company
has not issued any secured debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For S. P. JAIN & ASSOCIATES,
CHARTERED ACCOUNTANTS
Firm Reg. No. 103969W
KAPIL K. JAIN
(PARTNER)
Membership No. 108521
Place : Mumbai.
Date : 22nd May,2014
Mar 31, 2012
We have audited the attached Balance Sheet of P.H.CAPITAL LIMITED,
Mumbai as at 31st March, 2012 and the Statement of Profit and Loss and
also the Cash Flow Statement for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
the financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall Financial
Statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003 issued
by the Central Government of India in terms of Sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in Annexure hereto a
Statement on the matters specified in paragraph 4 and 5 of the said
Order.
3 Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
(a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(d) In our opinion, Balance Sheet, statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standard referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
(e) In our opinion, and to the best of our information and explanations
given to us none of the directors are disqualified as on 31st March,
2012 from being appointed as directors in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India :
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012;
(ii) In so far as it relates to the statement of Profit and Loss, of
the loss of Company for the year ended on that date and;
(iii) In the case of Cash Flow Statement, of cash flow for the year
ended on that date.
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and asset sold do not effect its going
concern.
2. The Inventories of the company comprises of shares and securities
and accordingly the clause for physical verification is not applicable.
3. In respect of loans, secured or unsecured taken for granted by the
Company from/to companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 :
a. The Company has taken loans from 1 (one) (P.Y. 2 Two) parties
covered in the register maintained U/s. 301 of the Companies Act, 1956
aggregating to Rs. 4,77,92,492/- (P.Y. Rs. 7,53,15,060/-) during the
year and year End balance is Rs. 2,37,69,051/- ( Previous Year
68,54,923/-).
The company has not granted loan to parties covered in the register
maintained U/s. 301 of the Companies Act, 1956.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other Terms
and Conditions are not prima facie prejudicial to the interest of the
Company.
c. There is no overdue amount in respect of loans given/ taken by the
Company and as same is repayable on demand.
4. In our opinion and according to the information and explanations
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lakhs only) in
respect of any party during the year have been mad~3 at price, which
are reasonable having regard to prevailing market price at the relevant
time.
6. As explain to us the Company has not accepted any deposits from the
public within the meaning of Section 58A and 58AA of the Companies Act,
19S6 and the Rules framed there under.
7 In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. According to information and explanation provided of us, the
company is not required to maintain cost record U/s. 209(1)(d) of the
Companies Act, 1956.
9. a) According to the information and explanation given to us, and
records being made available to us, the undisputed statutory dues
including, Income-tax, Sales Tax, Wealth Tax, and other statutory dues
wherever applicable have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2012 for a period of more than
six months from the date of becoming payable.
b) In our opinion and according to the information and explanations
given to us, following are the disputed statutory dues pending before
any Authority.
Sr. Name of
Statute Nature of
Dues Forum where Asst. Year Amount
No. Dispute is
pending (Rs.in
Lacs)
1 Income Tax
Act Income Tax Assessing
officer 2001-02 8,43,938
2 Income Tax
Act IT (penalty) Assessing
officer 2001-02 17,17,108
10. The Company has accumulated losses of Rs. 2,05,43,592/- at the end
of the financial year which is more than the 50% of its Net worth. It
has incurred cash loss during the year, but not in the immediately
preceding previous year.
11. Based on our audit procedures and according to tie information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to banks.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transaction and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name.
15. According to information and explanation given to us and to the
best of knowledge, the Company has not given guarantees for loans taken
by others from banks or financial institutions.
16. In our opinion and according to information and explanation given
to us, a company has not received any Term Loan during the year.
17. According to the information and explanation given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not raised funds from Short Term
sources and utilized the same towards Long Term investments.
18. During the year, the Company had not made any preferential
allotment of shares to parties and companies covered in the register
maintained U/s. 301 of the Companies Act, 1956.
