Mar 31, 2014
1. We have audited the attached Balance Sheet of "PRATIK PANELS
LIMITED" as at 31st MARCH, 2014 and also the Profit and Loss Account
and the Cash Flow Statement for the year then ended, and the summary of
significant accounting policies and other explanatory statements. These
financial statements are the responsibility of the Company''s
management.
2. 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 Company''s 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.
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with Standards on Auditing issued by the Institute of
Chartered Accountants of India .Those standards require that we comply
with the ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedure selected depends 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 the 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.
5. In our opinion and to the best of our information and according to
the explanation given to us, the financial statements give the
information required by the Act in the manner so required and 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014.
(ii) in the case of Profit and Loss Account, of the Loss for the year
ended on that date.
(iii) in the case of Case Flow Statement, of the Cash Flows of the year
ended on that date.
6. 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 Companies Act, 1956, we enclose
in the Annexure a Statement on the matters specified in paragraphs 4
and 5 of the said order.
7. Further to our comments in the Annexure referred to above, 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 it''s appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash flow statement
dealt with by the report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3 C) of section 211 of the
Company Act, 1956;
e) On the basis of written representation received from the directors
as on 31/03/2014 and taken on record by the Board of Director, we
report that none of the Directors are disqualified as on 31/03/2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956 ;
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 6 of our Report of even date on the Account
of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2014)
1. In respect of its fixed assets:
(a) The company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanations given to us, the company
has a system of physical verification of all of its assets. We are
informed that the fixed assets have been physically verified during the
year by the management and no material discrepancy was noticed between
book records and physical inventory. In our opinion the frequency of
such verification is reasonable having regard to size of the Company
and the nature of its assets.
(c) In our opinion the company has disposed off substantial part of
fixed assets during the year and going concern status of company is
affected. During the year under consideration company has not
undertaken any commercial activity
2. In respect of its inventories:
(a) As explained to us the inventories have been physically verified by
the management at reasonable intervals.
(b) In our opinion and according to information and explanation given
to us 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.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
That the inventory has been considered as shown in the opening stock.
3 (a) The Company has neither granted nor taken any Loans Secured or
Unsecured to or from the other companies listed in the register
maintained under section 301 of the Companies Act, 1956.
(b) As company has not granted nor taken any loan, hence it is not
applicable.
(c) As company has not granted nor taken any loan, hence it is not
applicable.
4. In our opinion and according to the information and explanation
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 sale of fixed assets during the course of our audit, we have not
observed any major weaknesses in internal controls, requiring
corrections.
5. In respect of transaction under section 301 of the Company Act,
1956.
(a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into in the register maintained
Under Section 301 of the Company Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transaction of purchase of goods and material
and sales of goods, material and services made in pursuance of contract
or arrangement entered in the register maintained under section 301 of
the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
Under Section 58 A of the Companies Act, 1956.
7. In our opinion the Company has an adequate Internal Audit System
commensurate with size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records Under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products of the company.
9. In respect of statutory dues:
(a) According to the information and explanations given to us and
records examined by us, the Company is not regular in depositing, with
the appropriate authorities, undisputed statutory dues in respect of
income-tax, wealth-tax, customs-duty, excise-duty except sales-tax,
provident fund etc.
(b) According to the records of the company, there were no undisputed
amount payable in respect of income-tax, wealth-tax, customs-duty and
excise-duty outstanding as at 31st March 2014 for a period of more than
six months from the date they become payable subject to an amount of
Rs.. 0.12 crores is outstanding for more than six months with respect
to the Provident Fund, ESIC, Sales-Tax etc.
10. The company has accumulated losses of Rs. 341.59 lacs. During the
financial year covered by our report the company has incurred cash loss
of Rs. 4.75 lacs. The company has incurred cash losses of Rs 146.25
lacs in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has
been defaulted in repayment of dues to the bank.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit find or a nidhi / mutual
benefit fund / society. Therefore, clause 4 (xiii) of the companies
(Auditors Report) order 2003 is not applicable to the company.
14. The Company is not dealing in shares securities debentures and
other investments. According the Provision of clause 4 (xiv) of the
companies (Auditors Report) order 2003 are not applicable to the
Company.
15. The company has given guarantee for loans taken by others from
banks or financial institutions. According to the information and
explanation given to us we are of the opinion that the terms and
conditions on which the company has given guarantee for loans taken by
others are not prima facie prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the funds raised have been applied
for the purpose for which they were obtained or pending for the actual
application were deployed for working capital purposes transitorily.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not utilized short term sources towards
repayment of long term borrowing and acquisition of fixed assets and
vice-versa.
