| 1. We have audited the accompanying financial statements of P G
Industry 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.
ManagementRs,s Responsibility on the Financial Statements
2. 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 read with the General Circular 15/2013 dated
13 September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 ("the Act"). 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.
AuditorRs,s Responsibility
3. 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.
4. 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. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 profit/ 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 Requirement
7. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of section
143 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
8. 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 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;
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 Companies Act, 2013;
f) In our opinion, the company has adequate internal financial controls
system in place and such controls have the operating effectiveness.
Annexure to Auditors' Report for the year ended on 31st March, 2015 The
Annexure referred to in paragraph 7 of the Our Report of even date to
the members of P G Industry Limited on the accounts of the company for
the year ended 31st March, 2015.
1) a) The company has maintained proper records showing full
particulars including quantitative details and situations of fixed
assets.
b) We are informed that management has carried out the physical
verification of the fixed assets at reasonable intervals, which is
considered reasonable having regard to the size of the Company and the
nature of its business and no material discrepancies have been noticed
on such physical verification to the extent verification was made
during the year.
c) The company has not disposed off any part of its fixed assets so as
to affect its going concern assumptions.
2) a) As explained to us physical verification of inventory has been
conducted by the management during the year at reasonable intervals.
b) In our opinion, procedure of physical verification of the
inventories followed by the management is reasonable and adequate in
relation to the size of the company and the nature of its business.
c) The Company has maintained proper records of inventories and no
material discrepancies were noticed on physical verification.
3) The company has not granted interest free unsecured loans to any
party covered in the register maintained under section 189 of the
Companies Act, 2013.
4) In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventories, fixed assets and for the sale of goods and
services. Further on the basis of our examination of the books and
records of the company, and according to the information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in
internal control systems.
5) According to the information and explanation given to us, the
company has not accepted any deposits during the year from the public
under the provisions of the sections 73 to 76 of the Act and the rules
framed there.
6) As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under sub-section (1) of section 148 of the Act and we are
of the opinion that prima facie the prescribed accounts and records
have been made and maintained.
7) (a) According to the information and explanation given to us, in our
opinion, the company is generally regular in depositing undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and Excise
Duty, Value Added Tax, Cess and any other material statutory dues as
applicable with the appropriate authorities.
(b) There are no undisputed amount payable in respect of such statutory
dues which have remained outstanding as at 31st March, 2015 for a
period more than six months from the date they became payable.
8) According to the information and explanation given to us, No amount
is required to be transferred to Investor Education and Protection Fund
in accordance with the relevant provisions of the Companies Act, 1956
and rules made there under.
9) The company has accumulated profit of Rs, 597.25 Lacs at the end of
the financial year 2014-15 and has earned profit after tax in current
financial year of Rs, 60.88 Lacs.
10) According to the records of the company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of its dues to banks and financial institutions.
11) According to the information and explanation given to us, the
company has given a guarantee in favor of M/s. Priceless Overseas
Limited for loan taken from Vijaya Bank, Defense Colony, New Delhi and
the terms & conditions whereof are not prejudicial to the interest of
the company.
12) As per information and explanation given to us, the company has not
obtained any term loan during the year.
For: Vishal G Goel & Co.
(Chartered Accountants)
Sd /-
Ca Vishal Goel
(Proprietor)
F.C.A., DISA
Membership No.- 094685
Firm Regn. No.- 020330 N
Place: New Delhi
Date: 30 May 2015
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