Auditor Report of Paushak Ltd.
Mar 31, 2022
Paushak Limited
Report on the Audit of the Financial Statements Opinion
We have audited the financial statements of Paushak Limited, which comprise the Balance Sheet as at 31st March, 2022, and the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (The Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2022, and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There is no key audit matter to communicate in our report.
Information Other than the Financial Statements and Auditorâs Report thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Corporate Governance and Shareholder''s Information but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
We have been provided the aforesaid reports and based on the work we have performed, we did not observe any material misstatement of this other information and accordingly, we have nothing to report in this regard.
Managementâs Responsibility for the Standalone Financial Statements and for Internal Financial control over Financial Reporting
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards (Ind AS) specified under section 133 of the Act read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
The Company''s Management is responsible for establishing and maintaining internal financial controls based on essential components of the internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company''s financial reporting process.
Auditorâs Responsibilities for the Audit of the Financial Statements
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Meaning of Internal Financial Controls Over Financial Reporting
A Company''s internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure âAâ, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules issued thereunder.
(e) On the basis of the written representations received from the directors as on 31st March, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) In our opinion considering nature of business, size of the operation and organizational structure of the entity, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 st March, 2022 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements -Refer item B of Note 31 to Financial Statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv.
(a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain any material misstatement.
v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in compliance with section 123 of the Companies Act, 2013.
The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
For Maloo Bhatt & Co.
Chartered Accountants (FRN: 129572W)
CA. Yash Bhatt
Partner
Place: Vadodara M No. 117745
Date: 06th May, 2022 UDIN: 22117745AIRTNZ8478
Mar 31, 2019
INDEPENDENT AUDITOR''S REPORT
To the Members of
Paushak Limited
Report on the Audit of the Financial Statements Opinion
We have audited the financial statements of Paushak Limited, which comprise the Balance Sheet as at 31 March, 2019, and the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (The Act) in the manner so required and give a true and Fairview in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidences we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There is no key audit matter to communicate in our report.
Information Other than the Financial Statements and Auditor''s Report Thereon
The Companyâs Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexures to Boardâs Report, Corporate Governance and Shareholderâs Information, but does not include the financial statements and our auditorâs report thereon.
Management Discussion and Analysis, Boardâs Report including Annexures to Boardâs Report, Corporate Governance and Shareholderâs Information are expected to be made available to us after this Auditorâs Report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards (Ind AS) specified under section 133 of the Act read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the Companyâs financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bearon our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure âAâ, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued thereunder.
(e) On the basis of the written representations received from the directors as on 31st March, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2019 from being appointed as a director in terms of Section 164(2) of the Act.
(f) The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operating effectively as at 31st March, 2019, based on the internal control over financial reporting criteria established by the Company.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
(h) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements -Refer item B of Note 30 to Ind AS financial statements
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
Hi. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
(referred to paragraph 1 under âreport on other legal and regulatory requirementsâ of our report of even date on the accounts forthe year ended on 31st March, 2019 of Paushak limited)
1. In respect of its fixed assets :
(a) The Company has maintained records showing particulars, including quantitative details and general location of fixed assets.
(b) During the year, part of the fixed assets has been physically verified by the management in accordance with a phased programme of verification which, in our opinion is reasonable and to cover all the items of fixed assets over a period of three years having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, there was no material discrepancies noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2. As explained to us, all the inventory of the Company has been physically verified by the management at reasonable intervals and at the year-end. In our opinion, the frequency of the verification is reasonable. According to the information and explanations given to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
4. According to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.
5. According to information and explanations given to us, the Company has not accepted any deposits during the year.
6. To the best of our knowledge and explanations provided by the management, the maintenance of cost records has been prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 and are maintained accordingly.
7. According to the information and explanations given to us in respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory dues, including Provident fund, Employeesâ State Insurance, Income Tax, Goods & Services Tax, duty of customs, cess and other statutory dues to the appropriate authorities during the year. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of statutory dues which has remained outstanding as at 31st March, 2019for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis the records produced before us by the Company, except for the cases stated below, there are no undisputed amounts payable in respect of income tax / sales tax / service tax / customs duty / wealth tax / excise duty / cess, which have not been deposited on account of any dispute.
|
Nature of |
Nature of |
Amount under |
Period to |
Forum where |
|
Statute |
Dues |
dispute not yet |
Which the |
Dispute is |
|
deposited |
Amount relates |
Pending |
||
|
The Service Tax (Finance Act, 1994) |
Service Tax Credit on GTA |
2,20,226/- |
Jan-17 to Jun-17 |
Tribunal, Ahmedabad |
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to a financial institution, bank or Government. The Company has not obtained any borrowings by way of debentures.
9. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us, we have not noticed or reported any fraud by the company or any fraud on the Company by its officers or employees during the year.
11. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.