18. During the year, the Company has not made any 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. Therefore the clause 4
(xix) of the companies (Auditor''s Report) order 2003, is not applicable
to the company.
20. The Company has not raised money by way of public issue during the
year covered by our audit report.
21. In our Opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the course of our Audit.
PLACE: MUMBAI FOR SADANI & SINGHI
DATED: 29/05/2014 CHARTERED ACCOUNTANTS
VINOD SADANI
PARTNER
(M.NO. 73007)
Mar 31, 2013
1. We have audited the attached Balance Sheet of "PRATIK PANELS
LIMITED" as at 31st MARCH, 2013 and also the Profit and Loss Account
and the Cash Flow Statement for the year then ended, and the summary of
significant accounting policies and other explanatory statements. These
financial statements are the responsibility of the Company''s
management.
2. 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 Company''s 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.
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those standards require that we comply
with the ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedure selected depends 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 the 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.
5. In our opinion and to the best of our information and according to
the explanation given to us, the financial statements give the
information required by the Act in the manner so required and 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31" March 2013.
(ii) in the case of Profit and Loss Account, of the Loss for the year
ended on that date.
(iii) in the case of Cash Flow Statement, of the Cash Flows of the year
ended on that date.
6. 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 Companies Act, 1956, we enclose
in the Annexure a Statement on the matters specified in paragraphs 4
and 5 of the said order.
7. Further to our comments in the Annexure referred to above, 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 it''s appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash flow statement
dealt with by the report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss account and cash
How statement dealt with by this report comply with the accounting
standards referred to in sub-section (3 C) of section 211 of the
Company Act, 1956;
e) On the basis of written representation received from the directors
as on 31/03/2013 and taken on record by the Board of Director, we
report that none of the Directors are disqualified as on 31/03/2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956 ;
SADANI & SINGHI CHARTERED ACCOUNTANTS
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 6 of our Report of even date on the Account
of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2013)
1. In respected of its fixed assets:
(a) The company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanations given to us, the company
has a system of physical verification of all of its assets. We are
informed that the fixed assets have been physically verified during the
year by the management and no material discrepancy was noticed between
book records and physical inventory. In our opinion the frequency of
such verification is reasonable having regard to size of the Company
and the nature of its assets.
(c) In our opinion the company has not disposed off substantial part of
fixed assets during the year and going concern status of company is not
affected.
2. In respect of its inventories:
(a) As explained to us the inventories have been physically verified by
the management at reasonable intervals.
(b) In our opinion and according to information and explanation given
to us 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.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Company Act, 1956.
(a) The company has not granted loans to companies firm or other
parties listed in the register maintained Under Section 301 of the Act.
The company has taken unsecured loans from Companies firm or other
parties covered in the registered maintained under section 301 of the
Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
Company.
(c) In respect of the aforesaid loans, the interest payment is regular
as per the stipulation and repayment of loans is regular as per the
stipulation.
(d) In respect of the aforesaid loans, there were no overdue amounts.
(e) The company has not taken any loans, secured or unsecured from
companies, firms and other parties covered in the register maintained
Under Section 301, hence clauses (f) and (g) are not applicable to the
Company.
4. In our opinion and according to the information and explanation
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 also for the sale of goods.
During the course of our audit, we have not observed any major
weaknesses in internal controls, requiring corrections.
5. In respect of transaction under section 301 of the Company Act,
1956.
(a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements that needed to be entered into in the register maintained
Under Section 301 of the Company Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transaction of purchase of goods and material
and sales of goods, material and services made in pursuance of contract
or arrangement entered in the register maintained under section 301 of
the Companies Act, 1956
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
Under Section 58 A of the Companies Act, 1956.
7. In our opinion the Company has an adequate Internal Audit System
commensurate with size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records Under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products of the company.
9. In respect of statutory dues:
(a) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues in respect
of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax ,
provident fund etc.
(b) According to the records of the company, there were no undisputed
amount payable in respect of income-tax, wealth-tax, customs-duty and
excise-duty outstanding as at 31st March 2013 for a period of more than
six months from the date they become payable subject to an amount of
Rs. 28.07 Lacs is outstanding for more than six months with respect to
the Provident Fund, ESIC, Sales-Tax etc.
