Home  »  Company  »  Jolly Plastics  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Jolly Plastics Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of JOLLY PLASTIC INDUSTRIES LIMITED which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year ended, and a summary of the 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 stated in section 134(5) of the Companies Act' 203 with respect to the preparation of these financial Statements that give a true and fair view of the financial position, financial performance and cash flow 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies ; judgments and estimate that are reasonable and prudent: and design implementation of adequate financial controls, 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 view and 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 there under.

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 assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the 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 statement, 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 a true and fair view in order to design audit procedures that is appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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.

Opinion

In our opinion and to the best of our information and according to the explanations to the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as 31st March, 2015, and its profit/loss and for the ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2013 ("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, to the extent applicable.

Further to our comments in the aforesaid annexure, as required by section 143(3) of the Act, we report that:

1. 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.

2. 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.

3. The Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

4. 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) Rule, 2014.

5. On the basis of the written representations received from the directors is not disqualified as on 31st March, 2015 from being appointed as directors in terms of section 164(2) of the Act.

6. With respect to the other matters to be included in the Auditor's report in accordance with 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:

a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note XX to the financial statements;

b) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts for including derivative contracts –Refer Notes XX to the financial statements;[or the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.]

c) There has been no delay in transferring amounts, required to be transferred, to the investor education and Protection Fund by the Company {or, following are the instances of delay in transferring amounts, required to be transferred, to the investor Education and Protection fund by the Company or there were no amounts which were required to be transferred to the investor Education and Protection Fund by the Company].

Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonable intervals; any material discrepancies were noticed on such verification and if so, the same have been properly dealt with in the books of account;

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management;

(b) The procedures of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) The company has granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so,

(a) receipt of the principal amount and interest arc also regular; and

(b) If overdue amount is more than rupees one lakh, reasonable steps have been taken by the company for recovery of the principal and interest;

(iv) There is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services, there is a continuing failure to correct major weaknesses in internal control system.

(v) In case the company has accepted deposits, the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with.

(vi) Maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, such accounts and records have been made and maintained;

(vii) (a) The company is regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.

(b) In case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).

(c) the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

(viii) In case of a company which has been registered for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and it has incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) The company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(x) The company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

(xi) Term loans were not applied for the purpose for which the loans were obtained;

(xii) No fraud on or by the company has been noticed or reported during the year.

For M/s D. Khurana & Company

CHARTERED ACCOUNTANTS

Firm Reg. No. 022696

Sd-

CA. Deepak Khurana

Place: New Delhi (Partner)

Date: 30/05/2015 M. NO. 512849


Mar 31, 2014

We have audited the accompanying financial statements of JOLLY PLASTIC INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the statement of profit and loss and 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

Management is responsible for 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 standards referred to in sub-section (3c) of section 211 of the companies act, 1956. This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the standards on auditing issued by the institute of chartered accountants of India. 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 control relevant to the company''s preparation and fair presentation of the financial statements 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 management, 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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, 2014;

(b) in the case of the profit and loss account, of the profit/ loss 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, 2003 issued by the central government of India in terms of sub-section (4a) of section 227 of the act, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by section 227(3) of the act, 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 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, 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 balance sheet, statement of profit and loss, and cash flow statement comply with the accounting standards referred to in sub-section (3c) of section 211 of the companies act, 1956;

E. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the board of directors, none of the directors is disqualified as on march 31, 2014, from being appointed as a director in terms clause (g) of sub-section (1) of section 274 of the companies act, 1956.

F. Since the central government has not issued any notification as to the rate at which the cess is to be paid under section 441a of the Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in paragraph 3 of our report of even date,

(i) In respect of its fixed assets:

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

(b) All the assets have been physically verified by the management during the year, which in our opinion is reasonable having regards to the size of the company and the nature of its assets. Physical verification was carried out during the year and no material discrepancies were noticed on such physical verification.

(c) As per information given to us by the management, the company has not disposed off any substantial part of its Fixed Assets during the year and the going concern status of the company is not affected.

(ii) In respect of Inventories:

(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 information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of clause 4(iii) (b), (c) and (d) of the companies (Auditor''s Report) 2003 are not applicable to the company.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956, have so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts/arrangements entered in the register maintained under Section 301 of Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

vi) According to the information and explanations given to us, the company has not accepted any deposits as defined under sections 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii) According to the information and explanations given to us, maintenance of cost records have not been prescribed by the Central Govt. under section 209 (1) (d) of the Companies Act, 1956.

ix) In respect of statutory dues:

a) According to the records of the Company, in our opinion the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employee''s state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it.

b) According to the information and explanations given to us, there are no undisputed amount payable in respect of income tax, sales tax, customs duty, wealth tax and excise duty were outstanding as on 31st March, 2014 for a period of more than six months from the date becoming payable.

