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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 9.46
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 9.46
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

To the Members of

Panther Industrial Products Limited

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of Panther Industrial ProductsLimited (the "Company") which comprise the Balance Sheet as at 31March2022 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlows Statement the Statement of Changes in Equity for the year then ended and a summaryof 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 financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity withlndAS 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 2022;

(ii) In the case of the Statement of Profit and Loss of the Profit for the year endedon that 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.

Basis of 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 Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. However inview of this we have determined that there are no key audit matters to communicate in ourreport.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters related to section134(5) of the Companies Act 2013 ('the Act) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flows and changes in equity ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under section 133 of theCompanies Act 2013 (the "Act") read with the Companies (Indian AccountingStandards) Rules 2015 as amended. The Company's Management is responsible formaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the respective assets of the Company and for preventing and detectingfrauds and other irregularities; the selection and application of appropriate accountingpolicies; making judgements and estimates that are reasonable and prudent; and the designimplementation 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 which have been used for the purpose of preparation of these financial statementsby the Management of the Company .

In preparing the 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.

Those Board of Directors are responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• 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 ofsuch controls.

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

• 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 financial statements or if such disclosures are inadequate to modify our opinionOur conclusions are based on the audit evidence obtained up to the date of our 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosures about the matter orwhen 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.

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 reportthat-

(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 Bl 6 (a) in Notes on Accounts to the balance sheet andstatement ofprofit and loss regarding Trade receivable by the management 84769870.Though the company is confident ofrecovery in view ofhuge losses and uncertainty in thebusiness operations and hence the management has not made anyprovisionfor 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 ofour 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 ofprofit and loss and cashflow 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 thebooks of account;

(iv) In our opinion the Balance Sheet Statement of Profit &Loss and theStatement ofChanges in Equity comply with the Indian Accounting Standardsspecified under section 133 of the Companies Act 2013 read with the Companies (IndianAccounting Standards) Rules 2015 as amended;

(v) On the basis of written representations received from the directors as on March 312022 and taken on record by the Board of Directors none of the directors is disqualifiedas at 31st March 2022 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.

(d) i) (a) The Management has represented that to the best of its knowledge andbelief no funds have been advanced or loaned or invested (either from borrowed funds orshare premium or any other sources or kind of funds) by the Company to or in any otherperson or entity including foreign entity ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries;

(ii) The Management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any person or entity including foreignentity ("Funding Parties") with the understanding whether recorded in writingor otherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

(iii) Based on the audit procedures that have been considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11 (e) contain anymaterial misstatement.

For S.M. Bhat & Associates Chartered Accountants Firm Reg. No 13134 7W

Sitaram Mahableshwar Bhat (Proprietor) Membership no 030696 UDIN :-2203069A.JXWFF2789Mumbai 30" May 2022

Annexure-A to the Auditors' Report

(Referred to in paragraph (1) under Report on Other Legal and RegulatoryRequirements'section ofour report ofeven date)

The Annexure referred to in paragraph 3 of our report to the members of PantherIndustrial Products Limited on the financial ('the Company') for the year ended31March 2022.

(i) (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment.

(B) The Company does not have any intangible assets and hence the provisions of theclause 3(i)(a)(B) of the Order are not applicable to the Company.

(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 .

(d) The Company has not revalued its Property Plant and Equipment during the year end.

(e) No proceedings have been initiated during the year or are pending against thecompany as at 31March 2022 for holding any benami property under the Benami Transactions(Prohibition)Act 1988(45 of 1988) and rules made there under hence the provisions of theclause 3(i)(e) of the Order are not applicable to the Company.

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

(b) The Company has not taken any working capital loans from banks or financialinstitutions hence the provisions of the clause 3(ii)(b) of the Order are not applicableto the Company.

(iii) The company during the year has not made investments in provided any guaranteeor security or granted any loans or advances in the nature of loans secured or unsecuredto companies firms Limited Liability Partnerships or any other parties hence theprovisions of the clause 3(iii)(a) to (f) of the Order are not applicable to the Company.

