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PTL Enterprises Ltd.

BSE: 509220 | NSE: PTL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE034D01031 | SECTOR: Tyres

BSE Live

Sep 21, 14:51
46.50 -0.10 (-0.21%)
Volume
AVERAGE VOLUME
5-Day
9,152
10-Day
6,619
30-Day
10,626
3,205
  • Prev. Close

    46.60

  • Open Price

    46.70

  • Bid Price (Qty.)

    46.40 (100)

  • Offer Price (Qty.)

    46.50 (4)

NSE Live

Sep 21, 14:52
46.40 -0.20 (-0.43%)
Volume
AVERAGE VOLUME
5-Day
48,898
10-Day
42,513
30-Day
73,280
17,011
  • Prev. Close

    46.60

  • Open Price

    47.00

  • Bid Price (Qty.)

    46.40 (556)

  • Offer Price (Qty.)

    46.50 (47)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of PTL Enterprises Ltd., as at 31st March 2010 along with the annexed Profit and Loss Account and the annexed Cash flow statement of the Company for the year ended on that date. These financial statements are the responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan 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 supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We report as follows: I. As required by the Companies (Auditors Report) Order, 2003, issued by the Department of Company Affairs, in terms of Section 227 (4A) of the Indian Companys Act, 1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the annexure a statement on the matters specified in the paragraphs 4 and 5 of the said order. II. Further to our comments in the annexure referred to in paragraph I above; 1. 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; 2. 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 the books; 3. The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this Report are in agreement with the books of account; 4. In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement of the Company dealt with by this report, read with the notes and significant Accounting Policies, comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companys Act, 1956; 5. On the basis of written representations received from the Directors and taken on record by the Board of Directors we report that none of the directors of the company is, prima facie, as at 31st March, 2010 disqualified from being appointed as directors of the Company under clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956; 6. In our opinion and to the best of our information and according to the explanations given to us, the accounts, read with the notes and significant accounting policies thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date, and c) in the case of the Cash flow statement, of the cash flows for the year ended on that date. Annexure referred to in paragraph-l of the Auditors Report to the members of PTL Enterprises Ltd. on the accounts for the year ended 31stMarch, 2010 i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. (b) Verification of Fixed Assets is being conducted by the management, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. As explained to us, no discrepancies noticed on such verification. (c) As the Company has disposed off an insignificant part of the fixed assets during the year, paragraph 4 (i) (c) of the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the Order) is not applicable. ii) (a) At the year end, as explained, 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 record of inventories, we are of the opinion that, the Company is maintaining proper records of inventories. As explained to us, no discrepancies noticed on physical verification of inventories as compared to book records. iii) (a) According to the information and explanations given to us, the Company has taken unsecured loans from a Company covered in the register maintained under Section 301 of the Companies Act, 1956 and maximum amount involved in the transactions was to the tune of Rs. 558.88 lacs. (b) The rate of interest and other terms and conditions on which loans taken by the Company, as explained, are prima facie not prejudicial to the interest of the Company. (c) The payment of principal amount and interest, wherever applicable, are also regular. (d) There is no overdue amount of loans taken from Company listed in the register maintained u/s 301 of the Companies Act, 1956. iv) 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 purchases of fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the underlying internal controls. v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lacs in respect of any party during the year, as explained, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi) The Company has not accepted any chargeable deposit from the public during the year. vii) In our opinion, the Company has an internal audit review system commensurate with its size and nature of its business. viii) The Department of Company Affairs vide its File No. 52/366/CAB-89 Dated 2nd June 2009 had exempted PTL Enterprises Ltd. from the requirement of Cost Audit for the year 2008-09 subject to the condition that cost audit report of Apollo Tyres Ltd. for the financial year 2008-09 should also cover the reporting of this Companys unit and as explained to us an application has to be made requesting for an extension of exemption for the year 2009-10 in view of status quo of lease of factory to Apollo Tyres Ltd. ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investors education protection fund, employees state insurance, income tax , professional tax and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax and Cess were in arrears at the year end for a period of more than six months from the date they became payable. (c) According to the records of the Company and information and explanations given to us, there are dues of Income tax and sales tax aggregating to Rs. 391.73 Lacs, which have not been deposited on account of various disputes in appeal, the details of which are as under read with notes to accounts vide Note No. B.1 of schedule 10. Name of the Nature of Amount (Lacs) Forum where Period to which Statute Dues 2009-10 Dispute is current year amount pending relates Sales Disputed 117.12 High Court 1987-88 to 1993-94 Tax Demands 19.31 Sales Tax 1995-96 1.13 Tribunal 1998-99 137.56 -do- Income Disputed (11.58) High Court AY 2002-03 Tax Demands (0.43) -do- AY 2003-04 100.75 ITAT AY 2004-05 22.80 Comm. ofl.Tax AY 2005-06 30.19 -do- AY 2006-07 119.87 -do- AY 2007-08 (7.43) -do- AY 2008-09 254.17 x) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the financial years covered by our audit and immediately preceding financial year. xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of term loan dues to banks as at the balance sheet date. xii) As Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, paragraph 4 (xii) of the Order is not applicable. xiii) As the Company is not a chit fund / nidhi/ mutual benefit funds / society to which the provisions of special statute relating to chit fund are applicable, paragraph 4 (xiii) of the Order is not applicable. xiv) As the Company is not dealing or trading in shares, securities, debentures and other investments, paragraph 4 (xiv) of the Order is not applicable. xv) The Company is continuing its charge created on its assets for term loan taken by its wholly owned sub- subsidiary company Artemis Medicare Services Private Ltd. during the year 2006-2007 and as explained, it is not prejudicial to the interest of the Company. xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company was applied for the purpose for which these loans were raised. xvii) As the Company has, during the year, not raised any funds on short term basis, paragraph 4 (xvii) of the Order is not applicable. xviii) As the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act, paragraph 4 (xviii) of the Order is not applicable. xix) As the Company has not issued any debentures, paragraph 4 (xix) of the Order is not applicable. xx) During the year, since the Company has not raised money by way of public issue, paragraph 4 (xx) of the Order is not applicable. xxi) Based upon the audit procedures performed along with information and explanations given by the management, we report that, no fraud on or by the Company has been noticed during the course of our audit for the year under report. FOR AND ON BEHALF OF H.N. MEHTAASSOCIATES Chartered Accountants Sd/- Kiran Pancholi Dated: 28th May, 2010 Partner Place: Mumbai (Membership No. 33218) (FirmRegn. No. 106219W)