(x) The company during the current F.Y has accumulated loss of Rs. 21,31,925 /- , however during the financial year immediately preceding F.Y was Rs. 22,52,499 /-.The companies has not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

(xiv) In respect of shares, securities, debentures and other investments, dealt in or traded by the company, proper records have been maintained in respect of transactions and contracts, and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others, from banks or financial institutions during the year.

(xvi) The Company has not raised any term loans during the current year. Therefore, the provisions of clause (xvi) of paragraph 4 of the Order are not applicable to the Company.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on a short term basis which have been used for long- term investment.

(xviii) 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 Companies Act, 1956 during the year.

(xix) According to the information and explanations given to us, during the year covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised money by way of public issues during the year.

(xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed during the year.



For M/s. D. Khurana & Company

CHARTERED ACCOUNTANTS FIRM REG. NO. 022696N

Sd/- Deepak Khurana Date : 30/05/2014 (Proprietor) Place : New Delhi M. No. 512849


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of JOLLY PLASTIC INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the statement of profit and loss and 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

Management is responsible for 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 standards referred to in sub-section (3c) of section 211 of the companies act, 1956. This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the standards on auditing issued by the institute of chartered accountants of India. 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 control relevant to the company''s preparation and fair presentation of the financial statements 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 management, 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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, 2013;

(b) in the case of the profit and loss account, of the profit/ loss 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, 2003 issued by the central government of India in terms of sub-section (4a) of section 227 of the act, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by section 227(3) of the act, 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 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, 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 balance sheet, statement of profit and loss, and cash -flow statement comply with the accounting standards referred to in sub-section (3c) of section 211 of the companies act, 1956;

E. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the board of directors, none of the directors is disqualified as on march 31, 2013, from being appointed as a director in terms clause (g) of sub-section (1) of section 274 of the companies act, 1956.

F. Since the central government has not issued any notification as to the rate at which the cess is to be paid under section 441 a of the Companies Act, 1956 nor has it issued any rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the company.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in paragraph 3 of our report of even date,

(i) In respect of its fixed assets:

(a) The company has maintained proper records showing full particulars including quantitative details and

- situation of fixed assets on the basis of available information.

(b) All the assets have been physically verified by the management during the year, which in our opinion is reasonable having regards to the size of the company and the nature of its assets. Physical verification was carried out during the year and no material discrepancies were noticed on such physical verification.

(c) As per information given to us by the management, the company has not disposed off any substantial part of its Fixed Assets during the year and the going concern status of the company is not affected.

(ii) In respect of Inventories:

(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 information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of clause 4(iii) (b), (c) and (d) of the companies (Auditor''s Report) 2003 are not applicable to the company.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956, have so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts/arrangements entered in the register maintained under Section 301 of Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

vi) According to the information and explanations given to us, the company has not accepted any deposits as defined under sections 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii) According to the information and explanations given to us, maintenance of cost records have not been prescribed by the Central Govt, under section 209 (1) (d) of the Companies Act, 1956.

ix) In respect of statutory dues:

(a) According to the records of the Company, in our opinion the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employee''s state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no undisputed amount payable in respect of income tax, sales tax, customs duty, wealth tax and excise duty were outstanding as on 31st March 2013 for a period of more than six months from the date becoming payable.

(x) The company during the current F.Y has no accumulated loss, however during the financial year immediately preceeding F.Y. was Rs. 22, 74,971 /-.The companieshas not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

(xiv) In respect of shares, securities, debentures and other investments, dealt in or traded by the company, proper records have been maintained in respect of transactions and contracts, and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others, from banks or financial institutions during the year.

(xvi) The Company has not raised any term loans during the current year. Therefore, the provisions of clause (xvi) of paragraph 4 of the Order are not applicable to the Company.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on a short term basis which have been used for long- term investment.

(xviii) 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 Companies Act, 1956 during the year.

(xix) According to the information and explanations given to us, during the year covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised money by way of public issues during the year.

(xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed during the year.

