You are here » Home » Companies » Company Overview » Skypak Services Specialist Ltd

Skypak Services Specialist Ltd.

BSE: 523846 Sector: Services
NSE: N.A. ISIN Code: INE539D01013
BSE 00:00 | 03 Mar Skypak Services Specialist Ltd
NSE 05:30 | 01 Jan Skypak Services Specialist Ltd
OPEN 7.30
PREVIOUS CLOSE 7.30
VOLUME 200
52-Week high 7.30
52-Week low 2.76
P/E 4.87
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.30
CLOSE 7.30
VOLUME 200
52-Week high 7.30
52-Week low 2.76
P/E 4.87
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Skypak Services Specialist Ltd. (SKYPAKSERVSP) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SKYPAK SERVICE SPECIALISTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SKYPAK SERVICE SPECIALISTSLIMITED which comprise the Balance sheet as at 31st March 2015 theStatement of Profit and Loss Cash Flow Statement and a summary of significant accountingpolicies and other explanatory notes for the year ended 31st March 2015.

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 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 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 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 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 financialcontrol 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Basis for Qualified Opinion

1. The company is showing a balance of Rs.48454459.00 under the head Tradepayable on acceptance for which no confirmation is available .

2. Further the company is showing a balance of Rs.28835422 under the head tradereceivable for which the account conformation is not available.

3. As represented by the management the company is in the process of updation of therecords showing full particulars including quantitative details and situation of fixedassets. As on the date of signature of this report the register was not available forverification.

4. The Company has following statutory dues as on 31-03-2015.

SL NO HEAD OF ACCOUNT AMT (Rs.)
1 E.S.I.C. PAYABLE 3697906
2 P.F. DEDUCTIONS PAYABLE 3266358
3 PROFESSION TAX PAYABLE 3092247
4 L W F PAYABLE 24783
5 SERVICE TAX PAYABLE 41729345

Such PF default amounts have been paid in installments .

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs date.

Report on Other Legal and Regulatory Requirements

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) Except for the effects of the matter described in the basis for qualified Opinionparagraph above In our opinion proper books of account as required by law have been keptby the Company 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 ) Except for the effects of the matter described in the Basis for qualified Opinionparagraph above In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) The matter described in the Basis for Qualified Opinion Paragraph above in ouropinion may have an adverse effect on the functioning of the company.

(f) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164 (2) of the Act.

(g) The qualification relating to the maintenance of accounts and other mattersconnected therewith are as stated in the Basis for Qualified Opinion paragraph above.

(h) 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 on its financialposition in its financial statements – Refer Note 17 to the financial statements

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company11.

Annexure to the Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended 31 March 2015 we report that:

(i) (a) The Company has not maintained proper records showing full particularsincluding quantitative details and situation of fixed assets at head office and for itsbranches.

(b) The Company has a no regular programme of physical verification of its fixed assetsby which fixed assets are verified in a phased manner over a period of three years. In ouropinion this periodicity of physical verification is not reasonable having regard to thesize of the Company and the nature of its assets.

(ii) The Company is a service company primarily rendering courier services.Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) of the Orderis not applicable.

(iii) (a) The Company has not granted loans anybody corporate covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act’).

(b) In the case of the loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe interest as stipulated. The terms of arrangements do not stipulate any repaymentschedule and the loans are repayable on demand. Accordingly paragraph 3(iii)(b) of theOrder is not applicable to the Company in respect of repayment of the principal amount.

(C) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate Internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of fixed assets and sale of services.The activities of the Company do not involve purchase of inventory and the sale of goods.We have not observed any major weakness in the internal control system during the courseof the audit.

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

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees’ state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2015 for a period of more than six months from the date they became payableexcept for the dues of provident fund which are in arrears and being deposited ininstallments.

(b) According to the information and explanations given to us there are no materialdues of wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute. However according to information andexplanations given to us the following statutory dues are pending as follows:

SL NO HEAD OF ACCOUNT AMT (Rs.)
1 E.S.I.C. PAYABLE 3697906
2 P.F. DEDUCTIONS PAYABLE 3266358
3 PROFESSION TAX PAYABLE 3092247
4 L W F PAYABLE 24783
5 SERVICE TAX PAYABLE 41729345

Such PF default amounts have been paid in installments

(c) According to the information and explanations given to us the amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas been transferred to such fund within time.

(viii) The accumulated losses of the company as on 31st March 2015 are morethan fifty percent of its Net Worth. The company has incurred cash losses during thefinancial year.

(ix) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

(xi) The Company have outstanding corporate deposit of Rs 14400000 from BanhemFinancial Securities Pvt. Ltd. as on 31-03-2015 .

(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.

For PAMS & ASSOCIATES

Chartered Accountants

Firm Reg. No.: 316079E

Sd/-

Satyajit Mishra

Partner

M. No. 057293

Date: 30th May 2015