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Pan India Corporation Ltd.

BSE: 511525 Sector: Financials
NSE: SRGINFOTEC ISIN Code: INE376A01032
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VOLUME 8300
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P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.20
Sell Qty 4923.00
OPEN 0.20
CLOSE 0.21
VOLUME 8300
52-Week high 0.44
52-Week low 0.20
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.20
Sell Qty 4923.00

Pan India Corporation Ltd. (SRGINFOTEC) - Auditors Report

Company auditors report

TO THE MEMBERS OF PAN INDIA CORPORATION LIMITED

Report on the standalone Financial Statements

We have audited the accompanying standalone financial statements of PAN INDIACORPORATION LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2015 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Standalone 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 the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company 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. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating 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 standalone financial statements.

Opinion

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/loss and its 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 2015 ("TheOrder") Issued By The Central Government Of India In Terms Of Sub-section (11) OfSection 143 Of The Act We Give In The Annexure A Statement On The Matters Specified InThe Paragraph 3 And 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 AsOn 31st March 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 TermsOf Section 164 (2) Of The Act.

(F) With Respect To The Other Matters To Be Included In The Auditor’s Report InAccordance With Rule 11of 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 has disclosed the impact of pending litigation on its financial positionin its financial statements-Refer Note 18 to the financial statements.

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 J.KUMAR & ASSOCIATES
Chartered Accountants
JITENDRA KUMAR
(PROP.)
Place: New Delhi Membership No. 073856
Dated: 28.05.2015 FRN NO. 016917N

The Annexure referred to in paragraph 1 under the heading of "Report on otherLegal and Regulatory Requirements" of Our Report of even date to the members ofPAN INDIA CORPORATION LIMITED. On the accounts of the company for the year ended 31stMarch 2015. On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. A. The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

B. As explained to us the fixed assets have been physically verified by the managementduring the year which in our opinion is reasonable.

2. a. As informed to us the inventory has been physically verified during the year bythe management. In our opinion the frequency of verification is reasonable.

b. The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c. As informed to us the company has maintained proper records of inventory. Nomaterial discrepancies were noticed on such verification.

3. The Company has not granted any loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and also for the saleof goods & services.

During the course of our audit we have not observed any major weaknesses in internalcontrols.

5. The company has not accepted any deposits during the year from the public within themeaning of the provisions of Section 73 to 76 or any other relevant provision of theCompanies Act 2013 and rules made there under. Hence the clause (v) of the order is notapplicable.

6. We have been informed that the Central government has not prescribed maintenance ofcost records under section 148 (1) of the Companies Act 2013.

7. a. According to the records of the company undisputed statutory dues includingProvident Fund Employees’ State Insurance Income Tax Sales Tax Wealth TaxService Tax Duty of Customs

Duty of Excise Value Added Tax Cess and any other statutory dues to the extentapplicable have been regularly deposited with the appropriate authorities. According tothe information and explanations given to us no undisputed amounts payable in respect ofthe aforesaid dues were outstanding as at 31st March 2015 for a period of morethan six months from the date of becoming payable except

NameoftheStatue Nature of Dues Amount Period to which amount relates
Companies Act 1956 R.O.C Fees Amount unascertained Fincial Year2009-10

b. According to the information and explanation given to us there are no dues of SalesTax Duty of Customs Duty of ExciseValue Added Tax Cess which have not been depositedon account of any dispute.

c. There is no amount which is required to be transferred to investor education andprotection fund in accordance with the relevant provisions of the Companies Act 2013(1 of2013) and rules made there under.

8. The accumulated losses of the company are more than fifty percent of its net worth.The company has incurred cash loss during the financial year covered by our audit andthere was cash loss in the immediately preceding financial year.

9. Based on our audit procedures and on the basis of information’s andexplanations given by the management the Company has not taken any loans from anyfinancial institution bank or debenture holders so there is no question of default inrepayment;

10. As explained by the management company has not given guarantee for loans taken byother from banks or financial institutions.

11. According to the information and explanations given to us the Company has nottaken any term loan.Accordingly the provisions of the clause (xi) of the said Order arenot applicable to the Company.

12. As explained to us no fraud on or by the Company has been noticed or reportedduring the year.

Accordingly provisions of the clause (xii) of the said Order are not applicable to theCompany.

For J.KUMAR & ASSOCIATES
Chartered Accountants
JITENDRA KUMAR
(PROP.)
Place: New Delhi Membership No. 073856
Dated: 28.05.2015 FRN NO. 016917N