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Parnami Credits Ltd.

BSE: 538646 Sector: Financials
NSE: N.A. ISIN Code: INE837C01013
BSE LIVE 09:19 | 02 Aug 12.19 0.58
(5.00%)
OPEN

12.19

HIGH

12.19

LOW

12.19

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.19
PREVIOUS CLOSE 11.61
VOLUME 1000
52-Week high 15.20
52-Week low 7.25
P/E 87.07
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.19
CLOSE 11.61
VOLUME 1000
52-Week high 15.20
52-Week low 7.25
P/E 87.07
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
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 Financial Statements

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

Management's Responsibility for the 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 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 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 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 financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial control system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide 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 state ofaffairs of the Company as at 31st March 2016 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 2015 ("the Order") issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure "A" statement on the matters specified in paragraphs 3 and4 of the Order 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 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theAct.

(f) 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.

(g) 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 on its financialposition in its financial statements; ii. the Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses. iii.there has been no delay in transferring amounts required to be transferred to theInvestor 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 30 2016 Membership Number: 043998

Annexure A to Independent Auditors’ Report:

In the Annexure as required by the Companies (Auditor’s Report) Order 2016issued by the Central Government in terms of Section 143 (11) of the Companies Act 2013on the basis of checks as we considered appropriate we report on the matters specifiedin paragraph 3 and 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 have 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 accounts.

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 will not be applicable.

iii. In our opinion and according to the information and explanations given to us TheCompany has not granted any unsecured loans to any parties as covered in the registerunder section 189 of the Act.

iv. According to the information and explanation given to us there is no loans andinvestments made with the provisions of section 185 and

186 of the companies Act 2013 in respect of the loans and investments made andguarantees 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 asprescribed under Section 148(1) of the Act for any of the services rendered by theCompany.

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

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

viii. According to the information and explanation given to us the Company have nottaken loan or borrowing from the 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 term loans during the year. Accordingly paragraph3(ix) of the Order is not applicable to the Company.

x. According to the information and explanation given to us no material fraud by theCompany or on the Company by its officers or employees noticed or reported during thecourse of our audit.

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

xii. In our opinion and According to the information and expiations given to us theCompany is not a Nidhi company. Hence the provision of clause 3(xii) of the order is notapplicable to the Company.

xiii. According to the information and expiations given to us and based on theexamination of the records of the company transactions with related parties are incompliance with section 177 and 188 of the Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

xiv. According to the information and expiations 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 any non-cashtransactions with directors or persons connected with him. Hence the provisions of clause3(xii) of the Order are not applicable to the company.

xvi. According to the information and explanations given to us the company registeredunder Section 45-IA of the Reserve Bank of India Act

1934 and the registration certificate is obtained.

For Subramianiam Bengali & Associates
Chartered Accountants
Firm's Registration No.: 127499W
Sd/-
CA. Rajiv Bengali
Place : Mumbai Partner
Date May 30 2016 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 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". 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 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 controlssystem over financial 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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the 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 u 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 2016 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 30 2016 Membership Number: 043998