Mar 31, 2015
1. I have audited the accompanying financial statements of POSITIVE
ELECTRONICS LIMITED ("the company''),which comprise the Balance Sheet
as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. 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 tme 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 the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a tme and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
3. My responsibility is to express an opinion on these financial
statements based on my audit. 1 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.
4. I conducted my audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that I comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
5. 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 of expressing an opinion
on whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
Opinion
6. In my opinion and to the best of my information and according to the
explanations given to me, 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, its loss and its cash flows for the year ended on
that date.
Report on other Legal and Regulatory Requirements
7. 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, I give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
8. As required by section 143(3) of the Act, I report that:
a) I have sought and obtained all the information and explanations
which to the best of my knowledge and belief were necessary for the
purposes of my audit.
b) In my opinion proper books of account as required by law have been
kept by the Company so far as it appears from my 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 my 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 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In my opinion and to the best of our information and according to
the explanations given to me, I report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would
materially 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 were required to be transferred by the
Company to the Investor Education and Protection Fund.
Annexure referred to in paragraph 7 My Report of even date to the
members of POSITIVE ELECTRONICS LIMITED on the accounts of the company
for the year ended 31st March, 2015
On the basis of such checks as I considered appropriate and according
to the information and explanations given to me during the course of my
audit, I report that:
i. (a) The Company has no fixed assets therefore this clause is not
applicable to the company;
ii. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In my opinion and according to the information and explanations
given to me, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In my opinion and on the basis of my examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
iii. The company has not granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 189 of the Act.
iv. In my opinion and according to the information and explanations
given to me, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of my examination of the books and records of the Company and
according to the information and explanations given to me, no major
weakness has not been noticed or reported.
v. As informed to me, the Company has not accepted any deposits from
the public covered under Section 73 to 76 of the Companies Act, 2013.
vi. As informed to me, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act.
vii. (a) According to the information and explanations given to me and
based on the records of the company examined by me, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, , Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material
statutory dues, as applicable, with the appropriate authorities in
India;
(b) According to the information and explanations given to me and based
on the records of the company examined by me, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise.
viii. The company has accumulated losses of Rs. 7300864/- which is not
in excess of its net worth as on 31st March, 2015. The cash losses
incurred by the company during the year amounts to Rs.871575/- and same
was nil during the financial year ending 31st March, 2014.
ix. According to the records of the company examined by me and as per
the information and explanations given to me, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures.
x. In my opinion, and according to the information and explanations
given to me, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
xi. In my opinion, and according to the information and explanations
given to me, the company has not raised any term loans during the year.
xii. During the course of my examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, I have neither come across any instance of
fraud on or by the Company noticed or reported during the course of our
audit nor have we been informed of any such instance by the Management.
Sd/-
S. M. DAGA & CO.
Chartered Accountant
Membership No.: 059205
Place: Kolkata
Date: 29th May 2015
Mar 31, 2011
We have audited the accompanying financial statements of POSITIVE
ELECTRONICS LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2011, and the Statement of Profit and Loss for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on 31st March, 2011, and taken on record by the Board of Directors,
none of the directors is disqualified 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.
ANNEXURE TO AUDIT REPORT
The Annexure referred to in paragraph ''Report on Other Legal and
Regulatory Requirement'' of our Report of even date
1. (a) According to the information and explanation given to us, the
Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As informed, the fixed assets have been physically verified by the
management at the year end and no material discrepancies are reported
to have been noticed on such verification.
2. There was no physical inventory maintained by the Company during the
year, therefore the provisions of clause (ii) of paragraph 4 of the
order is not applicable.
3. Based on the audit procedures applied by us and according to the
information provided to us by the management there are no loans given
or taken from the parties covered in the register maintained u/s 301 of
the Companies Act 1956.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of fixed assets and for the sale. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in internal controls.
5. (a)Based on the audit procedures applied by us and according to the
information and explanation provided to us by the management, we are of
the opinion that the particulars of contracts and arrangements referred
to in Section 301 of the Companies Act, 1956 have been entered into the
register required to be maintained under that section
(b) In our opinion and according to the information and explanation
given to us, the transactions made as specified in clause (v)(b) of
Para 4 of CARO are at prices which are reasonable, having regard to the
prevailing market prices at the relevant time.
6. In our opinion, and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
therefore the provisions of section 58A and 58AA of the Companies Act,
1956, and any other relevant provisions of the Act and the rules made
there under are not applicable to the Company.
7. The Company''s has no internal audit system commensurate with the
size and the nature of its business.
8. To the best of our knowledge and explanation, maintenance of cost
records has not been prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the Company.
9. (a) According to the records of the Company and information and
explanations given to us the Company has been generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Employees
State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom
Duty, Excise Duty, CESS and any other statutory due applicable to it;
(b) According to the records of the Company, there are no dues of
income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and
excise duty, which have been deposited on account of any dispute.
10. The Company has no accumulated losses at the end of financial year.
It has not incurred cash losses during the period covered by the report
as well as in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to financial
institution or bank. The Company has not issued debentures.
12. According to the records of the Company and information and
explanations given to us the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the Company is the nature of the Company does not attract any
special statue applicable to Chit Fund/Nidhi/Mutual Benefit
Fund/Society.
14. According to the information and explanations given to us, the
Company is dealing or trading in shares, securities, debenture and
other investment, the Company had made proper records and made timely
entries of the investments held by the Company and all the investments
are held in the name of the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee to the bank for any concern
16. The Company has not taken any term loan during the year.
17. As informed and explained to us, the Company has not raised any
funds on short term basis, therefore the provisions of clause (xvii) of
Paragraph 4 of the order is not applicable.
18. During the year, the Company has not made any Preferential
Allotment of Shares to parties and Companies covered in the Register
maintained u/s 301 of the Act, during the year.
19. The Company has not issued any debenture, so it was not required to
create any security or charge in this respect.
20. The Company has not raised any money through public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations provided to us, no fraud on or by the
Company has not been noticed or reported during the year.
For Agrawal & Agrawal
Chartered Accountants
Sd/-
(Durga Prasad Poddar)
Partner
Membership No. 9543
Place: Kolkata
Date: The 4th day of August, 2011