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PTL Enterprises Ltd.

BSE: 509220 Sector: Auto
NSE: PTL ISIN Code: INE034D01031
BSE 00:00 | 17 Aug 47.60 -0.10
(-0.21%)
OPEN

49.05

HIGH

49.05

LOW

47.00

NSE 00:00 | 17 Aug 47.55 0.40
(0.85%)
OPEN

48.35

HIGH

48.35

LOW

47.15

OPEN 49.05
PREVIOUS CLOSE 47.70
VOLUME 3855
52-Week high 81.60
52-Week low 38.80
P/E 6.42
Mkt Cap.(Rs cr) 315
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 49.05
CLOSE 47.70
VOLUME 3855
52-Week high 81.60
52-Week low 38.80
P/E 6.42
Mkt Cap.(Rs cr) 315
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

PTL Enterprises Ltd. (PTL) - Auditors Report

Company auditors report

TO THE MEMBERS OF

PTL ENTERPRISES LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of PTLENTERPRISES LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards (Ind AS) prescribed underSection 133 of the Act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these Ind AS financialstatements 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 of the Ind AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.In making those risk assessments

Branches: • 4/18 Asaf Ali Road New Delhi – 110002 Tel.:23274888 23277410 Fax 91-1141749444

• B-XIX-220 Rani Jhansi Road Ghumar Mandi Ludhiana – 141001 (Punjab) Tel.:2774527 Fax: 91-161-2771618

• D-62 Panchsheel Enclave New Delhi-110 017 Tel.: 2649762926497630 Fax: 91-11-41749444

• C-20 Panchsheel Enclave New Delhi-110 017 Tel.: 41200800 Fax:91-11-41749444

SCV & Co. (a Partnership firm) converted into SCV & Co. LLP (aLimited Liability Partnership with LLP Identity No. AAM-5565) with effect from May 32018. Post its conversion to SCV & Co. LLP its ICAI registration number is 000235N/N500089 (ICAI registration number before conversion was 000235N).

the auditor considers internal financial control relevant to theCompany's preparation of the Ind AS financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes 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 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 Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs (financial position) of the Company as at 31st March 2018 and itsprofit (financial performance including other comprehensive income) its cash flows andthe changes in equity for the year ended on that date.

Other matters

The comparative financial information of the Company for the year ended31 March 2017 and the transition date opening balance sheet as at 01st April 2016included in these Ind AS financial statements are based on the statutory financialstatements prepared in accordance with the Companies (Accounting Standards) Rules 2006audited by the predecessor auditor whose report for the year ended 31st March 2017 and31st March 2016 dated 04th May 2017 and 11th May 2016 respectively expressed anunmodified opinion on those financial statements and have been restated to comply withInd AS. Adjustments made to the previously issued said financial information prepared inaccordance with the Companies (Accounting Standards) Rules 2006 to comply with Ind AShave been audited by us.

Our opinion on the financial statements and our report on Other Legaland Regulatory Requirements below is not modified

in respect of these matters.

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 of the Act we give in the "Annexure A" a statement on thematters specified in Paragraphs 3 and 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including otherComprehensive income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements complywith the Indian Accounting Standards specified under Section 133 of the Act read withrelevant rules issued thereunder.

(e) On the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as a director interms of Section 164 (2) of the Act.

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

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and accordingto the explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Ind AS financial statements – Refer Note 30 to the Ind ASfinancial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

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

Protection Fund by the Company.

For SCV & Co. LLP

CHARTERED ACCOUNTANTS

FIRM REGISTRATION No. 000235N/N500089

(RAJIV PURI)

PARTNER

MEMBERSHIP No. 084318

Place: Gurugram

Dated: 10th May 2018

Annexure "A" to the Independent Auditors' Report

Annexure referred to in paragraph 1 under the heading "Report onother legal and regulatory requirements" of our Report of even date.

i. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation

of fixed assets.