For M/s. D. Khurana& Company

Chartered Accountants

FIRM REG. NO. 022696N

Sd/-

Deepak Khurana

Date : 30.05.2013 (Proprietor)

Place: New Delhi M. No. 512849


Mar 31, 2012

1. We have audited the attached Balance Sheet of Jolly Plastic Industries Limited as at 31st March 2012, the Statement of Profit and Loss Account and the Cash Flow Statement 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 in-cludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order 2003, 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 paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 account, as required by law, have been kept by the Company, so far as appears from our exami-nation of those books;

c) The Balance Sheet, Statement of Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

d) In our opinion, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in sub-section (3C) of Section 211 of companies Act, 1956;

e) On the basis of written representation received from the Directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 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) In our opinion, and to the best of our information and according to the explanations given to us, the 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 of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

ii) in the case of Statement of Profit & Loss Account, of the profit for the year ended on that date; and

iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 3 of our report of even date, (i) In respect of its fixed assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year, which in our opinion is reasonable having regards to the size of the company and the nature of its assets. Physical verification was carried out during the year and no material discrepancies were noticed.

(c) As per information given to us by the management, the company has not disposed off any substantial part of its Fixed Assets during the year.

(ii) In respect of Inventories:

(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 information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: (a) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of clause 4(iii) (b), (c) and (d) of the companies (Auditor's Report) 2003 are not applicable to the company. iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956, have so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts/arrangements entered in the register maintained under Section 301 of Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

vi) According to the information and explanations given to us, the company has not accepted any deposits as defined under sections 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

viii) According to the information and explanations given to us, maintenance of cost records have not been prescribed by the Central Govt. under section 209 (1) (d) of the Companies Act, 1956.

ix) In respect of statutory dues:

(a) According to the records of the Company, in our opinion the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employee's state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no undisputed amount payable in respect of income tax, sales tax, customs duty, wealth tax and excise duty were outstanding as on 31st March 2012 for a period of more than six months from the date becoming payable.

(x) The company has accumulated losses amounting to Rs. 22,74,971/- as at 31st March 2012. The company has not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

(xiv) In respect of shares, securities, debentures and other investments, dealt in or traded by the company, proper records have been maintained in respect of transactions and contracts, and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others, from banks or financial institutions during the year.

(xvi) The Company has not raised any term loans during the current year. Therefore, the provisions of clause (xvi) of paragraph 4 of the Order are not applicable to the Company.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on a short term basis which have been used for long- term investment.

(xviii) 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 Companies Act, 1956 during the year.

(xix) According to the information and explanations given to us, during the year covered by our audit report, the company has not issued any debentures.

(xx) The company has not raised money by way of public issues during the year.

(xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed during the year.

For: M/s D. KHURANA & Co.

(Chartered Accountants)

FRN. 022696N

Sd/-

Place : New Delhi Deepak Khurana

Dated :1st September, 2012 (Proprietor)

M. No. 512849


Mar 31, 2011

ANNEXURE: (Referred to in paragraph 3 of our audit report of even date)

(i) All the assets have been physically verified by the management during the year, which in our opinion is reasonable having regards to the size of the company and the nature of its assets, Physical verification was carried out during the year and no material discrepancies were noticed

(ii) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(iii) (a) Has the company either granted any loans, secured or unsecured to companies firms or other parties covered in the register maintained under section 301 of the Act, if so, give the number of parties and amount involved in the transaction;

-No-

(b) Whether the rate of interest and other terms and conditions of loans given by the company, secured or unsecured are prima facie prejudicial to the interest of the company;

-N.A.-

(c) Whether payment of the principal amount and interest are also regular;

- N.A.-

(d) If overdue amount is more than one lakh whether reasonable steps have been taken by the company for recovery / payment of the principal and interest;

-N.A.-

(e) Has the company either taken any loans, secured or unsecured from companies firms or other parties covered in the register maintained under section 301 of the Act, if so, give the number of parties and amount involved in the transaction;

-No-

(f) Whether the rate of interest and other terms and conditions of loans taken by the company, secured or unsecured are prima facie prejudicial to the interest of the company;

-N.A.-

(g) Whether payment of the principal amount and interest are also regular.

-N.A.-

(iv) Is there an adequate internal control procedure commensurate with the size of the company and nature of its business, for the purpose of the inventory and fixed assets and for the sale of goods. Whether there is a continuing failure to correct major weakness in internal control;

-Yes, No major weakness-

(v) (a) Whether transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered;

-Yes-

(b) Whether each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time;

-Yes Wherever Applicable-

(This information is required only in case of transactions exceeding the value of five lakh rupees in respect of any party and in any one financial year);

(vi) During the year the company has not accepted any fixed deposits from the public hence the provisions of section 58A and 58AA of the Companies Act, 1956 and the provisions of Non- Banking Companies (Reserve Bank) Directions, 1998 is not applicable.

