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Purohit Construction Ltd.

BSE: 538993 Sector: Infrastructure
NSE: N.A. ISIN Code: INE147J01012
BSE 00:00 | 20 Feb 5.37 0
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NSE 05:30 | 01 Jan Purohit Construction Ltd
OPEN 5.37
PREVIOUS CLOSE 5.37
VOLUME 200
52-Week high 9.32
52-Week low 4.43
P/E 6.03
Mkt Cap.(Rs cr) 2
Buy Price 5.37
Buy Qty 5200.00
Sell Price 4.88
Sell Qty 100.00
OPEN 5.37
CLOSE 5.37
VOLUME 200
52-Week high 9.32
52-Week low 4.43
P/E 6.03
Mkt Cap.(Rs cr) 2
Buy Price 5.37
Buy Qty 5200.00
Sell Price 4.88
Sell Qty 100.00

Purohit Construction Ltd. (PUROHITCONST) - Auditors Report

Company auditors report

To the Members of Purohit Construction Ltd. Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of PUROHIT CONSTRUCTIONLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 and the Statement of Profit and Loss (Including Other Comprehensive Income) theStatement of Cash Flows and the Statement of Changes in Equity for the year then endedand a summary of the 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 matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the state of affairs(financial position) profit (financial performance including other comprehensive income)cash flows and changes in equity of the Company in accordance with the accounting policiesgenerally accepted in India including the Indian Accounting Standards prescribed undersection 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind Asfinancial 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 Financial Statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind As Financial Statements in accordance with theStandards on Auditing issued by the Institute of Chartered Accountants of India asspecified 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 Ind As financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind As financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of theInd As financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide 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 the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs (financialposition) of the Company as at March 31 2018 and its profit (financial performanceincluding other comprehensive income) and its cash flows and the changes in equity for theyear ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31stMarch 2017 and the transition date opening Balance Sheet at 1st April 2016prepared in accordance with Ind AS included in these Ind AS financial statements have beenaudited by us and have expressed an unmodified opinion.

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 in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. As required by Section 143(3) of the Act based on our audit 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 purposes 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 the Statement of Profit and Loss the Statement of Changes inEquity and the Statement of Cash Flow dealt with by this Report are in agreement with thebooks of account;

d) in our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) on the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. Reporting on being no delay in transferring amounts required to be transferredto Investor Education and Protection Fund by the Company is not applicable

For Saurabh R Shah & Co
Firm Registration No. : 127176W
Chartered Accountants
Saurabh R Shah
Place : Ahmedabad Partner
Date : 30th May 2018 Membership No.: 117471

"ANNEXURE A " TO THE AUDITORS REPORT OF EVEN DATE TO THE SHAREHOLDERS OFPUROHIT CONSTRUTION LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31STMARCH 2018

Referred to in paragraph 1 under the heading `Report on other legal and regulatoryrequirements' of our report of even date to the financial statements of the Company forthe year ended on March 31 2018 Based on the audit procedures performed for the purposeof reporting a true and fair view on the financial statements of the Company and takinginto consideration the information and explanations given to us and the books of accountand other records examined by us in the normal course of audit we report that: (i) (a)The Company has maintained proper records showing full particulars including quantitativedetails and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) The title deeds of the properties held by the company are held in it's name.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013 except those in the nature of contractual obligations. Accordinglythe provisions of clause 3(iii) (a) (b) and (c) of the Order are not applicable to theCompany and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans guarantees and securities granted in respect of which provisions ofSection 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.Based on our audit procedures performed for the purpose of reporting the true and fairview of the financial statements and according to information and explanations given bythe management the Company has complied with provisions of Section 186 of the CompaniesAct 2013 in respect of investments made during the year.

(v) According to the records of the Company and according to the information andexplanation given to us the Company has not accepted any Deposit from the Public henceprovisions of Section 73 to 76 of the Companies Act 2013 are not applicable to it.

(vi) According to the information and explanation given to us the Company is notrequired to maintain cost records as prescribed under sub section (1) of section 148 ofCompanies Act 2013.

(vii) (a)The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax wealth-tax service tax customs duty excise duty value addedtax goods and service tax cess and other material statutory dues applicable to it to theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax sales-tax wealth-tax service tax customs duty excise duty value addedtax goods and service tax and cess and other material statutory dues were outstanding atthe year end for a period of more than six months from the date they became payable. i.According to the information and explanations given to us no amounts payable in respectof income tax wealth tax sales tax custom duty excise duty value added tax goods andservice tax and cess were unpaid on account of any dispute except the following underincome tax & service tax:

Sr. No. Period to which the amount relates Authority of Appeal Statute of Demand Date of Filing of Appeal Rs. In Lacs
1 F.Y-2009-10 CIT Appeal – 9 Ahmedabad Section 271(1)(c) of IT Act1961 06/04/2015 50.68
2 July -2012 to March -2017 Asst.Comm. of CGST. Div-VII-Ahmedabad CCR2004 r.w. Finance Act1994 15/05/2018 4.50

(viii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to information and explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of dues to any bank. Further the Company does not have any debentures and loanrepayable on term taken from financial institution or government.

(ix) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not raised any money by way of initial publicoffer / further public offer / debt instruments and term loans and hence reporting underclause 3 (ix) is not applicable to the Company and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions ofSection197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with Section 177 and 188 of Companies Act 2013 to the extent applicable andthe details have been disclosed in the notes to the financial statements as required bythe applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review hence the provisions of Clause 3(xiv) of the Order are not applicable to theCompany and hence not commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him. Hence the provisions of Clause 3(xv) of the Orderare not applicable to the Company and hence not commented upon.

(xvi) According to the information and explanations given to us the company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934 andaccordingly the provisions of Clause 3(xvi) of the Order are not applicable to the Companyand hence not commented upon.

For Saurabh R Shah & Co
Firm Registration No. : 127176W
Chartered Accountants
Saurabh R Shah
Place : Ahmedabad Partner
Date : 30th May 2018 Membership No.: 117471

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF PUROHIT CONSTRUTION LIMITED

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

We have audited the internal financial controls over financial reporting of PurohitConstruction Limited ("the Company") as of March 31 2018 in conjunctionwith our audit of the financial statements of the Company 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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.

Auditor's 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 as specified under Section143(10) of the Companies Act 2013 to the extent applicable to audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 judgement 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 internal financial control system overfinancial 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 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 Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override thecontrols 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 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 312018 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 Saurabh R Shah & Co
Firm Registration No. : 127176W
Chartered Accountants
Saurabh R Shah
Place : Ahmedabad Partner
Date : 30th May 2018 Membership No.: 117471