Mar 31, 2015
We have audited the accompanying standalone financial statements of PAN
INDIA CORPORATION LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 and presentation of these standalone 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 provisions of the Act for safeguarding of 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
to 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 controls 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 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 standalone
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
Sub-section (11) Of Section 143 Of The Act, We Give In The Annexure A
Statement On The Matters Specified In The Paragraph 3 And 4 Of The
Order, To The Extent Applicable.
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 11of 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 litigation on its
financial position in its financial statements-Refer Note 18 to the
financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph 1 under the heading of "Report on
other Legal and Regulatory Requirements" of Our Report of even date to
the members of PAN INDIA CORPORATION LIMITED. On the accounts of the
company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. A. The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
B. As explained to us, the fixed assets have been physically verified
by the management during the year, which in our opinion is reasonable.
2. a. As informed to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. As informed to us, the company has maintained proper records of
inventory. No material discrepancies were noticed on such verification.
3. The Company has not granted any loans to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act, 2013.
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 & services.
During the course of our audit, we have not observed any major
weaknesses in internal controls.
5. The company has not accepted any deposits during the year from the
public within the meaning of the provisions of Section 73 to 76 or any
other relevant provision of the Companies Act,2013 and rules made there
under. Hence, the clause (v) of the order is not applicable.
6. We have been informed that the Central government has not
prescribed maintenance of cost records under section 148 (1) of the
Companies Act, 2013.
7. a. According to the records of the company, undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,
Value Added Tax, Cess and any other statutory dues to the extent
applicable have been 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, 2015 for a period of more than six months
from the date of becoming payable except
Name of the Statue Nature of Dues Amount Period to which
amount relates
CompaniesAct, R.O.C Fees Amount Financial Year
1956 unascertained 2009-10
Value Added Tax, Cess which have not been deposited on account of any
dispute.
c. There is no amount which is required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 2013(1 of 2013) and rules made there
under.
8. The accumulated losses of the company are more than fifty percent
of its net worth. The company has incurred cash loss during the
financial year covered by our audit and there was cash loss in the
immediately preceding financial year.
9. Based on our audit procedures and on the basis of information's and
explanations given by the management, the Company has not taken any
loans from any financial institution, bank or debenture holders, so
there is no question of default in repayment;
10. As explained by the management, company has not given guarantee
for loans taken by other from banks or financial institutions.
11. According to the information and explanations given to us, the
Company has not taken any term loan.Accordingly, the provisions of the
clause (xi) of the said Order are not applicable to the Company.
12. As explained to us, no fraud on or by the Company has been noticed
or reported during the year.
Accordingly, provisions of the clause (xii) of the said Order are not
applicable to the Company.
For J.KUMAR & ASSOCIATES
Chartered Accountants
Sd/-
JITENDRA KUMAR
(PROP.)
Place: New Delhi Membership No. 073856
Dated: 28.05.2015 FRN NO. 016917N
Mar 31, 2014
We have audited the accompanying financial statements of M/s PAN INDIA CORPORATION 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") (which continue to be applicable
in respect of section 133 of the Companies Act, 2013 in term of General
Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate
Affairs). This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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 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
("theOrder") 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 notified under
the Companies Act, 2013 in term of General Circular 15/2013 dated 13
September, 2013 of the Ministry of Corporate Affairs.
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 referred to in paragraph Â1'' of the Auditors'' Report to the
Members of M/S PAN INDIA CORPORATION LIMITED on the accounts for the
period ended March 31, 2014
I. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
c. During the year, the company has not substantially disposed off its
fixed assets.
II. a. As informed to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. As informed to us, the company has maintained proper records of
inventory. No material discrepancies were noticed on such verification.
III. a. The company has granted unsecured interest free loan to two
companies covered in the register maintained under section 301 of the
Companies Act, 1956. The amount of loan given during the year was Rs
21.70 Lacs.
b. In our opinion except the rate of interest (which is interest free),
other conditions of loans given by the company are prima facie not
prejudicial to the interest of the Company.
c. There is no stipulation regarding Repayment of Principal.
d. The Company had not taken any loan from any company covered in the
register maintained under section 301 of the companies Act,1956.