(b) Fixed assets verification has been conducted by the managementduring the year. All the fixed assets of the Company have not been physically verified bythe management during the year but there is a regular phased programme of physicalverification which in our opinion is reasonable having regard to the size of the Companyand nature of its fixed assets. No material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the

Company the title deeds of immovable properties are held in the nameof the Company.

ii. Physical verification of inventory has been conducted by themanagement at reasonable intervals during the year. The discrepancies noticed onverification between the physical stocks and book records which in our opinion were notmaterial have been properly dealt with in the books of account.

iii. According to the information and explanations given to us and onthe basis of our examination of the books of account the Company has not granted anyloans secured or unsecured to companies firms Limited Liability Partnerships or otherparties covered in the register maintained under Section 189 of the Companies Act 2013.Accordingly the paragraphs 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are notapplicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theCompanies Act 2013 in respect of investment made by it during the year. The Company hasnot given any loans given guarantees or security during the year which is covered underprovisions of section 185 and 186 of the Companies Act 2013.

v. According to the information and explanations provided by themanagement we are of the opinion that the company has not accepted any deposits frompublic covered under section 73 to 76 or any other relevant provisions of the CompaniesAct 2013 and rules framed there under. Accordingly the paragraph 3(v) of the Order isnot applicable to the Company.

vi. The Companies (Cost Records and Audit) Rules 2014 prescribed bythe Central Government under sub-section (1)

of section 148 of the Companies Act 2013 is not applicable to thebusiness/services rendered by the Company.

vii. (a) According to the information and explanations given to us andon the basis of our examination of the books of account the Company has been generallyregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax cess and other material statutory dues applicable to it to the appropriateauthorities.

According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome tax sales tax service tax duty of custom duty of excise value added tax andcess and other material statutory dues were outstanding as on 31st March 2018 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us and onthe basis of our examination of the books of account there are no dues of sales taxservice tax duty of custom duty of excise value added tax and cess which have not beendeposited on account of any dispute.

According to the information and explanations given to us thefollowing dues of income tax and service tax have not been deposited by the Company onaccount of disputes:

Name of the Nature of dues Amount involved Amount unpaid Period to which amount Forum where dispute is pending
Statute
(Rs. In lakhs)* (Rs. in lakhs) relates
Income Tax Act 1961 Income Tax demand 1565.15 1565.15 2014-2015 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax demand 525.84 525.84 2013-2014 Commissioner of Income Tax (Appeals)
The Finance Act 1994 Service Tax on 34.58 33.29 2012-2013 to Commissioner of
(Service Tax) Lease of Medical Equipment's 2014-2015 Appeals (Service Tax)

• Includes interest and penalty wherever mentioned in order

viii. Based on our audit procedures and on the information andexplanations given to us the. The Company has not taken any loans or borrowings fromfinancial institutions banks and government or has not issued any debentures.Accordingly paragraph 3(viii) of the Order is not applicable to the Company.

ix. The Company did not raise any money by way of initial public offeror further public offer (including debt instruments) during the year nor it has raisedmoney by way of term loans. Accordingly paragraph 3(ix) of the Order is not applicable tothe Company.

x. According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its

officers or employees has been noticed or reported during the year.

xi. According to the information and explanations give to us and basedon our examination of the records of the

Company the Company has not paid/provided for managerial remunerationduring the year. Accordingly paragraph

3(xi) of the Order is not applicable to the Company.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a nidhi company.

Accordingly paragraph 3(xii) of the Order is not applicable to theCompany.

xiii. According to the information and explanations given to us andbased on our examination of the records of the

Company transactions with the related parties are in compliance withsections 177 and 188 of the Companies Act 2013 where applicable and details of suchtransactions have been disclosed in the Ind AS financial statements etc. as required bythe applicable accounting standards.

xiv. According to the information and explanations give to us and basedon our examination of the records of the

Company the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly provisions of paragraph 3(xiv) of the Order are not applicable to theCompany.

xv. According to the information and explanations given to us and basedon our examination of the records of the

Company the Company has not entered into non-cash transactions withdirectors or persons connected with him as referred to in section 192 of the CompaniesAct 2013. Accordingly provisions of paragraph 3(xv) of the Order are not applicable tothe Company.

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

provisions of paragraph 3(xvi) of the Order are not applicable to theCompany.

For SCV & Co. LLP

CHARTERED ACCOUNTANTS

FIRM REGISTRATION No. 000235N/N500089

(RAJIV PURI)

PARTNER

MEMBERSHIP No. 084318

Place: Gurugram

Dated:10th May 2018

Annexure "B" To the Independent Auditor's Report

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 PTL ENTERPRISES LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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 over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards 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 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 judgement including the assessment ofthe risks of material misstatement of the Ind AS financial statements whether due tofraud 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 financial controls system over financialreporting.

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 Ind AS financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial 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 the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31 2018 basedon 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 SCV & Co. LLP

CHARTERED ACCOUNTANTS

FIRM REGISTRATION No. 000235N/N500089

(RAJIV PURI)

PARTNER

MEMBERSHIP No. 084318

Place: Gurugram

Dated:10th May 2018