Mar 31, 2014
1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE
LIMITED as at 31st March 2014 and also statement of Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraph 4 and
5 of the said order.
4. Further to our comments in Annexure referred to above, we report
that:
a. 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.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, and statement of Profit and Loss Account dealt
with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet and statement of Profit and Loss
Account dealt with this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of Companies Act, 1956,
to the extent applicable, except as reported in Para (f) to (h)
hereunder:
e. On the basis of written representation received from the directors,
as on 31-3-2014 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2014 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956:
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and other notes thereon, give the
information required by the companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:- i. in the case if
the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2014 ii. in the case of the Statement of Profit and Loss, of the
loss of the Company for the year ended on that date. iii. in the case
of the Cash Flow Statement, of the cash flow for the year ended on 31st
March, 2014.
Annexure to the Auditors'' Report
(Referred to in Paragraph 3 of our Report of even date.)
1. The Company has no fixed assets.
2. The Company does not have any stock or inventory.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b) In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c) In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d) In the absence of any loan granted under section 301 of the Act,
there is no question to recover of such amount and interest.
(e) Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the
Companies (Auditor''s Report) Order (as amended) are not applicable to
this company;
4. According to the information and explanation given to us, there is
generally adequate internal control procedure commensurate with the
size of the Company and nature of its business. During the course of
our audit, we have not observed any continuing failure to correct
weakness in internal controls.
5. The Company has not entered into any transaction covered under
section 297 & 299 of the Companies Act, 1956 and so paragraph 4(v)(a)
and (b) of the Order is not applicable.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public. In
our opinion and according to the information and explanation given to
us, the Company has complied with the provisions of section 58Aand 58AA
and other relevant provisions of the companies Act 1956 and The
Companies (Acceptance of Deposits) Rule, 1975.
7. The Company has neither formal internal audit department nor
internal auditors. However, Company''s control procedure ensures
reasonable internal checking of its financial and other accounts.
8. In our opinion and according to the information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of the Section 209(1) of the
Companies Act,1956, hence the question of reporting under clause
4(viii) of the said Order does not arise.
9. In our opinion and according to the records of the Company, the
Company has no dues towards Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess & other material statutory dues
applicable to it. We have been informed by the Company, provision of
Provident Fund, Employees State Insurance Scheme is not applicable and
also provisions of Investor Education & Protection Fund are not
applicable.
10. According to information & explanations given to us, the Company
has accumulated losses and has also incurred cash losses during the
financial year.
11. According to information & explanations given to us, the Company
has not defaulted in the repayment of dues to financial institution &
Banks. The Company has not borrowed any sums through Debentures.
12. Based on our examination of the records and information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities, the provisions of clause 4(xii) of the
said Order, 2003 is not applicable to the Company.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the said Order, 2003 is not applicable to the Company.
14. In our opinion, the Company is not dealing or trading in shares,
debentures and other investments accordingly, the provision of clause
4(xiv) of the said Order, 2003 is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
Bank or Financial Institutions.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any term loans.
17. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we report that
generally no funds raised on short term basis have been used during the
year for the long term investment.
18. According to the information and explanation given to us, the
Company has not made any preferential allotment of shares.
19. According to the information and explanation given to us, there are
no debentures issued or outstanding during the year.
20. According to the information and explanation given to us, the
Company has not raised any money through public issue during the year;
accordingly paragraph 4(xx) of the said Order is not applicable.
21. According to the information & explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
Audit.
1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE
LIMITED as at 31st March 2014 and also statement of Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraph 4 and
5 of the said order.
4. Further to our comments in Annexure referred to above, we report
that:
a. 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.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, and statement of Profit and Loss Account dealt
with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet and statement of Profit and Loss
Account dealt with this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of Companies Act, 1956,
to the extent applicable, except as reported in Para (f) to (h)
hereunder:
e. On the basis of written representation received from the directors,
as on 31-3-2014 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2014 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956:
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and other notes thereon, give the
information required by the companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:- i. in the case if
the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2014 ii. in the case of the Statement of Profit and Loss, of the
loss of the Company for the year ended on that date. iii. in the case
of the Cash Flow Statement, of the cash flow for the year ended on 31st
March, 2014.
For D M Oza & Associates
Chartered Accountants
Firm Regn. No. : 119407W
D.M. Oza
Proprietor
M. No. : 106993
Date: 30.05.2014
Annexure to the Auditors'' Report
(Referred to in Paragraph 3 of our Report of even date.)
1. The Company has no fixed assets.
2. The Company does not have any stock or inventory.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b) In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c) In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d) In the absence of any loan granted under section 301 of the Act,
there is no question to recover of such amount and interest.