12. This clause of the Companies (Auditorâs Report) Order, 2016 is not applicable to the Company as the company is not a Nidhi Company.
13. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
14. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with.
16. This clause of the Companies (Auditorâs Report) Order, 2016 is not applicable to the Company as the company is not a required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For Maloo Bhatt & Co.
Chartered Accountants
(F.R.N0.129572W)
CA. Yash Bhatt
Place: Vadodara Partner
Date:6th May, 2019 MNo.117745
Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of PAUSHAK LIMITED, which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting (Ind AS) 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 of the financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 dated 29th March, 2016, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act with relevant rules issued thereunder.
(e) On the basis of the written representations received from the directors as on 31st March, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
(f) The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Item B of Note 31 to the Ind AS financial statements.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED TO PARAGRAPH 1 UNDER âREPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTSâ OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 31st MARCH, 2018 OF PAUSHAK LIMITED, BARODA.
1. In respect of its fixed assets :
(a) The Company has maintained records showing particulars, including quantitative details and general location of fixed assets.
(b) During the year, part of the fixed assets has been physically verified by the management in accordance with a phased programme of verification which, in our opinion is reasonable and to cover all the items of fixed assets over a period of three years having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, there was no material discrepancies noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2. As explained to us, all the inventory of the Company has been physically verified by the management at reasonable intervals and at the year-end. In our opinion, the frequency of the verification is reasonable. According to the information and explanations given to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
4. According to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.
5. According to information and explanations given to us, the Company has not accepted any deposits during the year.
6. To the best of our knowledge and explanations provided by the management, the maintenance of cost records has been prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 and are maintained accordingly.
7. According to the information and explanations given to us in respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory dues, including Provident fund, Employeesâ state Insurance, Income Tax, Goods and Services Tax, Sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues to the appropriate authorities during the year. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of statutory dues which has remained outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis the records produced before us by the Company, except for the cases stated below, there are no undisputed amounts payable in respect of income tax / sales tax / Service tax / customs duty / wealth tax / excise duty / cess, which have not been deposited on account of any dispute.
|
Name of statute |
Nature of Dues |
Amount under dispute not yet deposited (Rs.) |
Period to which the amount relates |
Forum where dispute is pending |
|
The Service Tax (Finance Act, 1994) |
Service Tax Credit on GTA |
6,73,652/- |
July 2015 to December 2016 |
Tribunal, Ahmedabad |
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to a financial institution, bank or Government. The Company has not obtained any borrowings by way of debentures.
9. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us, we have not noticed or reported any fraud by the company or any fraud on the Company by its officers or employees during the year.
11. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. This clause of the Companies (Auditorâs Report) Order, 2016 is not applicable to the Company as the company is not a Nidhi Company.
13. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
14. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with.
16. This clause of the Companies (Auditorâs Report) Order, 2016 is not applicable to the Company as the company is not required to be registered under section 45-lA of the Reserve Bank of lndia Act, 1934.
For Maloo Bhatt & Co.
Chartered Accountants
F R No. 129572W
CA. Yash Bhatt
Place: Vadodara Partner
Date: 17th May, 2018 M No. 117745
Mar 31, 2017
INDEPENDENT AUDITORâS REPORT
To The Members of
Paushak Limited
Report on the Financial Statements
We have audited the accompanying financial statements of PAUSHAK LIMITED, which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March,
2017, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 dated 29.03.2016, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2017 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164(2) of the Act.
(f) The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operating effectively as at 31st March, 2017, based on the internal control over financial reporting criteria established by the company.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 3 of Y to the financial statements
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
(iv) The Company has provided requisite disclosures in the financial statements as to holding and dealing in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and these are in accordance with the books of accounts maintained by the company.
1. In respect of its fixed assets:
(a) The Company has maintained records showing particulars, including quantitative details and general location of fixed assets.
(b) During the year, part of the fixed assets has been physically verified by the management in accordance with a phased programme of verification which, in our opinion is reasonable and to cover all the items of fixed assets over a period of three years having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, there was no material discrepancies noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2. As explained to us, all the inventory of the Company has been physically verified by the management at reasonable intervals and at the year-end. In our opinion, the frequency of the verification is reasonable. According to the information and explanations given to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
4. According to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.
5. According to information and explanations given to us, the Company has not accepted any deposits during the year.
6. To the best of our knowledge and explanations provided by the management, the maintenance of cost records has been prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 and are maintained accordingly.
