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Panache Digilife Ltd.

BSE: 538424 Sector: Consumer
NSE: PANACHE ISIN Code: INE895W01019
BSE 05:30 | 01 Jan Panache Digilife Ltd
NSE 05:30 | 01 Jan Panache Digilife Ltd

Panache Digilife Ltd. (PANACHE) - Auditors Report

Company auditors report

To

The Shareholders ot

Panache Digilife Limited

(Formerly Known as Vardhaman Technology Limited

Earlier Known as Vardhaman Technology Private Limited)

Unit No. 201/B-T Rahefa Plaza L.B.S. Road

Ghatkopar (West) Mumbai - 400 086.

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of Panache DigtlifeLimited (‘the Company') (Formerly Known as Vardhaman Technology Limited EarlierKnown as Vardhaman Technology Private Limited) which comprise the 'Balance Sheet as at 31stMarch 2017 Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134(5) ofthe Companies Act 2013 ("the Act1') with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with 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 safeguardingthe 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 Standalone Financial Statements that give a true andfair view and are tree from materia! misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit.

We have taken into account the provisions of the Act the accounting & auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Financial Statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements to give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by management as well asevaluating the overall presentation of the Standalone Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to usr the Standalone 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:

t. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

ii. in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

iiL in the case of the Cash Flow Statement of the cash flows tor the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of Section 143(11) of the Companies Act 2013 we encloseherewith; ‘Annexure- A'T a statement on the matters specified inparagraphs 3 and 4 of the said Order.

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 purpose 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 Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis ot written representations received from the directors as on 31s1March 2017f and taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2017 from being appointed as adirector in terms of Section 164(2) ot the Companies Act 2013; and

f. Our Opinion on the adequacy of the Internal Financial Controls of the company overthe financial reporting and the operating effectiveness of such controls has been given byus in a separate report in lAnnexure-B\

g. 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 explanations given to us:

(i) The Company has disclosed that there are no pending litigations which would impactits financial position.

(ii) The Company did not have any long term contracts for which there were any materialforeseeable losses;

(iil) The Company is not required to transfer any amount to the Investor Education andProtection Fund by the Company.

(iv) As per the information and according to the information and explanation given tousr we report that that the holding company has given requisite disclosures inPara. 6 of Note No. 25 Of the financial statements with regard to holdings as well asdealings in specified bank notes (‘SBNs') as defined in Notification S0. 3407(E)dated 08th November 2016 of Ministry of Finance during the period 08th November 2016 to30th December 2016. Based on the audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books of accountsmaintained by the Company and as produced to us by the management.

Por Jain Salia& Associates
Chartered Accountants
[ FRNo: 116291W ]
Partner
Race : Mumbai (CA Jayesh K. Salia)
Dated : 23.05.2017 (Membership No. 044039)

ANNEXURE - A TO THE AUDITOR'S REPORT FOR THE Y. E. 31st MARCH 2017.

{Referred to in Paragraph (1) of our Report of even date)

(i)

a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b) The fixed assets are physically verified by the management in a phased manner over aperiod of 2 years; which in our opinion is reasonable having regard to the size of thecompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

c) Based on the information & explanation given to us and the records examined byus and based on the examination of registered sale deed/transfer deed/conveyance deedprovided to us we report that the title deeds comprising all the immovable propertiesof land and buildings (Including land whose title deeds have been pledged as securityagainst loan taken by the company) are held in the name of the Company as at balancesheet date.

(ii)

a) The physical verification of inventory & spares has been conducted at reasonableintervals by the management and no material discrepancies were noticed on suchverification between physical stock and book records.

(iii) in our opinion and according to the information and explanations given to us theCompany has not given any loans secured or unsecured to companies firms or otherparties covered in the register maintained under Section 189 of the Companies Act. 2013.

(iv) In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been duly complied.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provisions of Section 73 to Section 76 or any other relevant provisionsof the Companies Act 2013 and the rules framed there under are applicable.

(vi) According to the information and explanations given to us the Company is notrequired to maintain any cost records as specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013.

(vii)

a. According to the information and explanations given to us the Company is regular indepositing undisputed statutory dues including provident fund Income tax VAT CSTcustom duty cess and any other statutory dues with the appropriate authorities during theyear.

b. According to the information and explanations given to us no undisputed amountspayable in respect of such statutory dues were outstanding as on 31st March2017 for a period of more than six months from the date they became payable.

(viii) On the basis of our examination and according to the information andexplanations given to us the Company has not defaulted in re-payment of its dues to theBanks and no amounts were borrowed by the Company through Debentures from any financialinstitution.

(ix) On the basis of our examination and according to the information and explanationsgiven to us the Company has utilized all loans for the purpose for which it is obtained

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

(xi) In our opinion and according to the information and explanations given to us thecompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V of the Act.

(xii) In our opinion and according to the information and explanation given to us thecompany is not a nidhi company and hence reporting under paragraph 3(xii) of the Order isnot applicable to our company.

(xiii) All the transactions with related parties are in compliance with sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Jain Salia & Associates
Chartered Accountants
FRNo: 116291W
Partner
Place : Mumbai (CA Jayesh K. Salia)
Dated : 23.05.2017 (Membership No. 044039)