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Parshwanath Corporation Ltd.

BSE: 511176 Sector: Financials
NSE: N.A. ISIN Code: INE635I01018
BSE LIVE 13:14 | 16 Aug 19.50 -0.20
(-1.02%)
OPEN

19.50

HIGH

19.50

LOW

19.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 19.50
PREVIOUS CLOSE 19.70
VOLUME 310
52-Week high 24.40
52-Week low 10.01
P/E 72.22
Mkt Cap.(Rs cr) 6
Buy Price 19.50
Buy Qty 96.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.50
CLOSE 19.70
VOLUME 310
52-Week high 24.40
52-Week low 10.01
P/E 72.22
Mkt Cap.(Rs cr) 6
Buy Price 19.50
Buy Qty 96.00
Sell Price 0.00
Sell Qty 0.00

Parshwanath Corporation Ltd. (PARSHWANATHCORP) - Auditors Report

Company auditors report

PARSHWANATH CORPORATION LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To, The Members of Parshwanath Corporation Limited. 1. We have audited the attached Balance Sheet of Parshwanath Corporation Limited as at 31st March, 2012, and also Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) In our opinion, proper books of accounts as required by law, have been kept by the Company so far as appears from our examination of those books; (iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with books of account; (iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of Clause (g) of sub Section (1) of Section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in so far as it relates to Balance Sheet, of the state of affairs of the company as at 31st March, 2012; (b) in so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (c) in so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Manubhai & Company Chartered Accountants (Reg. No.: 106041W) K.B. SOLANKI Place: Ahmedabad Partner Date : August 27, 2012 M. No. 110299 ANNEXURE TO AUDITOR'S REPORT [Referred to paragraph 3 of our report of even date] 1. In respect of its fixed assets: a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b. As explained to us, the fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c. In our opinion, the Company has not disposed of substantial part of fixed assets during the year. 2. In respect of its inventories: The company is involved in the business of housing finance and construction and development of housing projects. Therefore, the provisions of clause 4 (ii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 3. In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956. According to the information and explanations given to us, the company has not taken or granted any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently, requirements of clauses (iii a), (iii b), (iii c), (iii d), (iii e), (iii f) and (iii g) of paragraph 4 of the Order are not applicable. 4. In respect of internal control In our opinion and according to the information and explanations given to us, there are adequate internal controls procedures commensurate with the size of the Company and the nature of its business with regard to purchase of construction material and fixed assets. During the course of audit, we have not observed any continuing failure to correct major weakness in internal control. 5. In respect of transactions need to be entered into a register maintained u/s 301 of the Companies Act, 1956. In our opinion and according to the information and explanations given to us, the particulars of contract or arrangements and referred to in section 301 of the Companies Act, 1956 have been entered in the register required to me maintained under that section. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of Companies Act, 1956 aggregating during the year to Rs. 5 Lacs or more in respect of any party. 6. In respect of deposits from public The Company has not accepted any deposits from the public during the year. 7. In respect of internal audit system In our opinion the company has an internal audit system commensurate with the size and nature of business. 8. In respect of maintenance of cost records In our opinion and according to information and explanations given to us, the Company is required to maintain cost records pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. The Company is in the process of preparing cost records. 9. In respect of statutory dues: a. According to the records of the Company, undisputed statutory dues including Provident Fund, Income Tax, Wealth Tax, Investor Education and Protection Fund, Employees' State Insurance dues, Sales Tax, Service Tax, Custom duty, Excise duty, Professional tax, Cess and other statutory dues as may be applicable to the company have been generally regularly deposited with the appropriate authorities. b. According to the information and explanations given to us, no undisputed amounts payable in respect of sales tax, wealth tax, service tax, customs duty and excise duty were in arrears as at 31st March, 2012 for a period of more than six months from the date they become payable. The undisputed dues which are outstanding at the year end for a period of more than six months from the date they became payable are as under: Nature of dues Amount Assessment Year to Which (Rs. in amount relates lakhs) Income Tax 31.91 A.Y. 2004-05 c. According to the records of the Company, there are no dues of custom duty, sales tax, wealth tax, service tax, excise duty and cess which have not been deposited on account of dispute. In respect of income tax, details of disputed dues which are not deposited are given hereunder: Nature of Nature Amount Period to which Forum where dispute Status of Dues (Rs. in the amount is pending lakhs) relates Income Tax Income Tax 20.09 A.Y. 2009-10 CIT (A) Act, 1961 10. In respect of accumulated losses and cash losses: The Company has no accumulated losses at the end of the financial year. It has not incurred cash losses in the financial year under report and in the immediately preceding financial year. 11. In respect of dues to financial institution/banks/debentures In our opinion and according to the information and explanation given to us, during the year the company has not defaulted in repayment of dues to financial institution. 12. In respect of loans and advances granted on the basis of security. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13. In respect of provisions applicable to Chit fund In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/ society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. 14. In respect of dealing or trading in shares, securities, debentures and other investment As the company is not dealing or trading in shares, securities, debentures and other investments, the provision of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. 15. In respect of guarantee given for loans taken by others According to the information and explanation given to us, the Company has given guarantee for loans taken by its group entities from a bank, the terms and conditions thereof in our opinion are not prima facie prejudicial to the interest of the Company. 16. In respect of application of term loans According to the information and explanations given to us, the company has not obtained any term loans during the year. 17. In respect of fund used According to the information and explanations given to us and on an overall examination of the balance sheet of the company, funds raised on short-term basis have, prima facie, not been used for long-term investment. 18. In respect of preferential allotment of shares During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 19. In respect of securities created for debentures The Company has not issued any debentures during the year. 20. In respect of end use of money raised by public issues The Company has not raised any money by way of public issue during the year. 21. In respect of fraud According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For Manubhai & Company Chartered Accountants (Reg. No.: 106041W) K.B. SOLANKI Place: Ahmedabad Partner Date : August 27, 2012 M. No. 110299