(e) Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the
Companies (Auditor''s Report) Order (as amended) are not applicable to
this company;
4. According to the information and explanation given to us, there is
generally adequate internal control procedure commensurate with the
size of the Company and nature of its business. During the course of
our audit, we have not observed any continuing failure to correct
weakness in internal controls.
5. The Company has not entered into any transaction covered under
section 297 & 299 of the Companies Act, 1956 and so paragraph 4(v)(a)
and (b) of the Order is not applicable.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public. In
our opinion and according to the information and explanation given to
us, the Company has complied with the provisions of section 58Aand 58AA
and other relevant provisions of the companies Act 1956 and The
Companies (Acceptance of Deposits) Rule, 1975.
7. The Company has neither formal internal audit department nor
internal auditors. However, Company''s control procedure ensures
reasonable internal checking of its financial and other accounts.
8. In our opinion and according to the information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of the Section 209(1) of the
Companies Act,1956, hence the question of reporting under clause
4(viii) of the said Order does not arise.
9. In our opinion and according to the records of the Company, the
Company has no dues towards Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess & other material statutory dues
applicable to it. We have been informed by the Company, provision of
Provident Fund, Employees State Insurance Scheme is not applicable and
also provisions of Investor Education & Protection Fund are not
applicable.
10. According to information & explanations given to us, the Company
has accumulated losses and has also incurred cash losses during the
financial year.
11. According to information & explanations given to us, the Company
has not defaulted in the repayment of dues to financial institution &
Banks. The Company has not borrowed any sums through Debentures.
12. Based on our examination of the records and information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities, the provisions of clause 4(xii) of the
said Order, 2003 is not applicable to the Company.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the said Order, 2003 is not applicable to the Company.
14. In our opinion, the Company is not dealing or trading in shares,
debentures and other investments accordingly, the provision of clause
4(xiv) of the said Order, 2003 is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
Bank or Financial Institutions.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any term loans.
17. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we report that
generally no funds raised on short term basis have been used during the
year for the long term investment.
18. According to the information and explanation given to us, the
Company has not made any preferential allotment of shares.
19. According to the information and explanation given to us, there are
no debentures issued or outstanding during the year.
20. According to the information and explanation given to us, the
Company has not raised any money through public issue during the year;
accordingly paragraph 4(xx) of the said Order is not applicable.
21. According to the information & explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
Audit.
1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE
LIMITED as at 31st March 2014 and also statement of Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraph 4 and
5 of the said order.
4. Further to our comments in Annexure referred to above, we report
that:
a. 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.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, and statement of Profit and Loss Account dealt
with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet and statement of Profit and Loss
Account dealt with this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of Companies Act, 1956,
to the extent applicable, except as reported in Para (f) to (h)
hereunder:
e. On the basis of written representation received from the directors,
as on 31-3-2014 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2014 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956:
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and other notes thereon, give the
information required by the companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:- i. in the case if
the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2014 ii. in the case of the Statement of Profit and Loss, of the
loss of the Company for the year ended on that date. iii. in the case
of the Cash Flow Statement, of the cash flow for the year ended on 31st
March, 2014.
Annexure to the Auditors'' Report
(Referred to in Paragraph 3 of our Report of even date.)
1. The Company has no fixed assets.
2. The Company does not have any stock or inventory.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b) In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c) In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d) In the absence of any loan granted under section 301 of the Act,
there is no question to recover of such amount and interest.
(e) Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the
Companies (Auditor''s Report) Order (as amended) are not applicable to
this company;
4. According to the information and explanation given to us, there is
generally adequate internal control procedure commensurate with the
size of the Company and nature of its business. During the course of
our audit, we have not observed any continuing failure to correct
weakness in internal controls.
5. The Company has not entered into any transaction covered under
section 297 & 299 of the Companies Act, 1956 and so paragraph 4(v)(a)
and (b) of the Order is not applicable.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public. In
our opinion and according to the information and explanation given to
us, the Company has complied with the provisions of section 58Aand 58AA
and other relevant provisions of the companies Act 1956 and The
Companies (Acceptance of Deposits) Rule, 1975.
7. The Company has neither formal internal audit department nor
internal auditors. However, Company''s control procedure ensures
reasonable internal checking of its financial and other accounts.
8. In our opinion and according to the information and explanation
given to us, maintenance of cost records has not been prescribed by the
Central Government under clause (d) of the Section 209(1) of the
Companies Act,1956, hence the question of reporting under clause
4(viii) of the said Order does not arise.
9. In our opinion and according to the records of the Company, the
Company has no dues towards Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess & other material statutory dues
applicable to it. We have been informed by the Company, provision of
Provident Fund, Employees State Insurance Scheme is not applicable and
also provisions of Investor Education & Protection Fund are not
applicable.
10. According to information & explanations given to us, the Company
has accumulated losses and has also incurred cash losses during the
financial year.
