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Pan India Corporation Ltd.

BSE: 511525 Sector: Financials
NSE: SRGINFOTEC ISIN Code: INE376A01032
BSE 00:00 | 04 Oct 3.06 0.04
(1.32%)
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3.05

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3.12

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NSE 05:30 | 01 Jan Pan India Corporation Ltd
OPEN 3.05
PREVIOUS CLOSE 3.02
VOLUME 86457
52-Week high 14.74
52-Week low 0.90
P/E
Mkt Cap.(Rs cr) 66
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.05
CLOSE 3.02
VOLUME 86457
52-Week high 14.74
52-Week low 0.90
P/E
Mkt Cap.(Rs cr) 66
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pan India Corporation Ltd. (SRGINFOTEC) - Auditors Report

Company auditors report

To the Members of PAN INDIA CORPORATION LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of PAN INDIA CORORATION LIMITED("the Company") which comprise the Balance Sheet as at 31st March2021 and the statement of Profit and Loss statement of changes in Equity and Statementof Cash Flows for the year then ended and notes to the Standalone Financial Statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 of the Companyas at 31st March 2021 and profit changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Auditof the Standalone Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute ofChartered Accountants of India ("the ICAI") together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Companies Act 2013 and the Rules there under and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error. Inpreparing the standalone financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors is also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements. Also Refer "AnnexureA" to this audit report.

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 Companies Act 2013 we give in the "Annexure B" a statement on the mattersspecified 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 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.

(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 refer to ourseparate Report in "Annexure C".

(g) 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 standalone financial statements – Refer Note 19 to para 8 thestandalone financial statements.

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

iii. There was no amount which was required to be transferred to the Investor Educationand Protection Fund by the Company.

For R C CHADDA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm's Registration No. 003151N)
Sd/-
BHISHM MADAN
(PARTNER)
M. No. 524462
Place: New Delhi
Date: 28.06.2021

"ANNEXURE-A" TO THE INDEPENDENT AUDITORS' REPORT

Report on the Auditor's responsibilities for the Audit of the standalone FinancialStatements

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

For R C CHADDA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm's Registration No. 003151N)
Sd/-
BHISHM MADAN
(PARTNER)
M. No. 524462
Place : New Delhi
Date : 28.06.2021

"ANNEXURE-B" TO THE INDEPENDENT AUDITORS' REPORT

With reference to the Annexure B referred to in the Independent Auditor's Report to themembers of the Company on the standalone financial statements for the year ended 31stMarch 2021 we report the following:

1. The company does not have any property plant and equipment. Thus clause (i) ofparagraph 3 of the Order is not applicable to the Company.

2. The Company does not have any inventories. Thus clause (ii) of paragraph 3 of theOrder is not applicable to the Company.

3. The company has not granted any loan secured or unsecured loan to company/ Firmscovered in the register maintained under Section 189 of the Companies Act 2013. Thereforeprovisions of clause (III) of paragraph 3 of the Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has not given any loans guarantees securities or made any investments in respectof with provisions of section 185 and 186 of the Companies Act 2013 needs to be compliedwith.

5. The Company has not accepted deposit from the public covered under Section 73 to 76or any other relevant provisions of the Companies Act 2013 and the Rules made thereunder.

6. The Central Government has not prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act 2013 for any of the activities ofthe company.

7. a) The company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues applicable toit with appropriate authorities. According to the information and explanations given to usbelow mentioned Income Tax liability outstanding as at 31st March 2021 for aperiod of more than six months from the date they became payable are as follows :

Assessment Year Outstanding Demand Amount (Rs)
1993-94 147833.00
1995-96 340226.00
1996-97 465963.00
1998-99 206438.00
2008-09 2959.00

b) According to the information and explanations given to us there are no disputedstatutory dues payable in respect of income tax sales tax duty of customs duty ofexcise and value added tax which are outstanding as at 31st March 2021.However according to information and explanations given to us the following dues of RocFees have not been deposited by the Company on account of disputes:

Nature of the statute Nature of dues Amount (in Rs) Period to which the amount relates Forum where dispute is pending
Companies Act 1956 R.O.C Fees for increase in authorized capital (Refer to Non- Current Liabilities) Amount unascertained over 2.76cr. which has been accepted by the company but not deposited as part payment is not acceptable F.Y 1996-97 & F.Y 1998- 99 District & Session Court Tis Hazari Delhi- 110054 and Delhi High Court.

8. According to the information and explanations given to us the company does not haveany borrowings from any financial institution bank government or dues to debentureholders.

9. The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year hence clause(ix) of paragraph 3 of the Order regarding default is not applicable to the Company.

10. Based upon the audit procedures performed and information and explanations given tous no fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year under audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not paid/provided formanagerial remuneration. The provisions of section 197 read with Schedule V to the Act arenot applicable to the company being a private limited company.

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

13. 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 the provisions of section 177 and 188 of the Act where applicable and thedetails of such transactions have been disclosed in the standalone financial statements asrequired by the applicable accounting standards.

14. According to the information and explanation given to us and based on ourexamination of the records of the company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. 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 persons connected with him. Therefore provisions of clause(xv) of paragraph 3 of the Order are not applicable to the Company.

16. According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For R C CHADDA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm's Registration No. 003151N)
Sd/-
BHISHM MADAN
(PARTNER)
M. No. 524462
Place: New Delhi
Date: 28.06.2021

"ANNEXURE-C" TO THE INDEPENDENT AUDITORS' REPORT

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

We have audited the internal financial controls over financial reporting of Pan IndiaCorporation Limited ("the Company") as of 31st March 2021 inconjunction with our audit of the Standalone financial statements of the Company for theyear 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 ICAI .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 the 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 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 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 about the adequacy ofthe internal financial controls 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 standalone financial statements whether due to fraud orerror.

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 standalone 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 standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorities 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 standalone financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of the 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 the changes in conditions orthat the 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 31st March 2021based on 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 ofChartered Accountants of India.

For R C CHADDA & CO. LLP
CHARTERED ACCOUNTANTS
(Firm's Registration No. 003151N)
Sd/-
BHISHM MADAN
(PARTNER)
M. No. : 524462
Place: New Delhi
Date: 28.06.2021

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