10. The company has accumulated losses of Rs. 336.84 lacs. During the
financial year covered by our report the company has incurred cash loss
of Rs. 146.25 lacs. The company has incurred cash losses of Rs 13.86
lacs in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to the financial institutions, bank or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit find or a nidhi / mutual
benefit fund / society. Therefore, clause 4 (xiii) of the companies
(Auditors Report) order 2003 is not applicable to the company.
14. The Company is not dealing in shares securities debentures and
other investments. According the Provision of clause 4 (xiv) of the
companies (Auditors Report) order 2003 are not applicable to the
Company.
15. The company has given guarantee for loans taken by others from
banks or financial institutions. According to the information and
explanation given to us we are of the opinion that the terms and
conditions on which the company has given guarantee for loans taken by
others are not prima facie prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the funds raised have been applied
for the purpose for which they were obtained or pending for the actual
application were deployed for working capital purposes transitorily.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not utilized short term sources towards
repayment of long term borrowing and acquisition of fixed assets and
vice-versa.
18. During the year, the Company has not made any 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. Therefore the clause 4
(xix) of the companies (Auditor''s Report) order 2003, is not applicable
to the company.
20. The Company has not raised money by way of public issue during the
year covered by our audit report.
21. in our Opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the course of our Audit.
FOR SADANI & SINGHI
CHARTERED ACCOUNTANTS
VINOD SADANI
PLACE : RAIPUR PARTNER
DATED : 30/05/2013 (M.NO. 73007)
Mar 31, 2012
1. We have audited the attached Balance Sheet of "PRATIK PANELS
LIMITED" as at 31st MARCH. 2012 and also the ' Profit and L.oss
Account and the Cash flow Statement 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 an opinion
on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India, these standards required 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 amount of
disclosures in the financial statement. An audit estimated made by
management, as well as evaluating the overall financial statement
presentation. We believe e that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) order 2003 (as
amended) issued In the Central Government of lndia in terms of
sub-section (4A) Section 227 of the Companies Act. 1956. we enclose in
the Annexure a Statement on the matters specified in paragraphs 4 and
5 of the said order.
4. Further to our comments in the Annexure referred to above, w e
report that:
a) We have obtained all the information and explanations, which to the
best of our know ledge 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 it's appears from our examination
of those books.
c) The Balance Sheet, Profit and Loss Account and Cash flow statement
dealt with by the report are in agreement with the books of account.
d) In our opinion, the Balance Sheet. Profit and Loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3 C) of section 211 of the
Company Act. 1956:
e) On the basis of written representation received from the directors
as on 31/03/2012 and taken on record by the Board of Director, we
report that none of the Directors are disqualified as on 31st 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act. 1956:
0 hi our opinion and to the best of our information and according to
the explanation given to us the accounts read together with Significant
Accounting Policies and Notes on Accounts, 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 con form it with the
accounting principles general accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012.
(ii) in the case of Profit and Loss Account, of the loss for the year
ended on that date.
(iii) in the case of Case Flow Statement, of the Cash Flows of the year
ended on that date.
(Referred of in paragraph 3 of our Report of even date on the Account
of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2012
1. In respected of its fixed assets:
a. The company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b. As per the information and explanations given to us. the company
have a system of physical verification of all of its assets. We are
informed that the fixed assets have been physical Liveried during
the y ear by the management and no material discrepancy w as noticed
between book records and pinsicalinsentory. In our opinion the
frequency of such verification is reasonable having regard to size of
the Company and the nature of its assets.
c. In our opinion the company has not disposed off substantial part of
fixed assets during the year and going concern status of company is not
affected.
2. In respect of its inventories:
a. As explained to us the inventory has been physically verified by
the management at reasonable intervals.
b. In our opinion and according to information and explanation given
to us the procedure of physical verification of inventory followed by
the management is reasonable and adequate in relation to the si/e of
the Company and nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us. there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties reported in the
register maintained under section 301 of the Company Act. 1956.
a. The company has not granted loans to companies firm or other
parties listed in the register maintained Under Section 301 of the Act.
The company has taken unsecured loans from Companies firm or other
parties covered in the registered maintained under section 301 of the
Companies Act. 1956.
b. In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
Company.
c. In respect of the aforesaid loans, the interest payment is regular
as per the stipulation and repayment of loans are regular as per the
stipulation.
d. In respect of the aforesaid loans, there were no overdue amounts.
e. The company has not granted any loans, secured or unsecured to
companies, firms and other parties covered in the register maintained
Under Section 301 of clauscs(f) and (g) are not applicable to the
Company.
