Home  »  Company  »  National Plastic Tec  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of National Plastic Technologies Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/s. National Plastic Technologies Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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

The company's Board of Director is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether duet fraud or error.

Auditors '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 standard and matters which are required to be included in the audit report under the provisions of the Act and 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 reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedure 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 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 are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place and adequate internal financial controls system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's directors, as well as 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 given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the State of affairs of the company as at March 31, 2015 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, We report that:

1.1. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

1.2. 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;

1.3. 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;

1.4. In our opinion, the aforesaid financial statements comply with Accounting Standard specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014.

1.5 On the basis of written representations received from the Directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

2. With respect to the matters to be included in the Auditor's Report in accordance with Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of Sub-Section (11) of the 143 & Rule 11 of the Companies (Audit and Auditors) Rules, 2014, we give in the annexure a statement on the matters specified in the paragraphs 3 and 4 of the Order.

Annexure to the Auditors 'Report

Annexure referred to in item no. 1 of paragraph 'Report on Other Legal and Regulatory Requirements'.

In our opinion and to the best of knowledge and belief as per the information and explanation given to us and on the basis of the books of accounts and records examined by us in the normal course of audit. Were port that:

1. Fixed Assets

1.1.The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2. The management at reasonable intervals has physically verified the fixed assets of the company and no material discrepancies were noticed on such verification.

2. Inventories

2.1. The management has conducted physical verification at reasonable intervals in respect of its inventory.

2.2.The procedure for physical verification of inventory followed by the management is reasonable and is adequate in relation to the size of the company and the nature of its business.

2.3. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans and advances

3.1. The company has not granted any loans, secured, unsecured to companies , Firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013.

4. The company has an internal control system which is adequate and is commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There are no major weaknesses in internal controls system

5. The company has accepted deposits from aggregating to Rs.162.02 Lakhs (PY Rs. 145.25 Lakhs) from 3 parties. The directives issued by the Reserve Bank of India and the provisions of section 73 to 76 and any other relevant provisions of the Act and the rules framed there under, have been complied with.

6. In our Opinion and according to the information and explanation given to us, the requirement for maintenance of cost records pursuant to the companies (Cost Records and Audit) Rules, 2014 specified by the Central Government of India under Section 148 of the Companies Act, 2013 are not applicable to the company for the year under audit.

7. Statutory dues

7.1.The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income- tax, Sales-tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues with the appropriate authorities.

7.2. On the basis of written representation received from the Management we report that there are no disputed statutory dues pending before appropriate authorities as on 31st March2015.

8. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

9. The company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

10. In our opinion, and according to the information and explanations given to us, that the company has not given any guarantee for loan taken by others from banks or financial institution during the year.

11. The Company has raised term loans during the year and these have been applied for the purposes for which they were raised.

12. No material fraud on or by the company has been noticed or reported during the year.

for M/s.CA.PATEL & PATEL

CHARTERED ACCOUNTANTS

Firm Reg No. 005026S



Bhavesh N Patel

Place : Chennai PARTNER

Date :28th May, 2015 Membership No.26669


Mar 31, 2014

We have audited the accompanying financial statements of M/s. National Plastic Technologies Ltd , which comprise the Balance Sheet as at March 31,2014, 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 read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate affairs in respect of Section 133 of the Companies Act,2013. 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.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit 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 procedure 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 statement 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 ouraudit 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 forthe year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows forthe year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") as amended, 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:

2.1. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of ouraudit;

2.2. in ouropinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

2.3. 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;

2.4. in ouropinion, 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 read with General Circular No 15/2013 dated 13th September,2013 of the Ministry of Corporate affairs in respect of Section 133 of the Companies Act,2013; and

2.5. 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 are disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section(1) ofSection274oftheCompaniesAct, 1956.

Annexure to the Auditors'' Report

Annexure referred to in item no. 1 of paragraph ''Report on Other Legal and Regulatory

Requirements''.

