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.
Annexure:
(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