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.
é 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
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