TO THE MEMBERS OF PANORAMIC UNIVERSAL LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Panoramic Universal
Limited ("the Company"), which comprise the Balance Sheet as at March 31,2017,
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.
Managements Responsibility for the Standalone Financial Statements
The Companys management and Board of Directors are responsible for the matters stated
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 the
accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 design, 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 standalone
financial statements that give a true and fair view and are free from material
misstatement, whetherdue to fraud orerror.
Auditors 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 thereunder.
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 ethical
requirements and plan and perform the audit to obtain reasonable assurance about
whetherthe standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the standalone financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of the
standalone financial statements, whether due to fraud or error. In making those risk
assessments, the uditor considers internal financial control relevant to the Companys
preparation of the standalone financial statements, that give a true and fair view, in
order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the operating
effectiveness of such controls An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting estimates made by the
Companys management and Board of Directors, as well as evaluating the overall
presentation of the standalone 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 standalone financial statements. Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone 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 the state of affairs of the Company
as at 31st March, 2017 and its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("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, 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 sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary forthe 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 standalone financial statements comply with the
applicable 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 March
31,2017 and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2017 from being appointed as a director in terms of Section
164(2) of the Act.
f) With respect to the adequacy of the internal financial ontrols over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in Annexure B
g) With respect to the other matters to be included in the Auditors 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 according to the explanations given to us
i. The Company does not have any pending litigations which would impact its financial
position
ii. The Company does not have any long-term contracts including derivative contracts;
as such the question of commenting on any material foreseeable losses thereon does not
arise
iii. There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund.
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For H. H. Topiwala & Co. |
|
Chartered Accountants |
|
Firm Registration No. 111022W |
|
CA H.H. Topiwala |
| Place: Mumbai |
Proprietor |
| Date: 10th Aug, 2017 |
Membership No. 038660 |
The Annexure A referred to in our Independent Auditors Report to the members of the
company on the standalone financial statements for the year ended 31st March, 2017, we
report that:
1. In respect of the Companys fixed assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets;
(b) As informed to us, fixed assets have been physically verified by the management at
regular intervals. As informed to us, no material discrepancies between the book records
and the physical inventory were noticed on such verification.
(c) According to the information and explanations given to us and based on the
examination of the registered sale deed/ transfer deed/ conveyance deed/ lease deed and
other relevant records evidencing title/ possession provided to us, we report that, the
title deeds of all the immoveable properties comprising of land and buildings, are held in
the name of the Company as at the balance sheet date.
2. In respect of the Companys inventories:
(a) As explained to us, the inventories were physically verified during the year by the
Management at reasonable intervals.
(b) In our opinion and according to the information and explanation given to us, the
procedures of physical verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the Company nd the nature of its
business.
(c) In our opinion and according to the information and explanations given to us, no
material discrepancies between the book records and the physical inventory were noticed on
such verification
3. (a) The Company has granted interest free nsecured loan to three subsidiary
companies and interest-bearing unsecured loan to one subsidiary company listed in the
register maintained under section 189 of the Companies Act, 2013.
(b) No terms and conditions are stipulated and therefore whether such terms and
conditions are prejudicial to the interest of the Company could not be ascertained.
(c) There is no stipulation as to recovery of principal and interest amount (wherever
applicable) and therefore, whether any amount was overdue and whether the Company has
taken reasonable steps for recovery of the principal and interest could not be
ascertained.
4. Based on the information and explanation given to us in respect of loans,
investments, guarantees and securities, the Company has complied with the provisions of
section 185 and 186(1) of the Act. Further, as the Company is engaged in the business of
providing infrastructure facilities, the provisions of section 186 {except for sub-section
(1)} are not applicable.
5. The Company has not accepted any deposits from the public.
6. As informed to us, the Central Government has not prescribed maintenance of cost
records under Section 148(1) of the Act
7. (a) According to the information and explanations
given to us and based on the records of the company examined by us, there were delays
by the company in depositing the undisputed statutory dues of Provident Fund, Employees
State Insurance, Tax Deducted at Source and Income Tax, Service Tax, Value Added Tax,
except Sales Tax, Duty of Customs, Duty of Excise, Cess and any other dues, as applicable,
with the appropriate authorities. There were arrears of outstanding statutory dues as at
the end of the last day of the financial year for a period of more than six months from
the date they became payable for Provident Fund of Rs. 65.99 lacs, Service Tax Rs. 408.18
lacs, Tax Deducted at Source of Rs. 75.60 lacs, Employees State Insurance Rs. 3.69 lacs,
Profession Tax Rs. 2.57 lacs, Value Added Tax Rs. 34.04 lacs and Income-tax of Rs. 1050.45
lacs.
