Mar 31, 2015
We have audited the accompanying financial statements of Panther
Industrial Products Ltd (the "Company"), which comprise the Balance
Sheet as at 31st March, 2015, and the Statement of Profit and Loss 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 Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance and cash flow of the Company in
accordance with the Accounting Standards referred to in Section 133 of
the Companies Act, 2013, (the "Act*) read with rule 7 of Companies
(Accounts) Rules, 2014 and in accordance with the accounting principles
generally accepted in India. The Company's Management is responsible
for maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the respective assets of the
Company and for preventing and detecting frauds and other
irregularities; the selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error, which have been used for
the purpose of preparation of these financial statements by the
Management of the Company.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit While conducting the audit, we have taken
into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making - those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted In
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31' March, 2015,
(b) In the case of the Statement of Profit and Loss, of the loss for
the year ended on that date.
and
(c) in the case of cash flow statement, of the cash flows for the year
ended on that date. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 (the
"Order") issued by the Central Government in terms of section 143(11)
of the Companies Act, 2013, based on the comments in the auditors'
report of the Company. We annex hereto a statement on the matters
specified In paragraphs 3 and 4 of the Order.
2. Asrequiredbysection143(3)of the Act, were port that
(a) We have obtained ail 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 so far as appears from our examination of such books;
(i) Reference is invited to note 8(8) and (9) in the significant
accounting policies and Notes on Accounts (Notes A &B)to the balance
sheet regarding Trade receivable and long-term loans and advances
considered good and recoverable by the management Rs 10,02,22,765 and
Rs 6,92,75,000 due from certain companies. Though the Company is
confident of recovery, in view of huge losses and uncertainty In the
business operations of such companies, we are unable to express an
opinion with regard to recoverability of such advances,
(ii) In view of our comments in para above, the said accounts, read
with the Notes to Accounts appearing in the Significant Accounting
Policies and Notes on Accounts (Notes A &B) to the balance sheet give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(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 and Statement of Profit and Loss
and Cash flow Statement comply with the Accounting Standards referred
to in Section 133 of the Companies Act 2013 read with rule 7 of
Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors
as on 31" March, 2015, and 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
1. (a) The Company has main maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b)The fixed assets were physically verified by the management during
the year. According to the information and explanations given to us, no
material discrepancies were noticed by the Management on such
verification.
2. In our opinion and according to the information and explanations
given to us, the Company has not made any purchase of inventories
during the year. Therefore, the provisions of the clause 2 of the order
are not applicable to the Company.
3. (a) The Company has granted an unsecured loan to a company covered
in the Begetter maintained under section 301 of the companies Act, 1956
and the year ended balance is Rs 6,80,81,319.
(b)The rate of interest and other terms and conditions on which loans
are given are not, prima fade prejudicial to the interest of the
Company.
(c) The Company has taken interest-free unsecured loans from a company
covered in the register maintained under section 301 of the Companies
Act, 1956. There are no transactions during the year and the year ended
balance Is Rs. 1,35,000.
(d) The rate of interest and other terms and conditions on which loans
have been taken are not, prima facie, prejudicial to the interest of
the Company.
(e) There is no repayment schedule specified for the principal amounts
of loans taken and the said loans are interest free.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and the sale of goods and
services. During the course of our audit we have not observed any major
weaknesses in internal control systems of the Company.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit during the year.
Therefore, the provisions of the clause 3(v) of the order are not
applicable to the Company.
6. The provisions of the clause 3(vi) of the order are not applicable
to the Company as, the company is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. (a) According to the information and explanations given to us, the
Company is generally regular in depositing the undisputed statutory
dues including provident fund, employees' state insurance, investor
education and protection fund, income-tax, sales tax, wealth tax,
custom duty, excise duty, cess and other statutory dues, where
applicable with the appropriate authorities.