4. In our opinion and according to the information and explanation
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 also for the sale of goods.
During the course of our audit, we have not observed any major
weaknesses in internal controls, requiring corrections.
5. In respect of transaction under section 301 of the Company Act.
1956.
a. In our opinion and according to the information and explanation
given to us. the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Company Act. 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us. there are no transaction of purchase of goods and
material and sales to goods. material and services made in pursuance of
contract or arrangement entered in the register maintained under
section 301 of the Companies Act. 1956.
6. In our opinion and according to the information and explanations
given to its. the company has not accepted any deposits] from the
public Under Section 58 A of the Companies Act. 1956.
7. In our opinion the Company has an adequate Internal Audit System
commensurate with as and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records Under Section 209 (I
)(d)of the Companies Act. 1956 for any of the products of the company.
9. In respect of statutory due:
(a) According to the information and explanations given to us and
records examined by us. the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues in respect
of income-tax. wealth- tax. customs-duty. excise-duty except sales-tax.
provident fund etc.
(b) According to the records of the company, there vv ere no undisputed
amount pay able in respect of income-tax. wealth- tax, customs-duty
and excise-duty outstanding as at 31st March 2012 for a period of more
than six months from the ' dale they become payable. An amount of Rs.
20.33 is outstanding for more than six months with respect to the
Provident Fund. FSIC. Sales-Tax etc.
10. The company has accumulated losses of Rs. 187.53 lacs. During the
financial year covered by our report the company has incurred cash loss
of Rs. 129.05 lacs. The company has incurred cash losses of Rs 13.86
lacs in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us. we are of the opinion that the company has not
defaulted in repayment of dues to the financial institutions, bank or
debenture holders.
12. In our opinion and according to the information and explanation
given to us. no loans and advances have been granted by the company on
the basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit find or a nidhi / mutual
benefit fund society. Therefore, clause 4 (xiii) of the companies
(Auditors Report) order 2003 is not applicable to the company.
14. The Company is not dealing in shares securities debentures and
other investments. According the Provision of clause 4 (xi v) of the
companies (Auditors Report) order 2003 are not applicable to the
Company.
15. In our opinion and according to the information and explanations
given to us. on an overall basis, the funds raised have been applied
for the purpose for which they were obtained or pending for the actual
application were deployed for working capital purposes transitorily.
16. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not utilized short term sources towards
repayment of long term borrowing and acquisition of fixed assets and
vice-versa.
17. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under section 301 of the Companies Act. 1956
18. The Company has not issued any debentures. Therefore the clause 4
(xix) of the companies (Auditor's Report) order 2003. is not applicable
to the company.
19. The Company has not raised money by way of public issue during the
year covered by our audit report.
20. In our Opinion and according to the information and explanation
given to us. no fraud on or by the Company has been noticed or reported
during the course of our Audit.
Place :Raipur SADANI & SINGHI
Dated :31/05/2012 CHARTERED ACCOUNTANTS
VINOD SADANI
PARTNER
(M.NO. 73007)
Mar 31, 2011
1. We have audited the attached Balance Sheet of "PRATIK PANELS
LIMITED" as at 31st MARCH, 2011 and also the Profit and Loss Account
and the Cash Flow Statement 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 an opinion on
these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards required 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 amount of
disclosures in the financial statement. An audit estimated made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) order 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) Section 227 of the Companies Act, 1956, we enclose in
the Annexure a Statement on the matters specified in paragraphs 4 and 5
of the said order.
4. Further to our comments in the Annexure referred to above, 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 it's appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash flow statement
dealt with by the report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3 C) of section 211 of the
Company Act, 1956;
e) On the basis of written representation received from the directors
as on 31/03/2011 and taken on record by the Board of Director, we
report that none of the Directors are disqualified as on 31/03/2011
from being appointed as a director in terms of clause (g) of
sub-section (l)ofsection 274 of the CompaniesAct, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us the accounts read together with Significant
Accounting Policies and Notes on Accounts, 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011. (ii) in the case of Profit and Loss
Account, of the Loss for the year ended on that date. (iii) in the
case of Case Flow Statement, of the Cash Flows of the year ended on
that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 3 of our Report of even date on the Account
of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2011
1. In respected of its fixed assets:
(a) The company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanations given to us, the company
have a system of physical verification of all of its assets. We are
informed that the fixed assets have been physically verified during the
year by the management and no material discrepancy was noticed between
book records and physical inventory. In our opinion the frequency of
such verification is reasonable having regard to size of the Company
and the nature of its assets.
