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PB Global Ltd.

BSE: 506580 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE615W01011
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PB Global Ltd. (PBGLOBAL) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To

The Members

PB Global Limited Mumbai.

(formerly known as Pesticides & Brewers Limited)

Report On The Financial Statements

We have audited the accompanying financial statements of PB GLOBAL LIMITED whichcomprise the Balance Sheet as at March 31st 2016 and the Statement of Profit and Loss andCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory

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 statements that give a true and fair view of the financial position 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. This responsibility also includes the maintenance of adequate accounting recordsin accordance with the provision of the Act for safeguarding of the assets of the Companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors 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 ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare 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 suffecient and appropriate toprovide 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 financial - ments give the information required by the Act in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

1. in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

2. in the case of the Profit and Loss Account of the profit/ loss for the year endedon that date; and

3. in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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" statement on the matters

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 appears from ourexamination of those books c) The Balance Sheet the Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the books of account.d) In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section

133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) On thebasis of written representations received from the directors as on 31 March 2016 takenon record by the

Board of Directors none of the directors is disqualified as on 31 March 2016 frombeing appointed as a director in terms of Section 164(2) of the Act. f) With respect tothe adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate report in"Annexure B"; and g) With respect to the other matters included in the Auditor'sReport and to our best of our information and according to the explanations given to us:i. The Company does not have any pending litigations. ii.The Company did not have anylong-term contracts including derivatives contracts for which there were any materialforeseeable losses. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company

For P. V. Page & Co.

Chartered Accountants

Firm Registration No. 107243W

Prakash V Page

Partner

Membership No. 030560

Place: Mumbai

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT Annexure A

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2016 we reportthat:

I.In respect of the fixed assets: a) The Company has maintained proper records showingfull particulars including quantitative details and situation of its fixed assets. b) TheCompany has a regular programme of physical verification of its fixed assets by whichfixed assets are verified in a phased manner over a period of three years. In accordancewith this programme certain fixed assets were verified during the year and no materialdiscrepancies were noticed on such verification. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets. c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the company.

II.In respect of its inventories:

In our opinion and according to the information and explanation given to usthemanagement has conducted the physical verification of inventory at reasonable intervals.

III. In our opinion and according to the information and explanations given to us thecompany has not granted any loans secured or unsecured to/from companies firms or otherparties covered in the register maintained under

PB Global Limited

• Annual Report 2015-16

section 189 of the Companies Act 2013. Accordingly the provisions of clause 3 (iii)(a) to (C) of the Order are not applicable to the Company and hence not commented upon.

IV. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

V. In our opinion and according to the information and explanations given to us thereis an adequate internal control procedure commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for sale ofgoods. We have not noted any continuing failure to correct major weakness in the internalcontrols during the course of the audit.

VI. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

VII. As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

VIII. a) The company is regular in depositing with appropriate authority undisputedstatutory dues including Provident Fund Investor Education and Protection Fund Incometax Wealth Tax Service tax Cess and other material Statutory dues applicable to it.According to the information and explanation given to us no undisputed amounts payable inrespect of outstanding statutory dues were in arrears as at 31st March 2016 for a periodof more than six months from the date they became payable. b) On the basis of theinformation and explanations given to us there were no statutory dues which were unpaidas on 31.03.2016 except the following: Professional tax – Rs.8801 c) Followingdisputed liability remained unpaid;

Nature of Dues Amount Forum where dispute is pending
Water charges RS. 283585 Thane Municipal Corporation

IX. The company has been registered for a period of more than five years. Further thecompany does not have any accumulated losses at the end of the financial year and has notincurred cash losses in the financial year immediately preceding such financial year.

X. The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

XI. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

XII. In our opinion and according to the information and the explanations given to usthe following are the outstanding term loans as on 31.03.2016 of the company;

Sr. No. Particulars Amount (INR)
1 AXIS BANK CAR LOAN - BMW 1674956.00
2 HDFC BANK CAR LOAN 55098.11
3 HDFC BANK CAR LOAN - VOLKSWAGEN 311507.87
4 HDFC BANK CAR LOAN - MERCEDES 1389236.00
5 ICICI BANK CAR LOAN - HONDA 466373.70
6 BAJAJ FINANCIAL SERVICES LOAN 2112430.00
7 BAJAJ FINANCIAL SERVICES LOAN 313627.00
8 KOTAK MAHINDRA BANK LOAN 3292506.00
9 TATA CAPITAL LOAN 2937515.00
GRAND TOTAL 12553249.68

XIII. In our opinion and according to the information and the explanations given tousThe company has raised term loans during the year. The term loan utstanding at thebeginning of the year of those raised during the year have been applied for the purposesfor which they were raised.

XIV. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

XV. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

XVI. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

XVII. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

XVIII. In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company and hence not commented upon.

For P. V. Page & Co.

Chartered Accountants

Firm Registration No. 107243W

Prakash V Page

Partner

Membership No. 030560.

Place: Mumbai

Annexure B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financialcontrols over financialreporting of PB GlobalLimited ("the Company") as of 31st

March 2016 in conjunction with our audit of the financial statements of the Company forthe 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and

PB Global Limited

• Annual Report 2015-16

plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch 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 reporting included obtaining anunderstanding of internal financial controls over -sessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. 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.

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 controls systemover 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 as -reporting and the preparation of financial exter suranceregarding the reliability of financial -nal purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reflectthe transactions and dispositions of the assets of the com reasonabledetail accurately and fairly -pany; (2) provide reasonable assurance that transactionsare recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorisations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould 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 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 financialreportingto fu -ture periods are subject to the risk that the internal financial controlover financial reporting may because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over fi -nancial reporting financialcontrolsoverandfinancialsuch internal reporting were operating effectively as at 31 March 2016based on the internal financialreporting criteria control establishedover by the Com -panyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For P. V. Page & Co.

Chartered Accountants

Firm Registration No. 107243W

Prakash V Page

Partner

Membership No. 030560

Place: Mumbai