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Perfectpac Ltd.

BSE: 526435 Sector: Industrials
NSE: N.A. ISIN Code: INE759I01016
BSE LIVE 12:57 | 23 Oct 185.50 8.80
(4.98%)
OPEN

185.50

HIGH

185.50

LOW

185.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 185.50
PREVIOUS CLOSE 176.70
VOLUME 377
52-Week high 204.05
52-Week low 86.50
P/E 12.88
Mkt Cap.(Rs cr) 25
Buy Price 171.95
Buy Qty 20.00
Sell Price 0.00
Sell Qty 0.00
OPEN 185.50
CLOSE 176.70
VOLUME 377
52-Week high 204.05
52-Week low 86.50
P/E 12.88
Mkt Cap.(Rs cr) 25
Buy Price 171.95
Buy Qty 20.00
Sell Price 0.00
Sell Qty 0.00

Perfectpac Ltd. (PERFECTPAC) - Auditors Report

Company auditors report

To the Members of PERFECTPAC LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Perfectpac Limited("the Company") which comprise the Balance Sheet as at March 31 2017theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The company's Board of directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014.Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

i) Our responsibility is to express an opinion on these financial statements based onour audit.

ii) 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.

iii) We conducted our audit in accordance with the Standards on Auditing specifiedunder Section 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.

iv) An audit involves performing procedures to obtain audit evidence about the amountsand the 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 theauditors consider 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. An audit also includes evaluating theappropriateness of the 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.

v) We believe that the audit evidence we have obtained is sufficient 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 aforesaid 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 of the state of affairs of the Company as at March31 2017 and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143 (11) of the Act we givein the Annexure-I a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

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

f) Our Report on the Internal Financial Controls under clause (i) of sub-section 3 ofsection 143 of the Companies Act 2013 is given as Annexure-II to this Report.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

h) The Company has disclosed the impact of pending litigations in Note 26- ContingentLiabilities of its financial statements.

i) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

ii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iii) The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th'November 2016 to 30th' December 2016.

Based on audit procedures and relying on the management representation we report thatdisclosures are in accordation with books of account maintained by the company and asproduced to us by the management-

Refer Note 31

For JAGDISH SAPRA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm Registration No. 001378N/N500037)
CA JAGDISH SAPRA
PLACE : NEW DELHI PARTNER
DATED : May 16 2017 Membership No. 009194

ANNEXURE-I TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under Report on other Legal & Regulatory requirements'of our Report of even date)

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

b) The Company has a regular program of physical verification of its fixed assetsthrough which all fixed assets are verified in a phased manner over a period of threeyears. In our opinion this periodicity of physical verification is reasonable havingregard to the size of the Company and the nature of its assets.

As informed to us no material discrepancies were noticed on such verification ascarried out under the above program during the current year.

c) The title deeds of immovable properties are held in the name of the Company

ii. The inventories except goods in transit have been physically verified by themanagement at reasonable intervals during the year and no material discrepancies werenoticed on physical verification.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013 as per information and explanations given to us.Consequently the provisions of clauses3(iii)(a) (iii)(b) and (iii)(c) of the Order arenot applicable.

iv. In our opinion and according to the information and explanations given to us thereare no loans investments guarantees and security to which provisions of section 185 and186 of The Companies Act 2013 are applicable.

v. As the company has not accepted any deposits from the public the provisions ofclause3 (v) of the Order are not applicable.

vi. The Central Government has not prescribed maintenance of cost records under Section148(1) of The Companies Act 2013 and the rules framed there-under.

vii. a) According to the information and explanations given to us and the records ofthe company examined by us the company has been generally regular in depositingundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess andother statutory dues to the appropriate authorities during the year except some delays inrespect of Service Tax Sales Tax Excise duty and Tax deducted at source and that thereare no undisputed statutory dues as at the year end outstanding for a period of more thansix months from the date they become payable.

b) There are no dues in respect of income tax sales tax service tax duty of customduty of excise value added tax and cess that have not been deposited with the appropriateauthorities on account of any dispute other than those mentioned below:-

Nature of dues Amount (Rs.) Period to which amount relates Forum where the dispute is pending
Income Tax & Fringe benefit Tax 102534 F.Y.-2005-06 2006-07 2009-10 2010-11 and 2014-15 Deputy Commissioner of Income Tax
Entry Tex 2452410 F.Y.-2011-12 Commercial Tax appellate authority UP
Sale Tax demand including interest (including Rs.790540/- deposited under protest) 18924672 F.Y-2011-12 Commercial Tax appellate authority UP

viii. According to the records of the Company examined by us and on the basis ofinformation and explanations given to us the Company has not defaulted in repayment ofdues to banks financial institutions and Government. The company has not obtained anyborrowings by way of debentures.

ix. In our opinion and according to the information and explanations given to us termloans have been applied for the purpose for which they were raised. The company has notraised any monies by way of initial public offer or further public offer (including debtinstruments).

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and fraud on the Company by its officers or employees hasbeen noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to The CompaniesAct.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause (xii) of the Order arenot applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 of TheCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

xiv. In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith them.

xvi. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-1A of The Reserve Bank of IndiaAct 1934.

For JAGDISH SAPRA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm Registration No. 001378N/N500037)
CA JAGDISH SAPRA
PLACE : NEW DELHI PARTNER
DATED : May 16 2017 Membership No. 009194

ANNEXURE-II TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF PERFECTPAC LIMITED

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 PERFECTPACLIMITED ("the Company") as of March 31 2017 in conjunction with our audit ofthe 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 (ICAI). 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 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 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 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 judgement 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 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 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 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 ICAI.

For JAGDISH SAPRA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm Registration No. 001378N/N500037)
CA JAGDISH SAPRA
PLACE : NEW DELHI PARTNER
DATED : May 16 2017 Membership No. 009194