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Pansari Developers Ltd.

BSE: 538381 Sector: Infrastructure
NSE: PANSARI ISIN Code: INE697V01011
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Pansari Developers Ltd. (PANSARI) - Auditors Report

Company auditors report

To The Members of M/s Pansari Developers Limited

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of M/s Pansari Developers Limited("The Company") which comprise the Balance Sheet as at 31st March 2018 theStatement 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 Standalone 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 read with Rule 7 of Companies (Accounts) Rule 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating 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.

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 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 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 theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditors consider 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 statement.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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: a) in the case of Balance Sheet of the state ofaffairs of the Company as at 31 March 2018 b) in the case of Statement of Profit or Lossof the Profit for the year ended on that date and c) In case of Cash flows Statements ofthe cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' 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 A" a statement on the mattersspecified in paragraphs 3 and 4 of the 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 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 representation received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 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 controls over financialreporting of the

Company and the operating effectiveness of such controls refer to our separate reportin "Annexure B''.

g. With respect to the other matters to be included in the Auditors' report inaccordance with Rule

11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and according to the explanation given to us:

i. There are no pending litigations other than those of which disclosure relating tothe impact of pending litigations on its financial position is given in Note 38 of Note toaccounts.

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

iii. The Company is not required to transfer any amounts to the Investor Education and

Protection Fund.

For AGRAWAL SUBODH & CO
(Chartered Accountants)
CA Surajit Pal
Place: Kolkata (Partner)
Date: 30 June 2018 Membership No. 066285

Annexure - A to the Auditors' Report

(Referred to in paragraph 1 under 'Report on other Legal and Regulatory Requirements'section of our report of even date)

I. (a) According to the information and explanation given to us the company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner. In accordance with this programmea portion of the fixed assets has been physically verified by the management during theyear and no material discrepancies have been noticed on such verification. In our opinionthis periodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets.

(c) According to the information and explanations given to us the title deed of theimmovable property are held in the name of the company

II. According to the information and explanation given to us physical verification ofinventory has been conducted at reasonable intervals by the management and no materialdiscrepancies were observed thereof.

III. According to the information and explanation given to us the company has notgranted any unsecured loans to the party covered in the register maintained under section189 of the Companies Act 2013 for the year ended 31st March 2018 and hence para 3(iii)of the order is not applicable to the company.

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 Companies Act 2013with respect to the investments made and company has not made any Loan.

V. According to the information and explanation given to us the Company has notaccepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly Paragraph 3 (v) of theorder is not applicable.

VI. According to information and explanation given by the management the maintenanceof cost records have not been prescribed by the Central Government under section 148(1) ofthe Act for any of the activities carried on by the company and hence paragraph 3(vi) ofthe order is not applicable to the company.

VII. According to information and explanations given to us in respect of Statutorydues: -

(a) The company has generally been regular in depositing undisputed statutory dues withthe appropriate authorities including Provident Fund Employees State Insurance IncomeTax Service Tax Goods and Service Tax (GST) Custom Duty Excise Duty Value Added TaxCess or any other statutory dues. GST Return for the month of March has not been filledtill the date of signing of financial statement. As per the information provided to usthere is a difference of Rs 141979 between input available in the books with inputclaimed in the return up to the month of February 2018.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Service Tax Goods and Service Tax(GST) Value Added TaxCustoms Duty Excise Duty Cess and other statutory dues in arrears as at March 31 2018for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us disputed amounts payablein respect statutory dues in arrears as at 31st March 2018 are as follows –

Sl. Name of Dues Period to with it pertain Demand Forum where the dispute pending
1 Income tax 2012-13 33890 CIT(A)
2 Income Tax 2014-15 62510 CIT(A)
3 Tax Deducted at Source 2017-18 2016-17 2014-15Prior Years 140628.52 Assessing Officer

VIII. Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayments ofdues to any financial institution bank or debenture holders.

IX. The company has not raised any money by the way of initial public offer or furtherpublic offer or term loans in FY 2017-18. Accordingly paragraph 3(ix) of the order is notapplicable

X. According to the information and explanations given to us no material fraud by the

Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

XI. According to the information and explanations given to us managerial remunerationhad been paid or provided in accordance with the requisite approval mandated by theprovision of section 197 read with Schedule V to the Companies Act.

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 Managerial Remuneration has not been paid or provided during theyear. Accordingly paragraph 3(xi) of the clause is not applicable.

XIV. According to the information and explanations give 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 financial year.

XV. 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. Accordingly paragraph 3(xv) ofthe Order is not applicable.

XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of

India Act 1934.

For AGRAWAL SUBODH & CO
(Chartered Accountants)
CA Surajit Pal
Place: Kolkata (Partner)
Date: 30 June 2018 Membership No. 066285

Annexure - B to the Auditors' Report

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 M/sPansari Developers Limited ("The Company") as of 31st March 2018 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 Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 financial statements whether due to fraud or error.

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 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 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 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For AGRAWAL SUBODH & CO
(Chartered Accountants)
CA Surajit Pal
Place: Kolkata (Partner)
Date: 30 June 2018 Membership No. 066285