IV. 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 with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit we have not observed any continuing failure to correct major
weaknesses in internal controls.
V. a. According to the information and explanations given to us we are
of the opinion that the transaction that need to be entered into the
register maintained u/s 301of the Companies Act, 1956 are being
entered.
b. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions made in
pursuance of contracts or arrangements have been made at price which
are reasonable having regard to the prevailing market prices at the
relevant time.
VI. According to the information and explanations given to us the
company has not accepted deposits from the public. The provisions of
clause 4(vi) of the companies (Auditors Report) Order, 2003 are not
applicable to the company.
VII. In our opinion, the company does not have any internal audit
system commensurate with the size and nature of its business.
VIII. No cost records have been prescribed by the rules made by the
central Government, for the maintenance of cost record u/s 209(1) (d)
of Companies Act, 1956, the provisions of clause 4(viii) of the CARO,
2003 are not applicable to the company.
IX. a. The company is regular in depositing with appropriate
authorities undisputed statutory dues including PF, Investors education
protection fund, ESI, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs duty, Excise duty, Cess and the other material statutory dues
applicable. No undisputed amounts were outstanding for a period of more
than six months from the date of becoming payable except:
Name of the Statue Nature of Dues Amount Period to which amount
relates
CompaniesAct, 1956 R.O.C Fees Details not available
b. According to the information and explanations given to us, no
disputed amounts payable in respect of income tax, wealth tax, service
tax, sales tax, custom duty, excise duty and cess as on 31/03/2014.
X. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash loss
during the financial year covered by our audit and there was no cash
loss in the immediately preceding financial year.
XI. Based on our audit procedures and on the basis of information''s and
explanations given by the management, the Company has not defaulted in
repayment of dues of bank and has not taken any loans from any
financial institution or debenture holders, so there is no question of
default in repayment.
XII. According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the CARO 2003 are not applicable to
the company.
XIII. In our opinion and according to the information and explanations
given to us, the company is not a chit fund or Nidhi Mutual benefit
fund / Society. Therefore the provisions of clause 4(xiii) of the CARO
2003 are not applicable to the company
XIV. According to information and explanation given to us, proper
records have been maintained in respect of transactions and contracts,
in shares, securities, debentures and other investments and timely
entries have been made therein. The shares and other investments have
been held by the company in its own name.
XV. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by other''s from
banks or financial institutions. As such the provisions of clause 4(xv)
of the CARO, 2003 are not applicable to the company.
XVI. According to the information and explanations given to us, the
company has not taken any term loan therefore the provisions of clause
4(xvi) of the CARO, 2003 are not applicable to the company.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments.
XVIII. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained u/s 301 of the
Act.1956, during the year. Accordingly, the provisions of clause
4(xviii) of the said CARO, 2003 are not applicable.
XIX. According to the information and explanations given to us, the
company has not issued any debentures during the year. Accordingly, the
provisions of clause 4(xix) of the CARO, 2003 are not applicable to the
company
XX. According to the information and explanations given to us, the
company has not raised money by way of public issue during the year.
Accordingly, the provisions of clause 4(xx) of the CARO 2003 are not
applicable to the company.
XXI. As explained to us, no fraud on or by the company has been noticed
or reported during the year. Accordingly, provision of clause 4(xxi) of
the CARO, 2003 are not applicable to the company.
For J.Kumar & Associates
Chartered Accountants
FRN: 016917N
Sd/-
Jitendra Kumar
Place: New Delhi (Proprietor)
Date: 26.05.2014 Membership No. : 073856
Mar 31, 2013
We have audited the accompanying financial statements of M/s PAN INDIA
CORPORATION LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2013, 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 RESPONSIBILTY
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 ofmaterial 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, 2013;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, 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 referred to in paragraph ''1'' of the Auditors'' Report to the
Members of M/S PAN INDIA CORPORATION LIMITED on the accounts for the
period ended March 31, 2013
I. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
c. During the year, the company has not substantially disposed off its
fixed assets.
