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Punit Commercials Ltd.

BSE: 512099 Sector: Consumer
NSE: N.A. ISIN Code: INE750G01019
BSE LIVE 12:12 | 10 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.90
PREVIOUS CLOSE 17.55
VOLUME 1000
52-Week high 17.90
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 17.90
Buy Qty 2500.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.90
CLOSE 17.55
VOLUME 1000
52-Week high 17.90
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 17.90
Buy Qty 2500.00
Sell Price 0.00
Sell Qty 0.00

Punit Commercials Ltd. (PUNITCOMMERCIAL) - Auditors Report

Company auditors report

To the Members of Punit Commercials Limited

Report on the Financial Statements

We have audited the accompanying financial statements of PUNIT COMMERCIAL LIMITED {'theCompany')which comprises of Balance Sheet as at 31rt March2016the statementProfit & Lossthe Cash Flow Statement for the year endedand a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matter stated in Section 134(5)of the CompaniesAct 2013 ('the Act') with respect to the preparation of these financialstatements that give a true and fair view of the financial positionfinancial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in Indiaincluding the Accounting Standards specified under section 133 of theActread with Rule 7 of the Companies (Accounts) Rules2014.This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selecting and application of appropriate accountingpolicies; making judgements and estimates that are reasonable and prudent; anddesignimplementation and maintenance of adequate internal financial controlsthat wereoperating effectively for ensuring the accuracy and completeness of the accountingrecordsrelevant to the preparation and presentation of the financial statements ' thatgive a true and fair view and are free from material misstatementwhether 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 Actthe accounting and auditingstandards and matters which are required to be included ir.the audit report under theprovisions of the Act and the Rules made thereunder.

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 judgementincluding the assessment of the risks of material misstatement of thefinancial statementswhether due to fraud or error.In making those risk assessmentstheauditor 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 circumstance?but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls.An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directorsas well asevaluating 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 explanationgiven to usthe aforesaid financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in Indiaof the state of affairs of the Company as at 31stMarch2016and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order2015 ("theOrder")issued by the Central Government of India in terms of Sub-section (11) ofsection 143 of the Actwe give in the Annexure I a statement on matters specified inparagraphs 3 and 4 of the said Order.

As required by Section 143(3) of the Actwe 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 opinionproper 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 Sheetthe Statement of Profit and Lossand the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinionthe aforesaid financial statements comply with Accounting Standardsspecified under section 133 of the Actread with Rule 7 of the Companies (Accounts)Rules2014.

(e) On the Basis of the written representations received from the directors as on 31stMarch2016 taken on record by the Board of Directorsnone of the Directors is disqualifiedas on 31st March2016 from being appointed as Director in terms of Section164(2) Act

(f) With respect to the adequancy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controlsrefer to ourseparate report in "Annexure II"; and

(g) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules2014in our opinion and to thebest of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Annexure III of Audit Report;

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

(iii) There were no amounts which were required to be transferredto the InvestorEducation and Protection Fund by the Company.

Annexure I to the Independent Auditor’s Report

(Referred to in our report of even date)

(i) (a) The Company has maintained records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

[b] As explained to usall fixed assets have been physically verified by the managementin a phased periodical mannerwhich in our opinion is reasonablehaving regard to the sizeof the company and nature of its assets.No material discrepancies were noticed on suchphysical verification.

(C ) According to the information and explanation given to us there are no immovableproperty in the name of the company and therefore verification of title deeds in name ofthe company does not arise.

(ii) The inventory has been physically verified during the year by the management Inour opinionthe frequency of verification is reasonable.In our opinion and according tothe information and explanations given to usthe procedures of physical verification ofinventories followed by the management are reasonable and adequate in relation to the sizeof the Company and the nature of its business.The Company has maintained proper records ofinventories.As per the information and explanation given to usno material discrepancieswere noticed on physical verification of stocks.

(iii) The Company has not granted any loanssecured or unsecured to the companiesfirmsor other parties covered in the register maintained under section 189 of the Companies Act

(iv) According to the information and explanations given to usthe Company has notgiven any loanguaranteemade investmentsnor provided any security under provisions ofSection 185 and 186 of the Act.

