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Praveg Communications (India) Ltd.

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Oct 14, 16:00
132.45 8.10 (6.51%)
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16,217
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    124.35

  • Open Price

    129.95

  • Bid Price (Qty.)

    132.45 (27)

  • Offer Price (Qty.)

    133.05 (149)

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Dec 27, 11:22
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Praveg Communications (India) Limited is not listed on NSE

Annual Report

For Year :
2015 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

I have audited the accompanying standalone financial statements of SWORD AND SHIELD PHARMA LTD, which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and 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 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 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 My responsibility is to express an opinion on these standalone financial statements based on my audit. I 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. I conducted my audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that i 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion on the standalone financial statements. Opinion In my opinion and to the best of my information and according to the explanations given to me. 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 31 March 2015 and its profit 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, I 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, I report that (a) I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purposes of my audit. (b) In my opinion proper books of account as required by law have been kept by the Company so far as it appears from my 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 my 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; (e) On the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f) In my opinion, the Company has adequate internal financial controls systems in place which also operates effectively; (g) 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 my opinion and to the best of my information and according to the explanations given to me : (i) The Company does not have any pending litigations which would impact its financial position , (ii) , The Company did not have an long - term contracts including derivative contracts for which there were any material foreseeable losses. (iii). The Company did not have any fund requiring to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT The Annexure referred to in my Independent Auditors'' Report to the members of SWORD AND SHIELD PHARMA LTD on the standalone financial statements for the year ended 31 March 2015, I report that as follows 1. In respect of its fixed assets:- (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to me, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in my opinion is reasonable, having regard to the size of the Company and nature of its assets No material discrepancies were noticed on such physical verification 2. In respect of its inventories - (a) As explained to me, inventories have been physically verified by the management at reasonable regular intervals during the year (b) In my opinion and according to the information and explanation given to me, the procedure 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) The Company has maintained proper records of inventories. As explained to me, there were no material discrepancies noticed on physical verification of inventories as compared to the book records. 3, Loans to Parties Covered Section 189 of the Companies Act,2013 :- The Company has not granted any secured or unsecured loans to Companies Firms or other parties covered in the register maintained under Section 189 of the Companies Act ,2013. Therefore, no further comment is required 4. Internal Control In my opinion and according to the information and explanation given to me there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods{ There were no sale of services ). During the course of my audit I have not observed any continuing failure to correct major weakness in internal control system of the Company. 5 Acceptance of Public Deposits During the year under audit, the Company has not accepted deposits. Consequently, the directive issued by the Reserve Bank of India and the provisions of sections 73 to 76 of the Companies Act along with other relevant provisions of the Companies Act and rules framed thereunder does not become applicable. Besides, as informed to me, no Order of CLB/NCLT/RBI /any Court /other tribunal has been made so far. Therefore no comment has been made by me. 6. Maintenance of Cost records - I have been informed that the Central Government has not prescribed maintenance of Cost records under Section 148(1) of the Companies Act , 2013 . Therefore, no comments are required to be made . 7. In respect of statutory dues :- (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 taxless and any other statutory dues , as may be applicable have been generally regularly deposited with the appropriate authorities excepted with regard to provident fund. (b) As informed to me, there are no disputed statutory dues , which have not been deposited on account of matters pending before appropriate authorities. (c) As per the records of the Company, there is no amount which is required to transferred to Investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 ( 1 of 1956 ) and rules made thereunder. Therefore no comment is required thereon. 8 Erosion of Net Worth The accumulated losses of the Company at the end of the financial year are not less than Fifty percent of its net worth. The Company has not incurred cash losses in the current financial year, however it has incurred cash losses in the immediately preceding financial year. 9. Default of Dues of banks or financial institutions or debenture holders :- As per the records of the Company, there were no dues to a financial institution or bank or debenture holders Therefore no comments are required thereon, 10. Guarantees given for loans taken by others As informed to me. the Company has not given any guarantee for loans taken by others from bank or financial institutions. Therefore, no comments are required to be made thereon 11. End use of Term Loans - There were no terms loans during the year except loans taken from directorsuals without any written agreement Therefore, no comments are required to be made 12. .Frauds noticed or reported To the best of my knowledge and according to the information and explanations given to me, no fraud on the Company or by the Company has been noticed or reported during the year Therefore, no comments are required to be made, For, JANAK SONI & ASSOCIATES CHARTERED ACCOUNTANTS F.R.No. 121405W Place : Ahmedabad C.A. Janakkumar S.Soni (Proprietor) Date : 30th May,2015 M. No.110003