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Updated:14 Oct, 2019, 15:44 PM IST

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Updated:14 Oct, 2019, 16:01 PM IST



Report on the Financial Statements

We have audited the accompanying financial statements of PEACOCK INDUSTRIES LIMITED ("the company"),which comprise the Balance Sheet as at 31 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.

Auditor's 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.

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.


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;

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

b) in the case of the Statement of Profit and Loss, 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.

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 Companies Act,2013 we give in the Annexure a statement on the matters specified in paragraphs 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 appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the 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 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 included in the Auditor's Report in accordance with Rule 11 of the Companies (audit and Auditors) Rules ,2014 and to our 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 to Note 30 to the financial statements;

ii. The Company did not have any long–term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investors Education and Protection Fund by the Company.

Annexure to the Independent Auditors Report of even date to the members of PEACOCK INDUSTRIES LIMITED, on the financial statement for the year ended on 31" March 2015.

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the company and taking in to consideration the information an explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

1) (a) The Company has maintained proper records showing full particulars,, including quantitative details and situation of its fixed assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

2) (a) As explained to us that the inventory has been physically verified during the year by management. In our opinion the frequency of verification is reasonable.

b). In our opinion, the procedure of physical verification Of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

(c) In our opinion the company is maintaining proper records of inventory, no material discrepancies were noticed on physical verification of the inventory.

3) The Company has not granted loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 189of the Companies Act, 2013

4) In our opinion and according to the information and explanations given to us during the course of the audit, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to , purchase of inventory, fixed assets and with regard to the sale of goods. There is no major weakness in internal control system.

5) The Company has not accepted any deposits, the directions issued by the Reserve Bank Of India and the provisions of section 73 to 76 or any other relevant provisions of the companies Act and rules framed there under are not applicable.

6) The Central government has not prescribed the maintenance of the cost records under section 148 (1) of the Act for any of the products of the company.

7) (a) The undisputed statutory dues generally have been regularly deposited with appropriate authorities. And We are informed that no amount were out standing as at 31 st March,2015 towards undisputed statutory dues in respect of income tax, sales tax ,wealth tax, custom Duty, excise duty, cess for a period of more than six months from the date they become payable.

(b) We are informed that the followings were outstanding as at 31 st March 2015 towards disputed statutory dues:–

c) We are informed that no amount is required to be transferred to investor education and protection fund in accordance with relevant provisions of the Companies Act 1956 ( I of 1956) and rules made there under.

8) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered under our audit and during the immediately proceeding financial year.

9) In our opinion and according to the information’s and explanation given to us ,the company has not defaulted in repayment of dues to a financial institution, bank.

10) We are informed that company has not given any guarantee for loans taken by others from bank or financial institution.

11) The Company has not taken term loans during the year.

12) According to information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.


Chartered Accountants

Firm Reg. No. FRN003324C



Membership No. 400920


Date : 30.05.2015