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Panasonic Energy India Company Ltd.

BSE: 504093 Sector: Consumer
NSE: LAKHNNATNL ISIN Code: INE795A01017
BSE LIVE 15:40 | 18 Aug 237.40 -5.30
(-2.18%)
OPEN

240.10

HIGH

244.00

LOW

221.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 240.10
PREVIOUS CLOSE 242.70
VOLUME 3155
52-Week high 365.00
52-Week low 221.05
P/E 53.47
Mkt Cap.(Rs cr) 178
Buy Price 0.00
Buy Qty 0.00
Sell Price 237.00
Sell Qty 1000.00
OPEN 240.10
CLOSE 242.70
VOLUME 3155
52-Week high 365.00
52-Week low 221.05
P/E 53.47
Mkt Cap.(Rs cr) 178
Buy Price 0.00
Buy Qty 0.00
Sell Price 237.00
Sell Qty 1000.00

Panasonic Energy India Company Ltd. (LAKHNNATNL) - Auditors Report

Company auditors report

To the Members of Panasonic Energy India Co. Ltd.

Report on the Financial Statements

We have audited the accompanying financial statements of Panasonic Energy India Co.Ltd. ("the Company") which comprise the Balance Sheet as at 31st March2016 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 the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 thereunder.

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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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.

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 2016 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 (Auditor’s Report) Order 2016 ("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 a statement on the matters specified inparagraphs 3 and 4 of the 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 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 March31 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164(2) of the Act; f. with respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in Annexure B; and

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 the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 28 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 has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For K. C. Mehta & Co.
Chartered Accountants
Firm’s Registration No. 106237W
Vishal P. Doshi
Place : Vadodara Partner
Date : May 24 2016 Membership No. 101533

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to in our Independent Auditor’s Report to the members of PanasonicEnergy India Co. Ltd. ("the Company") for the year ended 31stMarch 2016 we report that:

i. (a) In our opinion the Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three year which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(c) According to the information and explanation given to us the title deeds ofimmovable properties of the Company are held in the name of the Company.

ii. Inventories (excluding inventories lying with third parties) were physicallyverified by the management at the reasonable intervals during the year. In respect ofinventories lying with third parties these have substantially been confirmed by them. Inour opinion the frequency of verification is reasonable. In our opinion and according tothe information and explanations given to us the discrepancies noticed on verificationbetween physical inventories and book records were not material and the same have beenproperly dealt with in the books of account.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013 and therefore the provisions of clause (iii) of the Orderare not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us noinvestment is made or loan or guarantee or security is given as per provision of section185 and 186 of the Act and therefore the provisions of clause (iv) of the Order are notapplicable to the Company.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year from the public within the meaningof provisions of section 73 to 76 of the Companies Act 2013 and the rules framedthereunder and therefore the provisions of clause (v) of the Order are not applicable tothe Company.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe order of the Central Government for maintenance of cost records under sub-section (1)of section 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed records have been made and maintained. We have however not made a detailedexamination of the records with a view to determining whether they are accurate orcomplete.

vii. (a) In our opinion and according to the information and explanations given to usthe Company has been regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employee’s state insurance income-taxsales-tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues applicable to it. Further no undisputed amounts payable in respectof provident fund employee’s state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and any other statutory dues werein arrears as at 31st March 2016 for a period of more than six months from the date theybecome payable.

(b) The following are the particulars of income tax sales tax service tax duty ofcustoms duty of excise and value added tax as at 31st March 2016 which havenot been deposited on account of dispute:

Name of the statute Nature of disputed dues Amount (Rs. in lacs) Period to which the amount relates Forum where pending
Income Tax Act 1961 Income Tax 33.58 A.Y. 2008-09 Commissioner of Income tax (Appeals)
Customs Act 1962 Custom Duty 81.81 From March 2011 to September 2012 CESTAT Ahmedabad
Customs Act 1962 Custom Duty 1.11 From June 2008 to November 2009 CESTAT Ahmedabad
Finance Act 1994 Service Tax 59.55 From September 2004 to F.Y.2012-13 CESTAT Ahmedabad
Finance Act 1994 Service Tax 3.49 From February 2008 to February 2009 Assessing Authorities Commissioner (Appeals)
Central Excise Act 1944 Excise Duty 40.55 F.Y. 2006-07 to September 2011 CESTAT New Delhi
Central Excise Act 1944 Excise Duty 38.76 F.Y. 2007-08 to 2013-14 Assistant Commissioner Commissioner (Appeals)
Sales Tax Sales Tax 223.96 F.Y. 1986 to F.Y. 2011-12 Sales Tax Tribunal Commissioner of Sales Tax (Appeals) Dy.Commissioner of Commercial Tax at different Jurisdiction.

viii. In our opinion and according to the information and explanations given to us theCompany does not have any loans or borrowings from any financial institution bankgovernment or debenture holders and therefore the provisions of clause (viii) of theOrder are not applicable to the Company.

ix. In our opinion the Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) and term loan during the year andtherefore the provisions of clause (ix) of the Order are not applicable to the Company.

x. In our opinion and according to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

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

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company and therefore the provisions of clause (xii) of the Orderare not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company all transactions with the relatedparties are in compliance with Section 177 and 188 of the Act where applicable and thedetails have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review and therefore the provisions ofclause (xiv) of the Order are not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith directors and therefore the provisions of clause (xv) of the Order are notapplicable to the Company.

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

For K. C. Mehta & Co.
Chartered Accountants
Firm’s Registration No. 106237W
Vishal P. Doshi
Place : Vadodara Partner
Date : May 24 2016 Membership No. 101533

ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PanasonicEnergy India Co. Ltd. ("the Company") as of March 31 2016 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For K. C. Mehta & Co.
Chartered Accountants
Firm’s Registration No. 106237W
Vishal P. Doshi
Place : Vadodara Partner
Date : May 24 2016 Membership No. 101533