II. a. As informed to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. As informed to us, the company has maintained proper records of
inventory. No material discrepancies were noticed on such verification.
III. a. The company has granted unsecured interest free loan to two
companies covered in the register maintained under section 301 of the
Companies Act, 1956. The amount of loan given during the year was Rs.
153.80 Lacs.
b. In our opinion except the rate of interest (which is interest free),
other conditions of loans given by the company are prima facie not
prejudicial to the interest of the Company.
c. There is no stipulation regarding Repayment of Principal.
d. The Company had not taken any loan from any company covered in the
register maintained under section 301 of the companies Act,1956.
IV. 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 with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit we have not observed any continuing failure to correct major
weaknesses in internal controls.
V. a. According to the information and explanations given to us we are
of the opinion that the transaction that need to be entered into the
register maintained u/s 301of the Companies Act, 1956 are being
entered.
b. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions made in
pursuance of contracts or arrangements have been made at price which
are reasonable having regard to the prevailing market prices at the
relevant time.
VI. According to the information and explanations given to us the
company has not accepted deposits from the public. The provisions of
clause 4(vi) of the companies (Auditors Report) Order, 2003 are not
applicable to the company.
VII. In our opinion, the company does not have any internal audit
system commensurate with the size and nature of its business.
VIII. No cost records have been prescribed by the rules made by the
central Government, for the maintenance of cost record u/s 209(1) (d)
of Companies Act, 1956, the provisions of clause 4(viii) of the CARO,
2003 are not applicable to the company.
IX. a. The company is regular in depositing with appropriate
authorities undisputed statutory dues including PF, Investors education
protection fund, ESI, Income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs duty, Excise duty, Cess and the other material statutory dues
applicable. No undisputed amounts were outstanding for a period of more
than six months from the date of becoming payable except:
b. According to the information and explanations given to us, no
disputed amounts payable in respect of income tax, wealth tax, service
tax, sales tax, custom duty, excise duty and cess as on 31/03/2013.
X. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash loss
during the financial year covered by our audit and there was no cash
loss in the immediately preceding financial year.
XI. Based on our audit procedures and on the basis of information''s
and explanations given by the management, the Company has not defaulted
in repayment of dues of bank and has not taken any loans from any
financial institution or debenture holders, so there is no question of
default in repayment.
XII. According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the CARO 2003 are not applicable to
the company.
XIII. In our opinion and according to the information and explanations
given to us, the company is not a chit fund or Nidhi Mutual benefit
fund / Society. Therefore the provisions of clause 4(xiii) of the CARO
2003 are not applicable to the company
XIV. According to information and explanation given to us, proper
records have been maintained in respect of transactions and contracts,
in shares, securities, debentures and other investments and timely
entries have been made therein. The shares and other investments have
been held by the company in its own name.
XV. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by other''s from
banks or financial institutions. As such the provisions of clause 4(xv)
of the CARO, 2003 are not applicable to the company.
XVI. According to the information and explanations given to us, the
company has not taken any term loan therefore the provisions of clause
4(xvi) of the CARO, 2003 are not applicable to the company.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments.
XVIII. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained u/s 301 of the
Act.1956, during the year. Accordingly, the provisions of clause
4(xviii) of the said CARO, 2003 are not applicable.
XIX. According to the information and explanations given to us, the
company has not issued any debentures during the year. Accordingly, the
provisions of clause 4(xix) of the CARO, 2003 are not applicable to the
company.
XX. According to the information and explanations given to us, the
company has not raised money by way of public issue during the year.
Accordingly, the provisions of clause 4(xx) of the CARO 2003 are not
applicable to the company.
XXI. As explained to us, no fraud on or by the company has been
noticed or reported during the year. Accordingly, provision of clause
4(xxi) of the CARO, 2003 are not applicable to the company.
