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PTC India Ltd.

BSE: 532524 Sector: Others
NSE: PTC ISIN Code: INE877F01012
BSE 00:00 | 25 Mar 75.00 -1.20
(-1.57%)
OPEN

75.50

HIGH

76.50

LOW

74.60

NSE 00:00 | 25 Mar 74.75 -1.35
(-1.77%)
OPEN

75.60

HIGH

76.45

LOW

74.50

OPEN 75.50
PREVIOUS CLOSE 76.20
VOLUME 33872
52-Week high 100.15
52-Week low 64.60
P/E 8.13
Mkt Cap.(Rs cr) 2,220
Buy Price 75.00
Buy Qty 60.00
Sell Price 75.10
Sell Qty 500.00
OPEN 75.50
CLOSE 76.20
VOLUME 33872
52-Week high 100.15
52-Week low 64.60
P/E 8.13
Mkt Cap.(Rs cr) 2,220
Buy Price 75.00
Buy Qty 60.00
Sell Price 75.10
Sell Qty 500.00

PTC India Ltd. (PTC) - Auditors Report

Company auditors report

PTC India

To The Members of PTC India Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statementsof PTC INDIA LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss (including other comprehensive income)Cash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as 'Standalone Ind AS financial statements').

Management's Responsibility for the Standalone Ind AS financialstatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone Ind AS financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under Section 133 of the Act read with relevant rules issued thereunder. 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind ASfinancial statements based on our audit.

In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

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 the disclosures in the Standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the standalone Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the standaloneInd AS 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 Ind AS financialstatements

Opinion

In our opinion and to the best of our information and according to theexplanations given to usthe aforesaid Standalone Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the IndAS of the state of affairs (financial position) of the Company as at March 31 2018 andits Profit (financial performance including other comprehensive income) its Cash Flow andthe changes in equity 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 subsection(11) of section 143 of the Act we give in the ''Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143 (3) of the Act we report to the extentapplicable that:

a) We have sought and obtained all the information and explanationswhich 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 beenkept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement and the Statement of Changes in Equity dealt with by this Report are inagreement with the books of account;

d) In our opinion the aforesaid Standalone Ind AS financial statementscomply with the Indian Accounting Standards (Ind AS) specified under section 133 of theAct read with relevant rules issued thereunder.

e) On the basis of written representations received from the directorsas on March 31 2018 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 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 standalone Ind AS financial statements. Refer Note 35 to thestandalone Ind AS financial statements;

ii. The company has long term contracts as at 31st March 2018 forwhich there were no material foreseeable losses. As informed to us that the company didnot have any derivative contracts.

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

For K.G. Somani & Co.
Chartered Accountants
Firm Registration No: 06591N
(CA Bhuvnesh Maheshwari)
Place: New Delhi Partner
Date: 16th May 2018 Membership No: 088155

ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading 'Report on Other Legal& Regulatory Requirement' of our report of even date to the standalone Ind ASfinancial statements of the Company for the year ended March 31 2018:

(i) a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets;

b) According to the explanations given to us all the fixed assets havebeen physically verified by the management at reasonable intervals having regard to thesize of the Company and the nature of its assets and no material discrepancy was noticedon such verification as compared to book records.

c) In our opinion and according to the information and explanationsgiven to us during the course of audit the title deeds of immovable properties are heldin the name of the company.

(ii) The Company is in the business of power. Accordingly it does nothold any physical inventories. Thus paragraph 3(ii) of the order is not applicable to thecompany.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability partnerships or other parties covered in the Register maintained under section189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of the Order arenot applicable to the Company.

(iv) In our opinion and according to the information and explanationsgiven to us during the course of audit the Company has complied with the provisions ofSection 186 of the Companies Act 2013 in respect of investment of the company. Furtherthe company has not granted any loans and has not given any guarantees and security underthe provision of section 185 of the companies Act 2013; thereby the provision of the saidsection is not applicable to the company.

(v) According to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Section 73 to76 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder. Accordingly the provision of clause 3(v) of the Order is not applicable to theCompany.

(vi) We have broadly reviewed the records maintained by the Company forgeneration of power pursuant to the rules made by the Central Government for themaintenance of cost records under section 148(1) of the Companies Act 2013 and are ofthe opinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether these are accurate and complete.