7. According to the information and explanations given to us in respect of statutory and other dues:
(a) The Company has been regular in depositing undisputed statutory dues, including Provident fund, Employees'' state Insurance, Income Tax, Sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues to the appropriate authorities during the year. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of statutory dues which has remained outstanding as at 31st March, 2017 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis the records produced before us by the Company, except for the cases stated below, there are no undisputed amounts payable in respect of income tax / sales tax / Service tax / customs duty / wealth tax / excise duty / cess, which have not been deposited on account of any dispute.
|
Name of statute |
Nature of Dues |
Amount under dispute not yet deposited (?) |
Period to which the amount relates |
Forum where dispute is pending |
|
The Service Tax (Finance Act, 1994) The Income Tax Act, 1961 |
CENVAT credit taken on outward freight GTA Income tax |
56,433/ 2,13,899/- |
Oct 06 to Dec 07 F.Y. 2010-11 |
Commissioner of Excise, Custom and Service Tax, Vadodara. Income Tax Appellate Tribunal, Ahmadabad. |
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to a financial institution, bank or Government. The Company has not obtained any borrowings by way of debentures.
9. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us, we have not noticed or reported any fraud by the company or any fraud on the Company by its officers or employees during the year.
11. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. This clause of the Companies (Auditor''s Report) Order, 2016 is not applicable to the Company as the company is not a Nidhi Company.
13. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
14. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with.
16. This clause of the Companies (Auditor''s Report) Order, 2016 is not applicable to the Company as the company is not a required to be registered under section 45-lA of the Reserve Bank of India Act, 1934.
For Maloo Bhatt & Co.
Chartered Accountants
F R No. 129572W
Sd/-
CA. Yash Bhatt
Date: 10th May, 2017 Partner
Place: Vadodara M No. 117745
Notes forming part of Accounts:
Mar 31, 2016
To The Members of Paushak Limited
Report on the Financial Statements
We have audited the accompanying financial statements of PAUSHAK LIMITED, which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 dated 29.03.2016, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164(2) of the Act.
(f) The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operating effectively as at 31st March, 2016, based on the internal control over financial reporting criteria established by the Company.
(g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 3 of AA to the financial statements
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company
ANNEXURE REFERRED TO PARAGRAPH 1 UNDER âREPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTSâ OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 31st MARCH, 2016 OF PAUSHAK LIMITED, VADODARA.
1. In respect of its fixed assets :
(a) The Company has maintained records showing particulars, including quantitative details and general location of fixed assets.
(b) During the year, all the fixed assets has been physically verified by the management. According to the information and explanations given to us, there was no material discrepancies noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the Company.
2. As explained to us, all the inventory of the Company has been physically verified by the management at reasonable intervals and at the year-end. In our opinion, the frequency of the verification is reasonable. According to the information and explanations given to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.
4. According to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.
5. According to information and explanations given to us, the Company has not accepted any deposits during the year.
6. To the best of our knowledge and explanations provided by the management, the maintenance of cost records has been prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 and are maintained accordingly.
7. According to the information and explanations given to us in respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory dues, including Provident fund, Employees'' state Insurance, Income Tax, Sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues to the appropriate authorities during the year. Based on our audit procedures and according to the information and explanations given to us, there are no arrears of statutory dues which has remained outstanding as at 31st March, 2016 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and on the basis the records produced before us by the Company, except for the cases stated below, there are no undisputed amounts payable in respect of income tax / sales tax / Service tax / customs duty / wealth tax / excise duty / cess, which have not been deposited on account of any dispute.
|
Name of statute |
Nature of Dues |
Amount under dispute not yet deposited (?) |
Period to which the amount relates |
Forum where dispute is pending |
|
The Service Tax (Finance Act, 1994) |
CENVAT credit taken on outward freight GTA |
56,433/- |
Oct 06 to Dec 07 |
Commissioner of Excise, Custom and Service Tax Baroda. |
|
Gujarat Value Added Tax Act, 2005 |
VAT |
2,54,684/- |
F.Y. 2006-07 |
Deputy Commissioner (Appeals) |
|
The Income Tax Act, 1961 |
Income tax |
3,28,230/- |
F.Y. 2011-12 |
Commissioner of Income Tax (Appeal) Baroda. |
|
The Income Tax Act, 1961 |
Income tax |
13,090/- |
F.Y. 2011-12 |
Income Tax Appellate Tribunal Ahmedabad. |
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to a financial institution, bank or Government. The Company has not obtained any borrowings by way of debentures.
9. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us, we have not noticed or reported any fraud by the Company or any fraud on the Company by its officers or employees during the year.
11. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. This clause of the Companies (Auditor''s Report) Order, 2016.is not applicable to the Company as the Company is not a Nidhi Company.
13. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
14. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with.
16. This clause of the Companies (Auditor''s Report) Order, 2016 is not applicable to the Company as the Company is not a required to be registered under section 45-lA of the Reserve Bank of India Act, 1934.
For Maloo Bhatt & Co.
Chartered Accountants
F R No. 129572W
CA. Yash Bhatt
Place : Vadodara Partner
Date : 15th April, 2016 M No. 117745
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Paushak
Limited which comprise the Balance Sheet as at 31st March 2013, the
Statement of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information. Management''s Responsibility for the Financial
Statements The company''s Management is responsible for the preparation
of these financial statements that gives a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the ActÂ). 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 the
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.