For J.Kumar & Associates
Firm No.: 016917N
Chartered Accountants,
Sd/-
Jitendra Kumar
Proprietor M.NO.073856
Place: NEW DELHI
Date : 11.05.2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/S PAN INDIA CORPORATION
LIMITED as at 31st March, 2012 and also the Statement of Profit & Loss
for the year ended on that date annexed thereto and Cash Flow Statement
for the year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
tire audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on test basis, evidence supporting the amounts and
disclosures in the financial statements an Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003, as amended
by companies (Auditor's report) order 2004, issued by the Central
Government o( India in terms of sub- section (4A) of section 227 of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:-
i) We have obtained all tire information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
iii) The Balance Sheet and Statement of Profit & Loss dealt with by
this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and
cash flow statement dealt with by this report comply with tire
accounting standards referred to in sub- section (3C) of section 211 of
the Companies Acjt,.1956; .
v) In our opinion, except as stated in notes to accounts, the following
are observations / comments, which have adverse effect on the
functioning of the Company:-
The debit & credit balances of the parties are subject to confirmation
and reconciliation. Any adjustment to Statement of Profit & Loss will
be made in the year of reconciliation. (Also refer Point No 2.2 of
Note-17) :
vi) On the basis of written representations received from the
directors, as on 31sl March,2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March,2012; from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vii) In our opinion and to die best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity widi the accounting principles
generally accepted in India.
a. In die case of the Balance Sheet, of die state of affairs ol the
Company as at 31st March,2012.
b. In the case of the Statement of Profit & Loss, of the Loss oi the
Company for the period ended on that date and
c. In the case of cash flow statement of the cash flows of the company
for die year ended as on that date.
Annexure referred to in paragraph '3' of the Auditors' Report to
the Members of M/S PAN INDIA CORPORATION LIMITED on the accounts for
the period ended March 31. 2012
I. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
c. During the year, the company has not substantially disposed off its
fixed assets.
II. a. As informed to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. As informed to us, the company has maintained proper records of
inventory. No material discrepancies were noticed on such verification.
III. a. The company has granted unsecured interest free loan to three
companies covered in the register maintained under section 301 of the
Companies Act, 1956. The amount of loan given during the year was Rs.
509.80 Lacs.
b. In our opinion except the rate of interest (Which is interest
free), other conditions of loans given by the company are prima facie
not prejudicial to the interest of the Company. '
c. There is no stipulation regarding Repayment o:f Principal.
d. The Company had not taken any loan from 'any company covered in he
register maintained under section 301 of the companies Act,1956.
IV. 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 with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit we have not observed any continuing failure to correct major
weaknesses in internal controls.
V. a. A coiding to the information and explanations given to us we are
of the opinion that the ansaction that need to be entered into the
register maintained u/s 301of the Companies Act, 1956 are being
entered.
b. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions made in
pursuance of contracts or arrangements have been made at price which
are reasonable having regard to the prevailing market prices at the
relevant time.
VI. According to the information and explanations given to us the
company has not accepted deposits from the public. The provisions of
clause 4(vi) of the companies (Auditors Report) Order, 2003 are not
applicable to the company.
VII. In our opinion, the company does not have any internal audit
system commensurate with the size and nature of its business.
VIII. No cost records have been prescribed by the rules made by the
central Government, for the maintenance of cost record u/s 209(1) (d)
of Companies Act, 1956, the provisions of clause 4(viii) of the CARO,
2003 are not applicable to the company.
IX. a. The company is regular in depositing with appropriate
authorities undisputed statutory dues including PF, Investors education
protection fund, ESI, Income Tax, Sales Tax. Wealth Tax, Servicc Tax,
Customs duty. Excise duly, Cess and the other material statutory dues
applicable. No undisputed amounts were outstanding for a period of more
than six months from the date of becoming payable except:
Name of the Statue Nature of Dues Amount Period to which amount
relates
Companies Act, 1956 R.O.C Fees Details not available
b. According to the information and explanations given to us, no
disputed amounts payable in respect of income tax, wealth tax, service
tax, sales tax, custom duty, excise duty and cess as on 31/03/2012.
X. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash loss
during the financial year covered by our audit and there was no cash
loss in the immediately preceding financial year.
