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Parsharti Investment Ltd.

BSE: 511702 Sector: Financials
NSE: N.A. ISIN Code: INE290E01011
BSE LIVE 14:15 | 22 Sep 4.98 -0.26
(-4.96%)
OPEN

5.24

HIGH

5.24

LOW

4.98

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.24
PREVIOUS CLOSE 5.24
VOLUME 101
52-Week high 9.59
52-Week low 4.98
P/E 29.29
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.98
Sell Qty 200.00
OPEN 5.24
CLOSE 5.24
VOLUME 101
52-Week high 9.59
52-Week low 4.98
P/E 29.29
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.98
Sell Qty 200.00

Parsharti Investment Ltd. (PARSHARTIINVEST) - Auditors Report

Company auditors report

To

The Members

Parsharti Investment Limited

Mumbai.

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of PARSHARTIINVESTMENT LIMITED ("the Company") which comprise the Balance Sheetas at March 31 2017 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 design implementation and maintenance of adequate internalfinancial controls 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 standalone financial statementsbased on our audit.

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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 ofthe state of affairs of the Company as at March 31 2017; b) in the case of the Profit andLoss Account of the profit for the year ended on that date; 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

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the 'Annexure A' a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

2. 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 it appears from ourexamination of those books; c. The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; e. On the basis of the written representations receivedfrom the directors as on March 31 2017 taken on record by the Board of Directors none ofthe directors is disqualified as on March 31 2017 from being appointed as a director interms of Section 164 (2) of the Act; f. With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in "Annexure B". Our reportexpresses an unmodified opinion on the adequacy and operating effectiveness of theCompany's internal financial controls over financial reporting. g. With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact its financial position. ii. The Company did nothave any outstanding long-term contracts including derivative contracts as at March 312017 for which there were any material foreseeable losses; and iii. As at March 31 2017there were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company. iv. The Company has provided requisite disclosures in itsstandalone financial statements as to holdings as well as dealings in Specified Bank Notesduring the period from 8th November 2016 to 30th December 2016 and these are inaccordance with the books of accounts maintained by the Company. Refer Note 18.(6) to thestandalone financial statements

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No. 110929 (W)

CA. Nimish B. Thakore

Proprietor

Membership No.034767

Place : Mumbai

Date : 29th May 2017

ANNEXURE A'TO THE INDEPENDENT AUDITORS' REPORT

REFERRED TO IN PARAGRAPH 1 UNDER "REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF PARSHARTI INVESTMENT LIMITED ('THECOMPANY') FOR THE YEAR ENDED MARCH 31 2017.

On the basis of such checks as were considered appropriate and according to theinformation and explanations given to us during the course of audit we state that:

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

(b) Fixed assets have been physically verified by the management during the year. Thefrequency of verification is considered reasonable having regards to the size of thecompany and the nature of its asset. No material discrepancies were identified on suchverification.

(c) As the company does not have any Immovable properties clause (i)(c ) of theparagraph 3 of the order is not applicable to the company.

(ii) The Company is an investment company and does not have any inventory andaccordingly clause (ii) of paragraph 3 of the Order is not applicable.

(iii) According to the information and explanation to us the Company has not grantedany loans secured or unsecured to companies firms or other parties covered in theregister maintained under Section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us inrespect of loans investment guarantees securities the provision of session 185 and 186of the Companies Act of 2013 have been complied with.

(v) No deposits within the meaning of Section 73 to 76 of the Act and rules framedthere under have been accepted by the Company. Hence the provisions of clause (v) of theParagraph 3 of the Order are not applicable to the Company.

(vi) To the best of our knowledge and as explained the Central Government has notprescribed the maintenance of cost records under section 148 (1) of the Act in respect ofactivities undertaken by the Company during the year.

(vii) (a) According to the books of account and records as produced and examined by usin accordance with the generally accepted auditing practices in India in our opinion theCompany is regular in depositing undisputed statutory dues in respect of provident fundemployees state insurance income tax wealth tax service tax sales tax customs dutyexcise duty value added tax cess and other statutory dues applicable to the Company withappropriate authorities. According to the information and explanation given to us noundisputed amounts payable in respect of the aforesaid statutory dues were outstanding asat the last day of the financial year for a period of more than six months from the datethey became payable.

(b) On the basis of our examination of the documents and records the company does nothave any disputed statutory liabilities.

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of dues to the financial institution or bank or debenture holders.

(ix) The Company has not raised any money by way of public issue or further publicoffer and term loans during the year. Hence the provisions of clause (ix) of theParagraph 3 of the Order are not applicable to the Company.

(x) During the course of our examination of the books of account and records of thecompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we have neither come acrossany instance of fraud on or by the Company noticed or reported during the year nor havewe been informed of such case by the management.

(xi) According to the information and explanations given to us the company has notpaid any managerial remuneration during the year.

(xii) The Company is not a Nidhi Company. Hence the provisions of clause (xii) of theParagraph 3 of the Order are not applicable to the Company.

(xiii) According to the information and explanations given to us there is notransaction with related parties as specified in section 177 and 188 of the Companies Act2013.

(xiv) According to the information and explanation given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year.

(xv) According to the information and explanation given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.

(xvi) The Company is a Non-Banking Financial Company duly registered under Section45-IA of the Reserve Bank of India Act 1934.

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No. 110929 (W)

CA. Nimish B. Thakore

Proprietor

Membership No.034767

Place : Mumbai

Date : 29th May 2017

'ANNEXURE B' TO THE INDEPENDENT AUDITORS' REPORT

REFERRED TO IN PARAGRAPH 2(f) UNDER "REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF PARSHARTI INVESTMENT LIMITED ('THECOMPANY') FOR THE YEAR ENDED MARCH 31 2017.

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 PARSHARTIINVESTMENT LIMITED ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's 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 issued by the Institute ofChartered Accountants of India and specified under Section 143(10) of the Act to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the internal financial controls system over financialreporting.

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 authorizations ofmanagement and directors of the Company; and (3) provide reasonableassurance regardingprevention or timely detection of unauthorized 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For N.B. THAKORE & CO.

Chartered Accountants

Firm Reg. No. 110929 (W)

CA.Nimish B. Thakore

Proprietor

Membership No.034767

Place : Mumbai

Date : 29th May 2017