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Auditor Report of Polymechplast Machines Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of POLYMECHPLAST MACHINES LTD. (''The Company"), which comprises the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss for the period from 1st April 2014 to 31st March 2015, the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 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 due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view 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 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;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2015;

b) In the case of the Statement of Profit and Loss, of the profit for the period from 1st April, 2014 to 31st March 2015; and

c) In the case of the Cash Flow Statement, of the cash flows for the period from 1 st April, 2014 to 31 st March 2015.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

a) On account of certainty of ultimate collection regarding disputed flood insurance claim, which has been settled in the favour of the company in district court during the year, the company has recognized insurance claim receivable as revenue amounting to Rs. 40,28,289/- towards claim and Rs. 1,24,08,230/- towards interest on such claim and reimbursement of expense. (Refer Note no. 19)

Our opinion in not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements:

As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

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

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

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, non of the directors is disqualified as on 31 March, 2015, from being appointed as director in terms of Section 164(2) of the Act.

respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us:

i) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

ii) There were no amounts which are required to be transferred, to the Investor's Education and Protection Fund by the company.

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENCE AUDITOR'S REPORT

1 In respect of its Fixed Assets:

(a) The Company has not maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As proper records showing full particulars including the quantitative details are not maintained by the management therefore we are not in a position to comment on the physical verification of Fixed Assets.

(c) No significant part of the fixed assets has been disposed off or revalued during the year.

2. In respect of its Inventories:

(a) As explained to us, the inventories were physically verified during the year by the Management at regular intervals.

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

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventory and material discrepancies noticed on physical verification were duly taken care of by the management.

3. The Company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services and during the course of our audit we have not observed any continuing failure to correct major weakness in such internal control system.

5. In respect of contracts or arrangements entered in the Register maintained in pursuance of section 189 of the Companies Act, 2013, to the best of our knowledge and belief and according to the information and explanations given to us, there are no contracts or arrangements that need to be entered in the Register maintained under said section.

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

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

8. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records for services carried out by the Company.

9. (a) According to the information and explanation given to us and records examined by us, there are no undisputed statutory dues payable in respect of Provident Fund, Investors Education & Protection Fund, Employees' State Insurance, Income Tax, Wealth Tax, Value Added Tax, Custom Duty, Excise Duty, Service Tax, cess or any other statutory dues with the appropriate authorities as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

Name of Statute Name of the Dues Amount(Rs.)

VAT-Mumbai VAT 10,118

CST-Mumbai CST 9,850

(b) According to the information and explanation given to us, there are no disputed statutory dues payable in respect of Provident Fund, Investors Education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Value Added Tax, Custom Duty, Excise Duty, Service Tax, cess or any other statutory dues with the appropriate authorities to the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, except following:

Sr. Statutory Dues Dispute Pending with Amount (Rs.) No.

1 Underwritten Commission Civil Court-Vadodara 86,000

2 Income Tax Commissioner Appeals 3,79,650

10. In respect of Accumulated/Cash Losses:

The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and the financial year immediately preceding such financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank or financial institution.

12. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

13. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

14. The Company has not issued debentures during the year and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

15. Company has not raised any money by public issue during the year.

16. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

Parikh Mehta & Associates Chartered Accountants Firm Registration No. 112832 W

Ashish Parikh Partner Membership No. 116745 Place : Vadodara Date : 29-5-2014


Mar 31, 2014

We have audited the accompanying financial statements of POLYMECHPLAST MACHINES LTD. ("The Company"), which comprises the Balance Sheet as at 31st March 2014 the Statement of Profit and Loss Account and Cash Flow Statement for the year ended, and a summary of significant accounting policies and explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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") and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing and opinion on the effectiveness of the Company'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 our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view of 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 case for the Profit and Loss Account, of the Profit for the period ended on that date; and

c) In case of the Cash Flow statement, for the cash flows for the Company 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") 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 for the Order.

2. As required by section 227(3) of the Act, we report that:

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

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

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 for the Companies Act, 1956;.

e. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956;

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of the even date on the accounts of Polymechplast Machines Limited for the year ended 31st March 2014)

1 In respect of its Fixed Assets:

(a) The Company has not maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As proper records showing full particulars including the quantitative details are not maintained by the management therefore we are not in a position to comment on the physcial verification of Fixed Assets.

(c) There were no Fixed Assets disposed off during the year.

2. In respect of its Inventories:

(a) As explained to us, the inventories were physically verified during the year by the Management at regular intervals.

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

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventory and material discrepancies noticed on physical verification were duly taken care of by the management.

3. The Company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956, except loan taken from two Directors amounting to Rs. 1,39,848. The rate of interest and other terms and conditions of loan taken by the company are prima facie and not prejudicial to the interest of the company.

4. In ouropinion and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services and during the course of our audit we have not observed any continuing failure to correct majorweakness in such internal control system.

5. In respect of contracts or arrangements entered in the Register maintained in pursuance of section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us, the transactions have been entered at a price which are reasonable having regards to prevailing market price as available with the company.

6. In our opinion and according to the information and explanation given to us, the Company has complied with section 58Aand 58AA of the Companies Act, 1956, in respect of acceptance of any deposits from the public.

