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Pratik Panels Ltd.

BSE: 526490 Sector: Others
NSE: N.A. ISIN Code: INE206C01011
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NSE 05:30 | 01 Jan Pratik Panels Ltd
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VOLUME 500
52-Week high 2.04
52-Week low 1.15
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.35
Buy Qty 3000.00
Sell Price 1.35
Sell Qty 3000.00
OPEN 1.35
CLOSE 1.35
VOLUME 500
52-Week high 2.04
52-Week low 1.15
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.35
Buy Qty 3000.00
Sell Price 1.35
Sell Qty 3000.00

Pratik Panels Ltd. (PRATIKPANELS) - Auditors Report

Company auditors report

To the Members of

PRATIK PANELS LIMITED

Report on the Financial Statements.

Opinion

We have audited the accompanying financial statements of PRATIK PANELS LIMITED (the Company) which comprise the Balance Sheet as at March 31 2019 the Statement of Profit and Loss account ((including Other Comprehensive Income) the Statement of Changes in Equity and statement of Cash flow for the year ended on that date and a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Companies Act 2013 (The Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the company as at 31 March 2019 the Profit and total comprehensive income changes in equity and its cash flow for the year ended on that date except the amount receivable from debtors includes outstanding beyond three years the debtors are doubtful and due to this in our opinion the losses are under stated by Rs. 3820731/- and debtors are overstated by Rs. 3820731/-

The company has incurred loss of Rs. 1087900/- during the year ended on 31 March 2019 and its accumulated losses aggregate to Rs. 381787949/-on 31 March 2019. We draw attention to note 1.01 of the financial statements regarding appropriateness of going concern assumption for preparation of theses financial statements.

Our opinion is qualified in respect of this matter.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position financial performance total comprehensive income changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility

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

As part of an audit in accordance with SAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report to the extent applicable that:

a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss account including other comprehensive Income Statement of change in equity and Cash flow statement dealt with by this report are in agreement with the books of account;

d. in our opinion the Balance Sheet Statement of Profit and Loss account and Cash flow statement comply with the Accounting Standards referred to in section (3C) of section 133 of the Act read with Rule 7 of the companies (Accounts) Rules 2014;

e. on the basis of written representations received from the directors as on 31st March 2019 and taken on record by the Board of Directors none of the directors is disqualified as on 31st March 2019 from being appointed as a director in terms of clause (g) of sub-section (1) of section 164(2) of the Companies Act 2013.

f. With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls refer to our separate report in Annexure A Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting

g. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act as amended: In our opinion and to the best of our information and according to the explanations given to us No remuneration paid by the Company to its directors during the year and

h. With respect to the other matters to be included in the Auditor's Report in accordance with rule 11 of the companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to explanations given to us :

i. The Company has disclosed the impact if any of pending litigations in its financial statements;

ii. The company did not have any long term contracts including derivative contracts for which they were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.

2. 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 Act we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

For JAIN JAGAWAT KAMDAR & CO.
Chartered Accountants
Firm Regn. No. 122530W
CA Chandrashekhar Jagawat
Partner
Date: 18/05/2019M.No:- 116078

ANNEXURE `A' TO AUDITOR'S REPORT

(Referred to in paragraph 1(f) under `Report on Other Legal and Regulatory Requirements' section of our report to the Members of Pratik Panels Limited for the year ended 31st March 2019.)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (`the Act') 1. We have audited the internal financial controls over financial reporting of PRATIK PANELS LIMITED as of March 31 2019 in conjunction with 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 respective Board of Directors are responsible for establishing and maintaining internal financial controls based on internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to the respective company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the ICAI and the Standards on Auditing deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on internal financial control system over financial reporting of the Company.

Meaning of Internal Financial Controls over Financial Reporting

4. A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

Inherent limitation of internal financial controls over financial reporting.

5. Because of inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material statement due to error or fraud may occur and not be detected. Also projections of any evaluation of internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

6. According to the in our opinion to the best of the information and explanation given to us the company has in all material respects an adequate internal financial control system over financial reporting and such internal financial control over financial reporting were effective as at March 31 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control states in the Guidance Note.

For JAIN JAGAWAT KAMDAR & CO.
Chartered Accountants
Firm Regn. No. 122530W
CA Chandrashekhar Jagawat
Partner
Date: 18/05/2019M.No:- 116078

ANNEXURE `B' TO THE INDEPENDENT AUDITOR'S REPORT

As required by section 143(11) of the act we report to the extent applicable that:

1. The company does not own / possess fixed assets and does not require to maintain records pertaining to fixed assets;

2. As informed to us the company is not owner of any immovable property. Hence the clauses the whether the title deed for the same are in the name of company is not applicable to the company.

3. The Company is not doing any business during the year and does not have any physical inventories.

Accordingly reporting under clause 3 (ii) of the Order is not applicable to the Company 4. The company has not granted any loans secured or unsecured to companies firm or other parties covered in the registration maintained under section 189 of the Companies Act 2013 hence clause No. iii(a) iii(b) and iii(c) of the Order not applicable to the Company.

5. In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans making investments and providing guarantees and securities as applicable.

6. The Company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31 2019 and therefore the provisions of the clause 3 (v) of the Order are not applicable to the Company

7. The maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act 2013 for the business activities carried out by the Company. Thus reporting under clause 3(vi) of the order is not applicable to the Company.

8. According to the information and explanations given to us in respect of statutory dues A. According to information and explanation given to us the company is regular in depositing undisputed statutory dues including provident fund employees' state insurances income-tax sales tax wealth tax service tax duty of customs duty excise value added tax cess and any other statuary dues with the appropriate authorities whether applicable. As such there are no arrears of outstanding statutory sues as at the last day of the financial year concerned for a period of more than six month from the date they became payable.

9. The Company has not taken any loans or borrowings from financial institutions banks and government or has not issued any debentures. Hence reporting under clause 3 (viii) of the Order is not applicable to the Company.

10. The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.

11. To the best of our knowledge and according to the information and explanations given to us no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year.

12. The company has neither paid nor provided any managerial remuneration for the year; hence reporting under clauses 3(xi) of the Order is not applicable to the company.

13. The company is not a Nidhi company; hence the reporting under clauses 3(xii) of the Order is not applicable to the company.

14. In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of the Companies Act 2013 where applicable for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

15. During the year the company has not made any preferential allotment or private placement of shares or convertible debentures; hence the reporting under clauses 3(xiv) of the Order is not applicable to the company.

16. In our opinion and according to the information and explanations given to us during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act 2013 are not applicable to the Company

17. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For JAIN JAGAWAT KAMDAR & CO.
Chartered Accountants
Firm Regn. No. 122530W
CA Chandra Shekhar Jagawat
Place: MumbaiPartner
Date: 18/05/2019M. No: - 116078

   

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