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Precision Containeurs Ltd.

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Oct 22, 16:00
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6,650
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Dec 27, 11:22
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Precision Containeurs 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 financial statements of PRECISION CONTAINEURS 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 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 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. AUDITORS'' 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. 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 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 exercise of power conferred by sub section (11) of the companies Act 2013, We give in the Annexure a statement 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 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 explanation given to us : i. In our opinion, the Company has disclosed the impact for all pending litigations on its financial position in its financial statements. ii. In our opinion, the Company has made all provisions, as required by law or accounting standards, for foreseeable losses on long term contracts including derivative contracts. iii. There were no amounts which were required to be transferred to the investors Education And Protection Fund by the company. THE ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE OUR REPORT OF EVEN DATE TO THE MEMBERS OF PRECISION CONTAINEURS LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2015 1. (a) The Company has maintained Proper Records showing Full Particulars including Quantitative Details and situation of Fixed Assets. (b) All the assets have been physically verified by the Management during the year and there is a Regular Program of Verification which, in our opinion, is Reasonable having regard to the size of the Company and the nature of its Fixed Assets. No material discrepancies were noticed on such verification. 2. According to the information and explanation given to us the inventory was Nil 3. The Company has granted Un-secured loans to parties covered in the register maintained under section 189 of the Companies Act, 2013. (a) There are no covenants, so we are not able to comment about repayment, the rate of interest and other terms and conditions of loans given by the company. 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 with regard to the Purchases of Inventory, Fixed Assets and Sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in Internal Controls. 5. The Company has not accepted any Deposits from the Public. 6. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 148 of the Act, & contingently the clause is not applicable to the company. 7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities though there has been a delay in a few cases. According to the information and explanations given to us there were no outstanding statutory dues as on 31 st of March, 2015 for a period of more than six months from the date they became payable. Sr. Name of the Nature Period Amount No. Statue (Rs.) 1 Services Tax Service Tax 2013-14 168,336 & 2014-15 3 Notified Area Notified Area Prior years 54,129 Vapi Vapi 4 Sales Tax CST Prior to 2014 240,500 VAT Prior to 2014 77 7 Income Tax TDS 2014-2015 12,090 (b) In our opinion, the company is not in dispute in regards to amount deposited on account of income tax or wealth tax or service tax or duty of customs or duty of excise or cess. 8. The accumulated loss at the end of Financial year are more than 50% of the net worth and has incurred cash losses during the financial year covered by our audit & immediately preceding the financial year. 9. According to the information and explanation given to us, the Company has defaulted in repayment of dues to financial institutions, banks and debenture holders. Further we informed that these amounts are outstanding for a long period and exact length of period cannot be ascertained. Sr. Name of the Principal Interest Total No. financial Institution (Rs.) (Rs.) (Rs.) 1 GSFC Term 40,926,838 63,921,388 104,848,226 Loan 2 Term Loan IDBI 133,500,000 61,370,076 194,870,076 3 Non Conv. 30,000,000 24,093,375 54,093,374 Debenture - IDBI The company has in Principle received an approval from IDBI and GSFC for One Time Settlement of all its Dues at Rs. 886.90 lacs against which a Cumulative sum of Rs 755.38 Lacs has been paid. And the same is shown net in the financial. 10. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution. 11. The Company has utilized the loan for the purpose for which it was raised. 12. 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 KAKARIA & ASSOCIATES Chartered Accountants Firm Regn. No.: 104558W (Kakaria Ujwal K.) Place : Mumbai Partner Date : 08/08/2015 Membership No.: 35416