You are here » Home » Companies » Company Overview » Palred Technologies Ltd

Palred Technologies Ltd.

BSE: 532521 Sector: IT
NSE: PALREDTEC ISIN Code: INE218G01033
BSE LIVE 15:40 | 12 Dec 88.55 -1.30
(-1.45%)
OPEN

87.00

HIGH

90.00

LOW

87.00

NSE 15:18 | 12 Dec 87.80 -1.30
(-1.46%)
OPEN

88.75

HIGH

89.55

LOW

87.30

OPEN 87.00
PREVIOUS CLOSE 89.85
VOLUME 4332
52-Week high 181.80
52-Week low 82.70
P/E
Mkt Cap.(Rs cr) 86
Buy Price 0.00
Buy Qty 0.00
Sell Price 88.55
Sell Qty 100.00
OPEN 87.00
CLOSE 89.85
VOLUME 4332
52-Week high 181.80
52-Week low 82.70
P/E
Mkt Cap.(Rs cr) 86
Buy Price 0.00
Buy Qty 0.00
Sell Price 88.55
Sell Qty 100.00

Palred Technologies Ltd. (PALREDTEC) - Auditors Report

Company auditors report

To the Members of Palred Technologies Limited

Report on the Consolidated Financial Statements

1. We have audited the accompanying consolidated financial statements of PalredTechnologies Limited ("the Holding Company") and its subsidiaries (the HoldingCompany and its subsidiaries together referred to as "the Group") whichcomprise the Consolidated Balance Sheet as at 31 March 2016 the ConsolidatedStatement of Profit and Loss and the Consolidated Cash Flow Statement for the year thenended and a summary of the significant accounting policie s and other explanatoryinformation.

Management’s Responsibility for the Consolidated Financial Statements

2. The Holding Company’s Board of Directors is responsible for the preparation ofthese consolidated financial statements in terms of the requirements of the Companies Act2013 ("the Act") that give a true and fair view of the consolidated financialposition consolidated financial performance and consolidated cash flows of the Group inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended). The Holding Company’s Board ofDirectors and the respective Board of Directors of the subsidiaries included in the Groupare responsible for the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.Further in terms with the provisions of the Act the respective Board of Directors of theHolding Company and its subsidiary companies which are incorporated in India areresponsible for maintenance of adequate accounting records; safeguarding the assets;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 which have been used for the purpose of preparation of the consolidatedfinancial statements by the directors of the Holding Company as aforesaid.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these consolidated financialstatements based on our audit.

4. While conducting the audit we have taken into account the provisions of the Actthe accounting and auditing standards and matters which are required to be included in theauditor’s report under the provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe consolidated financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the consolidated financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the consolidated financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial controls relevantto the Holding Company’s preparation of the consolidated financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the HoldingCompany’s Board of Directors as well as evaluating the overall presentation of theconsolidated financial statements.

7. We believe that the audit evidence obtained by us i s sufficient and appropriate toprovide a basis for our audit opinion on the consolidated financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid consolidated financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the consolidated state of affairs ofthe Group as at 31 March 2016 and their consolidated loss and their consolidated cashflows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by Section 143(3) of the Act and based on the auditor’s reports ofthe subsidiary companies we report to the extent applicable that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit of the aforesaidconsolidated financial statements;

b) in our opinion proper books of account as required by law relating to preparationof the aforesaid consolidated financial statements have been kept so far as it appearsfrom our examination of those books;

c) the consolidated financial statements dealt with by this Report are in agreementwith the relevant books of account maintained for the purpose of preparation of theconsolidated financial statements; d) in our opinion the aforesaid consolidated financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014(as amended);

e) on the basis of the written representations received from the directors of theHolding Company and taken on record by the Board of Directors of the Holding Company andthe reports of the other statutory auditors of its subsidiary companies incorporated inIndia none of the directors of the Group companies incorporated in India is disqualifiedas on 31 March 2016 from being appointed as a director in terms of Section 164 (2) of theAct;

f) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company its subsidiary companies which are companies incorporated inIndia as of 31 March 2016 in conjunction with our audit of the consolidated financialstatements of the group for the year ended on that date and our report dated 30 May 2016as per annexure A expressed unmodified opinion;

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

(i) as detailed in Note 24 the consolidated financial statements disclose the impactof pending litigations on the consolidated financial position of the Group;

(ii) the Group did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

(iii)there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Holding Company and there were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the subsidiarycompanies incorporated in India.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

per Sanjay Kumar Jain

Partner

Membership No.: 207660

Place : Hyderabad

Date : 30 May 2016

Annexure A to the Independent Auditor’s Report of even date to the members ofPalred Technologies Limited on the consolidated financial statements for the year ended31 March 2016 Annexure A

Independent Auditor’s report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the consolidated financial statements of the PalredTechnologies Limited ("the Holding Company") and its subsidiaries (the HoldingCompany and its subsidiaries together referred to as "the Group") as of and forthe year ended 31 March 2016 we have audited the internal financial controls overfinancial reporting (IFCoFR) of the Holding Company its subsidiary companies which arecompanies incorporated in India as of that date.

Management’s Responsibility for Internal Financial Controls

2. The respective Board of Directors of the Holding Company its subsidiary companieswhich are companies incorporated in India are responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the ‘Guidance Note") issued by the Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of the company’s business includingadherence to the company’s policies the safeguarding of the company’s assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the IFCoFR of the Holding Companyits subsidiary companies as aforesaid based on our audit. We conducted our audit inaccordance with the Standards on Auditing issued by the ICAI and deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of IFCoFR and theGuidance Note issued by the ICAI. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate IFCoFR were established and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the IFCoFR of the Holding Company its subsidiarycompanies as aforesaid.

Annexure A to the Independent Auditor’s Report of even date to the members ofPalred Technologies Limited on the consolidated financial statements for the year ended31 March 2016 Meaning of Internal Financial Controls over Financial Reporting

6. A company's IFCoFR is a process designed to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sIFCoFR includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that the IFCo FR may become inadequate becauseof changes in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Holding Company and its subsidiary companies which arecompanies incorporated in India have in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2016 based on the internalcontrol over financial reporting criteria established by the Holding Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

per Sanjay Kumar Jain

Partner

Membership No.: 207660

Place : Hyderabad

Date : 30 May 2016