Mar 31, 2013
We have audited the accompanying financial statements of M/S PRESSURE
SENSITIVE SYSTEMS (INDIA! LIMITED which comprise the Balance Sheet as
at 31 March 2013 and the Statement of Profit and Loss and 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 &
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. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the loss for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, 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, 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 & Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013 and taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
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
Companies Act, 1956 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 IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of information available.
(b) As explained to us all the assets have been physically verified by
the management at reasonable intervals during the year. According to
information and explanations given to us, no material discrepancies
have been noticed on such verification.
(c) In our opinion, the company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. The company does not have any inventory. Hence, clause (ii) (a),
(b) & (c) are not applicable to the company.
3. (a) As per information and explanation given to us, the company has
not granted loans to parties covered in the register maintained under
section 301 of the Companies Act, 1956. hence, clause (iii) (a), (b),
(c) & (d) are not applicable to the company
(e) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. Hence clause (iii) (e), (iii)
(f) and (iii) (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weakness in internal controls.
5. As per information & according to explanation given to us, the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of clause (iv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. The central government has not prescribed maintenance of cost
record under section 209(1) (d) of the Companies'' Act 1956 in respect
of products of the company.
9. In respect of Statutory dues:
a) As per information & according to explanation given to us, the
company is generally regular in depositing statutory dues with the
appropriate authorities during the year.
b) As per information & according to explanation given to us, there are
no cases of non deposit with the appropriate authorities of disputed
dues of Income-tax, and any other statutory dues with the appropriate
authorities during the year.
10. The company has accumulated losses of Rs 36829023/- at the end of
the financial year. The Company has incurred cash losses of Rs
2476495/- during the financial year covered by the audit and in also
incurred loss in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, there are no loans taken from financial
institution, Banks or debenture-holders therefore the question of
payments does not arise.
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the company on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual
benefit fund/society. There fore the provisions of clauses (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. In our opinion the Company has maintained records of transactions
and contracts in respect of investment in shares, mutual funds and
other investments and generally timely entries have been made therein.
All the shares, mutual funds and other investments held by the
companies are in its own name except to the extent of the exemption
granted under section 49 of the Companies Act, 1956.
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. The company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we are of the
opinion that no funds raised short term basis that have been used for
long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the registered maintained under
section 301 of the Companies Act 1956.
19. The company has not created any securities in respect of any
outstanding at the year-end.
20. The company has not raised any money by way of public issue during
the year.
21. 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 course of our audit.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 29.05.2013 CA RAKESH PURI
PARTNER
M. No.: 092728
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