19. According to information and explanation given to us, the Company
has not issued any secured debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For S. P. JAIN & ASSOCIATES,
Firm Reg. No. 103969W
CHARTERED ACCOUNTANTS
KAPIL K. JAIN
Place : Mumbai. (PARTNER)
Date: 26th July, 2012 Membership No. 108521
Mar 31, 2011
We have audited the attached Balance Sheet of P.H.CAPITAL LIMITED,
Mumbai as at 31st March, 2011 and the Profit and Loss Account and also
the Cash Flow Statement for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
the financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall Financial
Statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003 issued
by the Central Government of India in terms of Sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in Annexure hereto a
Statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
(a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(d) In our opinion, Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standard referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
(e) In our opinion, and to the best of our information and explanations
given to us none of the st directors are disqualified as on 31st March,
2011 from being appointed as directors in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India :
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2011;
(ii) In so far as it relates to the Profit and Loss Account, of the
Profit of Company for the year ended on that date and;
(iii) In the case of Cash Flow Statement, of cash flow for the year
ended on that date.
ANNEXURE TO AUDITORS' REPORT
(Referred to in Paragraph 2 of our report of even date)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and asset sold do not effect its going
concern.
2. The Inventories of the company comprises of shares and securities
and accordingly the clause for physical verification is not applicable.
3. In respect of loans, secured or unsecured taken or granted by the
Company from/to companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 :
a. The Company has taken loans from 2 (Two) (P.Y. Three) parties
covered in the register maintained U/s. 301 of the Companies Act, 1956
aggregating to Rs. 753.15 lacs (P.Y. Rs. 446.12 lacs) during the year
and year End balance is Rs. 68.55 lacs ( Previous Year 201.34 lacs).
The Company has not granted any loans to parties covered in the
register maintained U/s 301 of the companies Act, 1956.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other Terms
and Conditions are not prima facie prejudicial to the interest of the
Company.
c. There is no overdue amount in respect of loans given/ taken by the
Company and as same is repayable on demand.
4. In our opinion and according to the information and explanations
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lakhs only) in
respect of any party during the year have been made at price, which are
reasonable having regard to prevailing market price at the relevant
time.
6. As explain to us the Company has not accepted any deposits from the
public within the meaning of Section 58A and 58AA of the Companies Act,
1956 and the Rules framed there under.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The company is not required to maintain cost record U/s. 209(1)(d)
of the Companies Act, 1956.
9. a) According to the information and explanation given to us, and
records being made available to us, the undisputed statutory dues
including, Income-tax, Sales Tax, Wealth Tax, and other statutory dues
wherever applicable have been generally regularly deposited with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date of becoming payable.
b) In our opinion and according to the information and explanations
given to us, following are the disputed statutory dues pending before
any Authority.
Sr.Name of Statute Nature of Dues Forum where Amount
No.Dispute is pending (Rs.in Lacs)
1 Income Tax Act Income Tax CIT (A) 8,43,938
2 Income Tax Act Income Tax (Penalty) CIT (A) 17,17,108
10. The Company has accumulated losses of Rs. 250.53 lacs at the end
of the financial year which is more than the 50% of its Net worth. It
has not incurred any cash loss during the year nor in the immediately
preceding previous year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to banks.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transaction and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the company in its
own name.
15. According to information and explanation given to us and to the
best of knowledge, the Company has not given guarantees for loans taken
by others from banks or financial institutions.
16. In our opinion and according to information and explanation given
to us, a company has not received any Term Loan during the year.
17. According to the information and explanation given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not raised funds from Short Term
sources and utilized the same towards Long Term investments.
18. During the year, the Company had not made any preferential
allotment of shares to parties and companies covered in the register
maintained U/s. 301 of the Companies Act, 1956.
19. According to information and explanation given to us, the Company
has not issued any secured debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For S. P. JAIN & ASSOCIATES,
Firm Reg. No. 103969W
CHARTERED ACCOUNTANTS
KAPIL K. JAIN
(PARTNER)
Membership No. 108521
Place : Mumbai.
Date : 16th August, 2011.