(vii) In the case of listed companies and or other companies having a paid up capital and reserves exceeding Rs. 50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crore rupees for a period of three consecutive financial year immediately preceding the financial year concerned, whether by the company has as internal audit system commensurate with its size and nature of its business;

-Yes-

(viii) Where maintenance of cost record has been prescribed by the central government under clause (d) of sub section (1) of section 209 of the Act, whether such account and records have been made and maintenance

-N.A.-

(ix) (a) Is the company regular in depositing undisputed statutory dues including Provident Fund, investor Education and Protection Fund, Employee's State insurance, Income Tax, Sale Tax, Wealth Tax, Custom Duty, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six month from the date they become payable, shall be indicated by the auditor;

-Yes-, No arrears of undisputed statutory dues- (b) In case dues of sales tax, Income Tax. Sale Tax, Wealth Tax, Excise Duty / cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending may please be mentioned.

-N.A.- (A mere representation to the department shall not constitute the dispute);

(x) Whether in case of a company which has been registered for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty percent of its net worth and whether it has incurred cash losses in such financial year and in the financial year immediately preceding such financial year. -Accumulated losses of the company are not more than 50% of its net worth.

-The Company has accumulated losses of Rs. 2,598,423.18/- as on 31 J March, 2011 and further it has incurred a cash profit of Rs. 1,585,890.82/- in the financial year ended on that date and the loss of Rs. 23300/- in the immediately preceding financial year.

(xi) Whether the company has defaulted of dues to a financial institution or bank or debenture holders? If yes, the period and amount of default to be reported;

-NO-

(xii) Whether adequate documents and records are maintained in cases where the company has granted loans and advance on the basis of security by way of shares, debentures and other securities; if not, the deficiencies to be

pointed out.

-Yes wherever applicable-

(xiii) Whether the provision of any special statute applicable to chit fund has been duly complied with? In respect of nidhi / mutuai benefit fund / societies:

-N.A.-

(a) Whether the Net - owned funds to deposit liability ratio is more than 1 ;20 as on the date of balance sheet;

-N.A.-

(b) Whether the company has complied with the prudential norms on income recognition and provisioning against sub standard/ default/ loss assets;

-N.A.-

(c) Whether the company has adequate procedures for appraisal of credit proposals/ requests, repayment capacity of the borrower and would be conducive to recovery of the loan amount;

-N.A.-

(d) Whether the repayment schedule of various loans granted by the nidhi is based on the repayment capacity of the borrower.

-N.A.-

(xiv) If the company is dealing or trading in shares, securities, debentures and other investments, whether proper records have been maintained of the transactions and contracts and whether timely entries have been made therein; also Whether the shares, securities, debentures and other securities have been held by the company, in its own name expect to the extent of the exemption, if any, granted under section 49 of the Act:

-N.A.-

(xv) Whether the company has given any guarantee for loan taken by others from bank or financial institutions, the terms and condition where of are prejudicial to the interest of the company;

-N.A.-

(xvi) Whether term loans were applied for the purpose for which the loans where obtained:

-NA.-

(xvii) Whether the funds raised on short terms basis have been used for long term investment and vice versa, the

nature and amount is to be indicated;

-N.A.-

(xviii) Whether the company has made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act, and if so whether the prices at which shares have been issued is prejudicial to the interest of the company;

-N.A.-

(xix) Whether securities have been created in respect of debentures issued?

-N.A.-

(xx) Whether the management has disclosed on the end use of money raised by the public issued and the same

has been verified;

-N.A.-

(xxi) Whether any fraud on or by the company has been noticed or reported during the year; if yes, the nature and the amount involved is to be indicated.

-No fraud noticed or reported-

For: M/s D. KHURANA & Co.

(Chartered Accountants) FRN.022696N

Sd/-

Place : Rajkot-360003 Deepak Khurana

Dated : 31.05.2011 (Proprietor)

M. No. 512849


Mar 31, 2009

1. We have audited the attached Balance Sheet of JOLLY PLASTIC INDUSTRIES LIMITED as at 31st March 2009 and the Profit & Loss Account and also the (cash Flow Statement) 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 the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall 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 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 paragraphs 4 and 5 of the said Order.

4. Further to our comments 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 account as required by the law, have been kept by the company, so far as appears from our examination of such books, (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch auditor's Report(s) have been forwarded to us and have been appropriately dealt with).

C) The Balance Sheet and Profit & Loss A/c dealt with by this report are in agreement with the books of account of the company.

D) In our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Sec. 211 of the Companies Act, 1956.