(c) In our opinion the company has not disposed off substantial part of
fixed assets during the year and going concern status of company is not
affected.
2. In respect of its inventories:
(a) As explained to us the inventory have been physically verified by
the management at reasonable intervals.
(b) In our opinion and according to information and explanation given
to us 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.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Company Act, 1956.
(a) The company has not granted loans to companies firm or other
parties listed in the register maintained Under Section 301 of the Act.
The company has taken unsecured loans from Companies firm or other
parties covered in the registered maintained under section 301 of the
Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
Company.
(c) In respect of the aforesaid loans, the interest payment are regular
as per the stipulation and repayment of loans are regular as per the
stipulation.
(d) In respect of the aforesaid loans; there were no overdue amounts.
(e) The company has not granted any loans, secured or unsecured to
companies, firms and other parties covered in the register maintained
Under Section 301 of clauses (f) and (g) are not applicable to the
Company.
4. In our opinion and according to the information and explanation
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 also for the sale of goods.
During the course of our audit, we have not observed any major
weaknesses in internal controls, requiring corrections.
5. In respect of transaction under section 301 of the Company Act,
1956.
(a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
Under Section 301 of the Company Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transaction of purchase of goods and material
and sales of goods, material and services made in pursuance of contract
or arrangement entered in the register maintained under section 301 of
the Companies Act, 1956
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
Under Section 58 A of the Companies Act, 1956.
7. In our opinion the Company has an adequate Internal Audit System
commensurate with size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records Under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products of the company.
9. In respect of statutory due:
(a) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues in respect
of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax ,
provident fund etc.
(b) According to the records of the company, there were no undisputed
amount payable in respect of income-tax, wealth-tax, customs-duty and
excise-duty outstanding as at 31st March 2011 for a period of more than
six months from the date they become payable. An amount of Rs. 21.78 is
outstanding for more than six months with respect to the Provident
Fund, ESIC, Sales-Tax etc.
10. The company has accumulated losses of Rs. 167.55 lacs . During the
financial year covered by our report the company has incurred cash loss
of Rs. 115.19 lacs. The company has incurred cash losses of Rs 23.02
Lacs in the immediately preceeding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to the financial institutions, bank or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit find or a nidhi / mutual
benefit fund / society. Therefore, clause 4 (xiii) of the companies
(Auditors Report) order 2003 is not applicable to the company.
14. The Company is not dealing in shares securities debentures and
other investments. According the Provision of clause 4 (xiv) of the
companies (Auditors Report) order 2003 are not applicable to the
Company.
15. The company has given guarantee for loans taken by others from
banks or financial institutions. According to the information and
explanation given to us we are of the opinion that the terms and
conditions on which the company has given guarantee for loans taken by
others are not prima facie prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the funds raised have been applied
for the purpose for which they were obtained or pending for the actual
application were deployed for working capital purposes transitorily.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not utilized short term sources towards
repayment of long term borrowing and acquisition of fixed assets and
vice-versa.
18. During the year, the Company has not made any 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. Therefore the clause 4
(xix) of the companies (Auditor's Report) order 2003, is not applicable
to the company.
20. The Company has not raised money by way of public issue during the
year covered by our audit report.
21. In our Opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the course of our Audit.
PLACE :MUMBAI SADANI & SINGHI
DATED :26/04/2011 CHARTERED ACCOUNTANTS
VINOD SADANI
PARTNER
(M.NO. 73007)
Mar 31, 2010
1. We have audited the attached Balance Sheet of "PRATIK PANELS
LIMITED" as at 31st MARCH, 2010 and also the Profit and Loss Account
and the Cash Flow Statement for the year ended on that date annexed
thereto. 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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These standards required 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 amount of
disclosures in the financial statement. An audit estimated made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) order 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) Section 227 of the Companies Act, 1956, we enclose in
the Annexure a Statement on the matters specified in paragraphs 4 and 5
of the said order.