11. According to information & explanations given to us, the Company
has not defaulted in the repayment of dues to financial institution &
Banks. The Company has not borrowed any sums through Debentures.
12. Based on our examination of the records and information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities, the provisions of clause 4(xii) of the
said Order, 2003 is not applicable to the Company.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the said Order, 2003 is not applicable to the Company.
14. In our opinion, the Company is not dealing or trading in shares,
debentures and other investments accordingly, the provision of clause
4(xiv) of the said Order, 2003 is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from a
Bank or Financial Institutions.
16. In our opinion and according to the information and explanations
given to us, the Company has not obtained any term loans.
17. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the Company, we report that
generally no funds raised on short term basis have been used during the
year for the long term investment.
18. According to the information and explanation given to us, the
Company has not made any preferential allotment of shares.
19. According to the information and explanation given to us, there are
no debentures issued or outstanding during the year.
20. According to the information and explanation given to us, the
Company has not raised any money through public issue during the year;
accordingly paragraph 4(xx) of the said Order is not applicable.
21. According to the information & explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
Audit.
For D M Oza & Associates
Chartered Accountants
Firm Regn. No. : 119407W
D.M. Oza
Proprietor
M. No. : 106993
Date: 30.05.2014
Mar 31, 2013
1. We have audited the attached Balance Sheet of M.P.POLYPROPYLENE
LIMITED as at 31st March 2013 and also statement of Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraph 4 and
5 of the said order.
4. Further to our comments in Annexure referred to above, we report
that:
a. 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.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, and statement of Profit and Loss Account dealt
with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet and statement of Profit and Loss
Account dealt with this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of Companies Act, 1956,
to the extent applicable, except as reported in Para (f) to (h)
hereunder:
e. On the basis of written representation received from the directors,
as on 31-3-2013 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2013 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956:
f. The company has not charged to the Profit and Loss A/c on account
of Gratuity liability, since there were no more employees working
w.e.f. 31.07.2005
g. The management has not certified contingent liabilities as on close
of the financial year. They were unable to provide any detail with
regard to contingent liabilities towards claims against the company not
acknowledged as debt, liability on account of forward exchange
contracts, guarantees given on behalf of constituents (i) in India (ii)
outside India, acceptance, endorsement and other obligations and other
transactions for which the company is contingently liable.
h. We were unable to verify the up to date payment and arrears of any
payment if any, and to the extent of unpaid fee the loss is understated
and liability is also understated.
i. Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, the said
accounts read together with the significant Accounting Policies and
other notes thereon, give the information required by the companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:-
i. in the case if the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013 ii. in the case of the Statement of
Profit and Loss, of the loss of the Company for the year ended on that
date.
Annexure to the Auditors'' Report
(Referred to in Paragraph 3 of our Report of even date.)
1. The Company disposed of all its fixed assets in the year 2011-12.
In our opinion and according to information and explanations furnished
to us, such disposal of assets will not
affect the Going Concern assumption, in case of the Company.
2. As the company does not carry stocks of finished goods, spare parts
and raw materials, reporting requirements under paragraph 4(ii) a,
4(ii)b and 4(ii) (c) are not attracted.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b) In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c) In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d) In the absence of any loan granted under section 301 of the Act,
there is no question to recover of such amount and interest.
(e) Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(e) (f) & (g) of the
Companies (Auditor''s Report) Order (as amended) are not applicable to
this company;
4. The Company has closed down its operations from 31.07.2005 and
therefore there is no adequate internal control system in existence in
the company.
5. (a) According to the information and explanation given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act 1956 have
not been regularly 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, if any has been entered in the register maintained under
section 301 of the Companies Act 1956 which is exceeding the value of
rupees five lakhs in respect of one party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public. In
our opinion and according to the information and explanation given to
us, the Company has complied with the provisions of section 58AA and
other relavant provisions of the companies Act 1956 And the companies
(Acceptance of Deposits) Rule, 1975.
7. In our opinion and according to the information and explanations
given to us , since the activities of the Company remained suspended
w.e.f. 31.07.2005, there does not exists an internal audit system.
8. The maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 is not applicable to the company. So far as all the
activities of the company remain suspended w.e.f. 31.07.2005.
9. (a) The old liabilities which were already provided for in previous
year have either been paid off or are taken over by another company.
(b) According to the information and explanation given to us and on the
basis of our examination of the records of the company, we state that
there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess which have not been deposited on account of any
dispute.
10. In our opinion and according to the information and explanation
given to us, the accumulated losses of the company are more than fifty
percent of its net worth. The company has incurred cash losses during
the financial year covered by our audit.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues payable
to financial institutions or banks during the year.
12. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares debentures and other
securities, the provisions of clause 4(xii) of the order are not
applicable to the company.