Mar 31, 2010
We have audited the attached Balance Sheet of P.H.CAPITAL LIMITED,
Mumbai as at 31st March, 2010 and the Profit and Loss Account and also
the Cash Row Statement for the period ended on that date annexed
thereto. These financial statements are the responsibility of the
Compan/s management. Our responsibility is to express an opinion on the
financial statements based on our audi
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in Financial Statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall Financial
Statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by the Companies (Auditors Report) Order.2003 issued
by the Central Government of India in terms of Sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose In Annexure hereto a
Statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report Vac
(a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) in our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Row Statement
dealt - with by this report are in agreement with the books of
accounts;
(d) In our opinion, Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standard referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
(e) In our opinion, and to the best of our information and explanations
given to us none of the directors are disqualified as on 31 st March,
2010 from being appointed as directors in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted In India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010;
(ii) In so far as it relates to the Profit and Loss Account, of the
Profit of Company for the year ended on that date and;
(iii) In the case of Cash Row Statement, of cash flow for the year ended
on that date.
ANNEXURE TO AUDITORS REPORT
(Referred to in Paragraph 2 of our report of even date)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and asset sold do not effect its going
concern.
2. The Inventories of the company comprises of shares and securities
and accordingly the clause for physical verification is not applicable.
3. In respect of loans, secured or unsecured taken or granted by the
Company from/to companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a. The Company has taken loans from 3 (Three) (P.Y. Four) parties
covered in the register maintained U/s. 301 of the Companies Act, 1956
aggregating to Rs. 446.12 lacs (P.Y Rs. 850.73 lacs) during the year
and year End balance is Rs. 201.34 lacs (Previous Year 444.78 lacs).
The company has not any granted loans to parties covered in the
register maintained U/s. 301 of the Companies Act, 1956.
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
Company.
c. There is no overdue amount in respect of loans given/ taken by the
Company and as same is repayable on demand.
4. In our opinion and according to the information and explanations
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, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and exceeding Rs. 5,00,000/- (Rupees Five Lakhs only) in
respect of any party during the year have been made at price, which are
reasonable having regard to prevailing market price at the relevant
time.
6. As explain to us the Company has not accepted any deposits from the
public within the meaning of Section 58A and 58AA of the Companies Act
1956 and the Rules framed there under.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The company is not required to maintain cost record U/s. 209(1) (d)
of the Companies Act, 1956.
9. a) According to the information and explanation given to us, and
records being made
available to us, the undisputed statutory dues including, Income-tax,
Sales Tax, Wealth Tax, and other statutory dues wherever applicable
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date of becoming payable. b) In our opinion and according to
the information and explanations given to us, following are the
disputed statutory dues pending before any Authority.
Sr.Name of Statute Nature of Dues Forum where- Amount
No Dispute Is pending (In Rs.)
1 I.T.ACt 1961 Income Tax ITAT-MUMBAI 8,43,938
2 IT ACT1961 Income Tax
(Penalty) IT AT-MUMBAI 17,17,108
10. The Company has accumulated losses of Rs. 295.92 lacs at the end
of the financial year which is more than the 50% of its Net worth. It
has not incurred cash loss during the year, but it incurred cash loss
of Rs. 291.61 lacs in the immediately preceding previous year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
borrowed any money from Banks and financial Institutions.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opnion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transaction trading
in securities, debentures and other investments and timely entries have
been made therein. All shares, debentures and other investments have
been held by the company in its own name.
15. According to information and explanation given to us and to the
best of knowledge, the Company has not given guarantees for loans taken
by others from banks or financial institutions.
16. In our opinion and according to information and explanation given
to us, a company has not received any Term Loan during the year.
17. According to the information and explanation given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has not raised funds from Short Term
sources and utilized the same towards Long Term investments.
18. During the year, the Company had not made any preferential
allotment of shares to parties and companies covered in the register
maintained U/s. 301 of the Companies Act, 1956.
19. According to information and explanation given to us, the Company
has not issued any secured debentures during the year.
20. The Company has not raised any money by way of public issue
(hiring the year.
21. In our opinion and according to the Information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year that causes the financial statements to be materially
misstated.
For S. P. JAIN & ASSOCIATES,
FirmReg.No.103969W
CHARTERED ACCOUNTANTS
KAPILK.JAIN
(PARTNER)
Membership No. 108521
Place: Mumbai.
Date :23rd August, 2010