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Parmeshwari Silk Mills Ltd.

BSE: 540467 Sector: Industrials
NSE: N.A. ISIN Code: INE808R01012
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Parmeshwari Silk Mills Ltd. (PARMESHWARISILK) - Auditors Report

Company auditors report

TO THE MEMBERS OF

PARMESHWARI SILK MILLS LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of PARMESHWARI SILK MILLS LIMITED("the compa-ny")which comprise the Balance Sheet as at 31 March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statementsthatgive financialposition trueandfairviewofthe financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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 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 financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements We believe that the audit evidence we have obtained is sufficientand appropriate to provide 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; a) In the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2017. b) In the case of the Statement of Profitand Loss of the profit for the year ended on that date; and c) In the case of the CashFlow Statement of the cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books (and proper returns adequate for the purposes of our audit havebeen received from the branches not visited by us) c) The Balance Sheet the Statement ofProfit and Loss and Cash Flow Statement dealt with by this Report are in agreement withthe books of accounts. d) In our opinion the aforesaid financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on 31 March 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2017 from being appointed as a director interms of Section 164(2) of the Act. h) With respect to the other matters included in theAuditor's Report and to our best of our information and according to the explanationsgiven to us: i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements. ii. The Company has made provision asrequired under the applicable law or accounting standards for material foreseeablelosses if any on long term contracts including derivative contracts. iii. There were noamounts which required to be transferred to the Investor Education and Protection Fund bythe Company.

FOR DAVINDER PAL SINGH & CO Chartered Accountants Firm Reg. No. 007601N

Sd/-

(INDERJIT KAUR) PARTNER Membership No. 500143 Place: Ludhiana

Dated: 30.05.2017