Mar 31, 2015
1. We have audited the accompanying standalone financial statements of CAPTAIN POLYPLAST LIMITED., which comprise the Balance Sheet as at 31st March, 2015, I he Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting polices and other explanatory information.
Management's Responsibility for the Financial Statements
2 The Company's Board of Director is responsible for the matters stated in Section 134(5) of the Companies Act. 2013 ("the Act") with respect to the preparations of these standalone financial statements that give a true and fair view of the financial position and financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, marketing judgments and estimate that are reasonable and prurient and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for insuring the accuracy and completeness of the accounting records, rglevani 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.
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit,
4 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.
5. We have 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 matenal misstatements.
6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements, The procedures selected depend on the auditors judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the auditor considers internal control relevant to the Companys preparation of the financial statement that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's directors, as well as evalulling the Overall presentation Of the financial statements.
7. We befieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on I he financial statement.
8. in our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted In India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015.
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date
(c) in the case of the Cash Flow Statement, of the cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirement
9. As required by the Companies (Auditor's Report) Order, 2015 (" the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure a statement on the mailers specified in paragraph 3 and 4 of the Order, to the extent applicable.
10. As required by Section 143(3) of the Act. we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheel, the Profit and Loss Statement, and the Cash Flow statement deal with by this Report are in agreement with the books of account.
d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representation received from the directors as on March. 2015. taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor's Report in accordance with the Rule 11 of the Companies (Audit and Auditors) Rule 2014, in our opinion and to the best of our information and according to the explanations given to us .
(i) The Company has disclosed the impect or pending litigation on its financial position in its financial statements - Refer Note 27 to the financial statement
(ii) The Company has no material foreseeable losses on long term contract that required provision.
(iii) The Company has no amount that required to be transferred to the Investor Education and Protection Fund.
(i) (a) The company has generally maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) As explained to us, the fixed assets have bean physically verified by the management at toe year end and no material discrepancies were noticed on such verification.
(ii) (a] The inventories have been, physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the management ;s reasonable and adequate in relation to tha size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as explained to us, no material discrepancies were noticed on physical verification of inventory as compared to the books records
(iii) (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Companies Acl.
(b) in view of our comment given in Clause (iii)(a) above, the provisions of Clause 3(iii)(b) of the CARO 2015 are not applicable to the Company.
(c) in view of our comment given m Clause (iii)(a) above, the provisions of Clause 3(iii)(c) of the CARO 2015 are not applicable to toe Company.
(iv) tn our opinion and according to the information andi explanations given to us, there exists an adequate internal control system com mens urate with the size of the Company end the nature of Its business, tor purchase of inventory and fixed assets and for the safe of goods and services. During the course of our audit, we have nor observed anv continuing failure to correct major weakness in internal control system
(v) The Company has not accepted any deposits from public during the year. Therefore, the Clause 3 (v) of the CARO 2015 are not applicable to the Company.
(vi) We have been informed by the management that the maintenance of cost records has not been specified by the Centra! Government under section 148(1) of the Companies Ad.
(vii) (a) According to the records, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Income-lax, Sales Tax, Wealth Tax, Service Tax, Duty of Custom, Duly of Excise. Value Added Tax, Cess and any other statutory dues with the appropriate authorities..
(b) There is no undisputed amounts payable in respect of Income-tax, Service Tax, Excise Duty, Custom Duty Provident Fund and any other material statutory dues in arrears as at 31-03-15 for a period of more than six months from the date they became payable,
(c) Details of income-tax and Excise Duty which have nol been deposited as on 31-03-2015 on account of dispute are given below . -
Nature of the Nature of the Forum where the Statute dues dispute is pending
Income-tax Penalty proceed- Income-tax Appellate Act, 1961 lng u/s.27l(1)(c) Tribunal for concealment of Income
Induns-tax Disallowance of CIT(A)-IV Act, 1961 Sales Rajkot Commission Exp.
income-tax (i) Disallowance CIT(A)-IV Act, 1961 of SaLes Rajkot Commission Exp. (ii) Disallowance Deduction u/s. 80UB
Income-tax (1) disallowance income-tax Appellate Act 1961 of Sales Tribunal Commission Exp. (ii) Addition u/s. 68 of the Act
income-tax (i) Disallowance Income-tax Appellate Act, 1961 of Sales Tribunal Commission Exp. (ii) Addition u/s 66 of the Act.
Income-tax (i) Disallowance CIT(A)-IV Act, 1961 of employee Rajkot
Excise Act. Central Excise First/Sacond 1944 Appellate Tribunal
Nature of the Period to Amount Statute which the involved amount Rupees relates
Income-tax A. Y. 2605-06 603793 Act, 1961
Induns-tax A. Y. 2007-113 475670 Act, 1961
income-tax A. Y. 2008-09 1003800 Act, 1961
Income-tax A. Y. 2009-10 4392530 Act 1961
income-tax A, Y 2010-11 3859320 Act, 1961
Income-tax A. Y. 2012-13 30474 Act, 1961
Excise Act. F Y. 2009-10 1640000 1944
(viii) The Company does not have accumulated losses at the end of the financial year The Company has nol incurred cash losses during the year covered by the audit and in the immediately preceding financial year,
(ix) Based on our audit procedures and according to the information and explanations given to us we are of the opinion that the Company has nol defaulted in repayment of dues to financial institutions or banks.
(xj According to the information and explanations given to us, the Company has not given any guarantee or loans taken by others from banks or financial institutions. Therefore, the provisions of Clause 3((x) of the CARO, 2015 are not applicable to the Company.
(xi) Based on our audit procedures and according to the information and explanations given to os. wo are of the opinion that term loans raised have been applied for the purpose for which the loans were obtained
(xxi) To the best of our knowledge and belief and according to the information and explanations given to us. no fraud on or by the Company noticed or reported during the year.
FOR P. GHAN5HYAM & CO, Chartered Accountants Firm Reg. No. 103153W
(G. L Kathrotia) Place : Rajkot Proprietor Date : 30th May, 2015 Memb. No. 32424