To the Members of PTC Industries Limited Report on the StandaloneFinancial Statements
1. We have audited the accompanying standalone financial statements ofPTC Industries Limited (the Company') which comprise the Balance Sheet as at31 March 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Standalone FinancialStatements
2. 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 financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards prescribed under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting 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 controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.
4. 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.
5. 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 these standalone financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial controls relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as wellas evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on these standalone financialstatements.
8. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone 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 of the state ofaffairs of the Company as at 31 March 2017 its profit and its cash flows for theyear ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor's Report) Order 2016(the Order') issued by the Central Government of India in terms of Section143(11) of the Act we give in the Annexure I a statement on the matters specified inparagraphs 3 and 4 of the Order.
10. Further to our comments in Annexure I as required by Section143(3) of the Act we report that: a. we have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposeof our audit; b. in our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books; c. the standalonefinancial statements dealt 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 prescribed under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended); e. on the basis of the writtenrepresentations received from the directors and taken on record by the Board of Directorsnone of the directors is disqualified as on 31 March 2017 from being appointed as adirector in terms of Section 164(2) of the Act; f. we have also audited the internalfinancial controls over financial reporting (IFCoFR) of the Company as on 31 March 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date and our report dated 24 May 2017 as per Annexure II expressing outunmodified opinion on adequacy and operating effectiveness of the internal financialcontrols over financial reporting; and g. with respect to the other matters to be includedin the Auditor's Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules 2014 (as amended) in our opinion and tothe best of our information and according to the explanations given to us: i. the Companyas detailed in Note 2.30 to the standalone financial statements has disclosed the impactof pending litigations on its financial position; ii. the Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses; iii. there were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company; and iv. the Company asdetailed in Note 2.40 to the standalone financial statements has made requisitedisclosures in these standalone financial statements as to holdings as well as dealings inSpecified Bank Notes during the period from 8 November 2016 to 30 December 2016. Based onthe audit procedures performed and taking into consideration the information andexplanations given to us in our opinion these are in accordance with the books ofaccount maintained by the Company.
|For Walker Chandiok & Associates |
|Chartered Accountants |
|Firm Registration No.: 001329N |
|per Arun Tandon |
|Membership No. 517273 |
|Place: New Delhi |
|Date: 24 May 2017 |