(b) According to the information and explanations given to us,
particulars of dues income-tax as at 31st March, 2015, which has not
been deposited on account of dispute is as under -
Name of
the statue Nature of dues Amount (Rs) Period to
which the Forum before
amount which the
relates dispute is
pending
Income-tax
Act 1961 Income-tax
demand 1,32,28.720 A.Y.2001-02 CIT(A)
Income-tax
Act, 1961 Income-tax
penalty 1,21,56,829 A.Y.2001-02 CIT(A)
(c) The Company is requiring to transfer certain amount to investor
education and protection fund, however the same is not transferred to
the fund till date.
8. The Company has incurred accumulated losses at the end of the
financial year but are not exceeding fifty percent of its net worth and
has not incurred cash losses in the financial year under report and in
the immediately preceding financial year.
9. The Company has not raised any loan from
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions, whereof the terms and conditions are
prejudicial to the interest of the Company.
11 .The Company has not obtained any term loans during the year.
12.According to the information and explanations given to us, there has
been no fraud by the Company and no material fraud on the Company has
been noticed or reported during the year.
For S. KUMAR JAIN & CO
Chartered Accountants
Firm RegJto. 131314W
SAMJAY JAIN
Proprietor
Mumbai, 15th May. 2015 Membership no 39938
Mar 31, 2014
We have audited the accompanying financial statements of Panther
Industrial Products Ltd (the "Company''), which comprise the Balance
Sheet as at 31st March, 2014, and the Statement of Profit and Loss for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Managements Responslbillty for the Flnancial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance of the Company in accordance with
the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956 (the "Act*) (which continue to be applicable in
respect of Section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs) and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management as weB as evaluating the overall
presentation of me financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) ln the case of me Balance Sheet of mestete of affairs of the
Companyas at 31st,March, 2014,
(b) ln the ease of the Statement of Profit tar loss,of the loss or the
year and
(c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 Issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
2. As required by sectton 227(3) of the Act,were port that
(a) We have obtained aH the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinfon proper books of account as required by law have been
kepts of aras appears from our examination of such books;
(i) Reference is invited tonoteB(8) and (9) in the significant
accounting policies and Notes on Accounts (Notes A &B) to the balance
sheet regarding sundrydebtors andbans andadvances considered good and
recoverable bythe management Rs 9,37,94,054 andRs 7,78,25,000 due from
certain companies. Though the Company Is confident of recovery, in view
of huge losses and uncertainty in the business operations of such
companies, we are unable to express an opinion wHh regard to
recoverabBity of such advances.
(II) In view of our comments in para above, the said accounts, read
with the Notes to Accounts appearing in the Significant Accounting
Policies and Notes on Accounts (Notes A &B) to the balance sheet give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(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 complies with the Accounting Standards referred to
in subsection (3C) of section 211 of the Companies Act, 1956 (which
continue to be applicable in respect of Section 133 of the Companies
Act, 2013 in terms of General Circular 15/2013 dated September 13, 2013
of the Ministry of Corporate Affairs).
(e) On the basis of written representations received from the directors
as on 31" March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31* March, 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 AUDITORS'' REPORT (Referred to In paragraph (2) of our
Report of even date)
1. The nature of Company''s activities during the year under report
have been such that the requirements of clauses 4 (ii) and (xiii) of
the Order are not applicable to the Company.
2. (a) The Company has maintantained proper records showing ful
particulars, including quantitative details and situation of fixed
assetes.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year. We are informed that no material discrepancies were noticed by
the management on such verification.
3. (a) The Company has granted an unsecured loan, to a company covered
in Ihe Register maintained under section 301 oflhe companies Act, 1956
and the year ended balance is Rs 7,78,25,000.
(b)The rate of interest and other terms and conditions on which loans
are given are not, prima facto prejudicial to the interest of the
Company.
(c) The Company has taken interest-free unsecured loans from a company
covered in the register maintained under section 301 of the Companies
Act, 1956. There are no transactions during the year and the yearended
balance is Rs. 1,35,000.
(d) The rate of Merest and other terms and conditions on which loans
have been taken are not, prima facie, prejudicial to the interest of
the Company.
