Mar 31, 2014
We have audited the accompanying financial statements of Pet Plastics
Limited which comprise the balance sheet as at 31 March 2014, the
Statement of Profit And Loss and 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
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 (Âthe ActÂ). 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. 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 in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the Statement of Profit And Loss, of the Loss for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of ths^sh 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
(Âthe OrderÂ), 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:
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 subsection (3C) of section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
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 REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR''S REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF M/s. PET
PLASTICS LIMITED.
1. a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets of the Company have been physically verified by
the management at reasonable intervals during the year and this
revealed no material discrepancies.
c) No fixed assets have been disposed off during the year.
2. In respect of shares held as stock in trade:
a) As explained to us, the shares were physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of shares
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its shares
and the discrepancies noticed on such physical verification between
the physical stock and book records are not material and have been
adequately dealt within the books of accounts.
3. In our opinion and according to the information and explanations
given to us ,the company has not taken any loans secured or unsecured
from companies, firms or other parties covered in the register
maintained under section 321 of the Companies Act, 1956.Accordingly
paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable.
4. In our opinion, and according Jo the information and explanation
given to us, we are of the. opinion that there is adequate internal
control commensurate with the size of the company and nature of its
business.
We have not noted any continuing failure to correct major weaknesses
in the internal control.
5. a) In our opinion1 and according to the information and
explanations given to us, the transactions that need to be entered in
the register on pursuance of section 321 of the Act have been so
entered.
b) The transactions have been made at prices which are reasonable with
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of section 58A and 58AA of the Companies Act, 1956, and rules
framed there under are not applicable. No order has been passed by the
Company Law Board. The provisions of RBI Act, 1934 regarding
registration of non- banking financial Company are stated yet to be
complied with.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. According to the information and explanation given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956.
9. a) According to the records of the company examined by us and the
information and explanations given to us, no undisputed amounts
payable in respect of income tax, and other statutory dues applicable
to it were outstanding, as at 31st March. 2014 for a period of more
than six months from the date they became payable.
b) According to the records of the company examined by us and the
information and explanations given to us, there are no dues of income
tax and other statutory liabilities, which have not been deposited on
account of any dispute.
10. The Company has accumulated losses at the end of the financial
year. The Company has incurred cash losses in the current financial
year as well as in the immediately preceding 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 a
financial institution, bank or debenture holders.
12. The company has not granted loans and advances 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 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 In our opinion, proper records have been maintained in respect of
transactions and contracts in shares, and timely entries have been
made therein. The shares and other investment have been held by the
company in its own name.
15. In our opinion, the company has not given any guarantee for loans
taken by others from banks of financial institutions
16. The company has not obtained any term loans.
17. According to the information and explanations given to us and on
the basis of an overall examination of the balance sheet of the
Company, in our opinion, generally, there are no funds raised by the
Company on short-term basis, which have been used for long-term
investment.
18. During the year, 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.
20. The Company has not raised any money by way of public issue during
the year.
21. During the course of examination of the books and records of the
Company carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of such case by the management.
FOR MULRAJ D. GALA
Chartered Accountants
MULRAJ DEVCHAND GALA
(Proprietor)
Membership No: 041206
Place: Mumbai
Date: 14th August, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Pet Plastics
Limited which comprise the balance sheet as at 31 March 2013, the
Statement of Profit And Loss and the Cash Flow Statement for the year
ended and a summary of Significant Accounting ''Oheies 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 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimate:; 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
requited 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the Statement of Profit And Loss, of the Loss for
the year ended on that date; and
(iii) 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
As required by the Companies (Auditor''s Report) Order. 2003 ("the
Order"), as amended, issued by the Central Government of Indh 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
Test 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 sc fai as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with bv this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement ol" Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 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 REFERRED TO IN PARAGRAPH 2 OF OUR .AUDITOR''S REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH,, 2013 OF M/s. PET
PLASTICS LIMITED.
a) The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
The fixed assets of the Company have been physically verified by the
management at reasonable intervals during the year and this revealed no
material discrepancies.
