Mar 31, 2015
Report on the Standalone Financial Statements
1. We have audited the accompanying Standalone financial statements of
Shree Pacetronix Limited ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of profit and Loss and cash
flow statement for the year then ended , and a summary of the
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 true and fair view of the financial position,
financial performance and cash flow 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
3. 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.
4. 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.
5. 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, 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 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 the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
6. 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
7. 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 loss and its cash Flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
8. 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 paragraphs 3 and 4 of the Order,
to the extent applicable.
9. 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 Standalone 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, 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.
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)
Rules, 2014, in our opinion and to the best of our information and the
explanations given to us:
i. The company has disclosed the financial impact of pending
litigations on its financial position in its financial statements.
ii. The company has made provision, as required under the applicable
law or accounting standards, for the
material foreseeable losses, if any , and as required on long term
contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be
transferred, to investors education and protection fund by the company.
The Annexure referred to in paragraph 8 of the Independent Auditors'
Report of even date to the members of Shree Pacetronix Limited on the
financial statements as of and for the year ended March 31, 2015.We
report that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation, of fixed
assets. (b) As explained to us, the fixed assets have been physically
verified by the management during the year in a phased periodical
manner having regard to the size of the Company and nature of its
assets. No material discrepancies were noticed on such physical
verification. In our opinion, the frequency of verification is
reasonable.
ii. (a) As explained to us, the inventory of the Company has been
physically verified by the management at reasonable intervals during
the year.
(b) In our opinion, the procedures of physical verification of
inventory 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 the inventory records, in our
opinion, the Company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification of
inventory as compared to book records were not material.
iii. (a) 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. Therefore, the provisions of
Clause 3(iii) [(b), (c)] of the said Order are not applicable to the
Company. iv 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. Further, on the basis of our examination
of the books and records of the Company, and according to the
information and explanations given to us, we have neither come across,
nor have been informed of, any continuing failure to correct major
weaknesses in the aforesaid internal control system. v. The Company
has not accepted any deposits from the public. vi. The Central
government has not prescribed the maintenance of cost records under
sub-section (l) of section 148 of the Companies Act in respect of
manufacturing activities of the Company. vii. (a) According to the
information and explanations given to us and the records of the Company
examined by us, in our opinion, the Company is generally regular in
depositing statutory dues in respect of provident fund, employees'
state insurance, income tax, service tax, customs duty, excise duty,
value added tax and other material statutory dues, as applicable, with
the appropriate authorities.
According to the information and explanations given to us , there are
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 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 the
records of the Company examined by us, there are no dues of income-tax,
sales-tax, wealth-tax, service-tax, customs duty, and excise duty which
have not been deposited on account of any dispute. However , according
to information and explanations given to us ,the following dues in
respect of Income Tax have not been deposited with the appropriate
authorities on account of dispute and the forum where the dispute
pending are given below:-
Sr.
No. Nature Forum where Amount Period
of Dues Dispute pending (Rs,in Lacs) (Assessment Year)
1 Income Tax Tribuna Rs,1.35 2003-04
2 Income Tax Tribunal Rs,1.45 2004-05
(c) There are no amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
viii. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit or in the immediately preceding financial
year.
ix. 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 does not have any borrowings from financial
institutions or from debentures holders.
x. In our opinion and according to the information given to us, the
Company has not given guarantee for loans taken by others from banks or
financial institutions during the year.
xi. The term loans taken by the company during the year were applied
for the purpose for which the loans were obtained;
xii. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, 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 in the course of our audit.
For: S.R. Naredi & Co.
Chartered Accountants
Firm Registration No. 002818C
CA S.R. Naredi
Place: Indore Proprietor
Date : May 30, 2015 Membership No. 072014
Mar 31, 2014
1. We have audited the accompanying financial statements of Shree
Pacetronix Limited, ("the company") which comprise the Balance Sheet as
at 31st March 2014 and the Statement of Profit and Loss for the year
then ended and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
2. 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
principles generally accepted in India including Accounting Standards
referred to in section 211(3C) of the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of Companies
Act 2013. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances,but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
c) In the case of the Cash Flow Statement, of the 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, 2003 ("the
order") as amended issued by the Central Government of India in terms
of Section 227(4A) of the Act, we give in an Annexure a statement on
the matters specified in paragraph 4 and 5 of the order .
8. 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 purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books.
c) The Balance Sheet and the 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 of Section 211(3C)
of the Companies Act, 1956 read with the General Circular 15/2013 dated
13 September 2013 of the Ministry of Corporate Affairs in respect of
section 133 of Companies Act 2013.
And
e) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March 2014 from being
appointed as director in terms of Section 274(1) (g) of the Companies
Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in paragraph 7 of the Independent Auditors'' Report of even
date to the members of Shree Pacetronix Limited on the financial
statements as of and for the year ended March 31, 2014
i. (a) The Company is generally maintaining proper records showing
full particulars, including quantitative details and situation, of
fixed assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner having
regard to the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion, and according to the information and explanations
given to us, substantial part of fixed assets has not been disposed off
by the Company during the year.
ii. (a) As explained to us, the inventory of the Company has been
physically verified by the management at reasonable intervals during
the year.
