Mar 31, 2015
We have audited the accompanying financial statements of POCL
Enterprises Limited ("the company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation and presentation of these financial statements that give
a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting
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.
Auditor's 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 thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose expressing an opinion on whether
the Company has in place an adequate internal financial control system
over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for 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
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the directors
as on 31st March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act; and
(f) 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)
Rule, 2014, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company does not have any pending litigation which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred, to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
The annexure referred to in Para 1 under the heading of "Report on
other Legal and Regulatory Requirements" of our report to the members
of the Company for the year ended 31st March, 2015.
1) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The assets have been physically verified by the management at the
end of financial year, which in our opinion is reasonable having regard
to the size of the Company and the nature of its fixed assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2) (a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no materials discrepancies noticed on
physical verification of inventories as compared to the book records.
3) (a) During the year, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
Register maintained under Section 189 of the Companies Act, 2013.
(b) In view of our comment in paragraph (a) above, Clause III of the
aforesaid order are not applicable to the company.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5) The company has accepted Deposits from Directors and Inter
Corporate. In our opinion and according to information and explanations
given to us, all the directives issued by the Reserve Bank of India and
provisions of Section 73 to 76 or any other relevant provisions of the
Companies Act 2013, and the rules framed there under wherever
applicable were complied with. Further, we are informed by the
management that no order has been passed by the Companies Law Board or
National Company Law Tribunal or RBI or any court or any Other Tribunal
on the Company.
6) We have broadly reviewed the cost records maintained by the Company
specified by the Central Government under sub Section (1) of section
148 of the Companies Act, 2013 and are of the opinion that prima facie
the prescribed accounts and records have been made and maintained. We
have however not made a detailed examination of the cost records with a
view to determine whether they are accurate or complete.
7) (a) According to the information and explanation given to us and on
the basis of our examination of the records of the company, amount
deducted/accrued in the books of accounts in respect of undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Value
Added Tax, Excise Duty, Cess and other material statutory dues
applicable have been regularly deposited with the appropriate
authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Sales Tax, Customs Duty and Excise Duty, Value Added Tax,
Cess and other material statutory dues were in arrears as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no disputed amounts payable in respect of Provident Fund, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Value Added Tax,
Excise Duty and Cess and other statutory dues were in arrears as at
31st March, 2015.
(d) According to the information and explanation given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under has been
transferred to such fund within the time.
8) The company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions and banks.
The Company does not have any borrowings by way of debentures.
10) According to the information & explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
11) The company has not raised any new term loan during the year.
12) In our Opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
for JEERAVLA & Co.,
Chartered Accountants
FRNo.001323S
SOHAN C J PARMAR
Place : Chennai Proprietor
Date : 29/05/2015 Membership No.: 022321
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