(e) There is no repayment schedule specified for the principal amounts
of loans taken and the said loans are interest free.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to sale of
goods. However, during the year mere Is no purchase of inventory,
andsale of goods andtherefore we have neither come across nor we have
been informed of any weakness in internal control.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year.
6. In our opinion and according to the hlbmiation art explanations
given to us, deposit from the pubic within the meaning of sections 58-A
and 58AA or ariy other relevant provisions of the CompaniesAct, 1956
arid the rules framed there under.
7. The Company does not have a formal internal audit systems.The
Company has no internal audit system. However, in our opinion, the
internal controls and Internal checks installed by the Management
adequately serve as substitutes for internal audit systems.
8. The Central Government has not prescribed maintenance of cost
records under section 209(1 Kd) of the Act
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including provident fund, employees'' state insurance, investor
education and protection fund, income-tax, sales tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues
with appropriate authorities where applicable. There are no arrears of
outstanding statutory dues as at the last day of the relevant period
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us,
particulars of dues income-tax as at 31st March, 2014, which has not
been deposited on account of dispute is as under -
Name of the statue Nature of Amount (Rs) Period to which Forum before
dues the amount which
relatesthe dispute Is
pending
Income-tax Act, Income-tax 1.32,28.720 A.Y2001-02 CIT(A)
1961 demand
Income-tax Act, Income-tax 1,21.58.829 A.Y.2001-02 CIT(A)
1961 penealty
10.The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the financial year under
report and in the immediately preceding financial year.
11. The Company has not raised any ban from financial hsfiuttan or
rjanJc or on a^ paragraph 4 is nctappfcable.
12-According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures and other securities.
13. There are no transactions and contracts in respect of shares,
securities, debentures and other investments. All investments are held
bythe Company in Its own name except to the extent and for reason
specified in the footnote to Note B(7) in (he Significant Accounting
Policies and Notes on Accounts (Notes A &B)tothebalancesheet
14 According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from any
bank or financial InsVbMon. However, the Company has pledged securities
for loans obtained by associate concerns from a bank
15.The Company has not obtained any term loans during the year.
16.The Company has not raised any funds on short-term basis.
17.The Company has not made any preferential allotment of shares during
the year.
18.The Company has not issued any debentures and hence, the question of
creating any security or charge in respect thereof does notarise.
19.During the period, the Company has not raised money by public issue.
20 According to the information and explanations giveri to lis,
twfrauxicfl or by ttieCorrtpany has been noticed or reported during the
period.
For S.KUMAR JAIN & CO
Chartered Accountants
Finn Reg.No. 131314
SAN JAY JAIN
Proprietor
Mumbai. 30th May, 2014 Membership no 39938
Mar 31, 2013
We have audited the attached balance sheet of Panther Industrial
Products Ltd as at 31st March, 2013 and also the annexed statement of
profit and loss and the cash flow statement of the Company for the year
ended on that date. These financial statements are the responsibility
of the Company''s management Our responsibility is to express an opinion
on these financial statements based on our audit
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
induces examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by The Companies (Auditor''s Report) Order, 2003 issued
by the Scent: al Government in terms of section 227(4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
3. Further, to our comments in paragraph 2 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 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 the
books;
(c) The Balance Sheet, Statement of Profit and Loss and cash flow
statement dealt with by the 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 complies in all material respect with Accounting
Standards referred to in Section 211 (3C) of the Companies Act1956;
(e) On the basis of written representations received from the directors
of the Company as at 31st March, 2013 and taken on record by the Board
of Directors, we report that no director is disqualified from being
appointed as director of the Company under clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts subject to -
(i) Refer Note B(8) and (9) in the Significant Accounting Policies and
Notes on Accounts (Notes A & B) to the balance sheet regarding sundry
debtors and loan s and advances considered good and recoverable by the
management Rs 9,97,94,054 and Rs 7,78,25,000 due from certain
companies. Though the Company is confident of recovery, in view of huge
losses and uncertainty in the business operations of such companies, we
are unable to express an opinion with regard for recoverability of such
advances.