(b) In our opinion, the procedures of physical verification of
inventory 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 the inventory records, in our
opinion, the Company is maintaining proper records of inventory. As
explained to us, the discrepancies noticed on physical verification of
inventory as compared to book records were not material.
iii. The Company has not granted / taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Therefore, the provisions of
Clause 4(iii) [(a), (b), (c) and (d) / (f) and (g)] of the said Order
are not applicable to the Company.
iv. 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 for the
purchase of inventory and fixed assets and for the sale of goods.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to
us, we have neither come across, nor have been informed of, any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
v. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered into the register maintained under section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA of the Act and the rules framed
there under.
vii. In our opinion, the internal audit system of the company is
required to be further strengthened to commensurate with its size and
nature of its business.
viii. According to the information and explanations given to us, the
Central government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956 in respect of
manufacturing activities of the Company.
ix. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing statutory dues in respect of
provident fund, employees'' state insurance, income tax, service tax,
customs duty, excise duty, value added tax and other material statutory
dues, as applicable, with the appropriate authorities. There are no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2014 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 the
records of the Company examined by us, there are no dues of income-tax,
sales-tax, wealth-tax, service-tax, customs duty, and excise duty which
have not been deposited on account of any dispute.
(c). On the basis of our examination On the basis of our examination of
the documents and records, and the information and explanations given
to us, the dues in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom duty, Excise Duty and cess that have not been
deposited with the appropriate authorities on account of dispute and
the forum where the dispute pending are given below:-
Sr. Nature of Dues Forum where Amount Period
No. Dispute pending (Rs. in Lacs) (Assessment
Year)
1 IncomeIncome Tax TribunaTribunal Rs. 1.35 2003-04
2 IncomeIncome Tax TribunaTribunal Rs. 1.45 2004-05
x. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit or in the immediately preceding financial
year.
xi. 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 does not have any borrowings from financial
institutions or from debentures holders.
xii. The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities. Therefore, the provisions of Clause 4(xii) of the Order are
not applicable to the Company.
xiii. As the provisions of any special statute applicable to chit fund
/ nidhi / mutual benefit fund / societies are not applicable to the
Company, the provisions of Clause 4(xiii) of the Order are not
applicable to the Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4(xiv) of the Order are not applicable to the
Company.
xv. The Company has given guarantee for loans taken by others from
banks or financial institutions during the year. In our opinion, and
according to the information and explanations given to us, the terms
and conditions of guarantee given are not prejudicial to the interest
of the company.
xvi. The Company has not taken term loan from bank during the year.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year. Accordingly, the provisions of Clause
4(xviii) of the Order are not applicable to the Company.
xix. The Company has not issued any debentures during the year and
does not have any debentures outstanding as at the beginning of the
year and at the year end. Accordingly, the provisions of Clause 4(xix)
of the Order are not applicable to the Company.
xx The Company has not raised any money by public issues during the
year. Accordingly, the provisions of Clause 4 (xx) of the Order are not
applicable to the Company.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For: S. R. Naredi & Co
Chartered Accountants
Registration No. 002818C
S. R. Naredi
Proprietor
M.No. 72014
Place: Indore
Dated: 30th May, 2014
Mar 31, 2012
1. We have audited the attached Balance sheet of Shree Pacetronix
Limited, as at 31st March 2012 and also the statement of Profit and
Loss and the Cash Flow Statement 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 Companies (Auditor's Report) order 2003 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 purposes of our
audit;
(ii) 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.
(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 and Loss
and Cash Flow Statement dealt with by this report comply with the
applicable 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 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 director in terms of clause (g) of sub-section
(1) of Section 274 of the Companies Act, 1956 and,
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;and
b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and,
c) in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2012 OF SHREE
PACETRONIX LIMITED.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:-
(i) In respect of its fixed assets :
a. The company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed off any substantial
part of its fixed assets during the year and the going concern status
of the Company is not affected.
(ii) In respect of its inventories :
a. As explained to us, the inventory of the Company has been
physically verified by the management at reasonable intervals during
the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are found 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 records of inventory, in our
opinion, the Company has maintained proper records of inventory and as
explained to us there were no material discrepancies noticed on
physical verification between the physical stock and the book records.
(iii) a. The company has not granted any loans, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. As the company has not
granted any loans, secured or unsecured, to parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraphs (iii)(b), (c) and (d) of the Order, are not applicable. b.
The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. As the company has not
taken any loans, secured or unsecured, from parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraphs (iii)(f) and (g) of the Order, are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods.
During the course of our audit, no major weaknesses have been noticed
in the internal control systems of the Companies.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956 :
a. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
be entered in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The company has not accepted any deposits from the public with in
the meaning of sections 58A, 58AA or any other relevant provisions of
the Companies Act 1956 and the rules framed there under.
(vii) In our opinion, the internal audit system of the Company
commensurate with its size and nature of its business.
(viii) According to the information and explanations given to us the
Central Government has prescribed the maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956.