E) On the basis of written representation received from the directors of the company as on 31.03.2009 and taken on record by the Board of Directors, we report that none of the Directors of the company is disqualified as on 31.03.2009 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 Balance Sheet and Profit & Loss Account read together with the Significant Accounting Policies & 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 of Balance Sheet, of the State of affairs of the company in as at 31st March,2009 and

ii. In case of the Profit & Loss Account, of the Profit 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

(Statement referred to in paragraph 3 of our report of even date)

Re. JOLLY PLASTIC INDUSTRIES LIMITED

1. (a) The Company has maintained fixed assets register showing particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any part of its Fixed Assets.

2. (a) The stock of finished goods, at all locations have been physically verified by the management at reasonable intervals.

(b) In our opinion, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with the books of account.

3. (a) The company has not taken any unsecured loan from its directors and relatives. The company has not granted any loan to any person being the party in the register maintained u/s 301 of the Companies Act 1956.

(b) In our opinion, the rate of interest and other terms and conditions of which loans have been taken from/granted to companies firms, or other parties (Interest received on housing loan to directors) listed in the registered maintained under section 301 of the Companies Act, 1956 are not, prima-facie, prejudicial to the interest of the company.

(c) The parties have repaid the principle amount as stipulated in agreement with company and have been regular in the payment of interest.

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. in our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and other with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained u/s 301 of the Companies Act 1956 have been so entered.

(b) All these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. According to the information and explanations given to us, the Company has neither invited nor accepted any deposits from the public. Hence the Provisions of section 58-A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed There under is not applicable in this case.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. We have been informed that the maintenance of cost records has not been prescribed by the Central Government u/s 209(l)(d) of the Companies Act, 1956.

9. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.03.2009 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of income tax, wealth tax, sales tax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

10. Since the company has accumulated losses of Rs 86.59,196/- during the financial year covered by our audit but the company has incurred a loss or Rs 22,800/- during the financial year as against the loss of Rs 66,456/- during the previous year covered by our audit.

11. In our opinion and according to the information and explanations given to us, the company has not taken any overdraft facility so it has not defaulted in repayment of dues to the bank against bank overdraft facility.

12. The company has not granted any loans or 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 or a nidhi mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading shares, securities, debentures, and other investments. Accordingly provisions of clause 4 (xiv) of the companies (Auditor's Report) Order, 2003 are not applicable to the company.

15.The company has not given any guarantee for loan taken by others from banks or financial institutions.

16. Not applicable

17. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that the 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. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures.

20.The company has not raised any money from public issues during the year.

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

For BAKUL V. GANATRA & Co Chartered Accountants

Place : RAJKOT (CA B.V.Ganatra)

Dated : 18/08/2009 Proprietor M.NO-31813 PANo ACCPG0478L Firm Reg. No:100915W


Mar 31, 2008

1. We have audited the attached Balance Sheet of JOLLY PLASTIC INDUSTRIES LIMITED as at 31st March 2008 and the Profit & Loss Account and also the (cash Flow Statement) 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 the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall 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 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 paragraphs 4 and 5 of the said Order.

4. Further to our comments 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 account as required by the law, have been kept by the company, so far as appears from our examination of such books, (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch auditor's Report(s) have been forwarded to us and have been appropriately dealt with).

C) The Balance Sheet and Profit & Loss A/c dealt with by this report are in agreement with the books of account of the company.

D) In our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Sec. 211 of the Companies Act, 1956.

E) On the basis of written representation received from the directors of the company as on 31.03.2008 and taken on record by the Board of Directors, we report that none of the Directors of the company is disqualified as on 31.03.2008 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 Balance Sheet and Profit & Loss Account read together with the Significant Accounting Policies & 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 of Balance Sheet, of the State of affairs of the company in as at 31st March,2008 and

ii. In case of the Profit & Loss Account, of the Profit 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 (Statement referred to in paragraph 3 of our report of even date) Re. JOLLY PLASTIC INDUSTRIES LIMITED

1. (a) The Company has maintained fixed assets register showing particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any part of its Fixed Assets.

2. (a) The stock of finished goods, at all locations have been physically verified by the management at reasonable intervals.

(b) In our opinion, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with the books of account.

3. (a) The company has not taken any unsecured loan from its directors and relatives. The company has not granted any loan to any person being the party in the register maintained u/s 301 of the Companies Act 1956.

(b) In our opinion, the rate of interest and other terms and conditions of which loans have been taken from/granted to companies firms, or other parties (Interest received on housing loan to directors) listed in the registered maintained under section 301 of the Companies Act, 1956 are not, prima-facie, prejudicial to the interest of the company.

