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Pervasive Commodities Ltd.

BSE: 517172 Sector: Others
NSE: N.A. ISIN Code: INE443P01020
BSE LIVE 14:21 | 14 Sep Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.60
PREVIOUS CLOSE 9.15
VOLUME 100
52-Week high 9.60
52-Week low 0.00
P/E 3.38
Mkt Cap.(Rs cr) 0
Buy Price 9.60
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.60
CLOSE 9.15
VOLUME 100
52-Week high 9.60
52-Week low 0.00
P/E 3.38
Mkt Cap.(Rs cr) 0
Buy Price 9.60
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00

Pervasive Commodities Ltd. (PERVASIVECOMM) - Auditors Report

Company auditors report

TO THE MEMBERS

TO THE MEMBERS OF

STARVOX ELECTRONICS LIMITED

REPORT ON THE FINANCIAL STATEMENTS

1. We have audited the accompanying financial statements of Starvox Electronics Limited(“the Company”) which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss for the year ended on March 31 2015 and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 (“the Act”) with respect to thepreparation of these financial statements to give a true and fair view of the financialposition financial performance 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) Rules 2014.

3. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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

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

5. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

6. We conducted our audit in accordance with the Standards on Auditing specified underSection 143 (10) of the Act and other applicable authoritative pronouncements issued bythe Institute of Chartered Accountants of India. Those Standards and pronouncementsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

7. 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s directors aswell as evaluating the overall presentation of the financial statements.

8. 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

9. 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 2015 and its loss for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

10. As required by ‘the Companies (Auditors Report) Order 2015’ issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the “Order”) and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanation given to us we give in the Annexure a statement on thematters specified in paragraph 3 and 4 of the Order.

11. 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 dealt with by this Report are inagreement 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 the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act;

f) 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 knowledge and belief and according to the information andexplanations given to us:

(i) The Company has a pending litigation as at March 31 2015. The details regardinglitigation are:

Type Section of Companies Act Brief Description Details of Penalty / punishment / compounding fees imposed Authority Appeal made if any.
Civil Suit 220(3) of Companies act 1956 Default in submission of Annual Return Pending for final order Additional Chief Metropolitan Magistrate Ahmedabad N. A.
Civil Suit 162(1) of Companies Act 1956 Default in Submission of Annual Accounts Pending for final order Additional Chief Metropolitan Magistrate Ahmedabad N. A.

(ii) The Company is not required to make provision as at March 31 2015 as requiredunder the applicable law or accounting standards for material foreseeable losses

(iii) The Company is not liable to transfer any amounts to the Investor Education andProtection Fund during the year ended March 31 2015.

For JIGNESH DOMADIYA & CO.
Chartered Accountants
FRN: 131400W
(Jignesh J Domadiya)
Proprietor
Membership No: 136708
Place: Ahmedabad
Date: 30/05/2015

ANNEXURE TO THE AUDITOR’S REPORT

REFERRED TO IN PARAGRAPH 10 OF OUR REPORT OF EVEN DATE

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

i) As the Company own fixed assets vide Clause 3 (i) (a) of the Order relating tomaintenance of records showing full particulars including quantitative details andsituation of fixed assets as per clause 3(i) (b) relating to physical verificationthereof done by the management for which their certificate obtained.

ii) a) The inventory has been periodically verified by the Management. In our opinionthe frequency of such verification is reasonable;

b) The procedures explained to us which are followed by the management for physicalverification of inventories are in our opinion is reasonable and adequate in relation tothe size of the Company and the nature of its business;

c) On the basis of our examination of the statements of Inventory held we are of theopinion that the Company is maintaining proper records of inventory and no materialdiscrepancies were observed between stock and book records.

iii) The Company has not granted unsecured loan repayable on demand to a Companycovered in the Registered maintained under Section 189 of the Act. The Company has notgranted any secured/unsecured loans to firms or other parties covered in the Registeredmaintained under Section 189 of the Act.

iv) In our opinion and according to the information and explanation given to us thereare generally adequate internal control systems commensurate with the size of the Companyand the nature of its business with regards to purchase of inventory and for the sale ofgoods and services. Further on the basis of our examination of the books of accounts andaccording to the information and explanation given to us we have neither come across norhave been informed of any continuing failure to correct major weaknesses in aforesaidinternal control system.

v) The Company has not accepted any deposits from the public under the provisions ofSection 73 and 74 of the Act and the rules framed there under.

vi) We are informed that the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of the Company’sactivities.

vii) a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositingundisputed statutory dues including income-tax sales tax service tax Value added Taxand other material statutory dues as applicable with the appropriate authorities in India.

b) According to the information and explanations given to us and records of the Companyexamined by us there are no dues which have not been deposited on account of any disputein respect of Income-tax Sales Tax Service Tax Value Added Tax Cess.

c) No amount required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 2013 and rules madethereunder during the period under review.

viii) The Company has accumulated losses of Rs. 9957910/- at the end of the financialyear and has incurred cash losses in the financial year in the immediately precedingfinancial year.

ix) According to the books of account and records of the Company there has been nodefault in repayment of dues to financial institution or bank or debenture holders duringthe year as at the balance sheet date.

x) According to the information and explanations given to us and representations madeby the management the Company has not given any guarantee for loan taken by others fromany bank or financial institution therefore the requirement of said clause is notapplicable to the Company.

xi) In our opinion and according to the information and explanations given to us and onan overall examination of balance sheet the Company has not taken term loan during theFinancial Year therefore the requirement of said clause is not applicable to the Company.

xii) 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 explanation 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.

For JIGNESH DOMADIYA & CO.
Chartered Accountants
FRN: 131400W
(Jignesh J Domadiya)
Proprietor
Membership No: 136708
Place: Ahmedabad
Date: 30/05/2015