(ix) a. According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income-Tax, Sales-Tax,
Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other
material statutory dues applicable to it.
b. According to the information and explanation given to us, no
undisputed amounts payable in respect of the statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service tax,
Customs Duty, Excise Duty, Cess and other material statutory dues
applicable to the Company were in arrears as at 31st March, 2012 for a
period of more than six months from the date they became payable.
c. On the basis of our examination of the documents and records, and
the information and explanations given to us, the dues in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
Duty and cess that have not been deposited with the appropriate
authorities on account of dispute and the forum where the dispute
pending are given below:-
Sr.
No. Nature of Dues Forum where Amount Period
dispute pending (Rs. in
Lacs) (Assessment Year)
1 Income Tax Tribunal Rs. 1.35 2003-04
2 Income Tax Tribunal Rs. 1.45 2004-05
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
financial year.
(xi) 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 does not have any borrowings from financial
institutions or from debentures holders.
(xii) According to the 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 or any other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) In our opinion and according to information given to us, the term
loans have been applied for the purpose for which they were raised
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term application.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xix) As the Company has not issued any debentures. Accordingly the
provisions of clause (xix) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xx) The Company has not raised any money by way of public issue during
the year.
(xxi) According to the information and explanations given to us and to
the best of our knowledge and belief, no material fraud on or by the
Company has been noticed or reported during the year.
For : S.R.Naredi & Co.
Chartered Accountants
Registration No. 002818C
Place: INDORE
Date : 31st August 2012 (CA. S. R. Naredi)
Proprietor
Membership No. 72014
Mar 31, 2011
1. We have audited the attached Balance sheet of Shree Pacetronix
Limited, as at 31st March 2011 and also the Profit and Loss Account
and the Cash Flow Statement 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 Companies (Auditor's Report) order 2003 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 purposes of our
audit;
(ii) 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.
(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 and Loss Account and
Cash Flow Statement dealt with by this report comply with the
applicable 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 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2011
from being appointed as director in terms of clause (g) of sub-section
(1) of Section 274 of the Companies Act, 1956 and,
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011 ;and
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and,
c) in the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 318T MARCH 2011 OF SHREE
PACETRONIX LIMITED.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:-
(i) In respect of its fixed assets:
a. The company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed off any substantial
part of its fixed assets during the year and the going concern status
of the Company is not affected.
(ii) In respect of its inventories:
a. As explained to us, the inventory of the Company has been
physically verified by the management at reason- able intervals during
the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are found 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 records of inventory, in our
opinion, the Company has maintained proper records of inventory and as
explained to us there were no material discrepancies noticed on
physical verification between the physical stock and the book
records.
(iii) a. The company has not granted any loans, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. As the company has not
granted any loans, secured or unsecured, to parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraphs (iii)(b), (c) and (d) of the Order, are not applicable.
b. The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. As the company has not
taken any loans, secured or unsecured, from parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraphs (iii)(f) and (g) of the Order, are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods.
During the course of our audit, no major weaknesses have been noticed
in the internal control systems of the Companies.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
be entered in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs
in respect of any party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The company has not accepted any deposits from the public with in
the meaning of sections 58A, 58AA or any other relevant provisions of
the Companies Act 1956 and the rules framed there under.
(vii) In our opinion, the internal audit system of the Company
commensurate with its size and nature of its business.
(viii) According to the information and explanations given to us the
Central Government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956.
(ix) a. According to the information and explanations given to us, the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees' State Insurance, Income-Tax,
Sales-Tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and
other material statutory dues applicable to it.
b. According to the information and explanation given to us, no
undisputed amounts payable in respect of the statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service tax,
Customs Duty, Excise Duty, Cess and other material statutory dues
applicable to the Company were in arrears as at 31st March, 2011 for a
period of more than six months from the date they became payable.
c. On the basis of our examination of the documents and records, and
the information and explanations given to us, the dues in respect of
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise
Duty and cess that have not been deposited with the appropriate
authorities on account of dispute and the forum where the dispute
pending are given below:-
Sr.
No. Nature of Dues Forum where Amount Period
dispute pending (Rs. in Lacs) (Assessment Year)
1 Income Tax Tribunal 1.35 2003-04
2 Income Tax Tribunal 1.45 2004-05
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
financial year.
(xi) 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 does not have any borrowings from financial
institutions or from debentures holders.
(xii) According to the 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 or any other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) In our opinion and according to information given to us, the term
loans have been applied for the purpose for which they were raised
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that no funds raised on short-term basis have been used for
long-term application.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xix) As the Company has not issued any debentures. Accordingly the
provisions of clause (xix) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xx) The Company has not raised any money by way of public issue during
the year.
(xxi) According to the information and explanations given to us and to
the best of our knowledge and belief, no material fraud on or by the
Company has been noticed or reported during the year.
For; S.R. NAREDI & CO.
Chartered Accountants
Firm Reg. No. 002818C
Place: INDORE (CA S.R. Naredi)
Date: 29th August 2011 Proprietor
Membership No. 72014
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