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 31st March 2013;
(b) in the case of the Statement of Profit and Loss of the profit of
the company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
company 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 ("the
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c. The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Act.
e. On the basis of written representations received from the directors
as on 31st March, 2013 and taken on record by
the Board of Directors, none of the directors is disqualified as on
31st March, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act. f. Since the Central
Government has not issued any notification as to the rate at which the
cess is to be paid under section 441A of the Act nor has it issued any
Rules under the said section, prescribing the manner in which such cess
is to be paid, no cess is due and payable by the Company.
ANNEXURE REFERRED TO PARAGRAPH 1 UNDER REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR
THE YEAR ENDED ON 31ST MARCH, 2013 OF PAUSHAK LIMITED, BARODA.
1. In our opinion and according to the information and explanations
given to us, the nature of the company''s business/ activities during
the year is such that clause xiii of paragraph 4 of the order is not
applicable to the company.
2. In respect of its fixed assets :
(a) The Company has maintained records showing particulars, including
quantitative details and general location of fixed assets.
(b) Part of the fixed assets have been physically verified by the
management during the year in accordance with a phased programme of
verification which, in our opinion, is reasonable having regard to the
size of the company and the nature of its assets. The discrepancies
noticed on such verification have been properly dealt with in the Books
of Accounts.
(c) The Company has not disposed of any substantial part of its fixed
assets so as to affect its going concern status.
3. (a) As explained to us, all the inventory of the Company has been
physically verified by the management at the year end. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures for the physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of record of inventory, in our
opinion, the company has maintained proper records of its inventories.
According to the information and explanations given to us, there was no
material discrepancies noticed on physical verification of inventory as
compared to the book records.
4. Loans granted/taken by the company:
(a) The Company has granted unsecured loan to company listed in
register maintained under section 301 of the Companies Act, 1956. Total
number of party is 1 (One) and total amount outstanding as at
31.03.2013 is Nil. The maximum amount involved was Rs. 1,00,81,370/-.
(Rupees one crore eighty one thousand three hundred seventy only). The
company has not granted any loans, secured or unsecured, to firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956.
(b) In our opinion and according to information and explanations given
to us, the rate of interest and other terms and conditions for loans
given are prima facie not prejudicial to the interest of the Company.
(d) There is no overdue amount in respect of said loans.
(e) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(f) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, clauses (iii) (f) and (iii)
(g) of paragraph 4 of the Order are not applicable to the company for
the current year.
5. In our opinion and according to explanations given to us, there are
adequate internal control systems commensurate with the size of the
company and nature of its business with regard to purchase of
inventory, fixed assets and sale of goods. During the course of our
audit, we have not observed continuing failure to correct major
weakness in internal controls systems.
6. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 :
(a) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, to the best of our
knowledge and belief and according to the information and explanations
given to us, particulars of contracts or arrangements that needed to be
entered into the register have been so entered.
(b) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, according to the
information and explanations given to us the transactions in pursuance
of such contracts or arrangements have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
the relevant time.
7. During the year the company has not accepted any deposits from the
Public. In our opinion and according to the information and
explanations given to us the company has complied with the provisions
of Section of 58A and 58AA or any other relevant provision of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to deposit accepted from public in earlier years. As
informed to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal.
8. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit function
carried out during the year by the firm of Chartered Accountants
appointed by the Compnay is commensurate with the size of the Company
and nature of its business.
9. We have broadly reviewed the books of accounts maintained by the
company pursuant to the Rules made by the Central Government for
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
10. According to the information and explanations given to us in
respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory
dues, including Provident fund, Employees'' state Insurance, Income Tax,
Sales tax, Wealth tax, Custom Duty, Excise Duty, Cess and Other
Statutory dues with the appropriate authorities during the year. Based
on our audit procedures and according to the information and
explanations given to us, there are no dues which has remained
outstanding as at 31st March, 2013 for a period of more than six months
from the date they became due.
11. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and immediately preceding financial year.
12. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not obtained any borrowings from any financial
institutions or by way of debentures.
13. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the company has not entered any transactions or contracts
relating to dealing or trading in shares, securities, debentures and
other investments during the year. However the Company has made
investments in its own name and proper records have been maintained for
the said investments.
15. According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us the
Company has not taken any term loans during the year.
17. On the basis of the information and explanations given to us and
on an overall examination of the Cash Flow and Balance Sheet of the
company, in our opinion, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
20. The Company has not made any public issues during the year and
therefore the question of disclosing the end use of money does not
arise.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instances of fraud on or
by the company, noticed or reported during the year, nor have he been
informed of such case by the management.
For J.R.S. Patel & Co.
