Parin Furniture Ltd.
|BSE: 535115||Sector: Others|
|NSE: PARIN||ISIN Code: INE00U801010|
|BSE 05:30 | 01 Jan||Parin Furniture Ltd|
|NSE 05:30 | 01 Jan||Parin Furniture Ltd|
|BSE: 535115||Sector: Others|
|NSE: PARIN||ISIN Code: INE00U801010|
|BSE 05:30 | 01 Jan||Parin Furniture Ltd|
|NSE 05:30 | 01 Jan||Parin Furniture Ltd|
Financial Year : 2020-21
INDEPENDENT AUDITOR'S REPORT
The Members of PARIN FURNITURE LIMITED RAJKOT
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements ofPARIN FURNITURE LIMITED which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information. Thesefinancial statements are the responsibility of the Company s Management. Ourresponsibility is to express an opinion on these financial statements based on audit.
Management's Responsibility for the Financial Statements
The Company s Board of Directors is responsible for the matters insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenanc e of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; m aking judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Standalonefinancial statements based on our audit. We have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made ther e under.
We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements.The procedures selected depend onthe auditor s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone financialstatements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2021 and its profit/loss and its cash flows for the year endedon that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor s Report)Order2016iss ued bythe Central Government of India in term of sub- section (11) of section 143 of the Act(the "Order") we enclose in the Annexure a statement on the matters specifiedin the paragraphs 3 and 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;
b) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;
c) The Balance Sheet the Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account;
d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules2014.
e) On the basis of written representations received from the directorsas on 31st March 2021 taken on record by the Board of Directors none of the directorsis disqualified as on 31st March 2021 from being appointed as a director in terms ofSection 164(2) of the Act.
f) With respect to the adequacy of internal financial controls overfinancial reporting of the company and operating effectiveness of such controls referredto our separate report in "Annexure B" and
g) W ith respect to the other matters included in the Auditor'sReport in accordance with Ru le 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements under notes on account of the financialstatement.
ii. The Company did not have any long term contracts includingderivative contracts for which there were any material foreseeable losses.
iii. There are no amounts which we required to be transferred to theInvestor Education and protection Fund by the Company during the year ended March 312021.
ANNEXURE'A' TO THE AUDITOR's REPORT
With Referred to in paragraph 3 of our report to the shareholders of PARINFURNITURE LIMITED of even date in our opinion and to the best of our knowledge and asper the information and explanations given to us the books and the records examined by usin the normal course of audit we report that:
1. a) The Company has maintained electronic records showing value offixed assets. b) As per information & explanation given to us by the management of thecompany all the assets have been physically verified by them management during the yearand no material discrepancies were noticed on such verification. c) As per information&explanation given to us by the management of the company the title deeds of theimmovable properties are held in the name of the company.
2. As explained to us stock of inventories has been physicallyverified during the year by the management. In our opinion the frequency of verificationis reasonable.
3. In our opinion and according to the information and explanationgiven to us The Company has not granted any loan secured or unsecured to any partiescovered in the register maintained under section 189 of the Companies Act 2013.Therefore th e provisions of clause 3(iii)(a) and 3(iii)(b ) of th e Companies [Auditor's Report] Order2016 are not applicab le to the company.
4. As per information & explanation given to us the company thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loan investment guarantees and security.
5. In our opinion and according to the information and explanationgiven to us the company has not accepted/invited any deposits falling within the previewof provisions of section 73 to 76 of any other relevant provisions of the Companies Act2013 and rules framed the under.
6. In our opinion and according to the information and explanationgiven to us the company is not required of maintain cost records as per the provisions ofclause 3(vi) of the Companies [Auditor's Report] order2016 specified by the CentralGovernment under section 148 (1) of the Companies Act 2013.
7. In our opinion and according to the information and explanationgiven to us the company has not defaulted in depositing undisputed statutory duesincluding provident fund employee's state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and any other statutory dues to theappropriate authorities.
8. In our opinion and according to the information and explanationgiven to us the Company has not defaulted in the repayment of dues to any financialinstitution or Bank during the year. The Company has not issued any debentures hencethere are no due to debenture holder.
9. Inouropinionandaccordingtotheinformationandexplanationgiventoustheterm loan is applied for the purpose for which loan was obtained.
10. According to the information and explanations given to us neitherany fraud by the company nor any fraud on the company by its officers and employees hasbeen noticed or reported during the financial year.
11. According to the information and explanation given to us themanagerial remuneration paid or provided are in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Companies Act.
12. As the company is not a Nidhi Co mpany the provisions of claus e3(xii) of the Companies (Auditor s Report) Order 2016 are not applicable to the company.
13. According to the information and explanation given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements as required under Accounting Standards (AS 18-Related Party Transaction).
14. According to the information and explanation given to us and basedon our examination of the records the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder view.
15. According to the information and explanation given to us and basedon our examination of the records the company has not entered into any non-cashtransactions with directors of persons connected with him. So theclaus e3( xv)of theCompanies [Auditor's Report] Order2016 is not applicable to the company.
16. The Company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934 and h ence the claus e3(xvi) of the Co mp anies (Auditor s Rep ort) Order2 016 is n ot applicable to the Company.
TOTHE INDEPENDENT AUDITOR's REPORT of Even Date on the StandaloneFinancial Statements of PARIN FURNITURE LIMITED
Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ('the Act')
We have audited the internal financial controls over financialreporting of PARIN FURNITURE LIMITED ("the Company") as of 31st March2021 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its businessincluding adherence to company's policiesthe safeguarding of itsassetsthe prevention and detection of frauds and errors the accuracy and completeness ofthe accounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our res ponsibility is to expres an opinion on theCompany's internalfinancial controls over financial reporting based on our audit. W e conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness.
Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence I/we have obtained is sufficient andappropriate to provide a basis for our audit opinionon the Company's internal financialcontrols system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company s internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;
(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and
(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or dis pos ition of the company s ass ets thatcould have a material e ffect on the financial statements.
Inherent Limitations of Internal Financial Controls over FinancialReporting
Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2021 basedon 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.