13. In our opinion, the company is not a chit fund; nidhi or mutual
benefit fund/society, therefore the provision for clause 4(xiii) of the
Companies Order 2003 is not applicable to the company.
14. In our opinion, the company is not dealing in or trading in shares,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Companies (Auditor''s Report)(Amendment) Order, 2003 are
not applicable to the Company.
15. The Company has not certified to us whether it has given guarantees
for loans taken by others from bank or financial institutions,
therefore we cannot comment on the conditions or can form any opinion.
16. In our opinion and according to the information and explanations
given to us, the company took no term loans during the financial year.
17. According to the information and explanations given to us and on
the overall examination of Balance Sheet of the company, we report that
no funds are raised on short -term basis have been used for long term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301 of
the Act.
19. In our opinion and according to the information and explanations
given to us, during the period covered by our audit report the company
has not issued debentures.
20. In our opinion and according to the information and explanations
given to us, the company during the financial year ended 31.3.2013 has
not raised money by a public issue.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year which
is noticed during the course of our audit.
For D M Oza & Associates
Chartered Acountants
Firm Regn. No. : 119407W
D.M. Oza
Proprietor
M. No. : 106993
Date: September 04, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s M.P.POLYPROPYLENE
Ltd as at 31st March 2012 and also statement of Profit & Loss Account
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraph 4 and
5 of the said order.
4. Further to our comments in Annexure referred to above, we report
that:
(a) 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
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, and statement of Profit and Loss Account dealt
with by this report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and statement of Profit and Loss
Account dealt with this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of Companies Act, 1956,
to the extent applicable, except as reported in Para (f) to (h)
hereunder:
(e) On the basis of written representation received from the directors,
as on 31-3-2012 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2012 from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956:
(f) The company has not charged to the Profit and Loss A/c on account
of Gratuity liability, since there were no more employees working
w.e.f. 31.07.2005
(g) The management has not certified contingent liabilities as on close
of the financial year. They were unable to provide any detail with
regard to contingent liabilities towards claims against the company not
acknowledged as debt, liability on account of forward exchange
contracts, guarantees given on behalf of constituents (i) in India (ii)
outside India, acceptance, endorsement and other obligations and other
transactions for which the company is contingently liable.
(h) The Company had defaulted in getting it re listed on the stock
exchange in spite of its claim for having paid the listing fee to
Bombay Stock Exchange. However, we were unable to verify the up to date
payment and arrears of any payment if any, and to the extent of unpaid
fee the loss is understated and liability is also understated.
Company's share at present is not dealt for several years on any Stock
Exchange.
(i) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, the said
accounts read together with the significant Accounting Policies and
other notes thereon, give the information required by the companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in
India:-
i. in the case if the Balance Sheet, of the state of affairs
of the Company as at 31st March, 2012;
ii. in the case of the Statement of Profit and Loss, of the
profit of the Company for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of our Report of even date.)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The Fixed Assets have been physically verified by the Management
during the year and no serious discrepancies between the book records
and the physical inventory have been noticed.
(c) The company has disposed off its fixed assets during the year at
the following sale prices:
Particulars Amt
LAND
Opening Gross Value on 01.04.2011 1236000.00
Less: Gross Depreciation till 31.03.2011 0.00
Less: Sale Value 3600000.00
PROFIT 2364000.00
BUILDING
Opening Gross Value on 01.04.2011 21077986.00
Less: Gross Depreciation till 31.03.2011 8669977.00
Less: Sale Value 36450000.00
PROFIT 24041991.00
PLANT & MACHINERY
Opening Gross Value on 01.04.2011 244874081.00
Less: Gross Depreciation till 31.03.2011 224897109.00
Less: Sale Value 4945525.00
LOSS 15031447.00
INVERTOR
Opening Gross Value on 01.04.2011 31000.00
Less: Gross Depreciation till 31.03.2011 26525.00
Less: Sale Value 4475.00
NO PROFIT/LOSS 0.00
Total Sale Proceeds of Fixed Assets 45000000.00
The assets disposed off during the year were relating to a non
functional factory of the company. In our opinion and according to
information and explanations furnished to us, such disposal of assets
will not affect the Going Concern assumption, in case of the Company.
2. As the company does not carry stocks of finished goods, spare parts
and raw materials, reporting requirements under paragraph 4(ii) a
,4(ii)b and 4(ii) (c) are not attracted.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b) In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c) In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d) In the absence of any loan granted under section 301 of the Act,
there is no question to recover of such amount and interest.
(e) Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(e) & (g) of the Companies
(Auditor's Report) Order (as amended) are not applicable to this
company;
4. The Company has closed down its operations from 31.07.2005 and
therefore there is no internal control system in existence in the
company.