Chartered Accountants
(Firm Registration No.: 107709W)
Kalpesh Parmar
Place : Vadodara Partner
Date : 24th April, 2013 Membership No.: 103887
Mar 31, 2012
1. We have audited the attached Balance Sheet of PAUSHAK LIMITED as at
31st March 2012, Statement of Profit and Loss and also Cash Flow
Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. 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 financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Statement on Companies (Auditors' Report) Order,
2003 as amended by Companies (Auditors' Report) (Amendment) Order,
2004, (together 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.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by the Law
have been kept by the Company so far as appears from our examination of
those books.
iii) 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.
iv) In our opinion, the Balance Sheet, Statement of Profit Loss and
Cash Flow Statement dealt with by this report comply with the
applicable mandatory accounting standards referred to in Sub-Section
(3C) of Section 211of the Companies Act, 1956,
v) On the basis of written representations received from the directors,
as on 31st March 2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes, give the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
(a) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March 2012 and
(b) In the case of statement of Profit and Loss of the profit for the
year ended on that date.
(c) In the case of Cash Flow Statement of the Company for the year
ended on that date.
ANNEXURE REFERRED TO PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH, 2012 OF PAUSHAK LIMITED,
BARODA.
1. In our opinion and according to the information and explanations
given to us, the nature of the company's business/ activities during
the year is such that clause xiii of paragraph 4 of the order is not
applicable to the company.
2. In respect of its fixed assets:
(a) The Company has maintained records showing particulars, including
quantitative details and general location of fixed assets.
(b) During the year, the Company has not carried out physical
verification of the fixed assets. However, the fixed assets are
physically verified under a phased programme of verification at
reasonable intervals, which, in our opinion, is reasonable. As informed
to us the Company is in process of reconciling the book records and
physical records on account of differences noticed during physical
verification of fixed assets conducted during the financial year 2009-
10and accordingly, we are unable to comment on discrepancies, if any
that may be identified.
(c) The Company has not disposed of any substantial part of its fixed
assets so as to affect its going concern status.
3. (a) As explained to us, all the inventory of the Company has been
physically verified by the management at the year-end. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures for the physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of record of inventory, in our
opinion, the company has maintained proper records of its inventories.
According to the information and explanations given to us, there was no
material discrepancies noticed on physical verification of inventory as
compared to the book records.
4. Loans granted/taken by the company:
(a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956.
(b) Since the company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, accordingly, clause 4 (iii)
(b), (c) and (d) of the Order are not applicable to the company.
(c) The Company has not taken any secured or unsecured loans from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, accordingly, clause 4 (iii) (f)
and (g) of the Order are not applicable to the company.
5. In our opinion and according to explanations given to us, there are
adequate internal control systems commensurate with the size of the
company and nature of its business with regard to purchase of
inventory, fixed assets and sale of goods. During the course of our
audit, we have not observed continuing failure to correct major
weakness in internal controls systems.
6. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 :
(a) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, to the best of our
knowledge and belief and according to the information and explanations
given to us, particulars of contracts or arrangements that needed to be
entered into the register have been so entered.
(b) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, according to the
information and explanations given to us the transactions in pursuance
of such contracts or arrangements have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
the relevant time.
7. During the year the company has not accepted any deposits from the
Public. In our opinion and according to the information and
explanations given to us the company has complied with the provisions
of Section of 58A and 58AA or any other relevant provision of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to deposit accepted from public in earlier years. As
informed to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal.
8. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit function
carried out during the year by the firm of Chartered Accountants
appointed by the management is commensurate with the size of the
Company and nature of its business.
9. We have broadly reviewed the books of accounts maintained by the
company pursuant to the Rules made by the Central Government for
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
10. According to the information and explanations given to us in
respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory
dues, including Provident fund, Employees' state Insurance, Income Tax,
Sales tax, Wealth tax, Custom Duty, Excise Duty, Cess and Other
Statutory dues with the appropriate authorities during the year. Based
on our audit procedures and according to the information and
explanations given to us, there are no dues which has remained
outstanding as at 31st March, 2012 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us and on
the basis the records produced before us by the Company, except for the
cases stated below, there are no undisputed amounts payable in respect
of income tax/Service tax/ customs duty/wealth tax/excise duty/cess,
which have not been deposited on account of any dispute are as follows
:
Name of statute Nature of Dues Amount under Period to which
dispute not yet amount relates
deposited (Rs.) is pending
The Central Excise Duty, 1,32,369/- Dec, 1983 to Nov,
Excise and Interest & Penalty 1993
Customs Act
The Central Excise Duty, 6,10,880/- June, 2004 to
Excise and Interest & Penalty March, 2005
Customs Act
The Central Excise Duty, 13,78,800/- 2006-07
Excise and Interest & Penalty
Customs Act
ESI Act 9,15,869/- January, 1997 to
October 2000
Name of statute Forum where dispute
is pending
The Central Customs,Excise and
Excise and Service Tax Applellate
Customs Act Tribunal, Ahmedabad.
