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Paramount Cosmetics (India) Ltd.

BSE: 507970 Sector: Consumer
NSE: N.A. ISIN Code: INE143I01013
BSE LIVE 11:49 | 12 Dec 30.50 -1.05
(-3.33%)
OPEN

30.50

HIGH

30.50

LOW

30.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 30.50
PREVIOUS CLOSE 31.55
VOLUME 100
52-Week high 46.20
52-Week low 27.00
P/E 17.63
Mkt Cap.(Rs cr) 15
Buy Price 30.50
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.50
CLOSE 31.55
VOLUME 100
52-Week high 46.20
52-Week low 27.00
P/E 17.63
Mkt Cap.(Rs cr) 15
Buy Price 30.50
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Paramount Cosmetics (India) Ltd. (PARAMOUNTCOSMET) - Auditors Report

Company auditors report

To the Members of

Paramount Cosmetics (India) Limited.

Report on the Financial Statements

We have audited the accompanying financial statements of Paramount Cosmetics (India)Limited. ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of 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 accountingprinciples generally accepted in India including the Accounting Standards prescribedunder Section 133 of the Act read with relevant Rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial 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 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 of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Board of Directors as well as evaluating the overallpresentation of the financial statements

Basis for qualified opinion

1) Attention is invited to the note no 33(2b) of the financial statements the Companyhas not recorded a provision of Rs. 25191574 for slow/non-moving inventory.Accordingly had a provision been recorded for such an amount inventory would have beendecreased by Rs. 25191574 and net profit and shareholders' fund would have beendecreased by Rs. 25191574.

2) Attention is invited to the note no 33(1b) of the financial statements the Companyhas not recorded a provision of Rs. 8449540 for un confirmed and time barred debts.Accordingly had a provision been recorded for such an amount provision for un confirmedand time barred debts would have been increased by Rs. 8449540 and net profit andshareholders' fund would have been decreased by Rs.

8449540.

Qualified opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter(s) described in the Basis for QualifiedOpinion paragraph above the aforesaid 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

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017 b) in the case of Statement of Profit and Loss of the Profit for the yearended on that date; and c) in the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report that:

(a) Except for the matter(s) described in the Basis for Qualified Opinion paragraph Wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(b) Except for the effects of the matter(s) described in the Basis for QualifiedOpinion paragraph In our opinion proper books of account as required by law have beenkept by the Company so far as it 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) Except for the effects of the matter(s) described in the Basis for QualifiedOpinion paragraph above In our opinion the aforesaid financial statements comply withthe Accounting Standards prescribed under section 133 of the Act read with relevant Rulesissued thereunder

(e) The matter described in the Basis for Qualified Opinion paragraph above in ouropinion may have an adverse effect on the functioning of the Company;

(f) On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 from being appointed as a director in terms of section 164 (2) of theCompanies Act 2013;

(g) The qualification relating to the maintenance of accounts and other mattersconnected therewith are as stated in the Basis for Qualified Opinion paragraph above.

(h) 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 A"

(i) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements refer 32 to the financial statement.

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 wererequired to be transferred to the Investor Education and Protection

Fund by the Company.

iv. The Company has provided requisite disclosures in Note 28.6 to these financialstatements as to the holding of Specified Bank Notes on November 8 2016 and December 302016 as well as dealings in Specified Bank Notes during the period from November 8 2016to December 30 2016. Based on our audit procedures and relying on the managementrepresentation regarding the holding and nature of cash transactions including SpecifiedBank Notes we report that these disclosures are in accordance with the books of accountsmaintained by the Company and as produced to us by the Management.

2. As required by the Companies (Auditor's report) Order 2016 ("the Order")issued by the Central Government in terms of of section 143(11) of the Act we give in the"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For S. S. Jain & Associates Chartered Accountants F R N 103970W

Sudhir Kumar Jain Proprietor M No:038664 Place : Bangalore Date: 30th May 2017