TO THE MEMBERS OF P.M.TELE LINKS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of P.M.TELELINKS LIMITED("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the 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 section134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation.of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provision of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmis-statement.
An audit involves performing procedures tpobtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected deppnd on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a tru$ alnd fair view 1n orderto design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 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 (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanation given to us we give in the Annexure a statement on the matters specified inparagraphs 3 & 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofSection 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financialposition.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||FOR N.K. JALAN & CO. |
| ||CHARTERED ACCOUNTANTS |
| ||FIRM NO. 104019W/ |
|PLACE: MUMBAI || |
|DATED: 14/05/2015 ||(N.K.Jalan) PROPRIETOR |
| ||Membership No.011878 |
Annexure to the Independent Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)
(i) In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.
(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable having regardto the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.
(ii) In respect of its inventories:
(a) The inventory has been physically verified by management during the year. In ouropinion the frequency of verification is reasonable.
(b) In our opinion the procedures of physical verification of inventory followed bythe management are reasonable and adequate in relation to size of company and nature ofbusiness.
(c) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.
(iii) The company has not granted any loans secured or unsecy red to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct.
(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.
(v) The company has not accepted any deposits from the public of the nature whichattracts the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules made there under. Therefore the provisions of clause(v) of paragraph 3 of the Order are not applicable to the Company.
(vi) As per the information and explanations given to us in respect of the class ofindustry in which the Company falls the maintenance of cost records has not beenprescribed by the Central Government under sub-section (1) of section 148 of the CompaniesAct 2013. Therefore the provisions of clause (vi) of paragraph 3 of the Order are notapplicable to the Company.
(vii) In respect of statutory dues:
(a) The company is regular in depositing with appropriate authority undisputedstatutory dues including provident fund employees' state insurance income tax salestax wealth tax service tax duty of customs duty of excise value added tax cess andany other statutory dues applicable to it with the appropriate authorities. According tothe information and explanations given to us no undisputed amounts payable in respect ofabove dues were in arrears as at 31st March 2015 for a period of more than six monthsfrom the date they became payable.
(b) According to the information and explanations given to us there are no dues ofsales tax custom duty income tax wealth tax excise duty or cess which have not beendeposited on account of any dispute.
(c) In our opinion and according to the information and explanations given to us thereare no amounts which are required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 and rules madethere under.
(viii) The company is registered for a period of more than 5 years and there areaccumulated losses at the end of the financial year. The company has incurred cash lossesduring the financial year.
(ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to bank / financial institutions.
(x) In our opinion and according to the information and explanations given to us thecompany has not given any guarantees for loans taken by others from banks or financialinstitutions. Therefore the provisions of clause (x) paragraph 3 of the Order are notapplicable to the Company.
(xi) The company has not availed any term loan during the year. Therefore theprovisions of clause (xi) of paragraph 3 of the Order are not applicable to the Company.
(xii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud on or by the company has been noticed or reported during the year.
FOR N.K. JALAN & CO.
FIRM NO. 104019W
(N.K. JALAN) PROPRIETOR