Moneycontrol
Get App
SENSEX NIFTY
you are here:

Photoquip (India) Ltd.

BSE: 526588 | NSE: | Series: | ISIN: INE813B01016 | SECTOR: Consumer Goods - Electronic

BSE Live

Apr 01, 16:00
9.14 -0.48 (-4.99%)
Volume
AVERAGE VOLUME
5-Day
150
10-Day
250
30-Day
225
184
  • Prev. Close

    9.62

  • Open Price

    9.14

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

(%)
Volume
No Data Available
  • Prev. Close

  • Open Price

  • Bid Price (Qty.)

    ()

  • Offer Price (Qty.)

    ()

Photoquip (India) 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 financial statements of PHOTOQUIP INDIA LTD. (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 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 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 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 pr esentation 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 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 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 Companies Act, 2013, we give in the Annexure astatement on the matters specified in paragraph 3 and 4 of the order. 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 11 of 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 litigations as at 31st March, 2015 on its financial position in its financial statements - Refer Note 29 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 under the applicable law or accounting standards. iii. 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 (Referred to in Paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements section of our report of even date) (i) (a)The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets; (b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification. (ii) In respect of its inventories, (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. (b) In our opinion and according to information and explanation 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 according to information and explanation given to us, the Company has maintained proper records of inventory. The discrepancies noticed on verification between physical stocks and book records were not material; (iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. Therefore, Provision of Clause (iii) (b) of the said order is not applicable to the Company. However company had granted the interest free unsecured deposits for leased premises taken by Company of Rs.68,71,156/- and advances of Rs.12,61,618/- for Capital Assets to concern in which Directors are interested. (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 with regard to purchase of inventories and fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. (v) The Company has not accepted any deposits from the public within the meaning of section 73 to 76 of the Act and rules framed there under. (vi) In our opinion and according to the information and explanations given to us, the requirement for maintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules, 2014 specified by the Central Government of India under Section 148 of the Companies Act, 2013 are not applicable to the Company for the year under audit. (vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax/ Value Added Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and material statutory dues wherever applicable have generally been regularly deposited during the year by the Company with the appropriate authorities. Further, According to the information and explanations given to us, no such undisputed amounts payable were in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, details of dues towards Income Tax, and Sales Tax including Value Added Tax which have not been deposited by the Company on account of disputes are as follows: Statement of Disputed Dues Name of Nature of Amount Period to the the Dues (in Rs) which amount Statute relates Sales Tax 3,49,620 A.Y. 2002-03 Bombay Sales Tax Sales Tax 10,75,138 A.Y. 2001-02 Act, 1959 Sales Tax 7,85,185 A.Y. 2000-01 Income Tax Act, Income 49 00 228 AY 2006-07 1961. Tax Name of Nature of Forum where disPute is the the Dues pending Statute Sales Tax Assistant Commissioner of Bombay Sales Tax, Mumbai Sales Tax Act, 1959 Sales Tax Assistant Commissioner of Sales Tax, Mumbai Sales Tax Assistant Commissioner of Sales Tax, Mumbai Income Tax Act, Income Tax Commissioner of Income Tax 1961. - (Appeals) According to the information and expanations given to us, there are no dues of wealth tax, Excise Duty, Service Tax, Customs Duty and Cess which have not been deposited with the appropriate authorities on account of any dispute. (c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. (viii) The Company does not have any accumulated loss at the end of the financial year. It has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a bank or financial institutions. Further, in our opinion and according to information and explanations given to us, the Company did not have any outstanding debenture holders during the year. (x) According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution. (xi) In our opinion and according to the information and explanations given to us, the term loans taken by the Company has been applied for the purpose for which it was obtained. (xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instances of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management. For Mayank Shah & Associates Chartered Accountants Firm Registration No: 106109W F.S. SHAH Ahmedabad Partner May 30, 2015 Membership No. 133589