(ii) In view of our comments in para above, the said accounts, read
with the Notes to Accounts appearing in the Significant Accounting
Policies and Notes on Accounts (Notes A&B)to the balance sheet give a
true and fair view in conformity with the accounting principles
generally accepted in India:
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, 2013.
(ii) in the case of the Statement of Profit and Loss, of the loss for
the year ended on that date.
and
(iii) in the case of cash flow statement, of the cash flows for the
year ended on that date.
1. The nature of Company''s activities during the year under report
have been such that the requirements of clauses 4 (ii) and (xiii) of
the Older are not applicable to the Company.
2. (a) The Company maintantained proper records showing 4ul
particulars, including quantitative details and situation of fixed
assets. (b) According to the Information and explanations given to
us, the fixed assets have been physically verified by the management
during the year. We are informed that no material discrepancies were
noticed by the management on such verification.
3. (A) The Company has granted an unsecured loan, to a company covered
h the Register maintained under section 301 of the companies Act, 1956
and tie year ended balance is Rs 7,78,25,000.
(b) The rate of interest and other terms and conditions on which loans
are given are not, prima fade prejudicial to the interest of the
Company.
(c) The Company has taken interest-free unsecured loans from a company
covered in the register maintained under section 301 of the Companies
Act, 1956. There are no transactions during the year and the year ended
balance is Rs. 1,35.000.
(d) The rate of Interest and other terms and conditions on which loans
have been taken are not, prima fade, prejudicial to the interest of the
Company.
(e) There is no repayment schedule specified for the principal amounts
of loans taken and the said loans are interest free.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, taxed assets and with regard to sale of
goods. However, during the year there is no purchase of inventory, and
sale of goods and therefore we have ne Kher come across nor tire have
been informed of any madness in lateral control.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act 1956 have been so entered.
(b) In our opinion end according to the Information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year.
6. In our opinion and according to the Information and explanations
given to us, the Company has not accepted any deposit tom the public
within the mean of sections 56Aand 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules tamed there under.
7. The Company does not have a forma! internal audit systems. that
Company has no internal audit system. However, in our opinion, the
internal controls and internal checks installed by the Management
adequately serve as substitutes for internal audit systems.
8. The Central Government has not prescribed maintenance of cost
records under section 209(1 Xd) of the Act
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including provident fund, employees'' state insurance, investor
education and protection fund, Income-tax, sales tax, wealth tax,
service tax, custom duty, excise duty, cess and obiter statutory dues
with appropriate authorities where applicable. There are no arrears of
outstanding statutory dues as at the last day of the relevant period
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us,
particulars of dues income-tax as at 31st Match. 2013, which has not
been deposited on account of dispute is as under-
Name of
the statue Nature of dues Amount (Rs) Period to
which the Forum before
which
amount
relates the dispute
is pending
Income-tax
Act, 1961 Income-tax demand 2.49,74,079 A.Y.2001-02 CIT(A)_
Income-tax
Act 1961 Income-tax penalty 1,21,58,829 A.Y.2001-02 CIT(A)
10. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the financial year under
report and in the immediately preceding financial year.
11.1he Convey has not raise dray loan from final dells & 4ionor bank or
on debentures and hence, cause(]d) of paragraph 4 is not applicable.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures and other securities.
13. There are no transactions and contracts in respect of shares,
securities, debentures and other investments. At investments are held
by the Company in its own name except to the extent and for reason
specked In (fie footnote to Note 6(7) in the Significant Accounting
Policies and Notes on Accounts (Notes AtB) to the balance sheet
14. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from any
bank or financial Institution. However, the Company has pledged
securities for loans obtained by associate concerns from a bank.
15. The Company has not obtained any tern loans during the year.
16. The Company has not raised any funds on short-term basis.
17. The Company has not made any preferential allotment of shares
during the year.
