To The Members of
Report on the Financial Statements
We have audited the accompanying financial statementsof PAUSHAK LIMITED whichcomprise the Balance Sheet as at 31st March 2017 the Statement of Profit andLoss the Cash Flow Statement for the year then ended and a summary of the significantaccounting 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 of these financialstatements that give a true and fair view of the financial position and financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 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 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 tatements basedon our audit.
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 ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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. 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 statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its profit and its 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")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 dated 29.03.2016 we give in the Annexure a statement on thematters specified in 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 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 Cash Flow Statement dealtwith by this Report are in agreement with the books of account. comply with the AccountingStandards (d) In our opinion the specified aforesaid underfinancial Section133 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 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2017 from being appointed as a director interms of Section 164(2) of the Act.
(f) The Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial control over financialreporting were operating effectively as at 31 st March 2017 based on theinternal control over financial reporting criteria established by the .
(g) 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) TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements Refer Note 3 of Y to the financial statements
(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
(iv) The Company has provided requisite disclosures in the financial statements as toholding and dealing in Specified Bank Notes during the period from 8th November 2016 to30th December 2016 and these are in accordance with the books of accounts maintained bythe company.
ANNEXURE REFERRED TO PARAGRAPH 1 UNDER "REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS" OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 31stMARCH 2017 OF PAUSHAK LIMITED VADODARA.
1. In respect of its fixed assets:
(a) The Company has maintained records showing particulars including quantitativedetails and general location of fixed assets.
(b) During the year part of the fixed assets has been physically verified by themanagement in accordance with a phased programme of verification which in our opinion isreasonable and to cover all the items of fixed assets over a period of three years havingregard to the size of the Company and the nature of its assets. According to theinformation and explanations given to us there was no material discrepancies noticed onsuch verification.
(c) The title deeds of immovable properties are held in the name of the company.
2. As explained to us all the inventory of the Company has been physically verified bythe management at reasonable intervals and at the year-end. In our opinion the frequencyof the verification is reasonable. According to the information and explanations given tous there was no material discrepancies noticed on physical verification of inventory ascompared to the book records.
3. The Company has not granted any loanssecuredorunsecuredtocompaniesfirmslimitedliability partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.
4. According to information and explanations given to us the Company has complied withthe provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.
5. According to information and explanations given to us the Company has not acceptedany deposits during the year.
6. To the best of our knowledge and explanations provided by the management themaintenance of cost records has been prescribed by the Central Government under subsection (1) of section 148 of the Companies Act 2013 and are maintained accordingly.
7. According to the information and explanations given to us in respect of statutoryand other dues:
(a) The Company has been regular in depositing undisputed statutory dues includingProvident fund Employees' state Insurance Income Tax Sales tax service tax duty ofcustoms duty of excise value added tax cess and other statutory dues to the appropriateauthorities during the year. Based on our audit procedures and according to theinformation and explanations given to us there are no arrears of statutory dues which hasremained outstanding as at 31st March 2017 for a period of more than sixmonths from the date they became payable.
(b) According to the information and explanations given to us and on the basis therecords produced before us by the Company except for the cases stated below there are noundisputed amounts payable in respect of income tax / sales tax / Service tax / customsduty / wealth tax / excise duty / cess which have not been deposited on account of anydispute.
|Name of statute ||Nature of Dues ||Amount under dispute not yet deposited (Rs) ||Period to which the amount relates ||Forum where dispute is pending |
|The Service Tax (Finance Act 1994) ||CENVAT credit taken on outward freight GTA ||56433/- ||Oct 06 to Dec 07 ||Commissioner of Excise Custom and Service Tax Vadodara. |
|The Income Tax Act 1961 ||Income tax ||213899/- ||F.Y. 201011 ||Income Tax Appellate Tribunal Ahmedabad. |
8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowing to a financialinstitutionbank or Government. The Company has not obtained any borrowings by way of debentures.
9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year.
10. According to the information and explanations given to us we have not noticed orreported any fraud by the company or any fraud on the Company by its officers or employeesduring the year.
11. The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.
12. This clause of the Companies (Auditor's Report) Order 2016 is not applicable tothe Company as the company is not a Nidhi Company.
13. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.
14. According to the 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.
15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andthe provisions of section 192 of Companies Act 2013 have been complied with.
16. This clause of the Companies (Auditor's Report) Order 2016 is not applicable tothe Company as the company is not a required to be registered under section 45-lA of theReserve Bank of lndia Act 1934.
| ||For Maloo Bhatt & Co. |
| ||Chartered Accountants |
| ||F R No. 129572W |
| ||Sd/- |
| ||CA. Yash Bhatt |
|Date: 10th May 2017 ||Partner |
|Place: Vadodara ||M No. 117745 |