(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 or amounts which are deemed to be deposits during theyear. Therefore the provisions of the clause 3(v) of the Order are not applicable to thecompany.

(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 Goods and ServiceTax provident fund employees' state insurance income tax sales tax wealth tax customduty service tax excise duty cess and other material statutory dues applicable to itwith the appropriate authorities.

(b) According to the information and explanations given to us and records of theCompany no dues of lncome-tax Goods and Service Tax Sales Tax Service Tax VAT areoutstanding in the books of the Company on account of any dispute.

(viii) There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of1961).

(ix)(a)According to the information and explanation given to us The Company has nottaken any loans or other borrowings from any lender. Hence reporting under clause 3(ix)(a)of the Order is not applicable.

(b)According to the information and explanation given to us the Company has not beendeclared wilful defaulter by any bank or financial institution or any other lender .

(c)The Company has not taken any term loan during the year and there are no outstandingterm loans at the beginning of the year and hence reporting under clause 3(ix)(c) of theOrder is not applicable.

(d)According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term purposes by the Company.

(e)According to the information and explanation given to us the Company does not haveany subsidiaries associates or joint ventures. Accordingly the reporting under Clauses3(ix)(e) and 3(ix)(f) of the order is not applicable to the Company .

() (a) According to the information and explanation given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments) or term loan. Accordingly the reporting under clause 3(x)(a) of the Order isnot applicable to the Company.

(b) According to the information and explanation given to us the Company has not madeany preferential allotment or private placement of shares or convertible debentures (fullyor partly or optionally) during the year and hence reporting under clause 3(x)(b) of theOrder is not applicable.

(xi) (a)During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company noticed or reported during theyear nor have we been informed of any such case by the management.

(b)There has been no report filed by us under sub-section (12) of section 143 of theCompanies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government during the year and upto the date of this report.

(c)As represented to us by the management no whistle blower complaints have beenreceived by the Company during the year and upto the date ofthis report.

(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) In our opinion and based on our examination though the company is required tohave an internal audit system under section 138 of the Act it does not have the sameestablished for the year and hence we were unable to obtain any of the internal auditreports of the Company .

(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-IAof the ReserveBank of India Act 1934. Hence reporting under clause 3(xvi)(a) (b) (c) and (d) of theOrder is not applicable.

(xvii) The Company has not incurred cash losses in the current year however the Companyhas in the immediately preceding financial year incurred cash losses amounting to1067763.

(xviii) There has been resignation of the statutory auditors during the year and wehave taken into consideration the issues objections or concerns raised by the outgoingauditors.

(xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. However we state that this is not an assurance as tothe future viability of the Company. Further our reporting is based on the facts up to thedate of the audit report and hence can neither give any guarantee nor any assurance thatall liabilities falling due within a period of one year from the balance sheet date willget discharged by the Company as and when they fall due.

(xx) According to the information and explanations given to us the Company is notrequired to spend any amount as per the provisions of Section 135 of the Act. Hence clause3(xx)(a) of the Order is not applicable for the year .

For S.M. BHAT & ASSOCIATES Chartered Accountants Firm Reg. no 131347W

Sitaram Mahableshwar Bhat Proprietor

I

Membership no 030696

UDIN :-2203069AJXWFF2789 Mumbai 30"May 2022 ]

Annexure-B to the Auditors' Report

(Referred to in paragraph 5(b)(vi) under Report on Other Legal and RegulatoryRequirements'section ofourreportofeven date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the CompaniesAct 2013 ("theAct")

We have audited the internal financial controls over financial reporting of PantherIndustrial Products Limited ("the Company") as of31March 2022 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 ofreliable financialinformation asrequired under the CompaniesAct 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 oflnternal 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 ofany 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 2022 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 lndia.

For S.M. Bhat & Associates Chartered Accountants Firm Reg. no 131347W

Sitaram Mahableshwar Bhat (Proprietor)

Membership no 030696

UDIN :-2203069A.JXWFF2789

Mumbai 30" May 2022

.