5. (a) According to the information and explanation given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act 1956 have
not been regularly 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 under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of one party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public.
7. So far as the activities of the Company remain suspended w.e.f.
31.07.2005, there do not exist an internal audit system.
8. The maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956 is not applicable to the company. So far as all the
activities of the company remain suspended w.e.f. 31.07.2005.
9. (a) The Company is irregular in depositing with the appropriate
authorities undisputed statutory dues including Income Tax, Sales Tax,
Wealth tax, Custom Duty, Excise duty, cess and other statutory dues
applicable to it. The management has not quantified the exact
liabilities on the balance sheet date. The old liabilities which were
already provided for in previous year have either been paid off or are
taken over by another group company.
(b) According to the information and explanation given to us and on the
basis of our examination of the records of the company, we state that
there are no dues of Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess which have not been deposited on account of any
dispute.
10. In our opinion and according to the information and explanation
given to us, 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 by our audit due to sale of its fixed
assets.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues payable
to financial institutions or banks during the year.
12. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit fund; nidhi or mutual
benefit fund/society, therefore the provision for clause 4(xiii) of the
Companies Order 2003 is not applicable to the company.
14. In our opinion, the company is not dealing in or trading in shares,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Companies (Auditor's Report)(Amendment) Order, 2003 are
not applicable to the Company.
15. The Company has not certified to us whether it has given guarantees
for loans taken by others from bank or financial institutions,
therefore we cannot comment on the conditions or form any opinion.
16. In our opinion and according to the information and explanations
given to us, the company took no term loans during the financial year.
17. According to the information and explanations given to us and on
the overall examination of Balance Sheet of the company, we report that
no funds are raised on short-term basis have been used for long term
investments. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301 of
the Act.
19. In our opinion and according to the information and explanations
given to us, during the period covered by our audit report the company
has not issued debentures.
20. In our opinion and according to the information and explanations
given to us, the company during the financial year ended 31.3.2012 has
not raised money by a public issue.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the year which
is noticed during the course of our audit.
For Jain Chatterjee and Associates
Chartered Accountants
CA Satyajeet Chatterjee
Partner
MMN: 072544 / FRN : 007285 C
Date: 25.08.2012
Place : Raisen
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s M.P.POLYPROPYLENE
Ltd as at 31st March, 2011 and the Profit & Loss Account for the year
ended on that date annexed thereto. These financial statements are
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclosed in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in Annexure referred above, we report that:
(a) 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:
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books of the company.
(c) The Balance Sheet, and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (30) of section 211 of Companies Act,1956, to the extent
applicable, except as reported in Para (f) to (h) hereunder:
(e) On the basis of written representation received from the directors,
as on 31-3- 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2011 from
being appointed as director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act,1956:
(f) As indicated in Note No.1(d) of schedule 9, the company has not
charged to the Profit and Loss A/c on account of Gratuity liability.
This is not in compliance with Accounting Standard (AS)- 15
"Accounting for treatment Benefits in the Financial Statements of
Employers" issued by the Institute of Chartered Accountants of India.
In the absence of any actuarial valuation in respect of the above, the
amount of unprovided liability toward these could not be quantified and
ascertained reasonably.
(g) As indicated in Note No. 3 (b) of schedule 9, the management has
not certified contingent liabilities as on close of the financial year.
They were unable to provide any detail with regard to contingent
liabilities towards claim against the company not acknowledged as debt,
liability on account of forward exchange contracts, guarantees given on
behalf of constituents (i) in India (ii) outside India, acceptance,
endorsement and other obligations and other transactions for which the
company is contingently liable
(h) As indicated in Note No.12 of Schedule 9, the Company had defaulted
in getting it relisted on the stock exchange in spite of its claim for
having paid the listing fee to Bombay Stock Exchange. However, we were
unable to verify the up to date payment and arrears of any payment if
any, and to the extent of unpaid fee the loss is understated and
liability is also understated. Company's share at present is not
dealt for several years on any Stock Exchange.
(g) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, they said
accounts read together with notes thereon, give the information
required by the companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:-
(i) in the case if the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
(iii) in the case of the Cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 3 of our report of even date, to the members
of M.P Polypropylene Limited on the financial statements for the year
ended 31st March 2011.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The Fixed Assets have been physically verified by the Management
during the year and no serious discrepancies between the book records
and the physical inventory have been noticed.
(c) The company has disposed off nothing during the year.
2. As the company does not carry stocks of finished goods, spare parts
and raw materials, reporting requirements under paragraph 4(A)
(iii),4(A) (iv),4(A) (v) and 4(A) (vi) are not attracted.
