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Panache Innovations Ltd.

BSE: 538742 Sector: Others
NSE: N.A. ISIN Code: INE516E01019
BSE 00:00 | 13 Jul 35.05 0
(0.00%)
OPEN

34.90

HIGH

35.05

LOW

34.70

NSE 05:30 | 01 Jan Panache Innovations Ltd
OPEN 34.90
PREVIOUS CLOSE 35.05
VOLUME 3420
52-Week high 49.00
52-Week low 19.50
P/E 50.80
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 34.90
CLOSE 35.05
VOLUME 3420
52-Week high 49.00
52-Week low 19.50
P/E 50.80
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Panache Innovations Ltd. (PANACHEINNOVAT) - Auditors Report

Company auditors report

To

The Shareholders of Panache Innovations Limited

(Formerly Known as Ruby Traders & Exporters Limited)

68 Jessore Road

Diamond City ComplexBlock 5

Suite No.1EKolkata

West Bengal - 700055.

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of Panache InnovationsLimited (‘the Company'](Former/y Known as Ruby Traders & Exporters Limited) whichcomprise the 'Balance Sheet as at 31st March 2017 Statement of Profit andLoss and the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134(5] ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the AccountingStandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts] Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting 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 controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Financial Statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit.

We have taken into account the provisions of the Act the accounting & auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the rules made thereunder.

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 Standalone Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Financial Statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements to give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by management as well asevaluating the overall presentation of the Standalone Financial Statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Standalone Financial Statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

ii. In the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

iii. In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Other Matters Paragraph

The comparative financial information of the company for the year ended 31stMarch 2016 included in the standalone financial statements are based on the previouslyissued Statutory Financial Statements which were audited by M/s M.Jhunjhunwala&Associates(Chartered Accountants] whose report for the year ended 31st March2016 dated 30th May 2016 expressed an unmodified opinion on the financialstatements for the year ended 31st March 2016.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report] Order 2016 issued by the CentralGovernment of India in terms of Section 143(11] of the Companies Act 2013 we encloseherewith; ‘Annexure- A' a statement on the matters specified in paragraphs 3 and 4of the said Order.

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 purpose 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 written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164(2] of the Companies Act 2013; and

f. Our Opinion on the adequacy of the Internal Financial Controls of the company overthe financial reporting and the operating effectiveness of such controls has been given byus in a separate report in ‘Annexure-B'.

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 explanations given to us:

i. The Company has disclosed that there are no pending litigations which would impactits financial position.

ii. The Company did not have any long term contracts for which there were any materialforeseeable losses;

iii. The Company is not required to transfer any amount to the Investor Education andProtection Fund by the Company.

iv. As per the information and according to the information and explanation given tous we report that that the holding company has given requisite disclosures in Para.5 ofNote No. 27 Of the financial statements with regard to holdings as well as dealings inspecified bank notes (‘SBNs'] as defined in Notification S.O. 3407(E] dated 08thNovember 2016 of Ministry of Finance during the period 08th November 2016 to30th December 2016. Based on the audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books of accountsmaintained by the Company and as produced to us by the management.

For Jain Salia & Associates Chartered Accountants [ FRNo: 116291W ]

Partner

Place : Mumbai (CA Jayesh K. Salia)

Dated : 22.05.2017 (Membership No. 044039)

(Referred to in Paragraph (1) of our Report of even date)

(i)

a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b) The fixed assets are physically verified by the management in a phased manner; whichin our opinion is reasonable having regard to the size of the company and the nature ofits assets. Pursuant to the program all the fixed assets were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

c) Based on the information & explanation given to us and the records examined byus we are able to conclude that there are no immovable property held by the company as onthe reporting date.

(ii) The physical verification of inventory & spares has been conducted atreasonable intervals by the management and no material discrepancies were noticed on suchverification between physical stock and book records.

(iii) In our opinion and according to the information and explanations given to us theCompany has not given any loans secured or unsecured to companies firms or otherparties covered in the register maintained under Section 189 of the Companies Act 2013.

(iv) In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been duly complied.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provisions of Section 73 to Section 76 or any other relevant provisionsof the Companies Act 2013 and the rules framed there under are applicable.

(vi) According to the information and explanations given to us the Company is notrequired to maintain any cost records as specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013.

(vii) A m m

a. According to the information and explanations given to us the Company is regular indepositing undisputed

statutory dues including provident fund Income tax VAT CST custom duty cess andany other statutory dues with the appropriate authorities during the year.

b. According to the information and explanations given to us no undisputed amountspayable in respect of such statutory dues were outstanding as on 31st March2017 for a period of more than six months from the date they became payable.

(viii) On the basis of our examination and according to the information andexplanations given to us the Company has not defaulted in re-payment of its dues to theBanks and no amounts were borrowed by the Company through Debentures from any financialinstitution.

(ix) On the basis of our examination and according to the information and explanationsgiven to us the Company has not raised any money through Initial Public Offer (IPO) orFurther Public Offer (FPO) in the current year.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

(xi) In our opinion and according to the information and explanations given to us thecompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V of the Act.

(xii) In our opinion and according to the information and explanation given to us thecompany is not a nidhi company and hence reporting under paragraph 3(xii) of the Order isnot applicable to our company.

(xiii] All the transactions with related parties are in compliance with sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv] The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv] The company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi] The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Jain Salia & Associates Chartered Accountants [ FRNo: 116291W ]

Partner

Place : Mumbai (CA Jayesh K. Salia)

Dated : 22.05.2017 (Membership No. 044039)

ANNEXURE B TO THE AUDITORS REPORT FOR THE Y. E. 31st MARCH 2017.

(Referred to in Paragraph (1) of our Report of even date)

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 PanacheInnovations Limited ("the Company"](Formerly known as Ruby Traders &Exporters Limited)as of 31st March 2017 in conjunction with our audit of theStandalone financial statements 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 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 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 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 authorisations of management and directors of the company; and

(3] provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 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 31st March 2017based 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 Jain Salia & Associates Chartered Accountants [ FRNo: 116291W ]

Partner

Place : Mumbai (CA Jayesh K. Salia)

Dated : 22.05.2017 (Membership No. 044039)