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Priya Ltd.

BSE Live

Jul 29, 16:00
7.93 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
95
10-Day
162
30-Day
476
13
  • Prev. Close

    7.93

  • Open Price

    7.56

  • Bid Price (Qty.)

    7.93 (87)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
1.00 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    1.00

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Priya is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

Report on the Financial Statements We have audited the accompanying standalone financial statements of PRIYA LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and 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 stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation 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 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 standalone 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. 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 an adequate internal financial controls system over financial reporting in place 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 Board of 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 standalone 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 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, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the order, to the extent applicable. 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 purpose of our audit; b. In our opinion, proper books of account as required by law have been kept by the Company so far as 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 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. 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 on its financial position in its financial statements - Refer Note No.19 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; and iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company. Annexure referred to in paragraph titled as Report on other legal and regulatory requirement of Auditor''s report to the members of Priya Limited for the year ended on 31st March, 2015. On the basis of the records produced to us for our verification / perusal, such checks as we considered appropriate, and in terms of information and explanation given to us on our enquiries, we state that: (i) (a) The company is maintaining the proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets of the Company are physically verified by the Management according to a phased programme designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and discrepancies noticed between the book records and the physical inventories were not material and have been properly dealt with in the accounts. (ii) (a) During the year, the inventories have been physically verified by the management. In our opinion, the frequency of verification is reasonable. (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) On the basis of our examination of the records of inventories, we are of the opinion that the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to the book records were not material and have been properly dealt with in the books of account. (iii) During the year, the Company has not granted any loan, secured or unsecured, to companies, firms and other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Accordingly clause (iii) of the Order is not applicable to the Company. (iv) 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 for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit no continuing failure to correct major weakness in such internal controls system has been observed. (v) The Company has not accepted any deposits from the public during the year. Accordingly, clause 4 (v) of the Order is not applicable to the Company. (vi) The Central Government has not prescribed maintenance of cost records under Section 148 (1) of the Companies Act, 2013, for any of the products of the Company. Accordingly, clause 4 (vi) of the Order is not applicable to the Company. (vii) (a) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Customs Duty, Cess and other statutory dues applicable to it with the appropriate authorities expect undisputed amounts were outstanding at the year end for a period of more than six months from the date they became payable in respect of Works Contract Rs. 1,274, Sales Tax Rs. 210,277 and Income Tax of Rs. 116,437. (b) According to the records of the Company, there are no dues of Excise duty, Wealth Tax, Service Tax, Customs Duty and Cess, which have not been deposited on account of any dispute. The disputed amounts that have not been deposited in respect of Income Tax and sales tax are as under: Name of Statute Nature of Dues Financial Amount Year (Rs.) Income Tax Act, Demand for tax 2010-11 6,83,140 1961 liability Income Tax Act, Demand for tax 2011-12 1,33,480 1961 liability Bihar Finance Demand for 2003-04 to 2,45,182 Act, 1981 Sales Tax 2005-06 Kochi Value Demand for 2006-07 2,728 Added Tax, 2003 Sales Tax Central Sales Demand for 2001-02 to 69,03,551 Tax Act, 1956 Sales Tax 2006-07 West Bengal Demand for 2003-04 to 6,44,322 Sales Tax Act, Sales Tax 2007-08 1954 Name of Statute Forum where dispute is pending Income Tax Act, Commissioner of Income Tax 1961 (Appeal) Income Tax Act, Commissioner of Income Tax 1961 (Appeal) Bihar Finance Deputy Commissioner of Act, 1981 Sales Tax Kochi Value The Intelligence Officer of Added Tax, 2003 Commercial Tax Central Sales Deputy Commissioner of Tax Act, 1956 Commercial Taxes West Bengal Deputy Commissioner of Sales Tax Act, Commercial Taxes 1954 (c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. (viii) The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year. (ix) The Company has not defaulted in repayment of dues to the banks. The Company has not borrowed from the financial institutions and does not have any borrowings by way of debentures. (x) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 3 (x) of the order is not applicable to the Company. (xi) On the basis of our examination of the documents and records and according to the information and explanations given to us, we are of the opinion that term loans have been applied for the purposes for which they were obtained. (xii) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended March 31,2015. For and on behalf of M. L. Bhuwania & Co. Chartered Accountants Firm''s Registration No. 101484W Sd/- Ashish Bairagra Place: Mumbai Partner Date: 26th May, 2015 Membership No.109931