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Auditor Report of Polymac Thermoformers Ltd.

Mar 31, 2014

We have audited the attached Balance Sheet of POLYMAC THERMOFORMERS LIMITED as at 31st March 2014 and also the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s management responsibility is to express an opinion on these financial statements based on our audit.

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

A. As required by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act. 1956 and on the basis of such Checks of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of our audit, we enclose in the ''Annexure'' a statement on the matters specified in Paragraphs of the said order.

B. Further to our comments in the annexure referred to in Paragraph ''A'' above we report that:-

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) 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 the books.

3) In our opinion, subject to our comments in the following paragraphs, the Balance Sheet and Profit & Loss Account comply with the Accounting Standards on referred to in sub-section (3C) of section 211 of the Companies Act. 1956 (As Amended).

4) The said Balance Sheet and Profit & Loss Account are in agreement with the Book of account.

5) On the basis of written representation received from the directors of the company as at 31st March 2013 and taken on record by the Board of Directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

6) In our opinion and to the best of our information and according to the explanations given to us the said accounts read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:-

a) In the case of Balance Sheet, the state of affairs of the Company as at 31st March 2014.

b) In the case of Profit & Loss Account of the Profit of the Company ended on that date.


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

(ii) The Company has maintained proper record of its inventories and no material discrepancies were noticed.

(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the Act.

(iv) In our opinion, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

(v) a) Based on the audit procedures applied by us and according to the information and explanations provided by the management we are of opinion that the transactions made in pursuance of contracts or agreements, that need to be entered into the register maintained under Section 301 of the Companies Act 1956 have been recorded in the register.

b) In our opinion, these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The company has not accepted any deposits during the year from the public within the meaning of the provisions of Sections 58A and 58AA or any other relevant provisions of the companies Act, 1956, and rules there under. Hence the clause (VI) of the order is not applicable.

(vii) The company has no internal audit system commensurate with its size and nature of its business as it does not have a paid up capital and reserves exceeding Rs. 50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crores rupees for a period of three consecutive financial year immediately preceding the financial year concerned.

(viii) The clause relating to the maintenance of cost records u/s209 (1) (d) of the Companies Act, 1956 is not applicable to the company.

(ix) a) According to the records of the Company, the company is regular in depositing undisputed statutory dues including Income tax, and any other statutory dues with the appropriate authorities. According to he information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March 2014 for a period exceeding six months from the date they become payable.

b) According to the information and explanations given to us, there are no disputed dues of income tax.

(x) The company has made a profit of 99,440.52 in the current financial year.

(xi) The Company has not defaulted in the repayments of dues to financial institutions & banks.

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

(xiii) The company is not a chit fund, nidhi or mutual benefit fund/society.

(xiv) In respect of the investment activities, i.e. dealing in shares and securities, proper records have been maintained of the transactions and timely entries have been made therein. Shares, securities, debentures and other investments have been held by the company in its own name.

(xv) The company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) Clause (XVI) of the Order is not applicable to the company, as the company has not taken any term loan.

(xvii) Based on our examination of the records of the company we find that the funds raised on short-terms basis during the year have not been used for long-term investments.

(xviii) No Preferential allotment of shares to parties and companies covered in the Register maintained u/s 301 of the companies Act, 1956 has been made out of the share capital raised by the company during the year.

(xix) No debentures have been issued by the company and hence, the question of creating securities in respect thereof does not arise.

(xx) The management has disclosed the end use of money raised by public issue and we have verified the same.

(xxi) On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the company, has been noticed or reported during the year.

For A.K. PATHAK & CO. Chartered Accountants FRN NO. : 322816E

Place: Kolkata Date: 30th Day of May 2014.

(ABHAY KUMAR PATHAK) Proprietor Membership No.: 056851

Oct 26, 12:00 am
Oct 26, 4:14 pm
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