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Panther Industrial Products Ltd.

BSE: 524055 Sector: Financials
NSE: N.A. ISIN Code: INE181D01014
BSE 00:00 | 23 Jan Panther Industrial Products Ltd
NSE 05:30 | 01 Jan Panther Industrial Products Ltd
OPEN 37.95
PREVIOUS CLOSE 37.95
VOLUME 100
52-Week high 37.95
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 37.95
CLOSE 37.95
VOLUME 100
52-Week high 37.95
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Panther Industrial Products Ltd. (PANTHERINDLPR) - Auditors Report

Company auditors report

ON FINANCIAL STATEMENTS

To the Members of

Panther Industrial Products Limited Report on the Financial Statements

We have audited the accompanying financial statements of Panther Industrial ProductsLimited (the "Company") which comprise the Balance Sheet as at 31stMarch 2020 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flows Statement the Statement of Changes in Equity 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 Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Companies Act 2013 (the"Act") read with the Companies (Indian Accounting Standards) Rules 2015 asamended. The Company's Management is responsible for maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the respectiveassets of the Company and for preventing and detecting frauds and other irregularities;the selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error which have been used for the purposeof preparation of these financial statements by the Management of the Company.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. While conducting the audit we have taken into account the provisions of the Actthe accounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 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 control relevant to the Company's preparation and presentationof the financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressingan opinion on whether the Company has in place an adequate internal financial controlsystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Management as well asevaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with IndAS and theaccounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2020;

(ii) In the case of the Statement of Profit and Loss of the loss for the year ended onthat date;

(iii) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date;

and

(iv) In the case of the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

(a) As required by the Companies (Auditor's Report) Order 2016 (the "Order")issued by the Central Government in terms of section 143(11) of the Companies Act 2013we give in the Annexure 'A' a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

(b) As required by section 143 (3) of the Act we report that -

(i) 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;

(ii) In our opinion proper books of account as required by law have been kept so faras appears from our examination of such books;

(a) Reference is invited to note B16 (a) in Notes on Accounts to the balance sheet andstatement of profit and loss regarding Trade receivable by the management Rs 87122294.Though the company is confident of recovery in view of huge losses and uncertainty in thebusiness operations and hence the management has not made any provision for the same.

(b) There has been a permanent dimunition in the value of the non current investmentswhich has been adjusted through retained earnings.

(c) In view of our comments in para above the said accounts read with Notes toAccounts appearing in the Significant Accounting Policies and Notes to Accounts (Notes A& B) to the balance sheet statement of profit and loss and cash flow statement give atrue and fair view in conformity with the accounting principles generally accepted inIndia.

(iii) The Balance Sheet Statement of Profit and Loss the Cash Flow Statement and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;

(iv) In our opinion the Balance Sheet Statement of Profit and Loss and the Statementof Changes in Equity comply with the Indian Accounting Standards specified under section133 of the Companies Act 2013 read with the Companies (Indian Accounting Standards)Rules 2015 as amended;

(v) On the basis of written representations received from the directors as on March 312020 and taken on record by the Board of Directors none of the directors is disqualifiedas at 31st March 2020 from being appointed as a director in terms of section 164(2) ofthe Act;

(vi) 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 B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting;

(vii) 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:

(a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements;

(b) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses on long-term contracts including derivativecontracts;

(c) The Company has not transferred the amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

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)

The Annexure referred to in paragraph 3 of our report to the members of

Panther Industrial Products Limited on the financial ('the Company') for the yearended 31s' March 2020.

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified by the management during the year.According to the information and explanations given to us no material discrepancies werenoticed by the Management on such verification.

(c) The Company does not have any immovable property and hence the provisions of theclause 3(i)(c) of the Order are not applicable to the Company.

(ii) In our opinion and according to the information and explanations given to us theCompany has not made any purchase of inventories during the year. Therefore theprovisions of the clause 3(ii) of the order are not applicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLLP or other parties covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has not made any investments during the year to which the section 186 of the Actis applicable or granted any loan during the year to which section 185 of the Act areapplicable and hence not commented upon.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit during the year. Therefore the provisions of theclause 3(v) of the Order are not applicable to the company.

(vi) The company is not covered by section 148(1) of the Act and hence the provisionsof the clause 3(vi) of the Order are not applicable to the company.

(vii) (a) According to the information and explanation given to us during the year thecompany was regular in depositing undisputed statutory dues including provident fundemployees' state insurance income tax sales tax wealth tax custom duty service taxexcise duty cess and other material statutory dues applicable to it with the appropriateauthorities.

(b) According to the information and explanations given to us particulars of dues ofincome tax as on 31.03.2020 which have not been deposited on account of any dispute areas under

Name of the Statute Nature of Dues Amount (Rs in Lacs) Period to which the amount relates Forum before which the dispute is pending
I.T.Act 1961 Income Tax Demand 13228720 A.Y.2001- 02 CIT(A)
I.T. Act 1961 Income Tax Penalty 12158829 A.Y.2001- 02 CIT(A)

(viii) The Company has not raised any loan from financial institutions banksGovernment or debenture holders during the year and hence the provisions of the clause3(viii) of the Order are not applicable to the Company.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loan. Accordingly clause 3(ix) of the Order isnot applicable to the Company.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

(xi) The Company has not paid any managerial remuneration covered by the provisions ofsection 197 read with Schedule V to the Act and hence the provisions of the clause 3(xi)of the Order are not applicable to the Company.

(xii) According to the information and explanations given to us the Company is not aNidhi Company and hence the provisions of the clause 3(xii) of the Order are notapplicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transaction with the related party is incompliance with section 177 and 188 of the Act where applicable and details of suchtransaction has been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) During the year the Company has not made any preferential allotment of sharesand hence the provisions of the clause 3(xiv) of the Order are not applicable to theCompany.

(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 any non-cashtransactions with the directors or persons connected with him and hence the provisionsof the clause 3(xv) of the Order are not applicable to the Company.

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

Annexure-B to the Auditors' Report

(Referred to in paragraph 5(b)(vi) under Report on Other Legal and RegulatoryRequirements' section 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 PantherIndustrial Products Limited ("the Company") as of 3151 March 2020in conjunction with our audit of the standalone financial statements of the Company forthe 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 ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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.

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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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 31 March 2020 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 S.K. LAHOTI & CO. Chartered Accountants Firm Reg. no 131520W

Satyendra Lahoti Proprietor

Membership no 135975

UDIN 20135975AAAAAV6808

Mumbai 31st July 2020

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