XI. Based on our audit procedures and on the basis of information's
and explanations given by the management, the Company has not defaulted
in repayment of dues of bank and has not taken any loans from any
financial institution or debenture holders, so there is no question of
default in repayment.
XII. According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures . and other securities.
Therefore the provisions of clause 4(xii) of the CARO 2003 are not
applicable to the company.
XIII. In our opinion and according to the information and explanations
given to us, the company is not a chit fund or Nidhi Mutual benefit
fund / Society. Therefore the *" provisions of clause 4(xiii) of the
CARO 2003 are not applicable to the company _
XIV. According to information and explanation given to us, proper
records have been maintained in respect of transactions and contracts,
in shares, securities, debentures and other investments and timely
entries have been made therein. The shares and other investments have
been held by the company in its own name.
XV. According to th information and explanations given to us, the
company has not given any guarantees for loans taken by other's from
banks or financial institutions. As such the provisions of clause 4(xv)
of the CARO, 2003 are not applicable to the company.
XVI. According to the information and explanations given to us, the
company has not taken any term loan therefore the provisions of clause
4:(xvi) of the CARO, 2003 are not applicable to the company.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments.
XVIII. According to the information and explanations (given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained u/s 301 of the Act.
1956, during the year. Accordingly, the provisions of clause 4(xviii)
of the said CARO, 2003 are not applicable.
XIX. According to the information and explanations givpn to us, the
company has not issued any debentures during the year. Accordingly, the
provisions of clause 4(xix) of the CARO, 2003 are not applicable to the
company. '
XX. According to the information and explanations given to us, the
company has not raised money by way of public issue during the year.
Accordingly, the provisions of clause 4(xx) of the CARO 2003 are not
applicable to the company.
XXI. As explained to us, no fraud on or by the company has been noticed
or reported during the year. According)'', provision of clause 4(xxi)
of the CARO, 2003 are not applicable to the company.
For J.Kumar & Associates
Firm No.: 016917N
Chartered Accountants,
Sd/-
Jitendra Kumar
Proprietor
M.N0.073856
Place: NEW DELHI
Date : 14.05.2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/S PAN INDIA CORPORATION
LIMITED as at 31st March, 2010 and also the Profit & Loss Account for
the year ended on that date annexed thereto and Cash Flow Statement for
the year ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 test basis, evidence supporting the amounts and
disclosures in the financial statements an Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003, as amended
by companies (Auditors report) order 2004, issued by the Central
Government of India in terms of sub- section (4A) of section 227 of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Arnexure referred to above, we report
that :-
i) We have obtained all the information and explanations, which to the
best of our
knowledge and belief were necessary for the purposes of our audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit & Loss Account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
v) In our opinion, except as stated in notes to accounts, the following
are observations / comments, which have adverse effect on the
functioning of the Company:-
The debit & credit balances of the parties are subject to confirmation
and reconciliation. Any adjustment to profit & loss account will be
made in the year of reconciliation. (Also refer Notes no. 2.2 of
Schedule O)
vi) On the basis of written representations received from the
directors, as on 31st Marcb.,2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March,2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vii) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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 31st March,2010.
b. in the case of the Profit & Loss Account, of the Loss of the
Company for the period ended on that date and.
c. in the case of cash flow statement of the cash flows of the company
for the year ended as on that date.
Annexure referred to in paragraph 3 of the Auditors Report to the
Members of M/S PAN INDIA CORPORATION LIMITED on the accounts for the
period ended March 31,2010
I. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
c. During the year, the company has not substantially disposed off its
fixed assets.
II. a. As informed to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the.size of
the company and the nature of its business.
c. As informed to us, the company has maintained proper records of
inventory. No material discrepancies were noticed on such verification.
III. a. The company has granted unsecured interest free loan to two
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
The amount of loan given during the year was Rs. 67 Lacs.
b. In our opinion except the rate of interest (which is interest free),
other conditions of loans given by the company are prima facie not
prejudicial to the interest of the Company.
c. There is no stipulation regarding Repayment of Principal.
d. The Company had taken unsecured interest free loan from two
companies covered in the register maintained under section 301 of the
companies Act.1956. The amount of loan taken during the year was Rs. 16
Lacs.
e. In our opinion the rate of interest and other conditions of loans
given by the company are prima facie not prejudicial to the interest of
the Company.
f. Payment of the principal & interest is also regular.