The Central Customs,Excise and
Excise and Service Tax Applellate
Customs Act Tribunal, Ahmedabad.
The Central Customs,Excise and
Excise and Service Tax Applellate
Customs Act Tribunal, Ahmedabad.
ESI Act Industrial Tribunal,
Kerala
11. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and immediately preceding financial year.
12. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not obtained any borrowings from any financial
institutions or by way of debentures.
13. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the company has not entered any transactions or contracts
relating to dealing or trading in shares, securities, debentures and
other investments during the year. However the Company has made
investments in its own name and proper records have been maintained for
the said investments.
15. According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us the
Company has not taken any term loans during the year.
17. On the basis of the information and explanations given to us and
on an overall examination of the Cash Flow and Balance Sheet of the
company, in our opinion, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
20. The Company has not made any public issues during the year and
therefore the question of disclosing the end use of money does not
arise.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instances of fraud on or
by the company, noticed or reported during the year, nor have he been
informed of such case by the management.
For J.R.S. Patel & Co.
Chartered Accountants
(Registration No. 107709W)
Kalpesh Parmar
Place : Vadodara Partner
Date : 8th May, 2012 Membership No.: 103887
Mar 31, 2011
1. We have audited the attached Balance Sheet of PAUSHAK LIMITED as at
31st March 2011, Proft and Loss Account and also Cash Flow Statement of
the Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the CompanyÃs
management. Our responsibility is to express an opinion on these
fnancial statements based on our audit.
2. 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
fnancial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and signifcant estimates made
by management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Statement on Companies (Auditorsà Report) Order,
2003 as amended by Companies (Auditorsà Report) (Amendment) Order,
2004, (together the ÃOrderÃ) 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 specifed in
paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by the Law
have been kept by the Company so far as appears from our examination of
those books.
iii) The Balance Sheet, Proft and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, Proft Loss Account and Cash Flow
Statement dealt with by this report comply with the applicable
mandatory accounting standards referred to in Sub-Section (3C) of
Section 211of the Companies Act, 1956,
v) On the basis of written representations received from the directors,
as on 31st March 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualifed as on 31st March 2011
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes, give the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
(a) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March 2011 and
(b) In the case of Proft and Loss Account of the proft for the year
ended on that date.
(c) In the case of Cash Flow Statement of the Company for the year
ended on that date
ANNEXURE REFERRED TO PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH, 2011 OF PAUSHAK LIMITED,
BARODA.
1. In our opinion and according to the information and explanations
given to us, the nature of the companyÃs business/ activities during
the year is such that clause xiii of paragraph 4 of the order is not
applicable to the company.
2. In respect of its fixed assets :
(a) The Company has maintained records showing particulars, including
quantitative details and general location of fixed assets.
(b) During the year, the Company has not carried out physical
verification of the fixed assets. However, the fixed assets are
physically verified under a phased programme of verification at
reasonable intervals, which, in our opinion, is reasonable. As informed
to us the Company is in process of reconciling the book records and
physical records on account of differences noticed during physical
verification of fixed assets conducted during the financial year
2009-10 and accordingly, we are unable to comment on discrepancies, if
any that may be identified.
(c) The Company has not disposed of any substantial part of its fixed
assets so as to affect its going concern status.
3. (a) As explained to us, all the inventory of the Company has been
physically verified by the management at the
year-end. In our opinion, the frequency of the verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures for the physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of record of inventory, in our
opinion, the company has maintained proper records of its inventories.
According to the information and explanations given to us, there was no
material discrepancies noticed on physical verification of inventory as
compared to the book records.
4. Loans granted/taken by the company:
(a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956.
(b) Since the company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, accordingly, clauses 4 (iii)
(b), (c) and (d) of the Order are not applicable to the company.
(c) The Company has taken an unsecured loan from a company listed in
the register maintained under section 301 of the Companies Act, 1956.
Total amount outstanding as at 31.03.2011 is Rs. Nil/-(Rupees ZERO).
The maximum amount involved was Rs. 1,01,31,507/- (Rupees One Crores
One Lacs Thirty One Thousand Five Hundred and Seven Only) The Company
has not taken any loans, secured or unsecured from firms or other
parties listed in register maintained under section 301 of the
Companies Act, 1956.
(d) In our opinion, the rate of interest and other terms and conditions
in respect of loans taken from the Company listed in the register
maintained under section 301 of the Companies Act, 1956, are not
prima-facie prejudicial to the interest of the Company.
(e) In respect of the loan taken by the Company from the Company listed
in the register maintained under section 301 of the Companies Act,
1956, the interest payments are regular and the principal amount is
repayable on demand.