(vii) (a) According to information and explanations given to us and onthe basis of our examination of the books of account and records the Company has beengenerally regular in depositing undisputed statutory dues including Provident FundEmployees State Insurance Income-Tax Sales tax Service Tax Duty of Customs Duty ofExciseValue added TaxGoods & Service Tax Cess and any other statutory dues with theappropriate authorities and there were no outstanding at March 31 2018 for a period ofmore than six months from the date they become payable.

(b) According to the information and explanations given to us the duesof income tax sales tax wealth tax service tax duty of customs duty of excise valueadded taxGoods & Service Tax and cess which have

not been deposited on account of a dispute and the forum where thedispute is pending are as follows:

Statute Nature of Dues Period to which the Amount Relates Amount Involved (Rs. in Crore) Forum where Dispute is Pending
Income Tax Act 1961 Income Tax AY 2008-09 0.95 ITAT Delhi
Income Tax Act 1961 Income Tax AY 2009-10 1.47 ITAT Delhi
Income Tax Act 1961 Penalty AY 2009-10 1.47 ITAT Delhi
Income Tax Act 1961 Income Tax AY 2010-11 1.53 ITAT Delhi
Income Tax Act 1961 Penalty AY 2010-11 1.48 ITAT Delhi
Income Tax Act 1961 Income Tax AY 2011-12 10.38 ITAT Delhi
Income Tax Act 1961 Penalty AY 2011-12 0.01 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax AY 2012-13 65.12 ITAT Delhi
Customs Act 1962 Custom Duty AY 2012-13 17.16 CESTAT Bangalore
Income Tax Act 1961 Income Tax AY 2013-14 99.12 ITAT Delhi
Income Tax Act 1961 Income Tax AY 2014-15 45.63 ITAT Delhi
Income Tax Act 1961 Income Tax AY 2015-16 66.84 Commissioner of Income Tax (Appeal)

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of dues to banks. The Companyhas not taken any loan either from financial institutions or from the government and hasnot issued any debentures.

(ix) According to the information and explanations given to us thecompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) and term Loans. Accordingly the provisions of clause 3 (ix)of the Order are not applicable to the Company.

(x) During the course of our examination of the books of accountcarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the company or any fraud on the company by its officers or employeesnoticed or reported during the year nor have we been informed of such case by themanagement.

(xi) In our opinion and according to the information and explanationsgiven to us during the course of audit the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act.

(xii) In our opinion and according to the information and explanationsgiven to us during the course of audit the company is not a Nidhi Company. Therefore theprovisions of clause 4(xii) of the Order are not applicable to the Company.

(xiii) In terms of the information and explanations sought by us andgiven by the company and the books and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that transactions with therelated parties are in compliance with sections 177 & 188 of the Act where applicableand details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards.

(xiv) According to the information and explanations given to us by themanagement and the books and records examined by us in the normal course of audit and tothe best of our knowledge and belief we state that the company has not made anypreferential allotment or private placements of shares or fully or partly convertibledebentures during the year.

(xv) In our opinion and according to the information and explanationsgiven to us during the course of audit we state that the Company has not entered intonon-cash transaction with directors or persons connected with him.

Therefore clause 3(xv) of the Companies (Auditor's Report) Order 2016is not applicable to the Company.

(xvi) The company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) ofthe Order are not applicable to the Company.

For K.G. Somani & Co.
Chartered Accountants
Firm Registration No: 06591N
(CA Bhuvnesh Maheshwari)
Place: New Delhi Partner
Date: 16th May 2018 Membership No: 088155

ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ONTHE STANDALONE IND AS FINANCIAL STATEMENTS OF PTC INDIA 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 PTC INDIA LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the standalone Ind AS 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 overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (ICAI)". These responsibilities include the designimplementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under section 143(10)of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 judgmentincluding the assessment of the risksof material misstatement of the financial statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on 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 themaintenance of records that in reasonable detailaccurately and fairly reflect thetransactions and dispositions of the assets of the company; (2)provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reportingincluding the possibility of collusion or improper management overrideof controls 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

In our opinion to the best of our information and according to theexplanations given to us 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"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".

For K.G. Somani & Co.
Chartered Accountants
Firm Registration No: 06591N
(CA Bhuvnesh Maheshwari)
Place: New Delhi Partner
Date: 16th May 2018 Membership No: 088155