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PVP Ventures

BSE: 517556|NSE: PVP|ISIN: INE362A01016|SECTOR: Construction & Contracting - Real Estate
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« Mar 14
Auditor's Report (PVP Ventures) Year End : Mar '15
We have audited the accompanying standalone financial statements of PVP
 Ventures 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 (the Financial
 Statements).
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Company''s Board of Directors is 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 Stan- dards
 specified under section 133 of the Act, read with Rule 7 of the
 Companies (Ac- counts) Rules, 2014.
 
 This responsibility also includes maintenance of adequate accounting
 records in ac- cordance with the provisions of the Act for safeguarding
 the assets of the Company and for preventing and detecting frauds and
 other irregularities; the selection and application of appropriate
 accounting policies; making judgments and estimates that are reasonable
 and prudent; and the design, implementation and maintenance of in-
 ternal financial controls, that were operating effectively for ensuring
 the accuracy and completeness of the accounting records, relevant to
 the preparation and pre- sentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditor''s 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 ac- counting 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 the ethical requirements and plan and perform the
 audit to obtain reasonable assurance about whether the financial
 statements are free from material misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosure in the financial statements. These
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risk of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk as-
 sessments, the auditor considers internal financial control relevant to
 the Company''s preparation of the financial statements that give a true
 and fair view in order to de- sign audit procedures that are
 appropriate in the circumstances. An audit also in- cludes evaluating
 the appropriateness of the accounting policies used and the rea-
 sonableness of the accounting estimates made by the Company''s Board of
 Directors, as well as evaluating the overall presentation of the
 financial statements.
 
 We believe that the audit evidence obtained by us 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 re- quired by the Act in the manner so required
 and give a true and fair view in conformi- ty with the accounting
 principles generally accepted in India, of the state of affairs of the
 Company as at 31st March, 2015, and its Profit, and its cash flows for
 the year end- ed on that date.
 
 Emphasis of Matters
 
 We draw the attention of members notes to the financial statements in
 Note 12 with regard to the Unquoted investment of equity shares in
 Subsidiary Companies Rs.54365.90 lakhs with provision for diminution in
 carrying value provided for Rs.30000.00 lakhs and Note 13 unsecured and
 good advances to subsidiaries Rs.218180.51 lakhs with provision for
 diminution in carrying value provided for Rs.5160.16 lakhs. The
 management is of the view that considering market value of the assets,
 present value of investments and expected cash flows and expected
 development of projects the provision already made are adequate (also
 refer note 21.13) which describes the uncertainty related to the
 outcome of the future events. Our opinion in respect of these matters
 is not modified.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 ( 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
 statement on the matters specified in paragraphs 3 and 4 of the Order,
 to the extent applicable.
 
 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 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, the Statement of Profit and Loss, and the Cash
 Flow State- ment dealt with by this Report are in agreement with the
 relevant books of account.
 
 d.  In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under section 133 of the Act, read with
 Rule 7 of the Compa- nies (Accounts) Rules, 2014
 
 e.  On the basis of written representation received from the Directors
 as on 31st March, 2015 taken on record by the Board of Directors, none
 of the directors of the Company is disqualified as on 31st March, 2015,
 from being appointed as a director in terms of section 164(2) of the
 Act;
 
 f.  With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and
 Auditor''s) Rules, 2014, in our opinion and to the best of our
 information and according to the explanations given to us:
 
 1.  The Company has disclosed the impact of the pending litigations on
 its financial position in its financial statements – refer note 24.6 to
 the financial statements.
 
 2.  The Company did not have any long term contracts including
 derivative con- tracts for which there were any material forseeable
 losses.
 
 3.  There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 Annexure To Independent Auditors'' Report
 
 [Referred to in paragraph 1 of Report on Other Legal and Regulatory
 Requirements in our Independent Auditors'' Report of even date]
 
 1.  a. In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 b. As per the information and explanations provided to us, the Company
 has physically verified the fixed assets during this year and there is
 no material dis- crepancies noticed on such verification.
 