In ouropinion and to the best of knowledge and belief as per the information and explanation given to us and on the basis of the books and records examined by us in the normal course of audit, we report that:

1. Fixed assets

1.1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2. The management at reasonable intervals has physically verified the fixed assets of the company and no material discrepancies were noticed on such verification.

1.3. The fixed assets disposed during the year were not substantial and therefore, do not affect the going concern assumption.

2. Inventories

2.1. The management has conducted physical verification at reasonable intervals in respect of its inventory.

2.2. The procedure for physical verification of inventory followed by the management is reasonable and is adequate in relation to the size of the company and the nature of its business.

2.3. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans and advances

3.1. The company has taken loans aggregating to Rs145.25 lakhs (PY Rs. 107.09 lakhs) from 5 parties listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding at any time during the year was Rs145.25 lakhs (PY Rs107.09) and the amount outstanding as on 31st March,2014 was Rs145.25 lakhs (PY Rs107.09).

3.2. The rate of interest and other terms and conditions of loan taken by the company referred to paragraph 3.1 above are not, prima facie, prejudicial to the interest of the company.

3.3. The Payment of the principal amounts and the interest wherever applicable are regular.

3.4. The loans granted were repaid during the year. There is no overdue amount with respect to above loans.

3.5. The loans given/taken by the company are repayable on demand and have been received/paid on demand.

4. The company has an internal control system which is adequate and is commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There are no major weaknesses in internal controls system

5. Section 301 contracts

5.1. Particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been so entered in the register required to be maintained under that section.

5.2 The transactions made in pursuance of contracts and arrangements referred to in 5.1 above and exceeding value of Rs 5 lakhs have been made at prices which are reasonable having regard to the prevailing market priced at the relevant time.

6. The company has not accepted deposits from the public and the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under, where applicable have been complied with.

7. The company has own internal audit system commensurate with its size and nature of its business.

8. The cost accounts and the records prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 have been maintained.

9. Statutory dues

9.1. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

9.2 On the basis of written representation received from the Management we report that there are no disputed statutory dues pending before appropriate authorities as on 31st March 2014.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

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. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

15. Based on information and explanations given to us, that the company has not given any guarantee for loan to its subsidiaries and related parties during the said year.

16. The Company has not raised any new term loans during the year and these have been applied for the purposes for which they were raised.

17. The funds raised on short-term basis have not been used for long-term investment.

18. 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.

19. The company has no outstanding amount under Debentures that require creation of security/charge.

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

21. No material fraud on or by the company has been noticed or reported during the year.

for M/s. C.A. PATEL & PATEL CHARTERED ACCOUNTANTS Firm Reg No. 005026S

Bhavesh N Patel Place: Chennai PARTNER Date : 30th May, 2014 Membership No.26669


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. National Plastic Technologies Ltd ("the Company"), which comprise the Balance Sheet as at March 31, 2013, 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 ("the Act"). 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.

Auditors'' 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 procedure 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 statement 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 ouraudit 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 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 ("the Order") as amended, 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:

2.1. 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;

2.2. 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;

2.3. 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;

2.4. 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; and

2.5. 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 are disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section(1) of Section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report

Annexure referred to in item no. 1 of paragraph ''Report on Other Legal and Regulatory Requirements''.

In our opinion and to the best of knowledge and belief as per the information and explanation given to us and on the basis of the books and records examined by us in the normal course of audit, we report that:

1. Fixed assets

1.1. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

1.2. The management at reasonable intervals has physically verified the fixed assets of the company and no material discrepancies were noticed on such verification.

1.3. The fixed assets disposed during the year were not substantial and therefore, do not affect the going concern assumption.

2. Inventories

2.1. The management has conducted physical verification at reasonable intervals in respect of its inventory.

2.2. The procedure for physical verification of inventory followed by the management is reasonable and is adequate in relation to the size of the company and the nature of its business.

2.3. The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans and advances

3.1. The company has taken loans aggregating to Rs. 107.09 lakhs (PY Rs.92.84 lakhs) from 4 parties listed in the register maintained under section 301 of the Companies Act, 1956. .

3.2. The rate of interest and other terms and conditions of loan taken by the company are not, prima facie, prejudicial to the interest of the company.