18. The Company has not Issued any debentures and hence, the question
of creating any security or charge in respect thereof does not arise.
19. During the period, the Company has not raised money by public
issue.
20. According to the information and explain funs given to us, no fraud
on or by the Company has been noticed or reported during the period.
For S. KUMAR JAIN 4 CO
Chartered Accountants
Firm Reg.No.131314
SANJAY JAIN
Proprietor
Mumbai, 30th May, 2013
Mar 31, 2012
We have audited the attached balance sheet of Panther Industrial
Products Ltd as at 31st March, 2012 and also the annexed profit and
loss account and the cash flow statement of the Company for the year
ended on that date. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on ouraudit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that ouraudit provides a reasonable
basis for our opinion.
2. As required by The Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
3. Further, to our comments in paragraph 2 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 purposes of
ouraudit;
(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 the
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 complies in all material respect with Accounting
Standards referred to in Section 211(3C) of the CompaniesAct,1956;
(e) On the basis of written representations received from the directors
of the Company as at 31st March, 2012 and taken on record by the Board
of Directors, we report that no director is disqualified from being
appointed as director of the Company under clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the accounts subject to -
(i) Refer Note B(8) and (9) in the Significant Accounting Policies and
Notes on Accounts (Notes A & B) to the balance sheet regarding sundry
debtors and loans and advances considered good and recoverable by the
management Rs 9,97,94,054 and Rs 7,78,25,000 due from certain
companies. Though the Company is confident of recovery, in view of huge
losses and uncertainty in the business operations of such companies, we
are unable to express an opinion with regard to recoverability of such
advances.
(ii) In view of our comments in para above, the said accounts, read
with the Notes to Accounts appearing in the Significant Accounting
Policies and Notes on Accounts (Notes A & B) to the balance sheet give a
true and fair view in conformity with the accounting principles
generally accepted in India: 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, 2012.
(ii) in the case of the Profit and Loss Account, of the loss for the
Year ended on that date. and
(iii) in the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph (2) of our
Report of even date)
1. The nature of Company's activities during the year underreport have
been such that the requirements of clauses4(ii) and (xiii)of the Order
are not applicable to the Company.
2. (a) The Company has maintantained proper records showing full
particulars, including quantitative details and situation of fixed
assetes. (b) According to the information and explanations given to
us, the fixed assets have been physically verified by the management
during theyear. We are informed that no meterial discrepancies were
noticed bythe management on such verification.
3. (A) The Company has granted an unsecured loan, to a company covered
in the Register maintained under section 301 of the companies Act, 1956
and the year ended balance is Rs 7,78,25,000.
(b) The rate of interest and other terms and conditions on which loans
are given are not, prima facie prejudicial to the interest of the
Company.
(c) The Company has taken interest-free unsecured loans from a company
covered in the register maintained under section 301 1956.There are
1,35,000.
(d) The rate of interest and other terms and conditions on which loans
have been taken are not, prima facie, prejudicial to the
. of loans taken and the said loans are interestfree.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems
8. The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Act.
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed
statutory dues including provident fund, employees' state insurance,
investor education and protect x months from the date they become payable.
(b) income-tax as at 31st March, 2012, which has not
been deposited on account of dispute is as under-
Name of the
statue Nature of dues Amount (Rs) Period to
which the Forum before
which
amount
relates the dispute
is pending
Income-
tax Act,
1961 Income-tax
demand 2,49,74,079 A.Y.2001-02 CIT(A)
Income-tax
Act, 1961 Income-tax
penalty 1,21,58,829 A.Y.2001-02 CIT(A)
10. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the financial year under
report and inthe immediately preceding financial year.
11. The Company has not raised any loan from financial institution or
bank or on debentures and hence, clause (xi) of paragraph 4 is not
applicable.
12.According to the 16. The Company has not raised anyfunds on
short-term basis.
20. According to the information andexplanations given to us, nofraud
on orbytheCompany has been noticed orreported duringthe period.
