| We have audited the accompanying financial statements of PARSHARTI
INVESTMENT LIMITED ("the Company") which comprise the Balance Sheet as
at March 31, 2015, 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
The Company's Board of Directors is responsible for 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 account- ing principles generally accepted in
India, including the Accounting Standards specified under Section 133
of the Companies Act, 2013 (Act) read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and de- sign, implementation
and maintenance of adequate internal financial controls, 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 financial
statements based on our audit.
We 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 the 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 the 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 a
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 ac- counting estimates made by the 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 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, 2015;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(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
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 in the Annexure a
statement on the matters 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 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 aforesaid financial statements comply with the
Accounting Standards 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 March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of sub-section (2) of section 164 of
the Act.
f. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
accord- ing to the explanations given to us:
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
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF PARSHARTI INVESTMENT
LIMITED ('THE COMPANY') FOR THE YEAR ENDED 31ST MARCH, 2015.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The assets have been physically verified by the management during
the current year. The frequency of verification is considered
reasonable, having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
ii. The Company is an investment company and does not have any
inventory. Thus, paragraph 3(ii) of the Order is not applicable.
iii. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets/power and sale of goods & services. Further,
on the basis of our examination of the books of accounts and according
to the information and explanations given to us, we have not come
across nor have we been informed of any instance of major weaknesses in
the aforesaid internal control system.
v. No deposits within the meaning of Sections 73 to 76 of the Act and
rules framed there under have been accepted by the Company.
vi. We have been informed that the Central Government has not
prescribed the maintenance of cost records under section 148 (1) of the
Act in respect of activities undertaken by the Company during the year.
vii. (a) According to the books of account and records as produced and
examined by us in accordance with the generally accepted auditing
practices in India, in our opinion, the Company is regular in
depositing undisputed statutory dues in respect of provident fund,
employees state insurance, income tax, wealth tax, service tax, sales
tax, customs duty, excise duty, value added tax, cess and other
statutory dues applicable to the Company with appropriate authorities.
According to the information and explanation given to us, no undisputed
amounts payable in respect of the aforesaid statutory dues were
outstanding as at the last day of the financial year for a period of
more than six months from the date they became payable.
(b) On the basis of our examination of the documents and records, the
company does not have any disputed Statutory Liabilities.
(c) In our opinion and according to the information and explanations
given to us, there are no amounts which are required to be transferred
to investor education and protection fund in accordance with the
relevant provisions of the Companies Act, 1956.
viii. The Company has accumulated losses more than 50% of its net
worth, and also has incurred cash loss during the financial year
covered by audit and has incurred cash loss immediately preceding
financial year.
ix. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to the financial
institution or bank or debenture holders.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xi. According to the information and explanations given to us, the
Company did not obtain any term loans out- standing during the year.
xii. During the course of our examination of the books of account and
records of the company carried out in accordance with the generally
accepted auditing practices in India and according to the information
and explanations given to us, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For N.B. THAKORE & CO.
Chartered Accountants
Firm Reg. No: 110929 (W)
Nimish B. Thakore
Place: Mumbai (Proprietor)
Date: 29th May, 2015 Membership No. 034767 |