You are here » Home » Companies » Company Overview » Pritika Autocast Ltd

Pritika Autocast Ltd.

BSE: 780020 Sector: Auto
NSE: N.A. ISIN Code: INE070R01019
BSE 05:30 | 01 Jan Pritika Autocast Ltd
NSE 05:30 | 01 Jan Pritika Autocast Ltd

Pritika Autocast Ltd. (PRITIKAAUTOCAST) - Auditors Report

Company auditors report

To

The Members of M/s Pritika Autocast Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of M/s PritikaAutocast Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Director's is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to preparation &presentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flow of the company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on 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 thereunder.

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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial Statements.

Opinion

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 acceptec in India

(a) In the case of the Balance Sheet of the state of affairs of the company as atMarch 31 2016;

(b) In the case of the Statement of Profit & Loss Account of the Profit for theyear ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat 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 We give in the Annexure - A statement on the matters specified inparagraph 3 & 4 of the 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 purpose 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 and 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 the Rule 7 ofthe Companies (Accounts) Rules 2014

e. On the basis of written representations received from the directors on 31st March2016 taken on record by the Board of Directors non of the directors is disqualified as on31st March 2016 from being appointed as a director in terms of section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the company and operating effectiveness of such controls refer to ourseparate report in "Annexure - B" and

g. With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the companies (Audit & Auditors) Rules 2014 in our opinion and toour best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii The Company is not required to make provisions as at 31s1 March 2016 asrequired under the applicable law or accounting standards for material foreseeable losseslong term contracts including derivative contracts.

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

For VIKESH CHETAL & ASSOCIATES
Firm Registration No 023836N
Chartered Accountants
Place: Mohali
Date : 28/05/2016
(Vikesh KrChetal)
(Membership No: 097901)
Proprietor

Annexure - A to the Independent Auditor's Report of the even date to the members ofRritika Autocast Limited on the financial statements for the year ended 31s1March 2016.

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the company and taking into consideration theinformation and explanations given to us and the books of accounts and other recordsexamined by us in the normal course of audit we report the members of M/s Pritika Autocast Limited as under-

(i) a) The company has maintained proper records showing full particulars includingthe quantitative details and situation of fixed assets on the basis of informationavailable

b) The company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the company and thenature of its assets.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii) The inventories have been physically verified by the management/banks and stockauditors during the reasonable intervals In our opinion and according to information andexplanations given to us the frequency of physical verification is reasonable. Thediscrepancies noticed on physical verification of inventory we re not material and havebeen adequately dealt within the books of accounts. As the items of the stock aretechnical in nature and being the chartered accountant by profession we are not technocratand due inadequate time we are unable to get it cross verified. However no adverseinformation is available to us during our audit.

(iii) The company had not granted any loans secured or unsecured to the companiesfirms or other parties listed in the register maintained under Section 189 of theCompanies Act 2013. Consequently the provisions of clauses iii(a) and iii(b) of theorder are not applicable to the Company.

(iv) That during the year company had not granted any loan or given any guarantee withrespect to section 185 and 186 of company act 2013 however as on 25-06-2013 company hadgiven guarantee to Canara bank to the tune of Rupees 162275000/- in favour of itssister concern Nibber Castings Private Limited which is still alive.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposit; hence clause (v) is not applicable to the company.Accordingly the directives issued by the Reserve Bank of India and the provisions ofSection 73 to 76 or any other relevant provisions of the Companies Act and rules framedthere under are not applicable.

(vi) The Company is not required to maintain the cost records pursuant to the Rulesmade by the Central Government for the maintenance of cost records under sub section (1)of section 148 of the Companies Act 2013.

(vii) a) According to the information and explanations given to us and on the basis ofour examination of the records of the company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employee's stateinsurance income-tax sales tax value added tax duty of customs duty of exciseservice tax cess and other material statutory dues have been regularly deposited duringthe year by the company with the appropriate authorities. As explained to us and on thebasis of examination of record no arrear of statutory dues for the period more than sixmonths from the date they be come payable at the end of financial year.

b) According to the information and explanations given to us there is no amountspayable in respect of Income Tax Wealth Tax Service Tax Sales Tax value added tax.Customs Duty and Excise Duty which have not been deposited on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to the banks or financial institutionsor debenture holders. Accordingly the paragraph 3(viii) of the order is not applicable.

(ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). Regarding the term loans company had takenterm loans and it is used for the purposes which these had been taken.

(x) To the best of our knowledge & belief and according to the information andexplanations given to us no material fraud by the company or on the company by itsofficers or employees has been noticed or reported during the year.

(xi) According to information and explanations given to us and based on our examinationof the records of the company the company has paid/provided for managerial

i remuneration in accordance with the requisite approvals mandated by provision ofsection 197 read with schedule V of the act.

(xii) In our opinion and information and explanation given to us the company is not aNidhi company. Accordingly paragraph 3(xii) of the order is not applicable.

(xiii) According to information & explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act 2013 where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of records of the company the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on ourexamination of records of the company the company has not entered into the non - cashtransaction with the directors or persons connected with him accordingly the paragraph3(xv) of the order is not applicable.

(xvi) The company is not required to be registered under section 45-IA of Reserve bankof India Act 1934.

For VIKESH CHETAL & ASSOCIATES
Firm Registration No 023836N
Chartered Accountants
Place: Mohali
Date : 28/05/2016
(Vikesh KrChetal)
(Membership No: 097901)
Proprietor

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

We have audited the internal financial controls over financial reporting of M/sPritika Autocast Limited as of 31 March 2016 in conjunction with our audit of theCompany for the year ended on that 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'). 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 Companies Act 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 Standarcs 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 control systemover financial reporting

Meaning of Internal 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 Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 2016 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 India.

For VIKESH CHETAL & ASSOCIATES
Firm Registration No 023836N
Chartered Accountants
Place: Mohali
Date : 28/05/2016
(Vikesh KrChetal)
(Membership No: 097901)
Proprietor