(c) The parties have repaid the principle amount as stipulated in agreement with company and have been regular in the payment of interest.

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and other with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained u/s 301 of the Companies Act 1956 have been so entered.

(b) All these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. According to the information and explanations given to us, the Company has neither invited nor accepted any deposits from the public. Hence the Provisions of section 58-A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed there under is not applicable in this case.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. We have been informed that the maintenance of cost records has not been prescribed by the Central Government u/s 209(l)(d) of the Companies Act, 1956.

9. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.03.2008 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of income tax, wealth tax, sales tax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

10. Since the company has accumulated losses of Rs 85.92,740/- during the financial year covered by our audit but the company has incurred a loss or Rs 66,456/- during the financial year as against the loss of Rs 59,331/- during the previous year covered by our audit.

11. In our opinion and according to the information and explanations given to us, the company has not taken any overdraft facility so it has not defaulted in repayment of dues to the bank against bank overdraft facility.

12.The company has not granted any loans or 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 or a nidhi mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading shares, securities, debentures, and other investments. Accordingly provisions of clause 4 (xiv) of the companies (Auditor's Report) Order, 2003 are not applicable to the company.

15. The company has not given any guarantee for loan taken by others from banks or financial institutions.

16. Not applicable

17. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that the 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. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures.

20. The company has not raised any money from public issues during the year.

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

For BAKUL V. GANATRA &CO. Chartered Accountants

Place : RAJKOT (CA B. V. Ganatra)

Dated : 14/08/2008 Proprietor M.NO-31813 PANO ACCPG0478L Firm Reg. No:100915W


Mar 31, 2007

1. We have audited the attached Balance Sheet of JOLLY PLASTIC INDUSTRIES LIMITED as at 31st March 2007 and the Profit & Loss Account and also the (cash Flow Statement) 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 the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall 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 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 paragraphs 4 and 5 of the said Order.

4. Further to our comments 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 account as required by the law, have been kept by the company, so far as appears from our examination of such books, (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch auditor's Report(s) have been forwarded to us and have been appropriately dealt with).

C) The Balance Sheet and Profit & Loss A/c dealt with by this report are in agreement with the books of account of the company.

D) In our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Sec. 211 of the Companies Act, 1956.

E) On the basis of written representation received from the directors of the company as on 31.03.2007 and taken on record by the Board of Directors, we report that none of the Directors of the company is disqualified as on 31.03.2007 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 Balance Sheet and Profit & Loss Account read together with the Significant Accounting Policies & 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 of Balance Sheet, of the State of affairs of the company in as at 31st March,2007 and

ii. In case of the Profit & Loss Account, of the Profit 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.

1. (a) The Company has maintained fixed assets register showing particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any part of its Fixed Assets.

2. (a) The stock of finished goods, at all locations have been physically verified by the management at reasonable intervals.

(b) In our opinion, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with the books of account.

3. (a) The company has not taken any unsecured loan from its directors and relatives. The company has not granted any loan to any person being the party in the register maintained u/s 301 of the Companies Act 1956.

(b) In our opinion, the rate of interest and other terms and conditions of which loans have been taken from/granted to companies firms, or other parties (Interest received on housing loan to directors) listed in the registered maintained under section 301 of the Companies Act, 1956 are not, prima-facie, prejudicial to the interest of the company.

(c) The parties have repaid the principle amount as stipulated in agreement with company and have been regular in the payment of interest.

(d) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and other with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained u/s 301 of the Companies Act 1956 have been so entered.

(b) All these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. According to the information and explanations given to us, the Company has neither invited nor accepted any deposits from the public. Hence the Provisions of section 58-A and 58 AA of the Companies Act,1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed there under is not applicable in this case.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. We have been informed that the maintenance of cost records has not been prescribed by the Central Government u/s 209(l)(d) of the Companies Act, 1956.

9. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.03.2007 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of income tax, wealth tax, sales tax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

10. Since the company has accumulated losses of Rs 85.33,409/- during the financial year covered by our audit but the company has incurred a loss or Rs 59,331/- during the financial year as against the loss of Rs 35,820/- during the previous year covered by our audit.

11. In our opinion and according to the information and explanations given to us, the company has not taken any overdraft facility so it has not defaulted in repayment of dues to the bank against bank overdraft facility.

12. The company has not granted any loans or 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 or a nidhi mutual benefit fund/society. There for the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading shares, securities, debentures, and other investments. Accordingly provisions of clause 4 (xiv) of the companies (Auditor's Report) Order, 2003 are not applicable to the company.

