| We have audited the accompanying financial statements of Prima
Industries Limited ('the Company'), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the 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 the matters in
section 134(5) of the Companies Act, 2013 ('the Act') with respect to
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 principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these 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 whether the financial statements
are free from material misstatement.
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
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 financial control relevant to the Company's
preparation of the financial statements that give 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 accounting
estimates made by 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 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, 2015, and its loss and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ('the
Order'), issued by the Central Government of India in terms of Section
143 (11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143 (3) of the Act, we report that:
1 We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
2 In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
3 The company does not have any branches and so provisions of section
143 (8) are not applicable to the company.
4 The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account.
5 In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
6 There are no observations or comments on the financial transactions
or matters that have an adverse effect on the functioning of the
company
7 On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
8 There are no qualification,reservation or adverse remark relating to
the maintenance of accounts and other matters connected therewith.
9 The Company does not have any pending litigations which would impact
its financial position;
10 The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
11 There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date to the members of Prima
Industries Limited on the accounts of the company for the year ended
31st March, 2015
(i) a. The Company has maintained records showing particulars including
quantitative details and situation of fixed assets, but the same
requires to be updated.
b. As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals ; no material discrepancies
were noticed on such verification.
(ii) a. As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and on the basis of examination of the records, the
Company is generally maintaining proper records of its inventory. No
material discrepancies were noticed on physical verification of
inventory by the management as compared to the book records.
(iii) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured to companies, firms, or
other parties listed in the register maintained section 189 of the
Companies Act. Consequently , the provisions of clauses 3(iii)(a) and
3(iii)(b) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the Company and nature of its business,
for the purchase of inventories and fixed assets and payment for
expenses and for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls have been noticed.
(v) The Company has not accepted any deposit from public within the
meaning of sections 73 to 76 or any other relevant provisions of the
Companies Act and the rules framed thereunder.
(vi) As per information & explanation given by the
management,maintenence of cost records has been prescribed by the
Central Government under clause (d) of sub-section (1) of section 148
of the Companies Act and we are of the opinion that prima facie the pre
scribed accounts and records have been made and maintained.
(vii) (a) According to the records of the Company, undisputed statutory
dues including provident fund, employees' state insurance, income tax,
sales tax, wealth tax, service tax, customs duty, excise duty, cess to
the extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities. According to the
informations and explanations given to us there were no outstanding
statutory dues as on 31st March, 2015 for a period of more than six
months from the date they became payable.
(b) According to the information & explanations given to us,there is no
amounts payable in respect of income tax, wealth tax,Service tax, Sales
tax,Customs duty & Excise duty which have not been deposited on account
of any disputes.
(c) According to the information & explanations given to us,there is no
amounts payable in respect of income tax, wealth tax,Service tax, Sales
tax,Customs duty & Excise duty which have not been deposited on account
of any disputes.
(viii) The accumulated losses of the Company at the end of the
financial year is more than fifty percent of the net worth; but the
Company has not incurred cash losses during the current financial year
and in the immediately preceding financial year.
(ix) According to the information & explanations given to us, the
company has not defaulted in repayment of dues to financial
institutions or banks or debenture holders
(x) According to the information & explanations given to us,the Company
has, not given any guarantee for loans taken by others from a bank or
financial institution.
(xi) Based on our audit procedures and on the information given by the
management,we report that the Company has not raised any term loans
during the year.
(xii) Based on the audit procedures performed and the information and
explanation given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For G.Joseph & Associates
Chartered Accountants
FRN-006310S
P.Rajagopal
Place : Cochin Partner
Date : 30/05/2015 Membership No .202134
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