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Panoramic Universal Ltd.

BSE: 531816 Sector: IT
NSE: PANORAMUNI ISIN Code: INE194B01029
BSE LIVE 15:40 | 15 Dec 9.60 0.19
(2.02%)
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9.81

HIGH

9.81

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9.35

NSE 15:41 | 15 Dec 9.30 -0.05
(-0.53%)
OPEN

9.55

HIGH

9.75

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OPEN 9.81
PREVIOUS CLOSE 9.41
VOLUME 11311
52-Week high 15.65
52-Week low 6.69
P/E
Mkt Cap.(Rs cr) 75
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.81
CLOSE 9.41
VOLUME 11311
52-Week high 15.65
52-Week low 6.69
P/E
Mkt Cap.(Rs cr) 75
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Panoramic Universal Ltd. (PANORAMUNI) - Auditors Report

Company auditors report

TO THE MEMBERS OF PANORAMIC UNIVERSAL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Panoramic UniversalLimited ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Companies Act 2013 ('the Act') with respect to the preparationof these 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 principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions 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 of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 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 that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's management and Board of Directors as well as evaluating the overallpresentation 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 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 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 of the state of affairs of the Companyas at 31st March 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 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 purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014

e) On the basis of written representations received from the directors as on March312016 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure 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 the explanations given to us

i. The Company does not have any pending litigations which would impact its financialposition

ii. The Company does not have any long-term contracts including derivative contracts;as such the question of commenting on any material foreseeable losses thereon does notarise

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund.

For H.H. Topiwala & Co.
Chartered Accountants
Firm Registration No.111022W
(CA. H. H. Topiwala)
Place: Mumbai Proprietor
Date : 26th May 2016 Membership No. 38660

The Annexure A referred to in our Independent Auditors' Report to the members of thecompany on the standalone financial statements for the year ended 31 st March 2016 wereport that:

1. In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As informed to us fixed assets have been physically verified by the management atregular intervals. As informed to us no material discrepancies between the book recordsand the physical inventory were noticed on such verification.

(c) According to the information and explanations given to us and based on theexamination of the registered sale deed/ transfer deed/ conveyance deed/ lease deed andother relevant records evidencing title/ possession provided to us we report that thetitle deeds of all the immoveable properties comprising of land and buildings are held inthe name of the Company as at the balance sheet date.

2. In respect of the Company's inventories:

(a) As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification ol inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us nomaterial discrepancies between the book records and the physical inventory were noticed onsuch verification.

3. (a) The Company has granted interest free unsecured loan to three subsidiarycompanies and interest-bearing unsecured loan to one subsidiary company listed in theregister maintained under section 189 of the Companies Act 2013.

(b) There is no stipulation as to recovery of principal and interest amount (whereverapplicable) and therefore whether any amount was overdue and whether the Company hastaken reasonable steps for recovery of the principal and interest could not beascertained.

4. Based on the information and explanation given to us in respect of loansinvestments guarantees and securities the Company has complied with the provisions ofsection and 186(1) ol the Act. Further as the Company is engaged in the business ofproviding infrastructure facilities the provisions of section 186 {except for sub-section(1)} are not applicable.

5. The Company has not accepted any deposits from the public.

6. As informed to us the Central Government has not prescribed maintenance of costrecords under Section 148(1) of the Act

7. (a) According to the information and explanations given to us and based on therecords of the company examined by us there were delays by the company in depositing theundisputed statutory dues of Provident Fund Service Tax Tax Deducted at Source andIncome-tax except Employees' State Insurance Sales Tax Value Added Tax duty of Customsduty of Excise Cess and any other dues as applicable with the appropriate authorities.

There were arrears of outstanding statutory dues as at the end of the last day of thefinancial year for a period of more than six months from the date they became payable forProvident Fund of Rs.

15.71 lacs Service Tax Rs.27.40 lacs Tax Deducted at Source of Rs. 23.52 lacs andIncome-tax of Rs. 672.94 lacs (b) Details of dues of Income Tax which have not beendeposited as at March 312016 on account

Name of Statute Nature of dues Forum where dispute is pending Period to which the amount relates (Assessment Year) Amount Rs. in Lacs
Income Tax Act Income Tax and Interest Commissioner of Income 2011-2012 13.33 Tax (Appeals)

8. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to any financial institution or bank Government or dues to debenture holders.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). Further in our opinion and according to theinformation and explanations given to us the term loans were applied forthe purpose forwhich it was obtained.

10. According to the information and explanations given to us no fraud by or on theCompany by its officers or employees has been noticed or reported during the course ofouraudit.

11. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in the accordance with the provisionsof section 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and accordingly the provision of clause 3(xii) of theOrder is not applicable.

13. According to the information and explanations given to us and based on theexamination of the records of the Company transactions entered into by the Company withthe related parties are in compliance with section 177 and 188 of the Act whereapplicable.

The details of related party transactions as required under Accounting Standards (AS)18 Related Party Disclosures specified under section 133 of the Act read with Rule 7 ofthe Companies (Account) Rules 2014 have been disclosed in the financial statements.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence the provision ofclause 3(xiv) of the Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non- cash transactions with itsDirectors or persons connected to its Directors.

16. According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934

For H.H. Topiwala & Co.
Chartered Accountants
Firm Registration No.111022W
(CA. H. H. Topiwala)
Place: Mumbai Proprietor
Date : 26th May 2016 Membership No. 38660

Annexure B to Auditors' Report

Annexure to the Independent Auditors' Report referred to in paragraph 2(f) under theheading 'Report on other legal and regulatory requirements" of our Report of evendate on the standalone financial statements of Panoramic Universal Limited for the yearended 31st March 2016

Report on the Internal Financial Controls over Financial reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PanoramicUniversal Limited ("the Company") as of 31st March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention 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

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 specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone 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 controls systemoverfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. Acompany'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 standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 31 st March 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 H.H. Topiwala & Co.
Chartered Accountants
Firm Registration No.111022W
(CA. H. H. Topiwala)
Place: Mumbai Proprietor
Date : 26th May 2016 Membership No. 38660