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Pan India Corporation Ltd.

BSE: 511525 Sector: Financials
NSE: SRGINFOTEC ISIN Code: INE376A01032
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NSE 05:30 | 01 Jan Pan India Corporation Ltd
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VOLUME 11060
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52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.19
Buy Qty 7950.00
Sell Price 0.20
Sell Qty 990.00
OPEN 0.19
CLOSE 0.19
VOLUME 11060
52-Week high 0.23
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.19
Buy Qty 7950.00
Sell Price 0.20
Sell Qty 990.00

Pan India Corporation Ltd. (SRGINFOTEC) - Auditors Report

Company auditors report

To the Members of Pan India Corporation Limited Report on the FinancialStatements

We have audited the accompanying financial statements of Pan India

Corporation Limited ("the Company") which comprise theBalance

Sheet as at 31stMarch2018 the Statement of Profit and Loss and the

Statement of Cash Flow the statement of change in Equity for the yearthen ended and a summary of significant explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation 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 Indian AccountingStandards specified under section 133 of the Act read with the Companies (Indian

Accounting Standard) Rules 2015. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financialstatements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material mis-statement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements.

The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes valuating 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 andappropriate to provide a basis for our audit opinion on the financial statements.

Opinion :

In our opinion and to the best of our information and according to theexplanations given to us 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 (read with Note 19 to Accounts) of thestate of affairs of company as at March 31st 2018 and its loss and its statement of cashflows the change in Equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016("the Order") issued by the Central Government of India in terms ofsubsection 11 of section 143 of the Act we give in the "Annexure-I" a statementon the matters specified in paragraphs 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 havesought and 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 properbooks of account as required by law have been kept by the Company so far as appears fromour examination of those books; c) The Balance Sheet the Statement of Profit and Loss andthe statement of cash flows the change in Equity dealt with by this Report are inagreement with the books of account; d) In our opinion the aforesaid financial statementscomply with the IND AS specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; e) On the basis of the written representations receivedfrom the directors as on 31stMarch 2018 taken on record by the

Board of Directors none of the directors is disqualified as on

31stMarch 2018 from being appointed as a director in terms of Section164 (2) of the Act; f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure-II"; and g) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its financial statements Refer Note 17para 2.5 To the financial statements. ii. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses.

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

For Soni Gulati & Co. Chartered Accountants FRN 8770

Sanjeev Kumar Partner M.No. 091901

Place: New Delhi Date: 28.05.2018

ANNEXURE-I TO THE INDEPENDENT AUDITOR'S REPORT OF PAN INDIA CORPORATIONLIMITED

The Annexure referred to in our report to the members of Pan IndiaCorporation Limited (‘the Company') for the year ended 31stMarch 2018.

We report that:

1. a) The company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. b) According tothe information and explanations given to us the fixed assets are physically verified bythe management on annual basis which in our opinion is at reasonable intervals. As perinformation and explanations given to us no material discrepancies were noticed on suchverification as compared to book records. c) The company does not have any immovableproperty in its name hence clause (i) (c) of paragraph 3 of the Order is not applicable tothe Company.

2. a) As informed to us the inventory of share has been physicallyverified during the year by the management. In our opinion the frequency of verificationis reasonable. b) The procedure of physical verification of inventories followed by themanagement is reasonable and adequate in relation to the size of the company and thenature of its business.

3. The company has not granted any loan secured or unsecured tocompanies firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013.

4. In our opinion and according to the information and explanationsgiven to us the company has complied with the provisions of section 185 and 186 of theAct with respect to the loans and investment made.

5. The Company has not accepted deposit from the public

6. The Central Government has not prescribed the maintenance of costrecords under sub-section (1) of section 148 of the Companies Act 2013 for any of theactivities of the company.

7. a). The company is regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and any other statutory duesapplicable to it with appropriate authorities. According to the information andexplanations given to us below mentioned Income Tax liability outstanding as at 31stMarch2018 for a period of more than six months from the date they became payable are asfollows:

Assessment

Outstanding Demand

Year

Amount (Rs)

1993-94

147.83

1995-96

340.23

1996-97

465.96

1998-99

206.44

2008-09

2.96

Total

1163.42

b). According to the information and explanations given to us thereare no disputed statutory dues payable in respect of income tax sales tax duty ofcustoms duty of excise and value added tax which are outstanding as at 31stMarch2018.However according to information and explanations given to us the following dues ofRoc Fees have not been deposited by the Company on account of disputes:

Nature of the statute Nature of dues Amount Period to which the amount relates Forum where dispute is pend- ing
(in Rs)
Compa- nies Act 1956 R.O.C Fees for increase in authorized capital (Refer to Non- Current Liabilities) Amount unascertained over 2.76cr. which has been ac- cepted by the company but not deposited as part pay- ment is not acceptable F.Y 1996-97 & F.Y 1998- 99 District & Session Court Tis Hazari Del- hi-110054

8. According to the information and explanations given to us thecompany has not taken any loan from any financial institution government bank dues ofdebenture holder during the year; hence clause (viii) of paragraph 3 of the Orderregarding default is not applicable to the Company.

9. The company has not raised any money by way of initial public offeror further public offer (including debt instruments) and term loans during the year henceclause (ix) of paragraph 3 of the Order regarding default is not applicable to theCompany.

10. Based upon the audit procedures performed and information andexplanations given to us no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year under audit.

11. According to the information and explanations given to us and basedon our examination of the records of the company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company hence clause (xii) of paragraph 3 of theOrder is not applicable to the Company.

13. According to the information and explanations given to us and basedon our examination of the records of the Company transactions with the related partiesare in compliance with the provisions of section 177 and 188 of the Act where applicableand the details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards.

14. According to the information and explanation given to us and basedon our examination of the records of the company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year. 15. According to the information and explanations given to usand based on our examination of the records of the Company the Company has not enteredinto non-cash transactions with directors or persons connected with him. Thereforeprovisions of clause (xv) of paragraph 3 of the Order are not applicable to the Company.

16. The company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For SoniGulati& Co. Chartered Accountants FRN 8770

Sanjeev Kumar Partner M.No. 091901

Place: New Delhi Date: 28.05.2018

ANNEXURE-II TO THE INDEPENDENT AUDITOR'S REPORT OF PAN INDIACORPORATION LIMITED

The Annexure referred to in our report to the members of Pan IndiaCorporation Limited (‘the Company') for the year ended 31stMarch 2018.

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Pan India Corporation Limited ("the Company") as of 31 March 2018in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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 internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance 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 audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections 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 conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31stMarch 2018 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial

Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Soni Gulati & Co. Chartered Accountants FRN 8770

Sanjeev Kumar Partner M.No. 091901

Place: New Delhi

Date: 28.05.2018