3.3. The loans given/taken by the company are repayable on demand and have been received/paid on demand.

4. The company has an internal control system which is adequate and is commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There are no major weaknesses in internal controls system

5. Section 301 contracts

5.1. Particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been so entered in the register required to be maintained under that section

5.2. These transactions exceeding value of Rs. 5 lakhs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public and the directives issued by the Reserve Bank of India and the provisions of section 58A and 58AA or any other relevant provisions of the Act and the rules framed there under, where applicable have been complied with.

7. The company has an in house internal audit system commensurate with its size and nature of its business, but in our opinion internal audit function should be carried out by a firm of Chartered Accountants.

8. The company has not commenced the maintenance of cost accounts and the records prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. The company has assured us that it is under process to set up cost records and cost audit under sec 209 and 233B of Companies act 1956 respectively.

9. Statutory dues

9.1. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities.

9.2. On the basis of written representation received from the Management we report that there are no disputed statutory dues pending before appropriate authorities as on 31st March 2013.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

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. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

15. The Company has raised term loans during the year and these have been applied for the purposes for which they were raised.

16. The funds raised on short-term basis have not been used for long-term investment.

17. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained undersection 301 of the Companies Act, 1956.

18. The company has no outstanding amount under Debentures that require creation of security/charge.

19. The company has not raised any money by way of public issues during the year.

20. No material fraud on or by the company has been noticed or reported during the year.

Place : Chennai for M/s. C.A. PATEL & PATEL

Date : 20th June, 2013 CHARTERED ACCOUNTANTS

Firm Reg No. 005026S

Bhavesh N Patel

PARTNER

Membership No.26669


Mar 31, 2012

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as at 31 st March 2012, Profit & Loss Account for the year ended on that date and Cash Flow Statement 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.

1) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2) As required by the Companies (Auditor's Report) Order 2003 (as amended) issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3) Further to ourcomments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of Accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books.

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

d) In our opinion the Balance Sheet, 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 representations received from the Directors as on 31st March 2012 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31 st March 2012, from being appointed as a Directors 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 explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31 st March 2012

(ii) In so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In so far as it relates to the Cash Flow Statement of the cash flows of the Company for the year ended on that date

Annexure to Auditors' Report

Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:-

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

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

(c) In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year.

2. In respect of its inventories:-

(a) As explained to us, physical verification have been conducted by the management at reasonable intervals in respect of inventories.

(b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of 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) The Company has not granted any secured or unsecured loan during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(c) The Company has not granted any loan, so the question of interest and repayment is not arise.

(d) The Company has not given any loan, so the question of overdue amounts does not arise.

(e) The Company has taken loans from five parties, and the total amount outstanding at the year end is Rs.98.84 lacs.

(f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(g) The interest payment are regular and principal amount is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered under 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 needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company and nature of its business.

8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1) (d) of the Companies Act, 1956.

9. In respect of statutory dues:

(a) According to the records of the company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities.According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31st March 2012 for a period of more than six months from the date of becoming payable.

(b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31st March 2012.

10. The Company has no accumulated losses as at March 31,2012 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company.

13. The provision of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company .therefore clause 4 (xiii) of the order is not applicable.

14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable.

16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loan taken from bank have been applied for the purposes for which they were obtained.

17. In our opinion and according to the information and explanation given to us, there are no funds raised on short- term basis which have been used for long term investment.

18. 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. Accordingly clause 4(xviii) of the order is not applicable to the Company

19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company

20. The Company is not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

Place : Chennai for M/s. C.A. PATEL & PATEL

Date : 25.08.2012 CHARTERED ACCOUNTANTS

Firm Reg No. 005026S

Bhavesh N Patel

PARTNER

Membership No.26669


Mar 31, 2010

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as on 31st MARCH 2010, Profit & Loss Account for the year ended on that date and Cash Flow Statement annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

1) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining , on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion

2) As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956 , and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in theAnnexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books.

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

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in sub-section (3C) of Sec 211 of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31 st March 2010 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March 2010, from being appointed as Directors 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 explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956.

