| We have audited the accompanying standalone financial statements of
PARTANI APPLIANCES LIMITED ("the company"), which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with (he accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act. read with Rule 7 of the
Companies (Accounts) Rules. 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on Our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We have conducted our audit in accordance 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
the' audit to obtain reasonable assurance about whether the financial
statements are free from material mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting estimates
made by Company's Directors, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for Our audit opinion on the financial
statements.
Opinion
In Our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of state of affairs of the company as at
March 31,2015, and its cash news for the year ended on that date
Report on other Legal and Regulatory Requirements
1 As required by the companies (Auditor's Report) order,2015 ('The
Order') issued by the central Government of India in terms of
sub-section (11) of section 143 of the act. we give the Annexure a
Statement on the matters specified in the paragraph 3 and 4 of the
Order , to the , extent applicable
2 As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of Our knowledge and belief were necessary for (he
purposes of Our audit.
b) In Our opinion proper books of account as required by law have been
kept by the Company so far as appears from Our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this' Report are in agreement with the books of
account.
d) In Our opinion, the aforesaid financial statements comply with (he
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March. 2015, from being
appointed as a director in terms of Section 164(2.) of the Act.
With respect to the other matters included in the Auditor's Report and
to best of our information and according to the explanations given to
me:
i. The Company does not have any pending litigations which would
impact its financial position
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company
Annexure to Independent Auditor's Report
(Referred to in paragraph 1 of the Our Report on other Legal and
Regulatory Requirements forming part of the Independent Auditor's
Report dated 23-06-2015 to the members of PARTANI APPLIANCES LIMITED on
the accounts of the company for the year ended 31st March, 2015. '
1. a) The company does not own any Fixed Assets so these clause is not
applicable
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical . verification of
stocks by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The Company has not accepted any deposits from the public covered
under section 58A and 58 A A of the Companies Act, 2013.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
7 (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance', Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess Income tax sales tax to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31s1 of
March, 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, value
added tax, service tax, customs duty excise duty which have not been
deposited on account of disputes.
(c ) According to the information and explanation given to us and on
the basis of examination of records, during the year under review there
were no amounts which were required to be transferred to Investor
Education and Protection Fund by the company . Hence clause 4 (vii) (
C) of the Order is not applicable
8 The Company have accumulated losses at the end of financial year
which are less than the 50 percent of its net worth and not incurred
any cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9 Based on our audit procedures and on the information and explanations
given by the management, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders.
10 According to the information and explanations given to us, the
Company has not given any ' guarantees for loan taken by others from a
bank or financial institution, bank
11 Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12 Based on our audit procedures and according to information and
explanations given to us , no fraud on or by the company has been
noticed or reported during the course of our audit
Sd/-
M.Mahender Kumar Jain
Chartered Accountant
Membership No. :026I53
Date : 23-06-2015
Place: Hyderabad
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