Moneycontrol
Get App
SENSEX NIFTY
you are here:

Prima Industries Ltd.

BSE Live

Jan 03, 16:00
8.80 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
10
10-Day
36
30-Day
193
1
  • Prev. Close

    8.80

  • Open Price

    8.80

  • 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.)

    ()

Prima Industries 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 Prima Industries 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 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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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 thereunder. 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. Our responsibility is to express an opinion on these standalone financial statements based on our audit. An audit involves performing procedures to obtain audit evidence about the amounts and 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 true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 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 31st March, 2015, and its loss and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor''s Report) Order, 2015 (''the Order''), issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. As required by Section 143 (3) of the Act, we report that: 1 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. 2 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. 3 The company does not have any branches and so provisions of section 143 (8) are not applicable to the company. 4 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. 5 In our 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. 6 There are no observations or comments on the financial transactions or matters that have an adverse effect on the functioning of the company 7 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. 8 There are no qualification,reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith. 9 The Company does not have any pending litigations which would impact its financial position; 10 The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; 11 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 The Annexure referred to in under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date to the members of Prima Industries Limited on the accounts of the company for the year ended 31st March, 2015 (i) a. The Company has maintained records showing particulars including quantitative details and situation of fixed assets, but the same requires to be updated. b. As explained to us, the fixed assets have been physically verified by the management at reasonable intervals ; no material discrepancies were noticed on such verification. (ii) a. As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. b. In our opinion and according to the information and explanations 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 on the basis of examination of the records, the Company is generally maintaining proper records of its inventory. No material discrepancies were noticed on physical verification of inventory by the management as compared to the book records. (iii) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured to companies, firms, or other parties listed in the register maintained section 189 of the Companies Act. Consequently , the provisions of clauses 3(iii)(a) and 3(iii)(b) of the Order are not applicable to the Company. (iv) In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the Company and nature of its business, for the purchase of inventories and fixed assets and payment for expenses and for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls have been noticed. (v) The Company has not accepted any deposit from public within the meaning of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder. (vi) As per information & explanation given by the management,maintenence of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 148 of the Companies Act and we are of the opinion that prima facie the pre scribed accounts and records have been made and maintained. (vii) (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, customs duty, excise duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the informations and explanations given to us there were no outstanding statutory dues as on 31st March, 2015 for a period of more than six months from the date they became payable. (b) According to the information & explanations given to us,there is no amounts payable in respect of income tax, wealth tax,Service tax, Sales tax,Customs duty & Excise duty which have not been deposited on account of any disputes. (c) According to the information & explanations given to us,there is no amounts payable in respect of income tax, wealth tax,Service tax, Sales tax,Customs duty & Excise duty which have not been deposited on account of any disputes. (viii) The accumulated losses of the Company at the end of the financial year is more than fifty percent of the net worth; but the Company has not incurred cash losses during the current financial year and in the immediately preceding financial year. (ix) According to the information & explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks or debenture holders (x) According to the information & explanations given to us,the Company has, not given any guarantee for loans taken by others from a bank or financial institution. (xi) Based on our audit procedures and on the information given by the management,we report that the Company has not raised any term loans during the year. (xii) Based on the audit procedures performed and the information and explanation given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management. For G.Joseph & Associates Chartered Accountants FRN-006310S P.Rajagopal Place : Cochin Partner Date : 30/05/2015 Membership No .202134