(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31 st March 2010.

(ii) In so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Annexure to Auditors Report Referred to in Paragraph 2 of our report of even date

1. In respect of its fixed assets:-

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

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

(c) In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year.

2. In respect of its inventories :-

(a) As explained to us , physical verification have been conducted by the management at reasonable intervals in respect of inventories.

(b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of 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) The Company has not granted any secured or unsecured loan during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(c) The Company has not granted any loan, so the question of interest and repayment does not arise.

(d) The Company has not given any loan, so the question of overdue amounts does not arise.

(e) The Company has taken loans from four parties, and the total amount outstanding at the year end is Rs.211.42 lacs

(f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(g) The interest payment are regular and principal amount is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered under 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 needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company and nature of its business.

8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1)(d)ofthe Companies Act, 1956.

9. In respect of statutory dues:

(a) According to the records of the company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities.According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31 st March 2010 for a period of more than six months from the date of becoming payable.

(b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31 st March, 2010.

10. The Company has no accumulated losses as at March 31, 2010 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company.

13. The provision of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company .therefore clause 4 (xiii) of the order is not applicable.

14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable.

16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loans taken from bank have been applied for the purposes for which they were obtained.

17. In our opinion and according to the information and explanation given to us, there are no funds raised on short term basis which have been used for long term investment.

18. The Company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act,1956.

19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company.

20. The Company has not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year.that causes the financial statements to be materially misstated.

For CAPATEL & PATEL Chartered Accountants

BHAVESH N. PATEL

Place : Chennai Partner.

Date : 16.07.10 Membership No:26669 Firm Reg. No :005026S


Mar 31, 2009

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as on 31st MARCH 2009, Profit & Loss Account for the year ended on that date and Cash Flow Statement annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit

1) We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining , on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion

2) As required by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of Accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books.

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

d) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting standards referred to in sub-section (3c) of Sec 211 of the Companies Act, 1956.

e) On the basis of written representations received from the Directors as on 31st March 2009 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31 st March 2009, from being appointed as Directors 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 explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act,1956 ,

(I) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31 st March 2009

(ii) in so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In so far as it relates to the Cash Flow Statement of the cash flows of the Company for the year ended on that date

Annexure to AuditorsReport Referred to in Paragraph 2 of our report of even date

1. In respect df its fixed assets:-

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

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

© In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year.

2. In respect of its inventories:-

(a) As explained to us , physical verification have been conducted by the management at reasonable intervals in respect of inventories.

(b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

3. In respect of 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) The Company has not granted any secured or unsecured loan during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(c) The Company has not granted any loan, so the question of interest and repayment does not arise.

(d) The Company has not given any loan, so the question of overdue amounts does not arise.

(e) The Company has taken loans from five parties, and the total amount outstanding at the year end is Rs. 116.75 lacs

(f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company.

(g) The interest payment are regular and principal amount is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. ln respect of transactions covered under 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 needed to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company andnature of its business.

8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1) (d) of the Companies Act, 1956.

9. In respect of statutory dues:

a) According to the records of the company; undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities.According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31 st March 2009 for a period of more than six months from the date of becoming payable.

(b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31 st March 2009.

10. The Company has no accumulated losses as at March 31, 2009 and it has notincurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date.

12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company.

13. The provision of any special statute applicable to .chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company .therefore clause 4 (xiii) of the order is not applicable.

14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable.

16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loan takenfrombank have been applied for the purposes for which they were obtained.

17. In our opinion and according to the information and explanation given to us, there are no funds raised on short- term basis which have been used for long term investment.

18. The Company has made preferential allotment of shares to parties and companies covered in the register maintained undersection 301 of the Companies Act,1956.

19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company

20. The Company is not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company.

21. In our opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the year.that causes the financial statements to be materially misstated.

PLACE : CHENNAI for M/s.C.A.PATEL & PATEL

DATE : 27.07.09 CHARTERED ACCOUNTANTS

Bhavesh N Patel PARTNER



 
Subscribe now to get personal finance updates in your inbox!