15. The company has not given any guarantee for loan taken by others from banks or financial institutions.

16. Not applicable

17. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that the 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. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures.

20. The company has not raised any money from public issues during the year.

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

For BAKUL V. GANATRA & Co. Chartered Accountants

Place : RAJKOT (CA B.V.Ganatra)

Dated : 19/09/2007 Proprietor M.NO-31813 PANO ACCPG0478L Firm Reg. No:100915W


Mar 31, 2006

1 We have audited the attached Balance Sheet of JOLLY PLASTIC INDUSTRIES LIMITED as at 31st March 2006 and the Profit & Loss Account and also the (cash Flow Statement) 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 the auditing standards generally accepted in India. These 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 founts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as we 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 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 m paragraphs 4 and 5 of the said Order.

4. Further to our comments 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 account as required by the law, have been kept by } he company so far as appears from our examination of such books, (and proper returns adequate for the purposes of our audit have been received from the branches no? visited by us. The Branch auditor's Report(s) have been forwarded to us and have been appropriately dealt with).

C) The Balance Sheet and Profit & Loss A/c dealt with by this report are in agreement with the books of account of the company. D) in our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Sec. 211 of the Companies Act, 1956.

E) On the basis of written representation received from the directors of the company as on 31.03.2006 and taken on record by the Board of Directors we report that none of the Directors of the company is disqualified as on 31 03.2006 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of

F) In our opinion and to the best of our information and according to The explanations given to us, the said Balance Sheet and Profit & Loss Account read together with the Significant Accounting Policies & 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 of Balance Sheet, of the State of affairs of the company in as at 31st March,2006 and

ii. In case of the Profit & Loss Account, of the Profit 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.

1. (a) The Company has maintained fixed assets register showing particular including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programmer of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. (c) During the year, the company has not disposed off any part of its Fixed assets.

2. (a) The stock of finished goods, at all locations have been physically verified by the management at reasonable intervals. (b) In our opinion, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with the books of account.

3.(a) The company has not taken any unsecured loan from its directors and relatives, The company has not granted any loan to any person being the party in the register maintained u/s 301 of the companies Act 1956. (b)In our opinion, the rate of interest and other terms and conditions of which loans have been taken from/granted to companies firms, or other parties( Interest received on housing loan to directors) listed in the registered maintained under section 301 of the companies Act, 1956 are bit, Prima-facie, prejudicial to the interest of the company. (c) The parties have repaid the principle amount as stipulated in agreement with company and have been regular in the payment of interest. (d) There is no over due amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act,1956.

4. In our opinion and according to the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business with regard to purchase of inventory, fixed assets and other with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. 5 (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained u/s 301 of the Companies Act 1956 have been so entered.

(b) All these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6 According to the information and explanations given to us, the Company has neither invited nor accepted any deposits from the public. Hence the Provisions of section 58-A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed There under is not applicable in this case.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

8. We have been informed that the maintenance of cost records has not been prescribed by the Central Government u/s 209(l)(d) of the Companies Act, 1956.

9 (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to.

(b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31.03.2006 for a period of more than six months from the date they become payable.

(c) According to the information and explanation given to us, there are no dues of income tax, wealth tax, sales tax, custom duty, excise duty and cess which have not been deposited on account of any dispute.

10 Since the company has accumulated losses of Rs 84.97,589/- during the financial year covered by our audit but the company has incurred a loss or Rs 35,820/- during the financial year as against the loss of Rs 44,234/- during the previous year covered by our audit.

11 In our opinion and according to the information and explanations given to us, the company has not taken any overdraft facility so it has not defaulted in repayment of dues to the bank against bank overdraft facility.

12.The company has not granted any loans or 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 or a nidhi mutual benefit fund/society. There for the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14 In our opinion, the company is not dealing in or trading shares, securities, debentures, and other investments. Accordingly provisions of clause 4 (xiv) of the companies (Auditor's Report) Order, 2003 are not applicable to the company.

15.The company has not given any guarantee for loan taken by others from banks or financial institutions.

16. Not applicable

17. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that the 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. The company has not made any preferential allotment of shares during the year. 19.The company has not issued any debentures.

20.The company has not raised any money from public issues during the year.

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

For BAKUL V. GANATRA & CO. Chartered Accountants

Place : RAJKOT (CA B.V.Ganatra)

Dated : 23/08/2006 Proprietor M.NO-31813 PANo ACCPG0478L Firm Reg. No:100915W


Mar 31, 2003

We have audited the attached Balance-sheet of M/s JOLLY PLASTIC IND. LTD. as at 31st March - 2003 and also profit & Loss Accounts 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.

