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Supra Pacific Management Consultancy Ltd.

BSE: 540168 Sector: Financials
NSE: N.A. ISIN Code: INE268T01015
BSE 15:14 | 23 Jan 16.70 0.55
(3.41%)
OPEN

16.70

HIGH

16.70

LOW

16.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 16.70
PREVIOUS CLOSE 16.15
VOLUME 50
52-Week high 17.85
52-Week low 15.00
P/E 46.39
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 16.85
Sell Qty 1000.00
OPEN 16.70
CLOSE 16.15
VOLUME 50
52-Week high 17.85
52-Week low 15.00
P/E 46.39
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 16.85
Sell Qty 1000.00

Supra Pacific Management Consultancy Ltd. (SUPRAPACIFIC) - Auditors Report

Company auditors report

To the Members of SUPRA PACIFIC MANAGEMENT CONSULTANCY LIMITED

1. Report on the Financial Statements

We have audited the accompanying financial statements of SUPRA PACIFIC MANAGEMENTCONULTANCY LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss Statement of Cash Flows for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. Auditors' 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 presentationof 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.

4. Basis for Qualified Opinion i. As explained in Note 12 during the yearcompany has capitalized the listing expenses amounting to Rs.2898000/- as intangibleassets. The said treatment is not in accordance with AS-26 "Intangible Assets".Had the company followed AS-26 the company's loss for the year would be higher byRs.2898000/- and net worth would be lower by the said amount.

ii. The company charge the Gratuity and Leave Encashment Benefits to the Statement ofProfit and Loss in the year in which such expenditure is incurred which is contrary to therequirements of the AS-15 issued by the Institute of Chartered Accountants of India whichrequires that an appropriate amount should be charged to the Statement of Profit and Losson actuarial valuation and other disclosure requirements.

5. Qualified Opinion

Except for the effects of the matter described in the "Basis for QualifiedOpinion" para 4 above in our opinion and to the best of our information andaccording to the explanations given to us the aforesaid financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2017 its loss and its cash flows for the yearended on that date.

6. Report on Other Legal and Regulatory Requirements

(i) 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 in theparagraph 3 and 4 of the Order.

(ii) 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) Except for the matter prescribed in para 4 above in our opinion the aforesaidfinancial statements comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) On the basis of thewritten representations received from the directors as on 31st March 2017 taken on recordby the Board of Directors none of the directors is disqualified as on 31st March 2017from being appointed as a director in terms of Section 164 (2) of the Act; and

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operative effectiveness of such controls refer to ourseparate report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting; and g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: i) The company has disclosed the impact of pending litigations on itsfinancial position in its financial statements-Refer Note No.19 (a).

ii) The Company does 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 transferred to the InvestorEducation and Protection Fund by the Company.

iv) The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

For Mehta Chokshi & Shah Chartered Accountants Firm Registration No.: 106201W

Sd/- (C. M. Shah) Partner M.NO: 047178 Place: Mumbai Date: 30th May 2017

Annexure A to the Independent Auditors' Report [Referred to in paragraph 6 (i) of ourreport of even date]

i. a) The Company is maintaining proper record showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies found.

(c) The company does not have any immovable property and hence paragraph 3(i)(c) of theOrder is not applicable.

ii. The Company does not have any inventory and hence paragraph 3(ii) of the order isnot applicable.

iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act andtherefore paragraph 3 (iii) of the order is not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans given and investments made.

v. According to the information and explanations given to us the Company has notaccepted any deposits. Hence paragraph 3 (v) of the order is not applicable.

vi. The company does not qualify the prescribed criteria as specified in Companies(Cost Records and

Audit) Rules 2014 and therefore is not required to maintain the cost records asprescribed under Section 148 (1) of the Act. Hence paragraph 3 (vi) of the order is notapplicable.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is regular in depositingundisputed statutory dues including Income tax and other Statutory dues with theappropriate dues. (b) According to the information and explanations given to us thecompany doesn't have any disputed dues as on 31-03-2017 and hence paragraph 3 (vii) (b) ofthe Order is not applicable.

viii. According to the information and explanations given to us there are no loans orborrowings from any financial institution banks government or debenture holders andtherefore paragraph 3(viii) of the Order is not applicable.

ix. According to the information and explanations given to us the Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) or by way term loan and hence paragraph 3(ix) of the order is not applicable.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 year.

xi. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid for managerialremuneration in accordance with the requisite approvals as mandated by the provisions ofsection 197 read with Schedule V to the Companies Act2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records during the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Accordingly paragraph 3 (xiv) of the order is not applicable.

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

xvi. According to the information and explanations given to us and based on ourexamination of the records the Company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.

For Mehta Chokshi & Shah

Chartered Accountants

Firm Registration No.: 106201W

Sd/- (C. M. Shah)

Partner M.NO: 047178

Place: Mumbai

Date: 30th May 2017

Annexure - B to the Independent Auditors' Report [Referred to in paragraph 6 (ii) (f)of our report of even date]

Report on the Internal Financial Controls Over Financials Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") of SupraPacific Management Consultancy Limited

We have audited the internal financial controls over financial reporting of SUPRAPACIFIC MANAGEMENT CONSULTANCY LIMITED ("the Company") as of March 31 2017in conjunction with our audit of the financial statements of the Company for the yearended and as at 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 Guidance Note').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable 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 and the Standards on Auditing prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. The Guidance Note and those Standards 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 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 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; (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 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 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 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 March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For Mehta Chokshi & Shah

Chartered Accountants

Firm Registration No.: 106201W

Sd/- (C. M. Shah)

Partner M.NO: 047178

Place: Mumbai

Date: 30th May 2017