3. a. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
b. In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
c. In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
d. No overdue principal or interest amount is due from any party over
Rupees One Lakh, under the provisions of section 301 of the Companies
Act 1956;
e. The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the register maintained
under section 301 of the Act;
f. Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(f) & (g) of the Companies
(Auditor's Report)(Amendment) Order are not applicable to company;
4. The Company has closed down its operations from 31.07.05. There was
no purchase of inventory or purchase of fixed assets or sale of goods
during the relevant previous year.
5. (a) According to the information and explanation given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act 1956 have
not been regularly so entered.
(b) In our opinion and according to the information and explanations
given to us, no transactions were made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of
any party during the year have been made at prices which are not
reasonable having regard to prevailing market prices at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public.
7. So far as the activities of the company remain suspended w.e.f.
31.07.05, there does not exist an internal audit system. The
maintenance of cost accounts under section 209 (1) (d) of the Companies
Act,1956 has not been prescribed by appropriate authorities.
8. (a)The Company is irregular in depositing with the appropriate
authorities undisputed statutory dues including Income Tax , Sales Tax,
Wealth tax, Custom Duty, Excise duty, Cess and other statutory dues
applicable to it.
(b) According to the information and explanation given to us and the
records of the company examined by us , there are no dues of Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not
been deposited on account of any dispute.
9. In our opinion and according to the information and explanation
given to us, the accumulated losses of the company are more than fifty
percent of its net worth. The company has incurred cash losses during
the financial year covered by our audit due to payment of expenses.
10. In our opinion and according to the information and explanations
given to us, the company has defaulted in repayment of dues payable to
financial institutions or banks during the year.
11. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares debentures and other
securities.
12. In our opinion, the company is not a chit fund, nidhi or mutual
benefit fund/society, therefore the provision for clause 4(xiii) of the
Companies Order 2003 are not applicable to the company.
13. In our opinion, the company is not dealing in or trading in
shares, debentures and other investments. Accordingly the provisions of
clause 4(xiv) of the Companies (Auditor's Report)(Amendment) Order,
2003 are not applicable to the Company .
14. The Company has not certified to us whether it has given
guarantees for loans taken by others from bank or financial
institutions, therefore we cannot comment on the conditions or form any
opinion.
15. In our opinion and according to the information and explanations
given to us, no term loans were taken by the company during the
financial year.
16. According to the information and explanations given to us and on
the overall examination of Balance Sheet of the company, we report that
no funds raised on short -term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
17. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301 of
the Act.
18. In our opinion and according to the information and explanations
given to us, during the period covered by our audit report the company
has not issued debentures.
19. In our opinion and according to the information and explanations
given to us, the company during the financial year ended 31.3.2011 has
not raised money by a public issue.
20. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Jain Chatterjee and Associates
Chartered Accountants
Date: May 20, 2011 Satyajeet Chatterjee
Place: Dist :Raisen Partner
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s M.P.POLYPROPYLENE
Ltd as at 31st March, 2010 and the Profit & Loss Account for the year
ended on that date annexed thereto. These financial statements are
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclosed in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in Annexure referred above, we report that:
(a) 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:
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books of the company.
(c) The Balance Sheet, and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (30) of section 211 of Companies Act,1956, to the extent
applicable, except as reported in Para (f) to (h) hereunder:
(e) On the basis of written representation received from the directors,
as on 31-3- 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2010 from
being appointed as director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act,1956:
f) The company has not charged to the Profit and Loss A/c on account of
Gratuity liability. This is not in compliance with AS-15 (Revised)
"Accounting for retirement Benefits in the Financial Statements of
Employers" issued by the Institute of Chartered Accountants of India.
In the absence of any actuarial valuation in respect of the above, the
amount of unprovided liability towards these could not be quantified
and ascertained reasonably.
(g) As indicated in Note No.3(b) of schedule 9, the management has not
certified contingent liabilities as on close of the financial year.
They were unable to provide any detail with regard to contingent
liabilities towards claims against the company not acknowledged as
debts, liability on account of forward exchange contracts, guarantees
given on behalf of constituents (i) in India (ii) outside India,
acceptance, endorsement and other obligations and other transactions
for which the company is contingently liable.
(h) As indicated in Note No.10 of Schedule 9, the Company had defaulted
in getting it relisted on the stock exchange in spite of its claim for
having paid the listing fee to Bombay Stock Exchange. However, we were
unable to verify the up to date payment and arrears of any payment if
any, and to the extent of unpaid fee the loss is understated and
liability is also understated. Company's share at present is not
dealt for several years on any Stock Exchange.
(i) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, they said
accounts read together with notes thereon, give the information
required by the companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:-
(i) in the case if the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 3 of our report of even date, to the members
of M.P Polypropylene Limited on the financial statements for the year
ended 31st March 2010.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) The Fixed Assets have been physically verified by the Management
during the year and no serious discrepancies between the book records
and the physical inventory have been noticed.
