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Parnami Credits Ltd.

BSE: 538646 Sector: IT
NSE: N.A. ISIN Code: INE837C01013
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.40
PREVIOUS CLOSE 9.40
VOLUME 39297
52-Week high 15.20
52-Week low 7.25
P/E 78.33
Mkt Cap.(Rs cr) 3
Buy Price 9.40
Buy Qty 203.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.40
CLOSE 9.40
VOLUME 39297
52-Week high 15.20
52-Week low 7.25
P/E 78.33
Mkt Cap.(Rs cr) 3
Buy Price 9.40
Buy Qty 203.00
Sell Price 0.00
Sell Qty 0.00

Parnami Credits Ltd. (PARNAMICREDITS) - Auditors Report

Company auditors report

To the Members of

PARNAMI CREDITS LIMITED

Report on the Standalone financial statements

We have audited the accompanying standalone financial statements of PARNAMI CREDITSLIMITED ("the Company") which comprise the Balance Sheet as at March 312017 and the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant account policies and other explanatory information.

Management’s Responsibility for the Standalone financial statements

The Management and Board of Directors of the company is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards referred specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies makingjudgment and estimates that are reasonable and prudent and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement 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 there under.

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 involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thestandalone financial statements. The procedures selected depend on the auditor’sjudgment including the assessment of the risks of material misstatement of the standalonefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company’s preparation of thestandalone financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the standalone financial statements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 state ofaffairs of the Company as at 31st March 2017 b) in the case of the Statement of Profitand Loss for the period ended on that date c) in the case of the Statement of Cash Flowfor the year ended on that date.

Report on other legal and Regulatory Requirements

1) The Companies (Auditors Report) Order 2016 ("the Order") issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

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 financial Statement comply with the applicableAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 except For AS-15 Retirement benefits.

(e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164(2) of theAct.

(f) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 which are in accordance with the books of accounts maintainedby the company.

(g) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in Annexure B.

(h) In our opinion and to the best of information and according to the explanationgiven to us we report as under with respect to the other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 :

i. The Company does not have any pending litigations which would impact on itsfinancial position in its standalone 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 Subramianiam Bengali & Associates
Chartered Accountants
Firm’s Registration No.: 127499W
Sd/-
CA . Rajiv Bengali
Place : Mumbai Partner
Date : May 10 2017 Membership Number: 043998

Annexure A to Independent Auditors’ Report:

In the Annexure as required by Companies (Auditors Report) Order 2016 issued by theCentral Government in terms of Section 143 (11) of the Companies Act 2013 on the basis ofchecks as we considered appropriate we report on the matters specified in paragraph 3and 4 of the said order to the extent applicable to the company.

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

(b) The fixed assets has been physically verified by the management during the year.The Discrepancies noticed if any on such verification were not material and have beenproperly with in the books of account.

ii. The Company is engaged in the business of Financial services and does not hold anyinventory .Accordingly the provision of clause 3 (ii) (a) (b) and (c) of said order willnot be applicable.

iii. In our opinion and according to the information and explanations given to us TheCompany has granted unsecured loans to related parties as covered in the register undersection 189 of the Act.

a. The terms and conditions of the grant of such loans are not prejudicial to thecompany’s interest.

b. The schedule of repayment of principal and payment of interest has been stipulatedand the repayments are regular.

c. The amount is not overdue the total amount not overdue for more than ninety days.

iv. According to the information and explanations given to us there is no loans andinvestment made with the provisions of section 185 and 186 of the companies Act 2013 inrespect of the loans and investment made and guarantees and security provided by it.

v. The Company has not accepted any deposits from the public within the meaning ofsections 73 to 76 of the Act.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

vii. (a) According to the information and explanations given to us no undisputedamounts payable in respect of applicable statutory dues were in arrears for a periodexceeding six months as at the end of the financial year from the date they becamepayable.

(b) According to the information and explanations given to us there is no statutorydues which were disputed and unpaid during the year.

viii. According to the information and explanations give to us the Company have nottaken loan or borrowing from financial institution during the year.

ix. The Company did not raised any money by way of initial public offer further publicoffer (including debt instruments) and terms loans during the year. Accordingly paragraph3 (ix) of the order is not applicable to the Company.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company has paid / provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V of the Companies Act 2013.

xii. In our opinion and according to the information and explanation given to us thecompany is not a Nidhi company. Hence the provision of clause 3(xii) of the order are notapplicable to the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Hence the provision of clause3(xii) of the order are not applicable to the company.

xvi. According to the information and explanations given to us the Company isregistered under section 45-IA of the Reserve Bank of India 1934 and the registrationcertificate is obtained

For Subramianiam Bengali & Associates
Chartered Accountants
Firm’s Registration No.: 127499W
Sd/-
CA . Rajiv Bengali
Place : Mumbai Partner
Date : May 10 2017 Membership Number: 043998

"Annexure B" to the Independent Auditor’s 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 PARNAMICREDITS LIMITED ("the Company") as of March 31 2017 in conjunction with ouraudit of the standalone standalone financial statements of the Company for the year endedon 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". 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 assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 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 judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 standalone financial statements for external purposes in accordancewith generally accepted accounting principles. A company’s internal financial controlover financial 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 thestandalone 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 and to the best of our information and according to the explanationsgiven to you the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Subramianiam Bengali & Associates
Chartered Accountants
Firm’s Registration No.: 127499W
Sd/-
CA . Rajiv Bengali
Place : Mumbai Partner
Date : May 10 2017 Membership Number: 043998