For S. KUMAR JAIN & CO
Chartered Accountants
SANJAY JAIN
Proprietor
Mumbai. 29th Mav. 2012
Mar 31, 2009
We have audited the attached balance sheet of Panther Industrial
Products Ltd as at 31st March, 2009 and also the annexed profit and
loss account and the cash flow statement of the Company for the year
ended on that date. These financial statements are the responsibility
of the CompanyÃs management. Our responsibility is to express an
opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by The Companies (AuditorÃs Report) Order, 2003 issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
3. Further, to our comments in paragraph 2 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 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 the
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 complies in all material respect with Accounting
Standards referred to in Section 211(3C) of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
of the Company as at 31st March, 2009 and taken on record by the Board
of Directors, we report that no director is disqualified from being
appointed as director of the Company under clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the 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, 2009.
(ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
and
(iii) in the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph (2) of our Report of even date)
1. The nature of CompanyÃs activities during the year under report
have been such that the requirements of clauses 4 (ii) and (xiii) of
the Order are not applicable to the Company.
2. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year. We are informed that no material discrepancies were noticed by
the management on such verification.
(c) The Company has not disposed off a substantial part of the fixed
assets during the year.
3. (a) The Company has granted an unsecured loan, to a company covered
in the Register maintained under section 301 of the Companies Act, 1956
and the year ended balance is Rs 7,78,25,000.
(b) The rate of interest and other terms and conditions on which loans
are given are not prima facie prejudicial to the interest of the
Company
(c) The Company has taken interest-free unsecured loans from two
companies covered in the register maintained under section 301 of the
Companies Act, 1956. There are no transactions during the year and the
year ended balance is Rs 7,20,20,583.
(d) The rate of interest and other terms and conditions on which loans
have been taken are not, prima facie, prejudicial to the interest of
the Company.
(e) There is no repayment schedule specified for the principal amounts
of loans taken and the said loans are interest-free.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to sale of
goods. However, during the year there is no purchase of inventory,
fixed assets and sale of goods and therefore we have neither come
across nor we have been informed of any weakness in internal control.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the public
within the meaning of sections 58-A and 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed thereunder.
7. The Company does not have a formal internal audit systems.
8. The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Act.
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
including provident fund, employeesà state insurance, investor
education and protection fund, income-tax, sales tax, wealth tax,
service tax, custom duty, excise duty, cess and other statutory dues
with appropriate authorities where applicable. There are no arrears of
outstanding statutory dues as at the last day of the relevant period
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us,
particulars of dues income-tax as at 31st March, 2009, which has not
been deposited on account of dispute is as under -
Name of the Period to which Forum before
Statue Nature of Amount the amount which the dispute
dues (Rs) relates is pending
Income-tax Income-tax
Act, 1961 demand 2,49,74,079 A.Y.2001-02 CIT(A)
10. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the financial year under
report and in the immediately preceding financial year.
11. The Company has not raised any loan from financial institution or
bank or on debentures and hence, clause (xi) of paragraph 4 is not
applicable.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures and other securities.
13. The Company has maintained proper records of the transactions and
contracts in respect of shares, securities, debentures and other
investments and has also made timely entries therein. All investments
are held by the Company in its own name except to the extent and for
reason specified in the footnote of Schedule D annexed to the accounts.
14. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from any
bank or financial institution. However, the Company has pledged
securities for loans obtained by associate concerns from a bank.
15. The Company has not obtained any term loans during the year.
16. The Company has not raised any funds on short-term basis.
17. The Company has not made any preferential allotment of shares
during the year.
18. The Company has not issued any debentures and hence, the question
of creating any security or charge in respect thereof does not arise.
19. During the period, the Company has not raised money by public
issue.
20. According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the period.
For S. KUMAR JAIN & CO
Chartered Accountants
Sd/-
SANJAY JAIN
Proprietor
Membership no 39938
Mumbai, 29th June, 2009