You are here » Home » Companies » Company Overview » Photoquip India Ltd

Photoquip India Ltd.

BSE: 526588 Sector: Consumer
NSE: N.A. ISIN Code: INE813B01016
BSE LIVE 15:14 | 23 Nov 21.80 0.85
(4.06%)
OPEN

21.80

HIGH

21.80

LOW

21.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 21.80
PREVIOUS CLOSE 20.95
VOLUME 25
52-Week high 25.45
52-Week low 14.00
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.95
Sell Qty 7000.00
OPEN 21.80
CLOSE 20.95
VOLUME 25
52-Week high 25.45
52-Week low 14.00
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.95
Sell Qty 7000.00

Photoquip India Ltd. (PHOTOQUIPINDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF PHOTOQUIP INDIA LIMITED

Report on the financial Statements

We have audited the accompanying financial statements of PHOTOQUIP INDIA LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the 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 Section134(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) Rules 2014. 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 these financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's 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 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. 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 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 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 31stMarch 2017 and its Loss and its 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 Companies Act 2013 we give in the ‘Annexure A' a statement on thematters specified in paragraph 3 and 4 of the order.

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 the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in ‘Annexure B'.

(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:

i. The Company has disclosed the impact of pending litigations as at 31stMarch 2017 on its financial position in its financial statement - Refer Note 29 to theFinancial Statements.

ii. The Company did not have any pending long-term contracts including derivativecontracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education & Protection Fund by the Company; and

iv. The Company has provided requisite disclosures in its Financial Statements as toholding as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and accordingto information and explanations given to us we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced before usby the Management - Refer Note 16.1 to the Financial Statements.

For Mayank Shah & Associates

Chartered Accountants

Firm Registration No: 106109W

M.S. SHAH

Partner

Membership No. 044093

Place : Mumbai

Date : 30th May 2017

Annexure ‘A' to the Independent Auditors' Report

(Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" section of our report of even date)

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

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals having regard to thesize of the company nature and value of its assets. According to the information andexplanation given to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanations given to us and on thebasis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The inventory except goods-in-transit has been physically verified by theManagement at reasonable intervals during the year. In our opinion the frequency of suchverification is reasonable. For goods- in-transit at year end relevant evidences havebeen obtained.The discrepancies noticed on verification between the physical stocks andthe book records were not material and have been dealt with in books of account.

(iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties covered in the register maintained underSection 189 of the Companies Act 2013. Accordingly the provisions of Clause (iii) ofparagraph 3 of the order are not applicable to the Company. However company had grantedinterest-free unsecured deposits for leased premises taken by Company of Rs. 6871156/-and advances of Rs.1261618/- for Capital Assets to concern in which Directors areinterested.

(iv) The Company has not granted any loans or provided any guarantees or security tothe parties covered under Section 185 of the Act. The Company has complied with theprovisions of Sections 186 of the Act in respect of investments made or loans orguarantees or security provided to the parties covered under Section 186.

(v) According to the information and explanations given to us the Company has notaccepted any deposit nor has any unclaimed deposit within the meaning of the provisions ofSections 73 to 76 or any other relevant provision of the Act and the rules framed thereunder. Accordingly the provisions of Clause (v) of paragraph 3 of the Order are notapplicable to the Company.

(vi) In our opinion and according to the information and explanations given to us therequirement for maintenance of cost records pursuant to the Companies (Cost Records andAudit) Rules 2014 specified by the Central Government of India under Section 148 of theCompanies Act 2013 are not applicable to the Company for the year under audit.

(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 depositing theundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess andany other material statutory dues as applicable with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Sales TaxService Tax Duty of Customs Duty of Excise Value Added Tax Cess and any other materialstatutory dues were in arrears as at 31st March 2017 for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to us details of dues towardsIncome Tax Sales Tax which have not been deposited by the Company on account of disputesare as follows:

Statement of Disputed Dues

Name of the Statute Natureof the Dues Amount (in Rs) Period to which amount relates Forum where dispute is pending
Income Tax Act 1961 IncomeTax 2670921 A.Y. 2006-07 Income Tax Appellate Tribunal
TDS 1121430 Various Years CPC
IncomeTax 969000 A. Y. 2008-09 Assessing Officer
Maharastra Value Added Tax Act 2002 SalesTax 15357425 A.Y. 2013-14 to A.Y. 2016-17 Sales Tax Tribunal

According to the information and explanations given to us there are no dues of ServiceTax Excise Duty Custom Duty and Cess which have not been deposited with the appropriateauthorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to banks. TheCompany does not have any loans or borrowings from government and has not issued anydebentures.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans during the year. Accordingly theprovisions of clause (ix) of paragraph 3 of the Order are not applicable to the Company.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(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 Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the provisions of Clauses (xii) of paragraph3 of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transaction with theDirectors or Persons connected with its Directors and covered under Section 192 of theAct. Accordingly the provisions of Clause (xv) of paragraph 3 of the Order are notapplicable to the Company.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under Section 45- IA of the Reserve Bank of India Act 1934.Accordingly Clause (xvi) of paragraph 3 of the Order is not applicable to the Company.

For Mayank Shah & Associates

Chartered Accountants

Firm Registration No: 106109W

M.S. SHAH

Partner

Membership No. 044093

Place : Mumbai

Date : 30th May 2017

ANNEXURE ‘B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 2(f) under the heading of "Report on Other Legal andRegulatory Requirements" section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of PHOTOQUIPINDIA LIMITED (‘the Company') as of 31st March 2017 in conjunction withour audit 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 (the ‘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 andprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with the ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 auditors' judgment 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:

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 controlsover 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 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 Mayank Shah & Associates

Chartered Accountants

Firm Registration No: 106109W

M.S. SHAH

Partner

Membership No. 044093

Place : Mumbai

Date : 30th May 2017