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PVP Ventures
BSE: 517556|NSE: PVP|ISIN: INE362A01016|SECTOR: Construction & Contracting - Real Estate
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« Mar 13
Auditor's Report (PVP Ventures) Year End : Mar '14
We have audited the accompanying financial statements of PVP Ventures
 (the Company), which comprises the Balance Sheet as at March, 31 2014
 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.
 
 Management''s Responsibility for the Financial Statements
 
 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 (the Act).  This responsibility includes the
 design, implementation and maintenance of internal control relevant to
 the preparation and fair presentation 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 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 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 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
 assessment, 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 but not for the purpose of expressing an opinion on the
 effectiveness of the entity''s internal control. An audit also includes
 evaluating the appropriateness of accounting policies used and the
 reasonableness of the accounting estimates made by the management, 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.
 
 Opinion
 
 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, 2014;
 
 b) In the case of Statement of Profit and Loss, of the PROFIT for the
 year ended on that date; and
 
 c) In the case of Cash Flow Statement, of the Cash Flows for the year
 ended on that date
 
 Emphasis of Matter
 
 Attention is drawn to the (a) Note 12 in notes to the financial
 statements with regard to the investment in equity shares of subsidiary
 companies at cost Rs.54357.20 lakhs with provision for diminution in
 carrying value provided for Rs.30000.00 lakhs, (b) investment in
 Redeemable Nonconvertible Debentures of subsidiary company of
 Rs.24832.00 lakhs, and (c) Note 13 in notes to the financial statements
 with regard to Unsecured Loans to subsidiary companies of net of
 provision Rs.3650.09 lakhs. The management is of the view that
 considering the market value of the assets, present value of
 investments and expected cash flows from the business of these
 subsidiary companies and the expected development of projects, the
 provision already made are adequate (Note 24.9) which describes the
 uncertainty related to the outcome of future events. Our opinion is not
 qualified in respect of these matters.
 
 Report on Other LegaI and ReguIatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order), as amended, issued by the Central Government of India, in terms
 of sub-section (4A) of Section 227 of the Act, we give in the Annexure,
 a statement on the matters specified in paragraphs 4 and 5 of the
 Order.
 
 2. As required by section 227(3) of the Act, we report that:
 
 a. We have 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 the 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 referred to
 sub-section (3C) of Section 211 of the Act;
 
 e. On the basis of written representation received from the Directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014, from being
 appointed as a director, in terms of clause (g) of sub-section (1) of
 section 274 of the Act &
 
 f. Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the Act,
 nor has it issued any Rules under the said section, prescribing the
 manner in which such cess is to be paid, no cess is due and payable 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 discrepancies noticed on such verification.
 
 c. As per the information and explanation provided to us, substantial
 part of fixed assets have not been disposed off during the year, which
 affects the going concern.
 
 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 are no material
 discrepancies were noticed on physical verification.
 
 3. a. According to the information and explanations given to us, the
 Company has granted, unsecured loans to two subsidiary companies, the
 parties covered in the register maintained under section 301 of the
 Companies Act, 1956. The total amount of outstanding as on the balance
 sheet date is Rs.41730.25 lakhs, out which a sum of Rs.5160.16 lakhs
 has already been provided for. It is also informed to us that these
 advances are interest free and recoverable on demand and therefor the
 other clause related to terms and conditions of loans, receipt of
 principal and overdue amounts are not applicable.
 
 b. According to the information and explanations given to us, the
 Company has taken unsecured interest free loans from two subsidiary
 companies, the parties covered in the register maintained under section
 301 of the Act. It is informed that these loans are repayable on demand
 and total outstanding as on the balance sheet date is Rs. 4085.61
 lakhs. Therefore the rate of interest, terms and conditions, repayment
 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. a. According to the information and explanations given to us, we are
 of the opinion that the particulars of contracts or arrangements
 referred to in section 301 of the Companies Act, 1956 have been entered
 in the register maintained under that section.
 
 b. In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of such contracts or
 arrangements have been made at prices which are reasonable having
 regard to prevailing market prices at the relevant time.
 
 6. 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 58A, 58AA of the Act and
 any contravention of these provisions for the year under audit are not
 applicable.
 
 7. The Company has an internal audit system commensurate with its size
 and nature of its business.
 
 8. 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 clause (d)
 of sub-section (1) of Section 209 of the Companies Act, 1956.
 
 9. a. According to the information and explanation given to us, the
 Company is depositing undisputed statutory dues with appropriate
 authorities, like Provident Fund, Investor Education and Protection
 Fund, Employee''s State insurance, Income-tax, Sales-tax, Wealth-tax,
 Service tax, Customs Duty, Excise Duty, Cess, wherever applicable,
 except few delays in depositing Income Tax TDS and Service Tax
 remittances on reverse charge. There are no undisputed Statutory
 outstanding dues as at 31st March 2014 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, Cess which have not been deposited on account of any
 dispute, except the Income Tax demands disputed before the ITAT,
 Chennai for the Asst year 2008-09 Rs.1480.00 lakhs.
 
 10. In our opinion and according to the information and explanation
 given to us, the accumulated loss the Company as at the end of the
 financial year is more than 50% of its networth. The Company has not
 incurred cash losses during the financial year covered by our audit and
 the immediately preceding financial year.
 
 11. 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.
 
 12. In our opinion and according to the information and explanations
 given to us, the Company has not granted loans and advances on the
 basis of securities by way of pledge of shares, debentures and other
 securities.
 
 13. In our opinion and according to the information and explanation
 given to us, the Company is not a chit fund or a nidhi / mutual benefit
 fund / society. Therefore, the provision of clause 4 (xiii) of the
 Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable
 to the Company.
 
 14. In our opinion and according to the information and explanation
 given to us, 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 (Auditor''s Report)
 (Amendment) Order, 2004 are not applicable to the Company.
 
 15. In our opinion and according to the information and explanation
 given to us, the Company has given corporate guarantee for loans taken
 by group companies from banks and the terms and conditions whereof are
 not prejudicial to the interest of the company.
 
 16. In our opinion and according to the information and explanation
 given to us, the Company has not obtained any term loans during the
 year.
 
 17. According to the information and explanations given to us and on an
 overall examination of the balance sheet of the Company, we report that
 the no funds raised on short-term basis have been used for long-term
 investment.
 
 18. According to the information and explanation given to us, the
 Company has not made allotment of shares during the year.
 
 19. According to the information and explanation given to us, the
 Company has not issued any debentures during the year and hence
 creation of security for issue of debenture does not arise.
 
 20. According to the information and explanation given to us, the
 Company has not raised money by public issue during the year and
 disclosure of end use of public issue does not arise.
 
 21. 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.
 
                                         for M/s CNGSN & ASSOCIATES
                                              CHARTERED ACCOUNTANTS
                                      Firm Registration No: 004915S
 
 Date : May 28, 2014
 Place : Hyderabad                                             Sd/-
                                                  R.THIRUMALMARUGAN
                                                            Partner
                                              Membership No: 200102
Source : Dion Global Solutions Limited
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