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Pushpanjali Realms & Infratech Ltd.

BSE: 538437 Sector: Infrastructure
NSE: PUSHPREALM ISIN Code: INE728W01012
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Pushpanjali Realms & Infratech Ltd. (PUSHPREALM) - Auditors Report

Company auditors report

To the Members of

Pushpanjali Realms and Infratech Ltd.

(Formerly Known as Pushpanjali Realms and Infratech Pvt. Ltd.)

We have audited the accompanying financial statements of Pushpanjali Realms andInfratech Ltd. which comprise the Balance Sheet as at March 31 2017 and theStatement 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 section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes the maintenance of adequate accounting records in assets ofthe Company and for preventing and detecting the frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the financial statements in accordance with the Standard onAuditing specified under section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and operating effectiveness of such controls . An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation 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

Subject to note no. to 2(G) due to which profit is understated by Rs.340000/- andassets have been overstated by the same amount and note no. 2(P) of significant accountingpolicies due to which profits have been over stated by Rs1714313 and liabilities havebeen under stated by the same amount and subject to other notes to the accounts formingintegral part of the financial statements In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) in the case of the Statement of Profit and Loss Account of the profit/ loss for theyear ended on that date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

a) Company has not got registered charge with Registrar of the company during the yearof purchase i.e. F.Y.2015-16 of Mercedes -Benz B 180 CDI the loan amount of which isRs.1957947/- which is in contravention of the section 77 of the Companies Act 2013however company has filed application for condonation for delay in registration of chargesin Form CHG-8 which is still pending for approval till the date of audit report.

Our opinion is not modified in respect of these matters.

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 Act we give in the "Annexure A "a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

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

c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 relevant rule issuedthereunder.

e) on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164(2) of theCompanies Act 2013.

f) with respect to adequacy of the internal financial controls over financial reportingof the company and the operating effectiveness of such controls refer to our separatereport in 'Annexure B'; 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) Rules 2014 In our opinion and to thebest of our information and according to the explanation given to us:

i. The Company does not have any pending litigation which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

iv. the Company has provided requisite disclosure in its financial statements as toholding as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer to Note no. 2(T) of significant accounting policiesforming integral part of the financial statement.

For Shekhar Chandra & Co.
(Chartered Accountants)
Place : Rishikesh sd/-
Date : 30.08.2017 CA. Chandra Shekhar
F.C.A. (Partner)
Mem. No. : 74435 FRN: 005692C

ANNEXURE A TO THE AUDITORS REPORT

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the financial statements for the year ended 31 March 2017 we report that:

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

(b) As explained to us fixed assets have been physically verified by the managementduring the year in accordance with the phased programme of verification adopted by themanagement which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and the records examinedby us title deed of immovable properties are held in the company name.

(ii) According to the information and explanation given to us physical verification ofinventory has been conducted at reasonable interval by the management and no materialdiscrepancies were noticed on the physical verification.

(iii) According to the information and explanations given to us the Company has notgranted loans person covered in the Register maintained under section 189 of the CompaniesAct2013.

(iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of grant of loans making investments and providing guarantees and securitiesas may be applicable.

(v) According to the information and explanation given to us the Company has notaccepted any deposits during the year in terms of the provisions of Section 73 to 76 orany other relevant provisions of the Companies Act2016.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of the activitiescarried on by the Company.

(vii) In respect of statutory dues:

(a) According to the records of the company and information and explanations given tous the company is not regular in depositing undisputed statutory dues including incometax cess and any other statutory dues with the appropriate authorities. These are thedetails of pending statutory due which are not deposited till the date of audit :-

S.No. Particulars Amount(in Rs.)
1. Income Tax-TDS 2114013
2. Service Tax 1816447

(b) According to the information and explanation given to us apart from above therewere no material dues in respect of income tax service tax and other material statutorydues in arrears/were outstanding as at 31 March 2017 for a period of more than six monthsfrom the date they become payable except in the following cases :-

Particulars Due date of deposit Date of Deposit Amount
Income Tax TDS-192- June 2016 07.07.2016 07.02.2017 35114
Income Tax TDS-192- July 2016 07.08.2016 07.02.2017 35114
Income Tax TDS-192- August2016 07.09.2016 07.02.2017 35114
Income Tax TDS-192- September2016 07.10.2016 07.02.2017 35114
Income Tax TDS- 192IA-April-2016 07.05.2016 27.06.2017 412837
Income Tax TDS- 192IA-May 2016 07.06.2016 27.06.2017 41532
Income Tax TDS- 192IA-July 2016 07.08.2016 26.09.2017 50502
Income Tax TDS- 192IA-September 2016 07.10.2016 13.04.2017 400002
Income Tax TDS-194J- April 2016 07.05.2016 Rs.116000/-is deposited on 27.09.2016 and balance 26.09.2016 136000

(c) As per the information and explanation provided to us there is no Income-tax SalesTax Services Tax demand which have not been deposited as on 31 March 2017 on account ofany disputes.

(viii) In our opinion and according to the information and explanation given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions and bank.

(ix) The Company has not raised moneys by way of initial public office.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanation given to us theCompany is in compliance with Section 177 and 188 of the Companies Act2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debenture and hence reporting underclause (xiv) of CARO 2016 is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or person connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act1934.

For Shekhar Chandra & Co.
Place: Rishikesh (Chartered Accountants)
Date: 30.08.2017 Sd/-
CA Chandra Shekhar
F.C.A. Partner
Mem. No. 74435 FRN 005692C

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENT OF Pushpanjali Realms and Infratech Ltd (Formerly Known as Pushpanjali Realmsand Infratech Pvt. Ltd)

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 PushpanjaliRealms and Infratech Ltd. as of 31.03.2017 in conjunction with our audit of the financialstatements 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 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 168 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 31-Mar-2017.

For Shekhar Chandra & Co.
Place: Rishikesh (Chartered Accountants)
Date: 30.08.2017 Sd/-
CA Chandra Shekhar
F.C.A. Partner
Mem. No. 74435 FRN 005692C