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Pil Italica Lifestyle Ltd.

BSE: 500327 Sector: Industrials
NSE: PILITA ISIN Code: INE600A01035
BSE 00:00 | 18 Sep 4.94 0
(0.00%)
OPEN

4.95

HIGH

5.04

LOW

4.80

NSE 09:29 | 19 Sep 5.10 0.15
(3.03%)
OPEN

5.15

HIGH

5.15

LOW

4.75

OPEN 4.95
PREVIOUS CLOSE 4.94
VOLUME 18432
52-Week high 10.75
52-Week low 4.80
P/E 44.91
Mkt Cap.(Rs cr) 116
Buy Price 4.81
Buy Qty 500.00
Sell Price 5.04
Sell Qty 5911.00
OPEN 4.95
CLOSE 4.94
VOLUME 18432
52-Week high 10.75
52-Week low 4.80
P/E 44.91
Mkt Cap.(Rs cr) 116
Buy Price 4.81
Buy Qty 500.00
Sell Price 5.04
Sell Qty 5911.00

Pil Italica Lifestyle Ltd. (PILITA) - Auditors Report

Company auditors report

To the Members of M/s. PIL ITALICA LIFESTYLE LIMITED

Report on the Standalone Financial Statements Opinion

We have audited the standalone financial statements of PIL ITALICA LIFESTYLE LIMITED("the Company") which comprise the balance sheet as at 31st March 2019 and thestatement of Profit and Loss (statement of changes in equity) and statement of cash flowsfor the year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and profit/loss (changes in equity) and its cash flows for the yearended on that date.

Basis for 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 th at 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 judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report

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 standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and fo r preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error. n I preparing the financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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 theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

Report on Other Legal and Regulatory Requirements

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 we give in the Annexure B a statement on the matters specified inparagraphs 3 and 4 of the Order to h t e extent applicable.

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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 20XX from being appointed as a director in terms ofSection 164 (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 ourseparate Report in "Annexure A".

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) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 31 to the financial statements;

ii) The Company did not have any long term contracts including derivatives 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.

FOR AJAY PALIWAL & Co.

Chartered Accountants Firm Reg. No. FRN012345C

Sd/-(AJAY PALIWAL)

Proprietor Membership No. 403290

Place : UDAIPUR

Date : 15.05.2019

Annexure A to the Independent Auditors Report

Referred to in paragraph 1 (f) under "Report on other Legal and RegulatoryRequirements "of the Independent Auditors Report of even date to the members of PILITALICA LIFESTYLE LIMITED on the financial statements o f r the year ended March 312019.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (‘the Act")

1. We have audited the internal financial controls over financial reporting of PILITALICA LIFESTYLE LIMITED ("the Company") as of March 31 2019 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 th e 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 Act.

Auditors' Responsibility

3. 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and th e Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 h t e auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that a) Pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; b) Provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and. c) 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

7. 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

8. 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 March 31 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 s i sued by the Institute ofChartered Accountants of India.

FOR AJAY PALIWAL & Co.

Chartered Accountants Firm Reg. No. FRN012345C

Sd/-(AJAY PALIWAL)

Proprietor Membership No. 403290

Place : UDAIPUR

Date : 15.05.2019

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in first paragraph under "Report on other Legal and RegulatoryRequirements "of the Independent Auditors Report of even date to the members of PILITALICA LIFESTYLE LIMITED on the financial statements for the year ended March 31 2019.

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets on the basis of availableinformation.

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to size of the company and nature of its assets. No material discrepancies werenoticed on such physical verification.

(c) According to information's and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thenames of the company.

2) (a) As explained to us that the inventory has been physically verified during theyear by management. In our opinion the frequency of verification is reasonable.

(b) In our opinion the procedures of physical verification of inventory followed bythe management are reasonable and adequate in relation to the size of the company andnature of its business;

(c) In our opinion the company is maintaining proper records of inventory no materialdiscrepancies were noticed on physical verification of the inventory.

3) (a) The Company had granted loan to one company covered in the register maintainedunder section 189 of the Act. In our opinion and according to the information's andexplanations given to us the terms and conditions of the grant of such loan are notprejudicial to the interest of the company.

(b) The schedule of repayment of principal and payment of interest has been stipulatedfor the loan granted and the repayments are regular.

(c ) There are no amounts of loan granted to the company listed in the registermaintained under section 189 of the Act which were overdue for more than 90 days.

4) In our opinion and according to the in formations and explanations given to us inrespect of loans investments guarantees and securities the provisions of section 185and 186 of the act have been complied with.

5) The Company has not accepted any deposits hence the directions issued by theReserve Bank Of India and the provisions of section 73 to 76 or any other relevantprovisions of the companies Act and rules framed there under are not applicable.

6) The Central government has not prescribed the maintenance of the cost records undersection 148 (1) of the Act for any of the products of the company.

7) (a) The undisputed statutory dues generally have been regularly deposited withappropriate authorities. And We are informed that no amount were outstanding as at 31stMarch 2019 towards undisputed statutory dues in respect of income tax Goods and servicestax custom Duty cess and other material dues for a period of more than six months fromthe date they become payable.

(b) We are informed that the followings were outstanding as at 31st March 2019 towardsdisputed statutory dues:-

Particulars Amount (Rs. In Lac) Remaks
Penalty by Enforcement Directorate(Net of deposit under protest) 122.00 Pending at Rajasthan High Court Jodhpur

8) In our opinion and according to the information's and explanation given to us thecompany has not defaulted in repayment of dues to a financial institution bank.

9) According to information and explanations given by the management The Company hasnot raised any monies by way of initial public offer /further public offer /debtinstruments or term loans hence reporting under clause 3(ix) is not applicable to thecompany.

10) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud by the company or on the company by itsofficers/employees has been noticed or reported during the course of our audit.

11) The company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V to theAct.

12) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of clause 3 (xii) of the order are not applicable to the Company.

13) The Company has entered in to transactions with related parties in compliance withthe provisions of section 177 and 188 of the Act h t e details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandards.

14) During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3(xiv) of the order is not applicable to the company.

15) The Company has not entered into any non cash transactions with ti s directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

16) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

FOR AJAY PALIWAL & Co.

Chartered Accountants Firm

Reg. No. FRN012345C

Sd/-(AJAY PALIWAL)

Proprietor Membership No. 403290

Place : UDAIPUR

Date : 15.05.2019