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Praveg Communications (India) Ltd.

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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

1. We have audited the attached Balance Sheet of Sword & Shield Pharma Limited, Ahmedabad as at 31st March-2008, and also the Profit & Loss Account for the year ended on mat date annexed thereto. These financial statements are the responsibility of Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we palan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence support- ing the amounts and disclosures in accounting principles used and significant estimates made by mangement, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we enclose herewith in the Annexure, the statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the company. 4. Further to our comments in the Annexure referred to above, Subject to Note No. as mentioned below of Significant accounting Policies and Notes on Accounts Also, read our previous years report for repetitative queires : Note No. 2(5) of Notes on Accounts regarding Depreciation providing on Land & Building. Note No. 2(11)-5-Annexure-1 of Notes on Accounts regarding Preliminery Exp. We report that : (i) 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. (ii) In our opinion proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books. (iii) The Balace Sheet and Profit & Loss Account and cash flow statement dealt with by this report are in agreement with be books of accounts. (iv) On the basis of the written representation from the directors taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2008 from being appointed as a director under section 274(1) (g) of the Companies Act, 1956. (v) In our opinion the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with this report comply with the accounting standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956. (vi) In our opinion and to the best of our information and as per expalanation given to us, the said accounts read with notes thereon, give the information required by the Companies, Act, 1956 in the manner as required and give a true and fair view. (a) In the case of Balance sheet of the state of affairs of the Company as at 31st March, 2008. (b) In the case of Profit & Loss Account of the Profit for the year ended on that date. (c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.. ANNEXURE TO THE AUDITORS REPORT to the members of SWORD & SHIELD PHARMA LTD. (Referred to in paragraph (3) of our report of even date) On the basis of the information and explanations furnished to us and the books and records examined by us in the normal course of Audit and to the best of our knowledge and belief in our opinion, we further report that: 1. (a) We are informed that the records of the company pertaining to quantitative details and location of fixed assets are maintained. (b) The company has aregular programm of physical verification of its fiexed assets which in our goinion and is reasonable haveing regard to the size of the company and nature of its assets. In accordance with the programme, assets are verification, management during the year we are intormed that no material discrepancies were noticed on such verification. (c) During the year, the company has not disposed off substantial part of its fixed assets. 2. (a) As expalined to us, inventories have been physically verified during the year at the end of the year by the management. In our opinion, looking to the size of the company and contraol of management over the affairs, the frequency of verification is reasonable. (b) The procedures, as explained to us, which have been implemented by the management for physical verification of inventories, are, in our opinion, reasonable and adequate in relation to the size of the company and nature of its business. (c) On the basic of our examination of the inventory records of the company, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification of inventory as compared to book records. 3. In respect of loans, secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956 (a) The company has not granted loans, secured or unsecured, to any party covered in the Register maintained under Section 301 of the Companies Act, 1956. Therefore requirements to clauses 4(iii) (a), (b), (c) and (d) of the Comapny (Auditiors Report) Order, 2003 are not applicable to the company. (b) The company has taken interest free unsecured loans upto the date of this balance sheet aggregating to Rs. 280467/- (previous year Rs. 280467/-) from the directors of the company listed in the register maintained under section 301 of the Companies Act, 1956. (c) The loans obtained are without any stipulation of interest and installment. (d) The principal amount of such loans accepted by the company is payable on demand. (e) There is no overdue amount of such loan taken from the aforesaid entities. 4. In our opinion and according to me information and explanations given to us, having regard to the expla- nation that some of the items purchased are of special nature and suitable alternative sources do not exist for obtaining comparable quotations, there are adequate internal control procedures commensurate with the size of the comapny and nature of its business with regard to the purchase of fixed assets, job charges and for the sale of goods and services, During the course of our audit, we have not observed any continuing failure to correct the weaknesses in the internal controls. There is no major weakness in the internal control procedures. 5. In respect of the transactions entered in the register maintained under section 301 of the Companies Act, 1956. (a) In our opinion, the transcations that need to be entered into the Register maintained under Section 301 of the Companies Act, 1956, have been entered as required by the provisions of the said 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 entered in the register maintained under section 301 of the Companies Act, 1956 and aggreagating during the year to Rs. 5,00,000/- or more in respect of any party, have not been made. 6. In our opinion and according to information and explanations given to us and on the basis of our exami- nation of books, the company has not accepted any deposit from public as defined under Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit rules), 1975. 7. In our opinion and according to the information and explanation given to us, there is adequate internal control procedure commensurate with the size of the comapny and nature of its business for the purchase of materials, plant & machinery, equipments and other assets and for the sale of goods, In our opinion, the nature of companys activities and prevailing internal controls are such that it does not require an internal audit system. 8. (a) The Company is generally regular in depositing with appropriate authorities current undisputed statu- tory dues including Income Tax, Sales Tax, Fringe Benefit Tax, Excise Duty, Service Tax, Provident Fund, ESIC, Investors Education and Protection Fund; and other relevant statutory dues as applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of aforesaid statutory dues were in arrears, as at 31st March, 2008 for the period of more than six months from the date they became payable. (c) According to information explanation given to us there are no dues of Income Tax, Fringe Benefit Tax, Sales Tax, Services Duty and other relevant statutory dues which have not been deposited on account of any dispute. 9. The company does not have accumulated losses exceeding fifty percent of its net worth as at 31st March, 2008 and has not incurred any cash losses during the current financial year covered by our audit, and the immediately preceding financial year. 10. Based on our audit procedures and on the basis of the information and explanations given to us by the management, we are of the opinion that the company has not defaulted in the repayment of dues to the bank. Company has not obtained any borrowing by way of debentures. 11. According to the information and explanations given to us, the comapny has not granted any loans and advances on the basis of. security by way of pledge of shares, debentures and other securities. 12. According to information and explanations given to us, the company has not given any guarantee for loans taken by others form banks and / or financial institutions : 13. The Company has not taken any term loans during the year. 14. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the comapny, we report that the funds raised on short term basis have, prima facie, not been used for long term investments. 15. During the year, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. 16. According to the information and explanations given to us, the company has not issued any debentures during the year. 17. The copany has not raised any money by way of public issue during the year. 18. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year. 19. In our opinion and according to the information and explanations given to us, the nature of the copanys business / activities during the year are such that clauses; 4(viii) Maintenance of cost records. 4(xiii) Provisions of any special statute applicable to chit fund. 4(xiv) Dealing or trading in shares, securites, debentures and other investments. of Company (auditors Report) Order, 2003 are not appliable to the company. For, SOMPURA & ASSOCIATES Chartered Accountants Sd/- Place : Ahmedabad (M. M. Sompura) Date : 20/8/2008 Proprietor (M. No. 105061)