(v) According to the information and explanations given to usthe Company has notaccepted any deposits from the public in accordance with the provision of Section 73 to 76of the Companies Act2013.

(vi) The company is not required to maintain cost recrds as specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act2013.

(vii) (a) According to the information and explanations given to us and the books andrecords examined by usundisputed statutory dues including sales tax/income tax/customduty/wealth tax/excise duty/cess and other statutory dues have been generally regularlydeposited with the appropriate authorities.According to the information and explanationsgiven to us no undisputed amounts payable in respect of the aforesaid dues which haveremained outstanding as at 31* March2016 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to usdues that have not beendeposited by the Company on account of disputes are mentioned in Annexure 11 to the report

(viii) In our opinion and according to the information and explanations given to usthecompany has not defaulted in repayment of dues to a financial institution or bank.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer or loan i during the year.The loan outstanding at the beginning of the yearhave been applied for the purpose

for which they were raised.

(x) In our opinion and according to the information and explanations given to usnomaterial fraud on or by the Company has been noticed or reported during the year.

(xi) According to the information and explanations given to us and on the basis ofrequisite approvals no managerial remuneration has been provided as mandated as persection 197 read with Schedule V of the Act

(xii) Since the company is not the Nidhi Companythis clause is not applicable to thecompany.

(xiii) According to the information and explanations given to usall transactions withthe related parties are in compliance with section 177 and 188 of the Companies Act2013as applicable and the details have been disclosed in the Financial statements as requiredby the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) The company has not entered into non cash transactions with directors or personsconnected with him.

(xvi) The company is not required to be registered under section 45-1A of the ReserveBank of India Act1934.

Annexure II to the Independent Auditor's Report

(Referred to in our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act2013 ("the Act")

We have audited the internal financial controls over financial reporting of PUNITCOMMERCIAL LIMITED ("the Company") as of 31rt March2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 designimplementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its businessincluding adherence to company's policiesthe safeguarding of itsassetsthe prevention and detection of frauds and errorsthe accuracy and completeness ofthe accounting recordsand the timely preparation of reliable financial informationasrequired under the Companies Act2013.

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 FinancialReporting(the "Guidance Note") and the Standards on Auditingissued by ICAI anddeemed to be prescribed under section 143(10) of the Companies Act2013to the extentapplicable to an audit of internal financial controls.Those Standards and the GuidanceNote require that we comply with ethical requirement and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting were established and maintained and if such controls operatedeffectively 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 financialreportingassessing the risk that a material weakness existsand testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk.Theprocedures selected depend on the auditor's judgementincluding the assessment of the riskof material misstatement of the ‘ financial statementswhether 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles.A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records thatin reasonable detailaccurately andfairly reflect the transactions and dispositions of the assets of the company;

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

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisitionuse 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 financialreportingincluding the possibility of collusion or improper management override ofcontrolsmaterial misstatement due to error or fraud may occur and not bedetected.Alsoprojections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsorthat the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinionthe Company hasin all material respectsan adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March2016based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in Guidance Note on Auditof Internal Financial Controls Over Financial Reporting issued by the Institue ofChartered Accountants of India.

FOR K.P.MEHTA & CO.
Chartered Accountants
Firm Reg No.106243W
(K.P.MEHTA)
Proprietor
Mumbai30th May2016 M.No.032155

 

Name of the Statue Nature of dues Assessment Year Amount under dispute Amount paid under protest Forum where dispute is pending
Income Tax Online tax Demand A.Y.1992-93 Rs22663/- NIL Assessing Officer
Income Tax Online tax Demand A.Y.1998-99 Rs.13753/- NIL Assessing Officer
Income Tax Online tax Demand A.Y.2003-04 Rs.59774/- NIL Assessing Officer
Income Tax Online tax Demand A.Y.2006-07 Rs.14486/- NIL Assessing Officer
Income Tax IT Matter - under dispute A.Y.2013-14 Rs.11264260/- NIL CIT (Appeals)
Income Tax Online tax Demand A.Y.2013-14 and Previous Years Rs.15450/- NIL TDS Department