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Auditor Report of Partani Appliances Ltd.

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

 
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