 2.  a. According to the information and explanations given to us, the
 management has conducted physical verification of inventory at
 reasonable intervals.
 
 b. According to the information and explanations given to us the
 procedures of physical verification of inventory followed by the
 management is reasonable and adequate in relation to the size of the
 Company and nature of its business.
 
 c.  According to the information and explanation given to us the
 Company is maintaining proper records of inventory and there is no
 material discrepancies noticed on physical verification.
 
 3.  According to the information and explanations given to us, the
 Company has granted, secured and unsecured loans to subsidiary
 Companies, the parties cov- ered in the register maintained under
 section 189 of the Act. Total outstand- ing as at the year end is
 Rs.58327.18 lakhs (including conversion of FCDs into Advances). It is
 informed that these advances are interest free and recoverable on
 demand and hence the overdue amount, receipt of principal amount and
 the interest are not applicable.
 
 4.  In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the Company and the nature of its business, for
 purchases of inventory and fixed assets and for sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in internal controls
 systems.
 
 5.  In our opinion and according to the information and explanation
 given to us, the Company has not accepted deposits from public during
 this year. Therefore the provisions of section 73 to 76 and relevant
 rules framed thereunder and any con- travention of these provisions for
 the year under audit are not applicable.
 
 6.  As per the information and explanations given to us, we are of the
 opinion that the Company has made and maintained the cost records
 pursuant to the Rules made by the Central Government under sub-section
 (1) of Section 148 of the Act.
 
 7.  a. According to the information and explanation given to us, the
 Company is depositing undisputed statutory dues with appropriate
 authorities, like Provident Fund, Employee''s State insurance,
 Income-tax, Sales-tax, Wealth-tax, Service tax, Customs Duty, Excise
 Duty, Value Added Tax, Cess, wherever applicable, except few delays in
 depositing Income Tax TDS. There are no undisputed Statutory
 outstanding dues as at 31st March, 2015 for a period of more than six
 months from the date they become payable.
 
 b. According to the information and explanation given to us, there are
 no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
 Duty, Excise Duty, Value Added Tax, Cess which have not been deposited
 on account of any dis- pute, except the following:
 
 STATUE       PERIOD          AMOUNT [RUPEES]   DISPUTE PENDING BEFORE
 
 Income Tax   AY 2007-08       78.21 lakhs      CIT-A, Hyderabad
 
 Income Tax   AY 2008-09     1112.35 lakhs      High Court, Chennai
 
 Income Tax   AY 2009-10       13.24 lakhs      CIT-A, Chennai
 
 c.  According to the information and explanation given to us, there are
 no amount required to the transferred to investor education and
 protection fund in accordance with the provisions of the Act.
 
 8.  In our opinion and according to the information and explanation
 given to us the accumulated losses as at the end of the financial is
 not more than 50% of its net worth. The Company has not incurred cash
 losses during the financial year cov- ered by our audit and the
 immediately preceding financial year.
 
 9.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to the
 financial institutions or banks or debenture holders.
 
 10.  In our opinion and according to the information and explanation
 given to us, the Company has given corporate guarantee and security for
 loans taken from the Banks by its group companies and others, and the
 terms and conditions whereof are not prejudicial to the interest of the
 Company.
 
 11.  In our opinion and according to the information and explanation
 given to us, there are no term loans borrowed by the Company.
 
 12.  According to the information and explanation given to us, no fraud
 on or by the Company has been noticed or reported during the course of
 our audit.
 
 Camp Hyderabad                         for M/s CNGSN & Associates LLP
 
 Date May 29, 2015                              Chartered Accountants
 
                                        Firm Registration No: 004915S
 
 
 
                                                               Sd/- 
 
                                                  R.Thirumalmarugan 
 
                                                            Partner 
 
                                              Membership No: 200102
Source : Dion Global Solutions Limited
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