Mar 31, 2015
We have audited the accompanying standalone financial statements of
PARTANI APPLIANCES LIMITED ("the company"), which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation 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 (he 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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
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 have 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 mis-statement.
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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view 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 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 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 state of affairs of the company as at
March 31,2015, and its cash news 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 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 (he
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 appears from Our examination of those
books.
c) The Balance Sheet, the 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 aforesaid financial statements comply with (he
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March. 2015, from being
appointed as a director in terms of Section 164(2.) of the Act.
With respect to the other matters included in the Auditor's Report and
to best of our information and according to the explanations given to
me:
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
Annexure to Independent Auditor's Report
(Referred to in paragraph 1 of the Our Report on other Legal and
Regulatory Requirements forming part of the Independent Auditor's
Report dated 23-06-2015 to the members of PARTANI APPLIANCES LIMITED on
the accounts of the company for the year ended 31st March, 2015. '
1. a) The company does not own any Fixed Assets so these clause is not
applicable
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical . verification of
stocks by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 58A and 58 A A of the Companies Act, 2013.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
7 (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance', Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess Income tax sales tax to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31s1 of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, value
added tax, service tax, customs duty excise duty which have not been
deposited on account of disputes.
(c ) According to the information and explanation given to us and on
the basis of examination of records, during the year under review there
were no amounts which were required to be transferred to Investor
Education and Protection Fund by the company . Hence clause 4 (vii) (
C) of the Order is not applicable
8 The Company have accumulated losses at the end of financial year
which are less than the 50 percent of its net worth and not incurred
any cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9 Based on our audit procedures and on the information and explanations
given by the management, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders.
10 According to the information and explanations given to us, the
Company has not given any ' guarantees for loan taken by others from a
bank or financial institution, bank
11 Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12 Based on our audit procedures and according to information and
explanations given to us , no fraud on or by the company has been
noticed or reported during the course of our audit
Sd/-
M.Mahender Kumar Jain
Chartered Accountant
Membership No. :026I53
Date : 23-06-2015
Place: Hyderabad
Mar 31, 2013
We have audited the accompanying financial statements of M/s. PARTANI
APPLIANCES 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 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.
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.
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 Profit and Loss Account, of the profit 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.
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
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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of M/s. PARTANI APPLIANCES LIMITED on the accounts of
the company for the year ended 31st March, 2013.
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. Clause 1-Not applicable as there was no fixed assets.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has no internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management, maintenance
of cost records has not been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Sales-tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, cess Except Income tax to the extent applicable and
any other statutory dues have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us there were outstanding statutory dues in
respect of Income Tax of Rs.18452-00 as on 31st of March, 2012 for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited on
account of any disputes.
10. The Company have accumulated loss of Rs.16284571-00 and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For T.P. RAO & CO
Chartered Accountants
FRN:
T. Prasada Rao
Proprietor
Membership No. :019196
Place: Hyderabad
Date:
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. Pushkar
Appliances Ltd., as at on 31st March 2012 and the attached Profit &
Loss Account of the company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company''s management. Our responsibility is to express opinion on these
financial statements based on our audit.
2. We conducted my 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 misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and Disclousures 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 my audit provides a reasonable basis for
my opinion.
3. As required by the Companies (Auditors'' Report) order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order 2004,
issued by the Central Government of India in terms of section 227(4A)
of the Companies Act 1956 and on the basic of such check of the books
and records of the company as we considered appropriate and according
to the information and explanations given to us, we give the Annexure a
statment on the matters specified in paragraphs 4 and 5 of the said
order the year ended 31st March 2012.
4. Further to my comments in the annexure referred to above, we report
that:
i) We have obtained all the information and explanations, which to the
best of my knowledge and belief were necessary for the purpose of my
audit.
ii) In our opinion, the company as required by law has kept proper
books of account so far as appears from my examination of such books.
iii) The Balance Sheet and Profit & Loss Account with by this report
are in agreement with the books of account.
iv) In our opinion the Balance Sheet & Profit & Loss account dealt with
by this report complies with the accounting standards, referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
v) On the basis of written representation received from the directors
and taken on record by the Board of Directors, We report that none of
the directors of the company are disqualified as at 31st March 2012
from being appointed as a director in term of clause (g) of sub-section
274 of the Companies Act, 1956.
vi) 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 requried and
given a true and fair view in conformity with the accounting principles
generally accepted in India.
a) In the case of Balance sheet,of the state of affairs of the company
as at 31st March 2012 and
b) In the case of the profit and loss account, of the profit of the
year ended on the date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF
MY REPORT OF EVEN DATE :
1.1 Clause 1-Not applicable as there were no fixed assets
2.1 The management has conducted the Physical Verification of Inventory
at reasonable interval.
The procedure of Physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and nature of its business.
2.2 The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3.1 According to the Information & explanation given to us, the
companies has not granted any loans secured or unsecured to companies /
firms or other parties covered in the register maintained under section
301 of companies Act 1956.
4.1 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 & nature of its business with
regard purchases of inventory and with regards to sale of goods and
services. During the course of my audit, no major weakness has been
noticed in the internal control system of the company.
5. According to the information and explanations given to us, we are
of the opinion that the particulars of all contracts or agreements, if
any, that need to be entered into the register maintained under section
301 of the Act, have been so entered.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A & 58AA of the Companies Act during the year.
7. In our opinion, the company does not have an internal audit System.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (cl) of sub section (1) of section 209 of
the Companies Act 1956.
9.1 According to the information & explanation given to us the
provision of Provident fund, Employees State Insurance Act, are not
applicable to the company. The company has been regular in deposited
the payments of Income Tax, Sales Tax, Custom Duty, Wealth tax, Service
Tax, Excise Duty and other statutory dues, if any applicable to it with
the appropriate authorities.
9.2 According to the information and explanations given to us , no
undisputed amounts payable in respect of Income tax, Sales tax, Customs
Duty, Wealth Tax, Service tax, Excise Duty, and Cass were in arrears,
as at 31st March 2012 for a period of more than six months from the
date they become payable.
9.3 According to the information and explanation given to us, there are
on dues of Income Tax, Sales Tax, Customs Duty, Wealth Tax, Service
tax, Excise Duty, and Cess that have not been deposited on account of
any dispute.
10. The Company has accumulated losses of Rs 16325833-00 as at 31-3-
12. The company has not incurred cash losses during the year under
audit.
11. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to financial
institution, bank or debenture holders.
12. We are of the opinion that the company has maintained adequate
records where the company has granted any loans and advances 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, the provision of clause 4(xiv) of the
companies (Auditors Report) order 2003 is not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the order are not applicable to the
company.
15. In Our opinion and 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, during the year.
16. According to the information & explanation given to us & on the
basis of records produced before us, the company has not availed any
term loans during the year.
17. 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.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company was noticed or reported during the course of
our audit nor we have been informed of such case by the management.
For T.P. RAO & CO.
Chartered Accountants
T. PRASADA RAO
Proprietor
Membership No.: 019196
Place : Hyderabad
Date : 01-09-2012