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Panther Industrial Products Ltd.

BSE: 524055 Sector: Financials
NSE: N.A. ISIN Code: INE181D01014
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Panther Industrial Products Ltd. (PANTHERINDLPR) - Auditors Report

Company auditors report

Independent Auditors

On Financial Statements

TO

THE MEMBERS OF

PANTHER INDUSTRIAL PRODUCTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Panther Industrial ProductsLtd (the "Company") which comprise the Balance Sheet as at 31* March 2014 andthe Statement of Profit and Loss for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the Company in accordance with the Accounting Standards referred to inSection 211 (3C) of the Companies Act 1956 (the "Act") (which continue to beapplicable in respect of Section 133 of the Companies Act 2013 In terms of GeneralCircular 15/2013 dated September 13 2013 of the Ministry of Corporate Affairs) and inaccordance with the accounting principles generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal control 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 conducted our audit in accordance with the Standards on Auditing Issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures In the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at31" March 2014

(b) In the case of the Statement of Profit and Loss of the loss for the year ended onthat data. and

(c) in the case of cash flow statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 issued by the CentralGovernment in terms of section 227(4A) of the Companies Act 1956 we annex hereto astatement on the matters specified in paragraphs 4 and 5 of the said Order.

2. As required by section 227(3) of the Act we report that

(a) We have obtained all the information and explanations which to the best of ourknowledge 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 so far asappears from our examination of such books;

(i) Reference is invited to note B(8) and (9) in the significant accounting policiesand Notes on Accounts (Notes A &B)tothe balance sheet regarding sundry debtors andloans and advances considered good and recoverable by the management Rs 99794054 and Rs77825000due from certain companies. Though the Company is confident of recovery inview of huge losses and uncertainty in the business operations of such companies we areunable to express an opinion with regard to recoverabilityofsuch advances.

(ii) In view of our comments in para above the saJd accounts read with the Notes toAccounts appearing in the Significant Accounting Policies and Notes on Accounts (Notes A&B) to the balance sheet give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(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 Balance Sheet Statement of Profit and Loss and Cash flowStatement complies with the Accounting Standards referred to in subsection (3C) of section211 of the Companies Act 1956 (which continue to be applicable in respect of Section 133of the Companies Act 2013 in terms of General Circular 1572013 dated September 13 2013 ofthe Ministry of Corporate Affairs).

(e) On the basis of written representations received from the directors as on 31"March 2014 and taken on record by the Board of Directors none of the directors isdisqualified as on 31" March 2014 from being appointed as a director in terms ofclause (g) of sub-section (1) of section 274 of the Companies Act 1956.

For S. KUMAR JAIN & CO

Chartered Accountants

Firm Reg.No. 131314

SAN JAY JAIN

Proprietor

Membership no 39938

Mumbai. 30th May. 2014

Annexure To The Auditors' Report

(Referred to In paragraph (2) of our Report of even date)

1. The nature of Company's activities during the year under report have been such thatthe requirements of clauses 4 (ii) and (xiii) of the Order are not applicable to theCompany.

2. (a) The Company has maintantained proper records showing fun particulars Includingquantitative details and situation of fixed assetes.

(b) According to the information and explanations given to us the fixed assets havebeen physically verified by the management during the year. We are informed that nomaterial discrepancies were noticed by the management on such verification.

3. (a) The Company has granted an unsecured loan to a company covered in the Registermaintained under section 301 of the companies Act 1956 and the year ended balance is Rs77825000.

(b) The rate of interest and other terms and conditions on which loans are given arenot prima fade prejudicial to the Interest of the Company.

(c) The Company has taken interest-free unsecured loans from a company covered In theregister maintained under section 301 of the Companies Act 1956. There are notransactions during the year and the year ended balance is Rs. 135000.

(d) The rate of interest and other terms and conditions on which loans have been takenare not prima facie prejudicial to the interest of the Company.

(e) There is no repayment schedule specified for the principal amounts of loans takenand the said loans are interest free.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business with regard to purchases of inventory fixed assets and with regardto sale of goods. However during the year there Is no purchase of Inventory and sale ofgoods and therefore we have neither come across nor we have been informed of any weaknessin internal control.

5. (a) According to the information and explanations given to us we are of the opinionthat the particulars of contracts or arrangements that need to be entered into theregister maintained under section 301 of the Companies Act. 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us thereare no transactions made in pursuance of contracts or arrangements entered in the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of rupeesfive lacs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit from the public within the meaning of sections5&A and 58AA or any other relevant provisions of the Companies Act 1956 and the rulesframed there under.

7. The Company does not have a formal internal audit systems.The Company has nointernal audit system. However in our opinion the internal controls and internal checksinstalled by the Management adequately serve as substitutes for internal audit systems.

8. The Central Government has not prescribed maintenance of cost records under section209(1)(d) of the Act.

9. (a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees' state insurance investor education and protection fund income-tax sales taxwealth tax sen/ice tax custom duty excise duty cess and other statutory dues withappropriate authorities where applicable. There are no arrears of outstanding statutorydues as at the last day of the relevant period for a period of more than six months fromthe date they become payable.

(b) According to the information and explanations given to us particulars of duesincome-tax as at 31st March 2014 which has not been deposited on account of dispute isas under-

Name of the statue Nature of dues Amount (Rs) Period to which the amount relates Forum before which the dispute is pending
Income-tax Ad 1961 Income-tax demand 13228720 A.Y.2001-02 CIT(A)
Income-tax Act 1961 Income-tax penalty 12158829 A.Y 2001-02 CIT(A)

10. The Company has no accumulated losses at the end of the financial year and has notincurred cash losses in the financial year under report and in the immediately precedingfinancial year.

11. The Company has not raised any ban from financial institution or bank or ondebentures and hence clause (xi) of paragraph 4 is not Applicable.

12 According to the information and explanations given to us the Company has notgranted any loans and advances on the basis of any security by way of pledge of sharesdebentures and other securities.

13.There are no transactions and contracts in respect of shares securities debenturesand other investments. AH investments am held by the Company in its own name except to (heextent and for reason specified in the footnote to Note B{7) in the Significant AccountingPolicies and Notes on Accounts (Notes A &B) to the balance sheet

14 According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from any bank or financial institution. Howeverthe Company has pledged securities for loans obtained by associate concerns from a bank.

15.The Company has not obtained any term loans during the year.

16 .The Company has not raised any funds on short-term basis.

17 .The Company has not made any preferential allotment of shares during the year.

18. The Company has not issued any debentures and hence the question of creating anysecurity or charge in respect thereof does not arise.

19. During the period the Company has not raised money by public issue.

20 According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the period.

For S.KUMAR JAIN & CO

Chartered Accountants

Firm Reg.No.131314

SAN J AY JAIN

Proprietor

Mumbai. 30th May. 2014