5. In our opinion and according to explanations given to us, there are
adequate internal control systems commensurate with the size of the
company and nature of its business with regard to purchase of
inventory, fixed assets and sale of goods. During the course of our
audit, we have not observed continuing failure to correct major
weakness in internal controls systems.
6. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 :
(a) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, to the best of our
knowledge and belief and according to the information and explanations
given to us, particulars of contracts or arrangements that needed to be
entered into the register have been so entered.
(b) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, according to the
information and explanations given to us the transactions in pursuance
of such contracts or arrangements have been made at prices which are
prima facie reasonable having regard to the prevailing market prices at
the relevant time.
7. During the year the company has not accepted any deposits from the
Public. In our opinion and according to the information and
explanations given to us the company has complied with the provisions
of Section of 58A and 58AA or any other relevant provision of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to deposit accepted from public in earlier years. As
informed to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal.
8. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit function
carried out during the year by the firm of Chartered Accountants
appointed by the management is commensurate with the size of the
Company and nature of its business.
9. To the best of our knowledge and explanations provided by the
management, the maintenance of cost recorded has not been prescribed by
the Central Government under Section 209(1)(d) of the Companies Act,
1956, in respect of any of the products of the Company.
10. According to the information and explanations given to us in
respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory
dues, including Provident fund, Employeesà state Insurance, Income Tax,
Sales tax, Wealth tax, Custom Duty, Excise Duty, Cess and Other
Statutory dues with the appropriate authorities during the year. Based
on our audit procedures and according to the information and
explanations given to us, there are no dues which has remained
outstanding as at 31st March, 2011 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us and on
the basis the records produced before us by the Company, except for the
cases stated below, there are no undisputed amounts payable in respect
of income tax/Service tax/ customs duty/wealth tax/excise duty/cess,
which have not been deposited on account of any dispute are as follows
:
Name of Nature of Amount under Period to Forum where
statute Dues which the dispute is
dispute not amount pending
yet deposi relates
ted(Rs.)
The Central Excise Duty, 1,32,369/- Dec, 1983 Customs,
Excise and Interest & to Nov,1993 and Service
Tax Applel
-late
Tribunal,
Ahmedabad.T
The Central Excise Duty, 6,10,880/- June, 2004 Customs,
Excise to March, Excise and
and Customs Interest 2005 and Service Tax
Act & Penalty Applellate
Tribunal,
Ahmedabad.
The Central Excise Duty, 13,78,800/- 2006-07 Customs,
Excis and Excise
Customs Act Interest & and Service
Penalty Tax Applell
ate Tribunal,
Ahmedabad.
ESI Act 9,15,869/- January, Industrial
1997 to Tribunal,
October, 2000 Kerala
11. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and immediately preceding financial year.
12. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not obtained any borrowings from any financial
institutions or by way of debentures.
13. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the company has not entered any transactions or contracts
relating to dealing or trading in shares, securities, debentures and
other investments during the year. However the Company has made
investments in its own name and proper records have been maintained for
the said investments.
15. According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us the
Company has not taken any term loans during the year.
17. On the basis of the information and explanations given to us and
on an overall examination of the Cash Flow and Balance Sheet of the
company, in our opinion, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
20. The Company has not made any public issues during the year and
therefore the question of disclosing the end use of money does not
arise.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instances of fraud on or
by the company, noticed or reported during the year, nor have been
informed of such case by the management.
For J.R.S. Patel & Co.
Chartered Accountants
Kalpesh Parmar
Partner
Membership No.: 103887
Firm Regn. No. 107109W
Place : Vadodara
Date : 3rd May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of PAUSHAK LIMITED as at
31st March, 2010, Profit and Loss Account and also Cash Flow Statement
of the Company 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 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 mis-statement. 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 financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Statement on Companies (Auditors Report) Order,
2003 as amended by Companies (Auditors Report) (Amendment) Order,
2004, (together 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.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion, proper books of accounts as required by the Law
have been kept by the Company so far as appears from our examination of
those books.
iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, Profit Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
mandatory accounting standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956,
v) On the basis of written representations received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31 st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes, give the information required by the Companies Act, 1956, in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
(a) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and
(b) In the case of Profit and Loss Account, of the profit for the year
ended on that date.
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNTS FOR THE YEAR ENDED ON 31 ST MARCH, 2010 OF PAUSHAK LIMITED,
VADODARA.
1. In our opinion and according to the information and explanations
given to us, the nature of the companys business/ activities during
the year is such that clause xiii of paragraph 4 of the order is not
applicable to the company.
2. In respect of its fixed assets :
(a) The Company has maintained records showing particulars, including
quantitative details and general location of fixed assets.
(b) During the year, the Company has carried out physical verification
of the fixed assets under the phased programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and nature of its assets. As informed to us the Company is in process
of reconciling the book records and physical records on account of
differences noticed during physical verification of fixed assets and
accordingly, we are unable to comment on discrepancies, if any that may
be identified.