We conducted our Audit in accordance with auditing standards generally accepted in India. Those standards required 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 asis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Manufacturing & Other Companies (Auditors' Report) Order, 1988 issued by the central Govt, of India in terms of section 227(4A) of the companies Act, 1956, we give in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph (1) 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 Account as required by Law have been kept by the company so far as appears from our examination of the books;

(c) The Balance - Sheet and profit & Loss Account dealt with by this report are in agreement with the Books of Account;

(d) In our opinion the Balance Sheet and the Profit & Loss Account complies with the accounting standard referred to in sub-section (3c) of section 211 of the companies Act, 1956 except in respect of Depreciation not provided on fixed assets refer note no.2.

(e) On the basis of written representations received from the Directors, as on 31.03.2003, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31.03.2003 from being appointed as a Director in terms of clause (g) of Sub-section (1) of sec. 274 of the Companies Act, 1956.

(f) In our opinion and best of our information and according to the explanations given to us, the account 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 of Balance Sheet of the state of Affairs of the company as at 31st march-2003.

AND

ii) In the case of profit & Loss Account of the LOSS for the year ended on that date.

ANNEXURE TO TEH AUDITORS REPORT

REFERRED TO IN PARAGRAPH (1) OF OUR REPORT OF EVEN DATE

1. The company has maintained proper details and situation of Fixed Assets including quantitative details on a reasonable basis, As explained to us all the Fixed Assets have been physically verified by the management at the year end and revealed no material discrepancies.

2. None of the fixed assets have been revealed during the year.

3. The stock of Finished Goods, Stores, Spare-parts and Raw-Materials have been physically verified by the management during the year at reasonable intervals.

4. The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

5. The discrepancies noticed on verification of stocks as compared to the book records were not material.

6. In our opinion, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous financial year.

7. The company has not taken any loans, secured or unsecured, from companies, Firms or Other parties Listed in the Register maintained u/s 301 of the companies Act, 1956. In term of sub-section (6) of sec. 370 of the companies Act, 1956. Provisions of the sec. are not applicable to a company on or after 31st Oct - 1998.

8. The company has not granted any loans, secured or unsecured, to companies, Firms or other parties listed in the register maintained u/s 301 of the companies Act, 1956. In terms of sub-section (6) of sec. 370 of the companies Act, 1956. provisions of the sec. are not applicable to a company on or after 31st Oct - 1998.

9. The parties and employees to whom the loans or Advances in the nature of loans given to Employees have been recovered as stipulated. The said Advances are interest free.

10. During the year, the company has not purchased any stores, Raw- materials including components, plant & Machinery, Equipment and other Assets and the company has not sold any goods.

11. According to the information and explanations given to us, the company has not entered into any transactions of purchase of Goods and Materials and sale of Goods Materials and services made in pursuance of contracts or arrangements entered in the Register maintained u/s 301 of the companies Act, 1956, aggregating during the year to Rs. 5000/- or more in respect of each party.

12. As explained to us, the company has a regular procedure for the determination of unserviceable or damaged stores, Raw-materials and Finished Goods, Adequate provision has been made in the Accounts for the Loss arising on the items so determined.

13. The company has not accepted any deposits from the public.

14. As explained to us, the company maintains reasonable records for the sale and disposal of realisable scrap and wastage.

15. The company does not have an internal audit system during the year under review.

16. The central Government has not prescribed for the maintenance of cost records under section 209(1)(d) of the companies act, 1956, for any of the products of the company.

17. During the year, the company has not paid any salary & wages and hence not applicable.

18. According to the information and explanations given to us, there are no undisputed amounts payable in respect of income-tax, sales-tax, custom duty & excise duty which are outstanding as on 31st March- 2003 for a period of more than six months from the date they became payable.

19. On the basis of examination of the Books of account carried out by us in accordance with the generally accepted auditing practices and according to the information and explanation given to us, no personal expenses or employees or directors have been charged to the profit & Loss Account, other than those payable under contractual obligations or in accordance with the generally accepted business practices.

20. The company is not a sick Industrial company, within the meaning of clause(o) of sub-section (1) of section 3 of the sick industrial companies (Special Provisions) Act, 1985.

21. The company has not carried out any trading activity during the year.

PLACE : JUNAGADH (DHIRUBHAI H. DAND)

DATED : 24.08.2003 PROPRIETOR

FOR & ON BEHALF OF

DHIRUBHAI DAND & CO..

 
Subscribe now to get personal finance updates in your inbox!