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PTC India Ltd.

BSE: 532524 Sector: Others
NSE: PTC ISIN Code: INE877F01012
BSE 00:00 | 23 Jul 69.70 0.40
(0.58%)
OPEN

69.00

HIGH

70.05

LOW

67.95

NSE 00:00 | 23 Jul 69.70 0.55
(0.80%)
OPEN

69.40

HIGH

70.20

LOW

67.80

OPEN 69.00
PREVIOUS CLOSE 69.30
VOLUME 167560
52-Week high 130.20
52-Week low 67.95
P/E 6.47
Mkt Cap.(Rs cr) 2,063
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 69.00
CLOSE 69.30
VOLUME 167560
52-Week high 130.20
52-Week low 67.95
P/E 6.47
Mkt Cap.(Rs cr) 2,063
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

PTC India Ltd. (PTC) - Auditors Report

Company auditors report

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 asat March 31 2017 the Statement of Profit and Loss (including other comprehensiveincome) Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information(hereinafter referred 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 mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these Standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash 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.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 ASfinancial 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 overallpresentation of the standalone Ind 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 us the 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 2017 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 been kept by the Companyso far as it appears from our examination of those books; c) The Balance Sheet theStatement of Profit and Loss and the Cash Flow Statement and the Statement of Changes inEquity dealt with by this Report are in agreement with the books of account; d) In ouropinion the aforesaid Standalone Ind AS financial statements comply with the IndianAccounting Standards (Ind AS) specified under section 133 of the Act read with relevantrules issued thereunder. e) On the basis of written representations received from thedirectors as on March 31 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director in termsof Section 164(2) of the Act. f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B". g) With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigations on its financial position in its standalone Ind ASfinancial statements. Refer Note 11(b) and note no. 36 to the standalone Ind AS financialstatements; ii. The company has long term contracts as at 31st March 2017 for which therewere no material foreseeable losses. As informed to us that the company did not have anyderivative contracts. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company. iv. We havebeen informed that the company had not held or dealt in Specified Bank Notes during theperiod from 8th November 2016 to 30th December 2016. Refer Note 50to the standalone Ind AS financial statements.

For K. G. Somani & Co.
Chartered Accountants
Firm Registration No: 06591N
Sd/-
(Bhuvnesh Maheshwari)
Place: New Delhi Partner
Date: 27th May 2017 Membership No: 088155

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading ‘Report on OtherLegal & Regulatory Requirement' of our report of even date to the standalone IndAS financial statements of the Company for the year ended March 31 2017: (i) a) TheCompany has maintained proper records showing full particulars including quantitativedetails and situation of fixed assets; b) According to the explanations given to us allthe fixed assets have been physically verified by the management at reasonable intervalshaving regard to the size of the Company and the nature of its assets and no materialdiscrepancy was noticed on such verification as compared to book records. c) In ouropinion and according to the information and explanations given to us during the course ofaudit the title deeds of immovable properties are held in 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 andexplanations given to us during the course of audit the Company has complied with theprovisions of Section 186 of the Companies Act 2013 in respect of investment of thecompany. Further the company has not granted any loans and has not given any guaranteesand security under the provision of section 185 of the companies Act 2013; thereby theprovision of the said section 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 ofExcise Value added Tax Cess and any other statutory dues with the appropriateauthorities and there were no outstanding at March 31 2017 for a period of more than sixmonths 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 tax and cess which have not been deposited on account of a dispute and the forumwhere the dispute is pending are as follows:

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

to us the Company has not defaulted in the repayment of dues to banks.The Company has not taken any loan either from financial institutions or from thegovernment and has not 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 explanations given tous during the course of audit the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act. (xii) In our opinion and according to theinformation and explanations given to us during the course of audit the company is not aNidhi Company. Therefore the provisions of clause 4(xii) of the Order are not applicableto 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 andexplanations given to us during the course of audit we state that the Company has notentered into non-cash transaction with directors or persons connected with him. Thereforeclause 3(xv) of the Companies (Auditor's Report) Order 2016 is not applicable to theCompany.

(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
(Bhuvnesh Maheshwari)
Place: New Delhi Partner
Date: 27th May 2017 Membership No: 088155

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVENDATE ON THE 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 2017 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 design implementation 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 offrauds and 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'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 judgment including the assessment of therisks 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 toprovide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting isa process 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 controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately 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 reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the 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 2017 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
(Bhuvnesh Maheshwari)
Place: New Delhi Partner
Date: 27th May 2017 Membership No: 088155