(c) The Company has not disposed of any substantial part of its fixed
assets so as to affect its going concern status.
3. (a) As explained to us, all the inventory of the Company has been
physically verified by the management at the
year-end. In our opinion, the frequency of the verification is
reasonable.
(b) In our opinion, the procedures for the physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of record of inventory, in our
opinion, the company has maintained proper records of its inventories.
According to the information and explanations given to us, there was no
material discrepancies noticed on physical verification of inventory as
compared to the book records.
4. Loans granted/taken by the company:
(a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956.
(b) Since the company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, accordingly, clauses 4 (iii)
(b), (c) and (d) of the Order are not applicable to the company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties listed in register maintained under
section 301 of the Companies Act, 1956.
(d) Since the company has not taken any loans, secured or unsecured,
from companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, accordingly, clauses
4 (iii) (e), (f) and (g) of the Order are not applicable to the
company.
5. In our opinion and according to explanations given to us, there are
adequate internal control systems commensurate with the size of the
company and nature of its business with regard to purchase of
inventory, fixed assets and sale of goods. During the course of our
audit, we have not observed continuing failure to correct major
weakness in internal controls systems.
6. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and to the best of
our knowledge and belief and according to the information and
explanations given to us :
(a) the particulars of contracts or arrangements that needed to be
entered into the register have been so entered and
(b) the transactions in pursuance of such contracts or arrangements
have been made at prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time.
7. During the year the company has not accepted any deposits from the
Public. In our opinion and according to the information and
explanations given to us the company has complied with the provisions
of Section of 58A and 58AA or any other relevant provision of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 with regard to deposit accepted from public in earlier years. As
informed to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any Court or
any other Tribunal.
8. On the basis of the internal audit reports broadly reviewed by us,
we are of the opinion that, the coverage of internal audit function
carried out during the year by the firm of Chartered Accountants
appointed by the management is commensurate with the size of the
Company and nature of its business.
9. To the best of our knowledge and explanations provided by the
management, the maintenance of cost records has not been prescribed by
the Central Government under Section 209(1 )(d) of the Companies Act,
1956, in respect of any of the products of the Company.
10. According to the information and explanations given to us in
respect of statutory and other dues :
(a) The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and Other
statutory dues with the appropriate authorities during the year. Based
on our audit procedures and according to the information and
explanations given to us, there are following sales tax dues which has
remained outstanding as at 31st March, 2010 for a period of more than
six months from the date they became payable.
Name of
statute Nature of Dues Amount Period to which Due date
not yet the amount relates
deposited
(Rs.)
Central Sales
Tax Act Central Sales Tax 15,496/- F.Y. 2006-07
(March07) 22.04.2007
(b) According to the information and explanations given to us and on
the basis the records produced before us by the Company, except for the
cases stated below, there are no undisputed amounts payable in respect
of income tax/Service tax/ customs duty/wealth tax/excise duty/cess,
which have not been deposited on account of any dispute are as follows
:
Name of
statute Nature of Dues Amount Period to which Forum where
not yet the amount relates dispute is
deposited pending
(Rs.)
The Central
Excise and
Customs Act Excise Duty,
Interest & Penalty 1,32,369/- Dec, 1983 to
Nov, 1993 Customs, Excise
and Service Tax
Applellate
Tribunal, Ahmedabad.
The Central
Excise and
Customs Act Excise Duty,
Interest & Penalty 6,10,880/- June, 2004 to
March, 2005 Customs, Excise
and Service Tax
Applellate Tribunal,
Ahmedabad.
The Central
Excise and
Customs Act Excise Duty,
Interest &
Penalty 13,78,800/- 2006-07 Customs,Excise and
Service Tax Applellate
Tribunal, Ahmedabad.
ESI Act 9,15,869/- January,
1997 to
October 2000 Industrial Tribunal,
Kerala
11. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and immediately preceding financial year.
12. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks. The Company has not obtained any borrowings from any financial
institutions or by way of debentures.
13. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the company has not entered any transactions or contracts
relating to dealing or trading in shares, securities, debentures and
other investments during the year. However the Company has made
investments in its own name and proper records have been maintained for
the said investments.
15. According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanations given to us the
Company has not taken any term loans during the year.
17. On the basis of the information and explanations given to us and
on an overall examination of the Cash Flow and Balance Sheet of the
company, in our opinion, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the Register
maintained under section 301 of Companies Act, 1956.
19. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
20. The Company has not made any public issues during the year and
therefore the question of disclosing the end use of money does not
arise.
21. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instances of fraud on or
by the company, noticed or reported during the year, nor have been
informed of such case by the management.
For J.R.S. Patel & Co.
Chartered Accountants
Kalpesh Parmar
Partner Place : Vadodara Membership No.: 103887
Date : 4th May, 2010 Firm Regn. No. 107109W
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