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Patidar Buildcon Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 6.63 Cr. P/BV 0.95 Book Value (Rs.) 12.66
52 Week High/Low (Rs.) 13/5 FV/ML 10/1 P/E(X) 301.50
Bookclosure 26/09/2023 EPS (Rs.) 0.04 Div Yield (%) 0.00
Year End :2014-03 
Report on Financial Statements

We have audited the accompanying financial statements of Patidar Buildcon Limited ('the Company'), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and 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

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control 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 financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 misstatement.

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 control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014; and

b) in the case of the stetement of Profit and Loss Account, of the profit for the year ended on that date.

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which 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 Company so far as appears from our examination of those books

c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and;

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE to the Auditor's Report

The Annexure reffered to in in our report to the members of Patidar Buildcon Limited ('the Company') for the year ended 31st March 2014. We report that:

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets

(b) Fixed assets are physically verified by the management during the year and there were no major discrepancies noticed;

(c) In our opinion, there was no substantial disposal of fixed assets during the year, which would affect the going concern of the company;

2 (a) As informed to us, the management has conducted physical verification of inventory during the year. In our opinion, the frequency of verification is reasonable;

(b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory followed by the management is 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 examinations of inventory records, the company is maintaining proper records of inventory. As informed to us, no material discrepancies were noticed by the management on such physical verification;

3 (a) The company has not granted unsecured loan to parties as covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was NIL and outstanding from such parties was NIL.

(b) As the company has not granted unsecured loan to parties as covered in the register maintained under section 301 of the Companies Act, 1956. Thus para 4(3)(b) is not applicable.

(c) The company has not taken any loans, secured or unsecured from companies, firms or parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly Paragraph 4(3)e) to 4(3)(g) of the order are not applicable.

4 In our opinion, the Company has reasonable internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods.

5 (a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956 have been entered;

(b) According to the information and explanation given to us, in respect of transactions exceeding the value of the five lacks rupees made with such parties during the year, each of these transactions have been made at the price which are reasonable having regard the prevailing market prices at the relevant time,

6 According to the information and explanations given to us, the company has not accepted deposits from the public within the meaning of the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

7 In our opinion, internal audit system of the company is commensurate with its size and nature of its business.

8 The Company does not required to maintain prescribed cost records under section 209(l)(d) of the Companies Act, 1956.

9 (a) As informed to us, applicable undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, cess, Service tax have been regularly deposited by the company with the appropriate authority in all cases during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31/03/2013 for a period of more than six months from the date of becoming payable.

10 In our opinion, the accumulated losses at the end of the finnacial year and has not incurred any cash losses during the financial year and in the immediately proceeding financial year covered by our audit.

11 The Company did not have any outstanding dues to any financial institutions, banks or debenture holders during the year

12 In our opinion and as per information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13 In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of this clause are not applicable to the company.

14 According to the information & explanation given to us, and on the basis of our examination of the books of accounts, proper records have been maintained in respect of the transactions and contracts and timely entries have been made therein in respect of shares, securites, debenture investments dealt with or traded by the company. The shares, securities, debentures and other securities have been held by the company, in its own name.

15 According to the information & explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16 As per information given to us, the company did not have any term loans outstanding during the year.

17 The company has not raised any funds on short term basis.

18 During the year the company has not made any preferential allotment of shares to the parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

19 The company has not created securities by way of issue of debentures. 20 The company has not raised any money through public issue during the year.

21 Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

Place: Ahmedabad
                                      For, K. C. Parikh & Associates
Date :29th May, 2014                       (Chartered Accountants)
                                           Firm Reg. No. 107550W

                                             CA. Chintan Doshi
                                                  Partner
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