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PMC Fincorp Ltd.

BSE: 534060 Sector: Financials
NSE: N.A. ISIN Code: INE793G01035
BSE 00:00 | 24 Apr 2020 PMC Fincorp Ltd
NSE 05:30 | 01 Jan 1970 PMC Fincorp Ltd

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OPEN 0.28
PREVIOUS CLOSE 0.29
VOLUME 215956
52-Week high 0.50
52-Week low 0.16
P/E
Mkt Cap.(Rs cr) 14
Buy Price 0.30
Buy Qty 99.00
Sell Price 0.28
Sell Qty 8836.00
OPEN 0.28
CLOSE 0.29
VOLUME 215956
52-Week high 0.50
52-Week low 0.16
P/E
Mkt Cap.(Rs cr) 14
Buy Price 0.30
Buy Qty 99.00
Sell Price 0.28
Sell Qty 8836.00

PMC Fincorp Ltd. (PMCFINCORP) - Auditors Report


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Company auditors report

To the Members of

PMC Fincorp Limited

Report on Financial Statements

We have audited the accompanying financial statements of M/s PMC Fincorp Limitedwhich comprise the Balance Sheet as at March 31 2019 and the Statement of Profit andLoss and Cash Flow Statement for the year then ended and a summary of significantaccounting 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) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material mis-statement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2019; b) in the case of the Profit and LossAccount of the profit for the year ended on that date; and c) in the case of Cash FlowStatement of the 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 ofthe Act we give in the Annexure - A a statement on the matters Specified inparagraphs 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 bestof 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 theCompany so far as appears from our examination of those books

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and Companies (Accounting Standards) amendment Rules 2016;

e) On the basis of written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms ofSection 164(2) of the Act.

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure - B"; and

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i) The Company does not have any pending litigations which would impact its financialposition in its financial statements;

ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses if any on long term contractsincluding derivative contracts;

iii) There were some amounts are required to be transferred by the Company to theInvestor Education and Protection Fund. Transfer of funds is in under process by theCompany.

For SUNIL K. GUPTA & ASSOCIATES
Chartered Accountants
Firm Registration No.002154N
Place : New Delhi (CA MAHESH CHANDRA AGARWAL)
Dated : 30.05.2019 Partner
M.No. 088025

ANNEXURE - A TO THE AUDITORS' REPORT

[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'of our Report of even date to the members of PMC Fincorp Limited on the accounts ofthe company for the year ended 31st March 2019] On the basis of such checks as weconsidered appropriate and according to the information and Explanations given to usduring the course of our audit we report that:

(i) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us the fixed assets have been physically verified by the managementduring the year and no material discrepancies were noticed on such physical verification.

(ii) In respect of its inventory:

a) The inventories have been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company has maintained proper records of inventories. As per the information andexplanation given to us no material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the Register maintained under Section 189 of theCompanies Act 2013; and therefore paragraph 3(iii) of the Order is not applicable.

(iv) In our opinion and according to the information & explanations given to usthere are no loans investments guarantees and securities granted in respect of whichprovisions of section 185 & 186 of the companies act 2013 are applicable and hence notcommented upon.

(v) The company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained the Central Government has notprescribed maintenance of cost records under sub-section (1) of Section 148 of the Actfor the products & services of the company.

Therefore in our opinion the provisions of clause 3(vi) of the prder are notapplicable to the company.

(vii) The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Income Tax Service Tax and othermaterial statutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Income-tax Service Tax and other undisputedstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable.

(viii) Based on our audit procedures performed for the purpose of reporting the true& fair view of the financial statements and according to the information andexplanations given by the management we are of the opinion that the Company has notdefaulted in the repayment of dues to financial institutions Banks Debenture holders orgovernment.

(ix) Based on our audit procedures performed for the purpose of reporting the true& fair view of the financial statements and according to the information andexplanations given by the management and on an overall examination of the Balance sheetwe report that monies raised by way of debt instruments in the nature of debentures andcommercial papers were applied for the purposes for which they were raised.

(x) Based on our audit procedures performed for the purpose of reporting the true &fair view of the financial statements and according to the information and explanationsgiven by the management and on an overall examination of the Balance sheet we report thatno fraud on or by the officers and employees of the company has been noticed or reportedduring the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the notes to the financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has made preferential allotment of shares topromoters of the company during the year.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.

(xvi) According to the information and explanations given to us we report that theCompany has registered as required under section 45-IA of the Reserve Bank of India Act1934.

For SUNIL K. GUPTA & ASSOCIATES
Chartered Accountants
Firm Registration No.002154N
Place : New Delhi (CA MAHESH CHANDRA AGARWAL)
Dated : 30.05.2019 Partner
M.No. 088025

ANNEXURE - B TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PMCFincorp Limited ("the Company") as of 31st March 2019 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SUNIL K. GUPTA & ASSOCIATES
Chartered Accountants
Firm Registration No.002154N
Place : New Delhi (CA MAHESH CHANDRA AGARWAL)
Dated : 30.05.2019 Partner
M.No. 088025


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