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Purohit Construction Ltd.

BSE: 538993 Sector: Infrastructure
NSE: N.A. ISIN Code: INE147J01012
BSE LIVE 14:33 | 22 Sep 5.67 0.27
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.67
PREVIOUS CLOSE 5.40
VOLUME 250
52-Week high 8.67
52-Week low 4.75
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.67
Buy Qty 2950.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.67
CLOSE 5.40
VOLUME 250
52-Week high 8.67
52-Week low 4.75
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.67
Buy Qty 2950.00
Sell Price 0.00
Sell Qty 0.00

Purohit Construction Ltd. (PUROHITCONST) - Auditors Report

Company auditors report

To the Members of

PUROHIT CONSTRUCTION LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Purohit Construction Ltd.Ahmedabad which comprise the Balance Sheet as at March 31 2016 the Statement of Profitand Loss and Cash Flow Statement for the year then ended on that date and a summary ofsignificant accounting policies along with 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.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have aken 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 framed there under. We conducted our audit inaccordance with the Standards issued by the Institute of Chartered Accountants of India.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements and Management representation. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal control relevant to theCompany’s preparation and fair presentation of the financial statements andManagement representation in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Director’s as well as evaluating the overall presentation of thefinancial 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.

Auditor’s 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; a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2016; b) in the case of the Statement of Profitand Loss of the profit for the year ended on that date; and c) in the case of the CashFlow Statement of the 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the mattersspecified in paragraphs 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 except that no provision has been made in the account inrespect of retirement due of employees.

e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (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 please refer toour separate report in Annexure B.

g) With respect to the other matters included in the Auditor’s Report and to bestof our information and according to the explanations given to us :

i. The Company does not have any pending litigations which may have a material bearingon its state of affairs.

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

iii. There has been no occasion in case of the company during the year under audit totransfer any sums of Investor Education and Protection Fund.

For GATTANI & ASSOCIATES
Chartered Accountants
FRN: 103097W
SHARAD GATTANI
PLACE : AHMEDABAD Partner
DATE : 30.05.2016 Membership No. 037999

"ANNEXURE A " TO THE AUDITORS REPORT OF EVEN DATE TO THE SHAREHOLDERS OFPUROHIT CONSTRUCTION LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 STMARCH 2016.

Referred to in paragraph 1 under the heading `Report on other legal and regulatoryrequirements’ of our report of even date to the financial statements of the Companyfor the year ended on March 31 2016.

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

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

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) The title deeds of the properties held by the company are held in it’s name.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013 except those in the nature of contractual obligations. Accordinglythe provisions of clause 3(iii) (a) (b) and (c) of the Order are not applicable to theCompany and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans guarantees and securities granted in respect of which provisions ofSection 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.Based on our audit procedures performed for the purpose of reporting the true and fairview of the financial statements and according to information and explanations given bythe management the Company has complied with provisions of Section 186 of the CompaniesAct 2013 in respect of investments made during the year.

(v) The Company has not accepted any deposits from the public.

(vi) According to the information and explanation given to us the Company is notrequired to maintain cost records as prescribed under sub section (1) of section 148 ofCompanies Act 2013.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax wealth-tax service tax customs duty excise duty value addedtax cess and other material statutory dues applicable to it and According to theinformation and explanations given to us no undisputed amounts payable in respect ofprovident fund employees’ state insurance income-tax sales-tax wealth-taxservice tax customs duty excise duty value added tax cess and other material statutorydues were outstanding at the year end for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us no amounts payable inrespect of income tax wealth tax sales tax custom duty excise duty and cess wereunpaid on account of any dispute except the following under income tax:

Sr. No. Assessment Year Authority of Appeal Statute of Demand Date of Filing of Appeal Rs. In Lacs
1 2010-11 CIT Appeal-9 Ahmedabad Section 271(1)(c) 06/04/2015 50.68

(viii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to information and explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of dues to any bank. Further the Company does not have any debentures and loanrepayable on term taken from financial institution or government.

(ix) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not raised any money by way of initial publicoffer / further public offer / debt instruments and term loans and hence reporting underclause 3 (ix) is not applicable to the Company and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions ofSection197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with Section 177 and 188 of Companies Act 2013 to the extent applicable andthe details have been disclosed in the notes to the financial statements as required bythe applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review hence the provisions of Clause 3(xiv) of the Order are not applicable to theCompany and hence not commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him. Hence the provisions of Clause 3(xv) of the Orderare not applicable to the Company and hence not commented upon.

(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 andaccordingly the provisions of Clause 3(xvi) of the Order are not applicable to the Companyand hence not commented upon.

FOR GATTANI &ASSOCIATES
CHARTEREDACCOUNTANTS
FRN: 103097W
Place : Ahmedabad SHARAD GATTANI
Date : 30.05.2016 PARTNER
MEMBERSHIP NO. : 037999

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF PUROHIT CONSTRUCTION LIMITED

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

To the Members of Purohit Construction Limited

We have audited the internal financial controls over financial reporting of PurohitConstruction Limited ("the Company") as of March 31 2016 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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.

Auditor’s 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 as specified under Section143(10) of the Companies Act 2013 to the extent applicable to audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was 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 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 internal financial control system overfinancial 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 that in reasonable detail accurately 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 accountingprinciples and that 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 acquisition use or disposition of the Company’s assets that could havea 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 thecontrols 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 March312016 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 Institute of CharteredAccountants of India.

FOR GATTANI &ASSOCIATES
CHARTEREDACCOUNTANTS
FRN: 103097W
Place : Ahmedabad SHARAD GATTANI
Date : 30.05.2016 PARTNER
MEMBERSHIP NO. : 037999