4. Further to our comments in the Annexure referred to above, 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 its appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash flow statement
dealt with by the report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3 C) of section211 of the Company
Act, 1956;
e) On the basis of written representation received from the directors
as on 31/03/2008 and taken on record by the Board of Director, we
report that none of the Directors are disqualified as on 31/03/2008
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanation given to us the accounts read together with Significant
Accounting Policies and Notes on Accounts, 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010. (ii) in the case of Profit and Loss
Account, of the Loss for the year ended on that date. (iii) in the
case of Case Flow Statement, of the Cash Flows of the year ended on
that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our Report of even date on the Account
of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2010
1. In respected of its fixed assets:
(a) The company has generally maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As per the information and explanations given to us, the company
have a system of physical verification of all of its assets. We are
informed that the fixed assets have been physically verified during the
year by the management and no material discrepancy was noticed between
book records and physical inventory. In our opinion the frequency of
such verification is reasonable having regard to size of the Company
and the nature of its assets.
(c) In our opinion the company has not disposed off substantial part of
fixed assets during the year and going concern status of company is not
affected.
2. In respect of its inventories:
(a) As explained to us the inventory have been physically verified by
the management at reasonable intervals.
(b) In our opinion and according to information and explanation given
to us 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.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Company Act, 1956.
(a) The company has not granted loans to companies firm or other
parties listed in the register maintained Under Section 301 of the Act.
The company has taken unsecured loans from Companies firm or other
parties covered in the registered maintained under section 301 of the
Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
Company.
(c) In respect of the aforesaid loans, the interest payment are regular
as per the stipulation and repayment of loans are regular as per the
stipulation.
(d) In respect of the aforesaid loans, there were no overdue amounts.
(e) The company has not granted any loans, secured or unsecured to
companies, firms and other parties covered in the register maintained
Under Section 301 of clauses (f) and (g) are not applicable to the
Company.
4. In our opinion and according to the information and explanation
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 also for the sale of goods.
During the course of our audit, we have not observed any major
weaknesses in internal controls, requiring corrections.
5. In respect of transaction under section 301 of the Company Act,
1956.
(a) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
Under Section 301 of the Company Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transaction of purchase of goods and material
and sales of goods, material and services made in pursuance of contract
or arrangement entered in the register maintained under section 301 of
the Companies Act, 1956
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
Under Section 58 A of the Companies Act, 1956.
7. In our opinion the Company has an adequate Internal Audit System
commensurate with size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records Under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products of the company.
9. In respect of statutory due:
(a) According to the information and explanations given to us and
records examined by us, the Company is generally regular in depositing,
with the appropriate authorities, undisputed statutory dues in respect
of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax ,
provident fund etc.
(b) According to the records of the company, there were no undisputed
amount payable in respect of income-tax, wealth-tax, customs-duty and
excise-duty outstanding as at 31sl March 2010 for a period of more than
six months from the date they become payable. An amount of Rs. 23.24 is
outstanding for more than six months with respect to the Provident
Fund, ESIC, Sales-Tax etc.
10. The company has accumulated losses of Rs. 135.76 lacs . During the
financial year covered by our report the company has incurred cash loss
of Rs. 66.28 lacs. The company has incurred cash losses of Rs 24.20
Lacs in the immediately preceeding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to the financial institutions, bank or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit find or a nidhi / mutual
benefit fund / society. Therefore, clause 4 (xiii) of the companies
(Auditors Report) order 2003 is not applicable to the company.
14. The Company is not dealing in shares securities debentures and
other investments. According the Provision of clause 4 (xiv) of the
companies (Auditors Report) order 2003 are not applicable to the
Company.
15. The company has given guarantee for loans taken by others from
banks or financial institutions. According to the information and
explanation given to us we are of the opinion that the terms and
conditions on which the company has given guarantee for loans taken by
others are not prima facie prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, on an overall basis, the funds raised have been applied
for the purpose for which they were obtained or pending for the actual
application were deployed for working capital purposes transitorily.
17. According to the information and explanation given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that the Company has not utilized short term sources towards
repayment of long term borrowing and acquisition of fixed assets and
vice-versa.
18. During the year, the Company has rrot made any 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. Therefore the clause 4
(xix) of the companies (Auditors Report) order 2003, is not applicable
to the company.
20. The Company has not raised money by way of public issue during the
year covered by our audit report.
21. In our Opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the course of our Audit.
PLACE :RAIPUR SADANI & SINGHI
DATED :31/05/2010 CHARTERED ACCOUNTANTS
VINOD SADANI
PARTNER
(M.NO. 73007 )