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

8. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Section 209(1) of the Companies Act, 1956 for sales & services carried out by the company.

9. In respect of Statutory Dues:

(a) According to the records, the Company has generally been regular in depositing undisputed statutory dues, including income Tax, Sales Tax, Service Tax and other material statutory dues applicable to it with appropriate authorities. According to the information and explanations given to us, no undisputed dues were outstanding as at March 31, 2014 for a period more than six months from the date of becoming payable, except for:

Sr. No. Name of Statute Name of the Dues Amount (Rs.)

1 Value Added Tax VAT 10,118

2 Central Sales Tax- Mumbai CST 9,850

(b) There were no disputed amounts payable in respect of Income Tax, Sales Tax, Service Tax and other material statutory dues in arrears, as at 31st March 2014 except for:

Sr. No. Statutory Dues Dispute Pending with Amount(Rs.)

1 Underwritten Commission Civil Court-Vadodara 86,000

10. There are no accumulated or cash losses available to the Company.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank or financial institution.

12. According to the information and explanations given to us, the Company has not granted loans and 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 provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not trading in Shares, Mutual funds & other Investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanation given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. According to the information and explanations given to us, the Company has not issued any debentures during the period covered by our audit.

20. According to the information and explanations given to us, the Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

PARIKH MEHTA& ASSOCIATES Chartered Accountants Firm Registration No.: 112832 W

Ashish Parikh Place : Vadodara Partner Date : 29th May, 2014 Membership No. 116745






Mar 31, 2012

1. We have audited the attached Balance Sheet of POLYMECHPLAST MACHINES LTD. as on 31st March 2012, and also the Profit and Loss Account for the period ended on that date annexed thereto and the cash flow statement for the period ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards General 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 Issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 account as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, Profit and 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 and Loss Account and Cash flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of The Companies Act' 1956;

Except

AS-29 : Provisions, Contingent Assets and Contingent Liability (Refer Note-23 OF " Notes to Financial Statements")

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, we report that none of the directors is disqualified as on 31 st March2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956;

f. In our opinion and to the best of our information and according to the explanations given to us, subject to our notes read thereon the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2012.

b) in case of Statement of Profit and Loss of the profit of the Company for the year ended on that date and

c) in case of Cash Flow statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS'REPORT

REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

I. (a) The Company has not maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) According to the information and explanation given to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner which, in our opinion is reasonable having regard to the size of the company and the nature of the assets. No material discrepancies were noticed on such verification.

(c) No significant part of the fixed assets has been disposed off or revalued during the year.

ii. (a) As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the company ana uie nature of its business.

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

(c) The company has maintained proper records of the inventory. As explained to us there is no material discrepancies noticed on physical verification of having regard to the size of the operations of the company.

iii In our opinion, according to the information and explanation given to us, the company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered under section 301 of the Companies Act 1956.

Sr. No. Particulars Amount (Rs)

1. H.R. BHUVA 821360.00

2. K.R.BHUVA 518488.00

iv. In our opinion and according to the information and explanation 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 and fixed assets and for the sale of goods. In our opinion and according to the information and explanation given to us, there is no continuing failure to correct major weakness in internal control.

v. In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act, 1956, and aggregating during the year to Rs.5 lack or more in respect of each party, have been made at a price which are reasonable having regard to prevailing market price as available with the company.

vi. In our opinion and according to the information and explanation given to us, directives issued by the Reserve Bank of India and the provision of section 58A, 58AA or any other relevant provision of The Companies Act, 1956 and rules framed there under, to the extent applicable, have been complied with. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal U/S 58Aand58AA.

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

viii This clause is not applicable since the Maintenance of cost records as applicable to this company u/s 209 (1 )(d) of the Companies Act has not been prescribed by the central government.

ix. (a) According to the information and explanation given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investors Education & Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess or any other statutory dues with the appropriate authorities to the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor, except Sales Tax as mentioned in the table below.

Sr.No. Particulars Amount(Rs)

1. H.R. BHUVA 1,21,360.00

2. K.R.BHUVA 18,488.00

x. Accumulated/Cash Losses

There is no accumulated losses available to the company.

xi. In our opinion, the company has not defaulted in repayment of dues to the financial institution or bank.

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. This clause is not applicable to the company as the company is not engaged in the business of Chit Fund / Nidhi / Mutual Benefit Fund / Societies.

xiv. This clause is not applicable to the company as the company is not engaged in dealing or trading in shares, securities, debentures and other investments.

xv. 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 institutions.

xvi. According to the information and explanation given to us, term loans were applied for the purpose for which loans were obtained.

xvii. According to the information and explanation given to us, the funds raised on short-term basis have not been applied for long-term investment.

xviii. According to the information and explanation given to us the company has not made any preferential allotment of shares to companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956.

xix. The company has not issued debentures during the year and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

xx. Company has not raised any money by public issue during the year.

xxi. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For PARIKH MEHTA& ASSOCIATES

Chartered Accountants

Ashish Parikh Place : Vadodara.

Partner Date : 29/05/2012

Membership No. 116745

 
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