(c) The company has not disposed off any fixed assets during the year.
2. Since the company has shut down its operations from 31st July 2005,
reporting requirements regarding stock of finished goods, spare parts
and raw materials under paragraph 4(A) (iii),4(A) (iv),4(A) (v) and
4(A) (vi) are not attracted.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b)In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c)In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d)No overdue principal or interest amount is due from any party over
Rupees One Lakh, under the provisions of section 301 of the Companies
Act 1956;
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(f)Since the company has not taken any loan covered under section 301
of the Act, the provisions of clause 4(iii)(f) & (g) of the Companies
(Auditor's Report)(Amendment) Order are not applicable to company;
4. The Company has closed down its operations from 31.07.05. There was
no purchase of inventory or purchase of fixed assets or sale of goods
during the relevant previous year.
5. (a) According to the information and explanation given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act 1956 have
not been regularly so entered.
(b) In our opinion and according to the information and explanations
given to us, no transactions were made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of
any party during the year have been made at prices which are not
reasonable having regard to prevailing market prices at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public.
7. So far as the activities of the company remain suspended w.e.f.
31.07.05, there does not exist an internal audit system.
8. The maintenance of cost accounts under section 209 (1) (d) of the
Companies Act,1956 has not been prescribed by appropriate authorities.
9. (a)The Company is irregular in depositing with the appropriate
authorities undisputed statutory dues including Income Tax , Sales Tax,
Wealth tax, Custom Duty, Excise duty, Cess and other statutory dues
applicable to it.
(b) According to the information and explanation given to us and the
records of the company examined by us , there are no dues of Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not
been deposited on account of any dispute.
10. In our opinion and according to the information and explanation
given to us, the accumulated losses of the company are more than fifty
percent of its net worth. The company has incurred cash losses during
the financial year covered by our audit due to payment of expenses.
11. In our opinion and according to the information and explanations
given to us, the company has defaulted in repayment of dues payable to
financial institutions or banks. This status persists since previous
years.
12. In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of shares debentures and other
securities.
13. In our opinion, the company is not a chit fund, nidhi or mutual
benefit fund/society, therefore the provision for clause 4(xiii) of the
Companies Order 2003 are not applicable to the company.
14. In our opinion, the company is not dealing in or trading in
shares, debentures and other investments. Accordingly the provisions
of clause 4(xiv) of the Companies (Auditor's Report)(Amendment)
Order, 2003 are not applicable to the Company .
15. The Company has not certified to us whether it has given
guarantees for loans taken by others from bank or financial
institutions, therefore we cannot comment on the conditions or form any
opinion
16. In our opinion and according to the information and explanations
given to us, no term loans were taken by the company during the
financial year.
17. According to the information and explanations given to us and on
the overall examination of Balance Sheet of the company, we report that
no funds raised on short -term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301 of
the Act.
19. In our opinion and according to the information and explanations
given to us, during the period covered by our audit report the company
has not issued debentures.
20. In our opinion and according to the information and explanations
given to us, the company during the financial year ended 31.3.2010 has
not raised money by a public issue.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Jain Chatterjee and Associates
Chartered Accountants
Date: August 12, 2010 Satyajeet Chatterjee
Place: Dist: Raisen Partner
Mar 31, 2009
1) We have audited the attached Balance Sheet of M/s M. P.
POLYPROPYLENE Ltd as at 31st March, 2009 and the Profit & Loss Account
for the year ended on that date annexed thereto. These financial
statements are responsibility of the company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2) 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of sub-section (4A) of section 227
of the Companies Act, 1956, we enclosed in the Annexure a statement on
the matters specified in paragraph 4 and 5 of the said order.
4) Further to our comments in Annexure referred above, we report that:
a. 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.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books of the company.
c. The Balance Sheet, and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (30) of section 211 of Companies Act, 1956, to the extent
applicable, except as reported in Para (f) to (h) hereunder
e. On the basis of written representation received from the directors,
as on 31-3- 2009 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31.3.2009 from
being appointed as director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act,1956
(f) The company has not charged to the Profit and Loss A/c on account
Of Gratuity liability. This is not in compliance with AS-15 (Revised)
"Accounting for retirement Benefits in the Financial Statements of
Employers " issued by the Institute of Chartered Accountants of
India. In the absence of any actuarial valuation in respect of the
above, the amount of unprovoked liability towards these could not be
quantified and ascertained reasonably.
(g) As indicated in Note No.3(b) of schedule 9, the management has not
outside India, acceptance, endorsement and other obligations and other
transactions for which the company is contingently liable.
(h) As indicated in Note No. 10 of Schedule 9, the Company had
defaulted in getting it relisted on the stock exchange inspire of its
claim for having paid the listing fee to Bombay Stock Exchange.
