Mar 31, 2014
We have audited the accompanying financial statements of M/s.Vinayak
Polycon International Ltd. (''the Company'') which comprises the Balance
Sheet as at 31st March, 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 notified under the companies Act,1956 ("the
Act") ( which continue to be applicable in respect of section 133 of
the companies Act, 2013 in terms of General Circular 15/2013 dated 13th
September,2013 of the Ministry of Corporate Affairs) 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 an 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 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 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 31st March, 2014
(b) In the case of Statement of Profit and Loss, of the Profit of the
company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash flows of 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 of 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 the
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 the
books of account.
(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 dealt with by this report comply with the
Accounting Standards notified under the Act (which continue to be
applicable in respect of section 133 of the companies Act,2013 in terms
of General Circular 15/2013 dated 13th September,2013 of the Ministry
of Corporate Affairs)
(e) On the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
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 INDEPENDENT AUDITOR''S REPORT
The Annexure referred to in our report of even date to the members of
M/s Vinayak Polycon International Limited (the company) for the year
ended on 31st March, 2014. We report that:- 1(a)The Company is
maintaining proper records showing full particulars, including
quantitative details and situation, of fixed assets
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
(c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
com- pany is not affected.
2. In respect of its inventories :
(a) The inventories have been physically verified during the year by
the management. In our opin- ion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
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 na- ture of its business.
(c) The Company has maintained proper records of the inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The Company has neither granted not taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register main- tained under Section 301 of the Act. Consequently,
clauses (iii)(b), (iii)(c ), (iii)(d), (iii)(f) and (iii)(g) of
paragraph 4 of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its busi- ness for the
purchases of inventory and fixed as- sets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
5; In respect of the contracts or arrangements re- ferred to in 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 need 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/arrangements en- tered in the Register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of Rs.
5,00,000 in respect of each party during the year have been made at
prices which appear reasonable as per information available with the
Company.
6 The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Act and the rules framed there
under.
7 In our opinion, the Company has an internal audit system commensurate
with its size and the na- ture of its business.
8 We have broadly reviewed the books of account maintained by the
Company in respect of prod- ucts where, pursuant to the rules made by
the Central Government of India, the maintenance of cost records has
been prescribed under clause (d) of sub-section(1) of Section 209 of
the Act, and are of the opinion that, prima facie, the prescribed
accounts and records have been made and main- tained. We have not
however, made a detailed ex- amination of the records with a view to
determine whether they are accurate or complete.
9 In respect of statutory dues:
(a) According to the records of the Company, undis- puted statutory
dues including Provident Fund, In- vestor Education and Protection
Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess, and other statutory dues
have been generally regularly deposited with the appropriate
authorities. Accord- ing to the information and explanations given to
us, no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2014 for a period of more than six months
from the date of becoming payable.
(b) There are no disputed statutory dues on account of disputed matters
pending before appropriate authorities.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately pre- ceding
financial year.
11 Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not de- faulted in repayment of dues to financial institu- tions and
banks.
12 In our opinion and according to the explanations given to us and
based on the information''s avail- able, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securi- ties.
13 In our opinion, the Company is not a chit fund/nidhi/ mutual benefit
fund/society. Therefore, the provi- sions of clause (xiii) of paragraph
4 of the Order are not applicable to the Company.
14 The Company has maintained proper records of the transactions and
contracts in respect of deal- ing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. All shares, securities, debentures and other investments have
been held by the Com- pany in its own name.
15 In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
oth- ers from banks or financial institutions during the year.
16 The Company has raised new term loans dur- ing the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short- term basis that have
been used for long-term investment.
18 The Company has not made any preferential al- lotment of shares to
parties and companies cov- ered in the Register maintained under
Section 301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year, and does
not have any deben- tures outstanding as at the year end.
20 The Company has not raised any monies by way of public issues during
the year.
21 During the course of our examination of the books and records of the
Company, carried out in ac- cordance with the generally accepted
auditing practices in India, and according to the informa- tion and
explanations given to us, we have nei- ther come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
FOR A.NATANI & CO.
Place : Jaipur Chartered Accountants
Date : 30-05-2014 Firm Reg. No. 007347C
Sd/-
ASHOK KUMAR NATANI
Partner
Membership No. 074692
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of M/s Vinayak
Polycon International Limited (''the Company'') which comprises the
Balance Sheet as on 31st March, 2013, and 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.
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 judgement, 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. 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
explanation given to us, the financial statements 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
Branch as at March 31, 2013;
(b) in the case of Statement of Profit and Loss, 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 enclose in the
annexure a statement of the matters specified in paragraphs 4 & 5 of
the said 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 the
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 the
books of account;
(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 dealt with by this report comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956; and
(e) On the basis of written representations received from the Directors
as on 31st March, 2013, and taken on record by the board of Directors,
we report that none of the directors is disqualified as on 31st March,
2013 from being appointed as a director in terms of clause (g) of
subsection (1) of section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in our report of even date to the members of
M/s Vinayak Polycon International Limited (the company) for the year
ended on 31st March, 2013. We report that:-
1(a)The Company is maintaining proper records showing full particulars,
including quantitative details and situation, of fixed assets
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
( c) In our opinion, the Company has not disposed off a substantial
part of its fixed assets during the year and the going concern status
of the company is not affected.
2. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
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 its business.
(c) The Company has maintained proper records of the inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The Company has neither granted not taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Act. Consequently,
clauses (iii)(b), (iii)(c ), (iii)(d), (iii)(f) and (iii)(g) of
paragraph 4 of the Order are not applicable.
4. In our opinion and according to the information and explanations
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
purchases of inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
5; In respect of the contracts or arrangements referred to in 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 need 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/arrangements entered in the Register maintained under section
301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000
in respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
6 The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Act and the rules framed there
under.
7 In our opinion, the Company has an internal audit system commensurate
with its size and the nature of its business.
8 We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government of India, the maintenance of cost records has been
prescribed under clause (d) of sub-section(1) of Section 209 of the
Act, and are of the opinion that, prima facie, the prescribed accounts
and records have been made and maintained. We have not however, made a
detailed examination of the records with a view to determine whether
they are accurate or complete.
9 In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
Tax, Customs 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 the aforesaid dues were
outstanding as at March 31, 2013 for a period of more than six months
from the date of becoming payable.
(b) There are no disputed statutory dues on account of disputed matters
pending before appropriate authorities.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11 Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions and banks.
12 In our opinion and according to the explanations given to us and
based on the information''s available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund/nidhi/ mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of paragraph 4
of the Order are not applicable to the Company.
14 The Company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name.
15 In our opinion, and 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 during the year.
16 The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short- term basis that 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.
19 The Company has not issued any debentures during the year, and does
not have any debentures outstanding as at the year end.
20 The Company has not raised any monies by way of public issues during
the year.
21 During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of material fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of any such case by the Management.
FOR A.NATANI & CO.
Place: Jaipur Chartered Accountants
Date: 30-05-2013
Firm Reg. No. 007347C
ASHOK KUMAR NATANI
Partner
Membership No. 074692