IV. 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 with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of. our
audit we have not observed any continuing failure to correct major
weaknesses in internal controls.
V. a. According to the information and explanations given to us we are
of the opinion that the transaction that need to be entered into the
register maintained u/s 301 of the Companies Act, 1956 are being
entered.
b. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions made in
pursuance of contracts or arrangements have been made at price which
are reasonable having regard to the prevailing market prices at the
relevant time.
VI. According to the information and explanations given to us the
company has not accepted deposits from the public. The provisions of
clause 4(vi) of the companies (Auditors Report) Order, 2003 are not
applicable to the company.
VII. In our opinion, the company does not have any internal audit
system commensurate with the size and nature of its business.
VIII. No cost records have been prescribed by the rules made by the
central Government, for the maintenance of cost record u/s 209(1) (d)
of Companies Act, 1956, the provisions of clause 4(viii) of the CARO,
2003 are not applicable to the company.
IX. a. The company is regular in depositing with appropriate
authorities undisputed statutory dues including PF, Investors education
protection fund, ESI, income Tax, Sales Tax, Wealth Tax, Service Tax,
Customs duty, Excise duty, Cess and the other material statutory dues
applicable. No undisputed amounts were outstanding for a period of more
than six months from the date of becoming payable except:
Name of the
Statue Nature of Dues Amount Period to which amount
relates
Comapnies
Act, 1956 R.O.C Fees Details not available
b. According to the information and explanations given to us, no
disputed amounts payable in respect of income tax, wealth tax, service
tax, sales tax, custom duty, excise duty and cess as on 31/03/2010
except the following:
Name of the
Statute Nature of Dues Amount Period to which Forum where
amount relates dispute is
pending
Income Tax
Act, 1961 Income-Tax 3,76,700/- 2001-2002 Filed by IT
Department
With ITAT
X. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash loss
during the financial year covered by our audit and in the immediately
preceding financial year.
XI. Based on our audit procedures and on the basis of informations
and explanations given by the management, the Company has not defaulted
in repayment of dues of bank and has not taken any loans from any
financial institution or debenture holders, so there is no question of
default in repayment.
XII. According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the CARO 2003 are not applicable to
the company.
XIII In our opinion and according to the information and explanations
given to us, the company is not a chit fund or Nidhi Mutual benefit
fund / Society. Therefore the provisions of clause 4(xiii) of the CARO
2003 are not applicable to the company.
XIV. According to information and explanation given to us, proper
records have been maintained in respect of transactions and contracts,
in shares, securities, debentures and other investments and timely
entries have been made therein. The shares and other investments have
been held by the company in its own name.
XV. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions. As such the provisions of clause 4(xv)
of the CARO, 2003 are not applicable to the company,
XVI. According to the information and explanations given to us, the
company has not taken any term loan therefore the provisions of clause
4(xvi) of the CARO, 2003 are not applicable to the company.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments.
XVIII. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained u/s 301 of the
Act.1956, during the year. Accordingly, the provisions of clause
4(xviii) of the said CARO, 2003 are not applicable.
XIX. According to the information and explanations given to us, the
company has not issued any debentures during the year; Accordingly, the
provisions of clause 4(xix) of the CARO, 2003 are not applicable to the
company.
XX. According to the information and explanations given to us, the
company has not raised
money by way of public issue during the year. Accordingly, the
provisions of clause 4(xx) of the CARO 2003 are not applicable to the
company.
XXI. As explained to us, no fraud on or by the company has been
noticed or reported during the year. Accordingly, provision of clause
4(xxi) of the CARO, 2003 are not applicable to the company.
For J.Kumar & Associates
FirmNo.:016917N
Chartered Accountants,
Jitendra Kumar
Proprietor
M.No. 073856
Place: New Delhi
Dated: 31-05-2010