(b) Details of dues of Income Tax which have not been deposited as at March 31, 2017 on
account of disputes are given below:
| Name of Statute |
Nature of dues |
Forum where dispute is pending |
Period to which the amount relates (Assessment Year) |
Amount Rs. in Lacs |
| Income Tax Act |
Income Tax and Interest |
Commissioner of Income Tax (Appeals) |
2009-2010 |
85.93 |
| Income Tax Act |
Income Tax and Interest |
Commissioner of Income Tax (Appeals) |
2010-2011 |
47.01 |
| Income Tax Act |
Income Tax and Interest |
Commissioner of Income Tax (Appeals) |
2011-2012 |
13.33 |
8. According to the records of the Company examined by us and the information and
explanations given to us, during 1st April, 2016 to 31st March, 2017, the Company has
defaulted in
repayment of loans or borrowings to any financial institution or bank, Government or
dues to debenture holders. The details of such default to banks is asunder:
| Particulars |
Apna Sahakari Bank Ltd. |
Sangli Urban Co-op Bank Ltd. |
Kalyan Janata Sahakari Bank Ltd. |
Janata Sahakari Bank Ltd. |
Total |
| Principal due but not paid |
239.36 |
46.82 |
28.27 |
93.11 |
407.56 |
| Interest due but not paid |
375.15 |
115.49 |
75.14 |
166.43 |
732.21 |
| Total |
614.51 |
162.31 |
103.41 |
259.54 |
1,139.77 |
9. The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments). Further, in our opinion and according to the
information and explanations given to us, the term loans were applied for the purpose for
which it was obtained.
10. According to the information and explanations given to us, no fraud by or on the
Company by its officers or employees, has been noticed or reported during the course of
our audit.
11. In our opinion and according to the information and explanations given to us, the
Company has paid/ provided managerial remuneration in the accordance with the provisions
of section 197 read with Schedule V to the Act.
12. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi Company and accordingly, the provision of clause 3(xii) of the
Order is not applicable.
13. According to the information and explanations given to us and based on the
examination of the records of the Company, transactions entered into by the Company with
the related parties are in compliance with section 177 and 188 of the Act, where
applicable.
The details of related party transactions as
required under Accounting Standards (AS) 18, Related Party Disclosures specified under
section 133 of the Act read with Rule 7 of the Companies (Account) Rules, 2014 have been
disclosed in the financial statements.
14. During the year, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures and hence the provision of
clause 3(xiv) of the Order is not applicable to the Company.
15. In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into any non- cash transactions with its
Directors or persons connected to its Directors.
16. According to the information and explanations given to us, the Company is not
required to be registered under section 45-IA of the Reserve Bank of India Act, 1934
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For H.H. Topiwala & Co. |
|
Chartered Accountants |
|
Firm Registration No: 111022W |
|
CA. H. H. Topiwala |
| Place: Mumbai |
Proprietor |
| Date: 10th Aug, 2017 |
Membership No. 38660 |
Annexure B to Auditors Report
Annexure to the Independent Auditors Report referred to in paragraph 2(f) under the
heading Report on other legal and regulatory requirements" of our Report of even
date on the standalone financial statements of Panoramic Universal Limited for the year
ended 31" March, 2017
Report on the Internal Financial Controls over Financial reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Panoramic
Universal Limited ("the Company") as of 31st March 2017 in conjunction with our
audit of the standalone financial statements of the Company for the year ended on that
date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing specified under section
143(10) of the Companies Act,2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal Financial Controls and, both
issued by the Institute of Chartered Accountants of India. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated
effectively in all material respects. Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal financial controls system over financial
reporting and theiroperating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgment, including the assessment of the risks of material
misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
overfinancial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of standalone financial statements for external purposes in accordance with
generally accepted accounting principles. A companys internal financial control over
financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of standalone
financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the ompany are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all materialrespects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31st March 2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
|
ForH. H.Topiwala&Co. |
|
Chartered Accountants |
|
Firm Registration No. 111022W |
|
CA H.H.Topiwala |
| Place: Mumbai |
Proprietor |
| Date: 10th Aug, 2017 |
Membership No. 038660 |
+91-9892691696
