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Pan India Corporation Ltd.

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Jan 24, 16:00
0.19 0.00 (0.00%)
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3,829
10-Day
2,876
30-Day
6,244
5,000
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Pan India Corporation is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying standalone financial statements of PAN INDIA CORPORATION 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 the significant accounting policies and other explanatory information. 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 and presentation 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 Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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. Auditor''s 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 there under. 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. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 profit/loss and its cash flows for the year ended on that date. 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 The Paragraph 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 Purposes Of Our Audit. (B) 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. (C) 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. (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 Companies (Accounts) Rules, 2014. (E) 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. (F) With Respect To The Other Matters To Be Included In The Auditor''s Report In Accordance With Rule 11of The Companies (Audit And Auditors) Rules, 2014, In Our Opinion And To The Best Of Our Information And According To The Explanations Given To Us: i. The company has disclosed the impact of pending litigation on its financial position in its financial statements-Refer Note 18 to the financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. The Annexure referred to in paragraph 1 under the heading of Report on other Legal and Regulatory Requirements of Our Report of even date to the members of PAN INDIA CORPORATION LIMITED. On the accounts of the company for the year ended 31st March, 2015. On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: 1. A. The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. B. As explained to us, the fixed assets have been physically verified by the management during the year, which in our opinion is reasonable. 2. a. As informed to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b. The procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. c. As informed to us, the company has maintained proper records of inventory. No material discrepancies were noticed on such verification. 3. The Company has not granted any loans to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods & services. During the course of our audit, we have not observed any major weaknesses in internal controls. 5. The company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 73 to 76 or any other relevant provision of the Companies Act,2013 and rules made there under. Hence, the clause (v) of the order is not applicable. 6. We have been informed that the Central government has not prescribed maintenance of cost records under section 148 (1) of the Companies Act, 2013. 7. 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, Duty of Customs, Duty of Excise, Value Added Tax, Cess and any other statutory dues to the extent applicable have been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2015 for a period of more than six months from the date of becoming payable except Name of the Statue Nature of Dues Amount Period to which amount relates CompaniesAct, R.O.C Fees Amount Financial Year 1956 unascertained 2009-10 Value Added Tax, Cess which have not been deposited on account of any dispute. c. There is no amount which is required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013(1 of 2013) and rules made there under. 8. The accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash loss during the financial year covered by our audit and there was cash loss in the immediately preceding financial year. 9. Based on our audit procedures and on the basis of information''s and explanations given by the management, the Company has not taken any loans from any financial institution, bank or debenture holders, so there is no question of default in repayment; 10. As explained by the management, company has not given guarantee for loans taken by other from banks or financial institutions. 11. According to the information and explanations given to us, the Company has not taken any term loan.Accordingly, the provisions of the clause (xi) of the said Order are not applicable to the Company. 12. As explained to us, no fraud on or by the Company has been noticed or reported during the year. Accordingly, provisions of the clause (xii) of the said Order are not applicable to the Company. For J.KUMAR & ASSOCIATES Chartered Accountants Sd/- JITENDRA KUMAR (PROP.) Place: New Delhi Membership No. 073856 Dated: 28.05.2015 FRN NO. 016917N