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ANNEXURE TO THE AUDITORS REPORT
TO THE MEMBERS OF PRATIVA TRADERS COMPANY
LIMITED (Referred to in Paragraph (1) of our Report of even date)
i)
(a) The Company has
maintained proper records showing full particulars including quantitative
details and situation of Fixed Assets.
(b) As explained to us, the company has a system of verifying
all its major fixed assets over a period of three years. The fixed assets so
scheduled for verification during this year have been physically verified by
the management. The discrepancies noticed on such verification were not
material and have been properly dealt with in the books of account
(c)
During the year the company has not disposed off any substantial / major part
of fixed assets which affect the going concern.
ii)
(a) As
per the information furnished the inventories have been physically verified
during the year by the management. In our opinion, having regard to the nature
and location of stock, the frequency of the physical verification is required to be strengthened.
(b) In
our opinion and according to the information and explanations given to us,
procedures of physical verification of inventory followed by the management is required to be strengthened in
relation to the size of company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our
opinion, discrepancies noticed on physical verification were not material in
relation to the operation of the Company and the same have been properly dealt
with in the books of account.
iii) (a) The Company
has neither granted nor taken any loan secured / unsecured from
Companies covered in the register
maintained under section 301 of the Companies Act,
1956 (1 of 1956).
(b) As stated above sub clause (b) to (g) of Clause
(iii) of the Companies (Auditors Report) order, 2010 are not applicable.
(iv)
In our
opinion and according to the information and explanations given to us, there is
an adequate internal control system commensurate with the size of the Company
and the nature of its business, for the purchase of inventory and fixed assets
and for sale of the goods and services. During the course of our audit, we have
not observed any continuing failure to correct major weakness in internal
control system.
(v) Based on
the audit procedures applied by us and according to the information and explanations provided by the management, we
are of the opinion that, sub clause (a)
& (b) of Clause (v) of the Companies (Auditors Report) order, 2010, is not
applicable since no contracts or
arrangements referred to in Section 301 of the Companies Act, 1956 have
been entered into by the Company during
the year.
vi)The Company has
not accepted any deposit from the Public within the meaning of section 58 A and
58 AA of the Companies Act, 1956.
vii) In our
opinion, the Company has an internal audit system, commensurate with its size
and the nature of its business. However
the same is required to be strengthened.
viii) The
Central Government has not prescribed maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956 for any
of the products of the Company.
ix)(a) According to the information and explanations given to us and
records examined by us, the Company is generally depositing with appropriate
authorities undisputed statutory dues including provident fund, investors
education and protection fund, employees state insurance, income tax, sales
tax, wealth tax, service tax, custom duty, excise duty, cess and other
statutory dues wherever applicable. According to the information and
explanation given to us, no undisputed arrears of statutory dues were
outstanding as at 31st March 2017 for a period of more than six months from the date they became
payable except as given below:
Nature of dues
|
Amount (Rs. In lacs)
|
Income Tax
|
18.09
|
Professional Tax
|
14.23
|
Dividend Tax
|
97.50
|
CST
|
25.25
|
VAT / WCT
|
18.40
|
Service Tax
|
34.60
|
Excise Duty
|
24.20
|
P. F.
|
560.40
|
ESI
|
30.20
|
(b) According to the records of the
Company, the dues of Income tax / Sales tax / Wealth tax / Service Tax /
Customs duty / Excise duty / cess which have not been deposited on account of
disputes and the forum where the dispute is pending are as under:
Name of Statute
|
Nature
of dues
|
Period to which it relates
|
Amount (Rs/Lacs)
|
Forum where dispute is pending
|
WBST
|
Declaration
Form, WCT, Interest, Penalty etc.
|
1985-86 to
2015-16
|
8203.20
|
ACCT/DCCT
(Bengal)
|
WBST
|
-do-
|
2009-10
|
22.22
|
Tribunal
(Bengal)
|
CST
|
-do-
|
1985-86 to
2009-10
|
4466.20
|
ACCT/DCCT
(Bengal)
|
Service
Tax
|
-do-
|
2015-2016
|
225.26
|
CESTAT
|
Service
Tax
|
-do-
|
2014-2015
|
6.60
|
CCE(Appeal)
|
x) The Company has no accumulated losses at
the end of the financial year and it has not
incurred cash losses in
the current year and immediately preceding financial year.
xi) Based on our audit procedures and the
information given by the management, we are of the
opinion that the Company has no default in payment of dues to a financial
institution, bank or debentures
holders except Rs.520.30 from Banks.
xii) Based on our examination of the records
and the information and the explanations given to us, the Company has not granted any loans
and / or advances on the basis of
security by way of pledge of shares, debentures,
and other securities.
xiii) Clause (xiii) of the Companies (Auditors
Report) order, 2015 is not applicable to the Company as the Company is not a
Chit Fund Company or nidhi / mutual benefit fund / society.
xiv)
In our
opinion, the Company is not dealing in or trading in shares, securities,
debentures, and other investments. Accordingly, the provisions of clause 4
(xiv) of the Companies (Auditors Report) order, 2015 are not applicable to the
Company.
xv) According to the information and
explanations given to us, the Company has not given any guarantees for loans
taken by others from bank or financial institutions.
xvi) According to the information and
explanations given to us, no term loans were raised during the year.
xvii) According to the information and
explanations given to us and on an overall examination of the balance sheet and cash flow statement of the
Company, we report that no funds raised on short-term basis have been used for
long-term investment.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) During
the year covered by our audit report the Company has not issued secured
debentures.
xx)
The
Company has not raised any money by the public issues during the year covered
by our report.
xxi)
Based
upon the audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and as per the information and
explanation given by the management, we report that no fraud on or by the
company has been noticed or reported during the course of our audit.
5A, Esplanade Road.
For S.K.Sengupta & Co.
Mumbai – 400041
Chartered Accountant
Firms Registration No. 225512G
Partner
Membership No: 42723
.
Dated:.12th
August,2017
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