Perfectpac Ltd

BSE: 526435 | NSE:  | ISIN: INE759I01016 
Market Cap: [Rs.Cr.] 7.85 | Face Value: [Rs.] 10
Industry: Packaging

Auditor's Report
INDEPENDENT AUDITORS

To

The Members of

PERFECTPAC LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Perfectpac Limited("the Company"), which comprise the Balance Sheet as at March 31, 2014, and theStatement of Profit and Loss and the Cash Flow Statement for the year then ended, and asummary of significant accounting policies and other explanatory information.

Managements’ Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position, financial performance and cash flows of theCompany in accordance with the Accounting Standards notified under the Companies Act, 1956("the Act") read with the 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 internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement, whether due to fraud orerror.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors’ judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditors consider internal controls relevant to the Company’s preparation andfair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal controls. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management, as well as evaluating the overall presentation of thefinancial statements.

We believe that audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a. In the case of the Balance Sheet, of the state of affairs of the Company as at March31, 2014;

b. In the case of the Statement of Profit and Loss, of the loss for the year ended onthat date; and

c. In the case of the Cash Flow Statement, of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order, 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofSection 227 of the Act, we give in the Annexure, a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. 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 ourknowledge 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 theCompany so far as appears from our examination of those books;

c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash FlowStatement comply with the Accounting Standards notified under the Companies Act, 1956 readwith the General Circular 15/2013 dated 13th September, 2013 of the Ministry of CorporateAffairs in respect of section 133 of the Companies Act, 2013;

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 disqualifiedas on March 31, 2014, from being appointed as a director in terms of clause (g) ofsub-section (1) of Section 274 of the Companies Act, 1956;

For JAGDISH SAPRA & CO.
(Firm Registration No. 001378N)
CHARTERED ACCOUNTANTS
PLACE : NEW DELHI (CA : VIPAL KALRA)
DATED : May 30, 2014 PARTNER
Membership No. 084583

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1 under Report on other Legal & Regulatory requirementssection of our Report of even date)

i. a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.

b) Verification of fixed assets is being conducted in a phased programme by themanagement designed to cover all assets over a period of three years, which in our opinionis reasonable having regard to the size of the Company and the nature of assets. Nomaterial discrepancies were noticed on such verification.

c) The fixed assets disposed off during the year are not significant and therefore donot affect the going concern status of the Company.

ii. a) As explained to us, inventories (except in transit) have been physicallyverified during the year by the management. In our opinion the frequency of verificationis reasonable.

b) In our opinion and according to the information and explanations given to us, theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to us, theCompany has maintained proper records of inventory and the discrepancies noticed on suchverification between physical stocks and book records were not material.

iii. a) There are no companies, firms or other parties covered in the Registermaintained u/s 301 of the Companies Act, 1956 to which the company has granted any loans,secured or unsecured, as per information & explanations given to us and Register u/s301 produced before us.

b) Since no loans were granted to parties covered in Register u/s 301, Paras 4(iii)(b), (iii) (c) & (iii) (d) of the Order are not applicable to the Company.

c) The Company has taken unsecured loans from Managing Director and three Companiescovered in the Register maintained u/s 301 of the Companies Act, 1956. The maximum amountinvolved in the transaction was Rs 5.29 Crores and balance outstanding at the year end wasRs 1.60 Crores.

d) In our opinion the rate of interest and other terms and conditions of loans taken bythe Company are not prima facie prejudicial to the interest of the Company.

e) The Company is regular in payment of interest on the above loans but as there is nostipulation for repayment of loan we are not in a position to make specific comments forthe same.

iv. In our opinion and according to the information and explanations given to us, thereare adequate internal control procedures commensurate with the size of the Company andnature of its business with regard to purchases of inventory, fixed assets and for thesale of goods & services. During the course of our audit we have not observed anyweakness in such internal control system.

v. a) According to the information & explanations given to us, we are of theopinion that particulars of contracts or arrangements referred to in section 301 of theCompanies Act, 1956 have been entered in the Register required to be maintained under thatsection.

b) In our opinion and according to the information and explanations given to us, thetransactions made in pursuance of contracts or arrangements entered in the registermaintained under section 301 of the Companies Act, 1956 and exceeding the value of rupeesfive lakhs in respect of any party during the year have been made at prices which areprima facie reasonable having regard to prevailing market prices at the relevant time.However, for sales made as per customers’ specifications comparable prices are notavailable.

