To the Members of
PANKAJ PIYUSH TRADE AND INVESTMENTLIMITED
Report on Financial Statements
We have audited the accompanying financial statements of PANKAJ PIYUSH TRADE ANDINVESTMENT LIMITED which comprise the Balance Sheet as at 31st March 2017 andthe Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
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 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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.
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 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 but not for the purpose of expressing an opinionon whether the Company has in place the adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of the accounting policies usedand the 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.
In our opinion and to the best of our information and the explanations given to us thefinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with accounting principles generally acceptedin India:
i. In case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2017;
ii. In case of Statement of Profit and Loss of the profit for the year ended on thatdate; and
iii. In case of Cash Flow Statement of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 (the Order) as amendedissued 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 paragraphs 3and 4 of 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as on 31stMarch 2017 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 terms of Section164 (2) of the Act.
f) The observation of financial transactions does not reveal any matter which has anyadverse effect on the functioning of the Company.
g) With respect to adequacy of internal financial controls over financial reporting ofthe Company and the operating effectiveness of such controls refer to our separate Reportin Annexure- B.
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 does not have any pending litigations in its financial statements;
ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses. However company does not enter into anylong-term contracts including derivative during the specified period;
iii) The Company is not required to transfer any amount to the Investor Education andProtection Fund.
iv) The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.
Signed for the purpose of identification
FOR V.N. PUROHIT & CO.
Firm Regn. No. 304040E
Membership No. 014238
New Delhi the29thday of May 2017
ANNEXURE- A TO THE AUDITOR'S REPORT
The Annexure referred to in Paragraph 1 under the heading of "Report on otherLegal and Regulatory Requirements" of our report of even date to the members ofPankaj Piyush Trade and Investment Limited (the Company) for the year ended on 31stMarch 2017.
(i) (a) As per information and explanation given to us the Company is maintainingproper records showing full disclosures of the fixed assets;
(b) As per information and explanation given to us physical verification of fixedassets has been conducted once in a year by the management and no material discrepancieswere noticed during the course of verification;
(c) According to information and explanation given to us the title deeds of theimmovable properties are held in the name of the company;
(ii) As per information and explanation given to us physical verification of inventoryhas been conducted once in a year by the management and no material discrepancies werenoticed during the course of verification;
(iii) According to information and explanations given to us the Company has notgranted unsecured loans to parties covered in register maintained under section 189 of theCompanies Act 2013 and hence provisions of this sub- clause are not applicable;
(iv) According to information and explanations given to us the Company has compliedwith the provisions of Section 185 of the Companies Act 2013. However the company hasnot passed special resolution of members in respect of loans investments guarantees andsecurity given above the limit as prescribed under section 186 of the Companies Act 2013and accordingly has not complied with such provisions;
(v) According to information and explanations given to us the Company has not acceptedpublic deposits and the provision of section 73 to 76 or other relevant provisions of theCompanies Act 2013 and rules framed thereunder are not applicable to the Company;
(vi) According to information and explanations given to us the Company is not liableto maintain cost records as prescribed under section 148(1) of the Companies Act 2013;
(vii) (a) According to information and explanations given to us the company isgenerally regular in depositing undisputed statutory dues including income-tax and anyother applicable statutory dues to the appropriate authorities and there are nooutstanding statutory dues as on the last day of the financial year concerned for a periodof more than six months from the date they became payable;
(b) According to information and explanations given to us there are no outstandingstatutory dues on the part of Company which is not deposited on account of dispute;
(viii) According to information and explanations given to us the company has notobtained any loans and borrowings from any financial institution bank government or duesto debenture holders and hence question of default of repayment does not arise;
(ix) According to information and explanations given to us the Company has not raisedmoney by way of initial public offer or further public offer. The Company has not takenany term loans and hence question of its utilization does not arise;
(x) According to information and explanations given to us there is no noticed orunreported fraud on or by the Company during the year under audit;
(xi) According to information and explanations given to us the Company has paidmanagerial remuneration in accordance with applicable provisions of the Companies Act2013;
(xii) As per information the Company is not a Nidhi Company hence provisions of sub-clause (xii) of the Paragraph 3 of the Order are not applicable;
(xiii) According t0o information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013wherever applicable and the details have been disclosed in the financial statements etc.as required by the applicable accounting standards;
(xiv) According to information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review;
(xv) According to information and explanations given to us the Company has not enteredinto noncash transactions with directors or persons connected with him;
(xvi) According to information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.
Signed for the purpose of identification
FOR V.N. PUROHIT & CO.
Firm Regn. No. 304040E
Membership No. 014238
New Delhi the 29th day of May 2017