However, we were unable to verify the up to date payment and arrears
of certified contingent liabilities as on close of the financial
year. They were unable to provide any detail with regard to
contingent liabilities towards claims against the company not
acknowledged as debts, liability on account forward exchange
contracts, guarantees given on behalf of constituents ft) in India (ii)
any payment if any, and to the extent of unpaid fee the loss is
understated and liability is also understated. Company's share at
present is not dealt for several years on any Stock Exchange.
(i) Subject to the foregoing, in our opinion and to the best of our
information and according to the explanations given to us, they said
accounts read together with notes thereon, give the information
required by the companies Act, 1956, in the manner so required and give
a true and , fair view in conformity with the accounting principles
generally accepted in India:-
(i) in the case if the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
(ii) in the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 3 of our report of even date, to the members
of M.P Polypropylene Limited on the financial statements for the year
ended 31st March 2009
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation obits fixed
assets.
(b) The Fixed Assets have been physically verified by the Management
during the year and no serious discrepancies between the book records
and the physical inventory have been noticed.
(c) The company has not disposed off any fixed assets during the year.
2. Since the company has shut down its operations from 31st July 2005,
reporting requirements regarding stock of finished goods, spare parts
and raw materials under paragraph 4(A) (iii),
4(A) (iv), 4(A) (v) and 4(A) (vi) are not attracted.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(b) In the absence of any loan granted under section 301 of the Act the
conditions of loans and interest are not applicable to company;
(c) In the absence of any loan granted under section 301 of the Act the
question of repayment of principal amount and interest does not arise;
(d)No overdue principal or interest amount is due from any party over
Rupees One Laky, under the provisions of section 301 of the Companies
Act 1956;
(e) The Company has not taken any loans, secured or unsecured from
Companies, firms or other parties covered in the register maintained
under section 301 of the Act;
(f) Since the company has not taken any loan covered under section 301
Of the Act, the provisions of clause 4(iiiX) & (g) of the Companies
(Auditor's Report Amendment) Order are not applicable to company;
4. The Company has closed down its operations from 31.07.05. There was
no purchase of inventory or purchase of fixed assets or sale of goods
during the relevant previous year.
5. (a) According to the information and explanation given to us we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act 1956 have
not been regularly so entered.
(b) In our opinion and according to the information and explanations
given to us, no transactions were made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of
any party during the year have been made at prices which are not
reasonable having regard to prevailing market prices at the relevant
time.
(6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit from public.
(7) So far as the activities of the company remain suspended w.e.f.
31.07.05, there does not exist an internal audit system.
(8) The maintenance of cost accounts under section 209 (1) (d) of the
Companies Act,1956 has not been prescribed by appropriate authorities.
(9) (a)The Company is irregular in depositing with the appropriate
authorities undisputed statutory dues including Income Tax , Sales Tax,
Wealth tax, Custom Duty, Excise duty, Cess and other statutory dues
applicable to it.
(b) According to the information and explanation given to us and the
records of the company examined by us , there are no dues of Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess which have not
been deposited on account of any dispute.
(10) In our opinion and according to the information and explanation
given to us, the accumulated losses of the company are more than fifty
percent of its net worth. The company has incurred cash losses during
the financial year covered by our audit due to payment of expenses.
(11) In our opinion and according to the information and explanations
given to us, the company has defaulted in repayment of dues payable to
financial institutions or banks. This status persists since previous
years.
(12) In our opinion and according to the information and explanations
given to us, the company has not granted any loans and advances on the
basis of security by way of pledge of snares debentures and other
securities.
(13) In our opinion, the company is not a chit fund, nidhi or mutual
benefit fund/society, therefore the provision for clause 4(xiii) of the
Companies Order 2003 are not applicable to the company.
(14) In our opinion, the company is not dealing in or trading in
shares, debentures and other investments. Accordingly the provisions of
clause 4(xiv) of the Companies (Auditor's Report)(Amendment) Order,
2003 are not applicable to the Company .
(15) The Company has not certified to us whether it has given
guarantees for loans taken by others from bank or financial
institutions, therefore we cannot comment on the conditions or form any
opinion.
(16) In our opinion and according to the information and explanations
given to us, no term loans were taken by the company during the
financial year.
(17) According to the information and explanations given to us and on
the overall examination of Balance Sheet of the company, we report that
no funds raised on short -term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
(18) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 301
ofthe Act.
(19) In our opinion and according to the information and explanations
given to us, during the period covered by our audit report the company
has not issued debentures.
(20) In our opinion and according to the information and explanations
given to us, the company during the financial year ended 31.3.2009 has
not raised money by a public issue.
(21) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Jain Chatteijee and Associates
Chartered Accountants
Date: July 12, 2009 Satyajeet Chatterjee
Place: Dist Raisen Partner