vi. As the Company has not accepted any deposits from the public, within the meaning ofsection 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975paragraph 4 (vi) of the Order is not applicable.

vii. In our opinion, the internal audit functions carried out during the year by a firmof Chartered Accountants appointed by the management have been commensurate with the sizeof the Company and nature of its business.

viii. We have broadly reviewed the books of account relating to materials, labour andother items of cost maintained by the company pursuant to the Companies (Cost AccountingRecords) Rules, 2011 prescribed by the Central Government for maintenance of cost recordsunder clause (d) of Sub Section (1) of Section 209 of the Companies Act, 1956 and are ofthe opinion that prima facie the prescribed accounts and records have been made andmaintained. However, we are not required to and have not carried out any detailedexamination of such accounts and records.

ix. a) According to the information and explanations given to us and the records of theCompany examined by us, the Company has been generally regular in depositing undisputedstatutory dues, including Provident Fund, Employees’ State Insurance, Income-tax,Sales tax, Wealth tax, Custom Duty, Excise Duty, Cess, Service Tax and other materialstatutory dues with the appropriate authorities during the year. We are informed thatthere are no undisputed statutory dues as at the year end outstanding for a period of morethan six months from the date they became payable. except Employees’ State Insurancedues of Rs. 20,722/-

b) According to the books of account and records as produced and examined by us inaccordance with the generally accepted auditing practices in India, there are no dues ofIncome Tax, Wealth tax, Sales tax, Service tax, Customs Duty, Excise Duty & Cess whichhave not been deposited on account of any dispute other than those mentioned below:

Nature of Dues Period to which the amount relates Forum where the dispute is pending Amount (Rs.)
ESIC 1985-86 & 1986-87 High Court of Punjab & Haryana 154,649
Income Tax & 2002-03, 2005-06, Deputy 190,387
Fringe Benefit Tax 2009-10, 2010-11 Commissioner

x. The Company has no accumulated losses as at the end of the financial year. TheCompany has incurred cash losses during the current year but not in the immediatelypreceding financial year.

xi. In our opinion and according to the information and explanations given to us, theCompany has not defaulted in repayment of dues to banks & financial institution. TheCompany has not obtained any borrowings by way of debentures.

xii. Based on our examination of documents and records of the Company and as perinformation & explanations given to us, we are of the opinion that the company has notgranted loans and advances on the basis of security by way of pledge of shares, debenturesand other securities.

xiii. In our opinion the Company is not a chit fund or nidhi/mutual benefitfund/society and hence clause (xiii) of the Order is not applicable to the Company.

xiv. In our opinion, the Company is not dealing in or trading in shares, securities,debentures and other investments and hence clause (xiv) of the Order is not applicable tothe Company.

xv. As per information & explanations given to us the Company has not givenguarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion and according to information and explanations given to us, the termloans have been applied for the purpose for which they were raised. xvii. According to theinformation and explanations given to us and on an overall examination of the BalanceSheet of the Company, we report that no funds raised on short term basis have been usedfor long term investment.

xviii. According to the information & explanations given to us no preferentialallotment of shares has been made by the company to parties and companies covered in theRegister maintained under Section 301 of the Companies Act, 1956.

xix. According to the information & explanations given to us, no debentures havebeen issued by the company during the year.

xx. Based on our examination of books and records of the Company, no public issue wasmade by the company during the year.

xxi. During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing practices in India, we have not comeacross any instance of fraud on or by the company nor have we been informed by themanagement of any such instance being noticed or reported during the year.

For JAGDISH SAPRA & CO.
(Firm Registration No. 001378N)
CHARTERED ACCOUNTANTS
PLACE : NEW DELHI (CA : VIPAL KALRA)
DATED : May 30, 2014 PARTNER
Membership No. 084583
   
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Key Information

Key Executives:

R K Rajgarhia , Chairman

S L Keswani , Director

Sanjay Rajgarhia , Managing Director

Harpal Singh Chawla , Additional Director


Company Head Office / Quarters:

910 Chiranjiv Tower,
43 Nehru Place,
New Delhi,
New Delhi-110019
Phone : New Delhi-91-11-26441015/16/17 / New Delhi-
Fax : New Delhi-91-11-26441018 / New Delhi-
E-mail : amehta@perfectpac.com
Web : http://www.perfectpac.com

Registrars:

Skyline Financial Services Pvt
D-153/A 1st Flr ,Okhla Industrial Are,Phase-I ,New Delhi-110020

 
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