No fixed assets have been disposed off during the year.
hi respect of shares held as stock in trade:
a) As explained to us, the shares were physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according tc theJ information and explanations
given to us, the : procedures of physical verification of shares
followed by the management are reasonable ! and adequate in relation to
the size of the Company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Comp
In our opinion and according to the inforrr.ation and explanations
given tc us .the company has not taken any loans secured or unsecured
from companies, firms or other panics covered in the register
maintained under section 321 of the Companies Act, 1956.Accordingly
paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable.
4, In our opinion, and according to the information and explanation
given to us, we are of the opinion that there is adequate internal
control commensurate with the size of the company and nature of its
business.
We have not noted any continuing failure to correct major weaknesses in
the internal control.
a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered in the register
on pursuance of section 321 of the Act have been so entered.
b) The transactions have been made at prices which are reasonable with
regard to the prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of section 58A and 58AA of the Companies Act, 1956, and rules
framed there under are not applicable. No order has been passed by the
Company Law Board. The provisions of RBI Act, 1934 regarding
registration of non- banking financial Company are stated yet to be
complied with.
In our opinion, the company has an internal audit system Commensurate
with its size and nature of its business.
According to the information and explanation given to us, the Central
Government has not prescribed the maintenance of cost records under
clause (d) of sub-section (1) of Section 209 of the Companies Act,
1956.
9. a) According to the records of the company examined by us and the
information and explanations given to us, no undisputed amounts payable
in respect of income tax, and other statutory dues applicable to it
were outstanding, as at March, 2013 for a period of more than six
months from the date they became payable,
b) According to the records of the company examined by us and the
information and explanations given to us, there are no dues of income
tax and other statutory liabilities. which have not been deposited on
account of any dispute.
10 The Company has accumulated losses at the end of the financial year.
The Company has incurred cash losses in the current financial year as
well as in the immediately preceding financial year. in our opinion
and according to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. The company has not granted loans and advances 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 or a nidbi/mritual
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 In our opinion, proper records have been maintained in respect of
transactions and contracts in shares, and timely entries have been made
therein. The shares and other investment have been held by the comnany
in its own name.
15. In our opinion, the company has not given any guarantee for loans
taken by others from banks of financial institutions
16. The company has not obtained any term loans.
17. According to the information and explanations given to us and on
the basis of an overall examination of the balance sheet of the
Company, in our opinion, generally, there are no funds raised by the
Company on short-term basis, which have been used for long-term
investment.
18. During the year, 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.
20. The Company has not raised any money by way of public issue during
the year.
During the course of examination of the books and records of the
Company carried o accordance with the generally accepted auditing
practices in India, we have neither ( across any instance of fraud on
or by the Company, noticed or reported during the year have we been
informed o; such case by the management.
FOR MULRAJ D. GA
Chartered Account
DEVCHAND GA
Proprie
Membership No: 041
Place: Mumbai
Date. 14th August, 2013
Mar 31, 2011
We have audited the attached Balance Sheet of Pet Plastics Limited on
31st March, 2011, and also the profit & Loss Account annexed there to
for the year ended on that date. 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 auditing standards
generally accepted in India. These standards require that we plan &
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 &
disclosures in the financial statements. An audit also includes
assessing the accounting principle used & 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.
2. As required by the Companies (Auditors 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 hereto a
statement on the matters specified in paragraphs 4 & 5 of said order.
3. Further to our Comments in the Annexure referred to in paragraph (2)
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief which were necessary for the purpose
of our audit.
ii) 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
these books;
iii) The Balance sheet, Profit and Loss Account & Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance sheet, Profit and Loss account & the
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3-C) of section 211 of
the companies Act, 1956;
v) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2011 from
being appointed as a directors in terms of clause (g) of Sub-section
(1) of section 274 of the Companies Act, 1956.
vi) 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
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956 in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India.
a) In so far as it relates to Balance Sheet, of the state of affairs of
the company as at 31st March, 2011.
b) 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; and
c) 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 REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011 OF M/s. PET
PLASTICS LIMITED.
1. IN RESPECT OF ITS FIXED ASSETS:
a. The company is compiling 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 during the year, 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 substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. IN RESPECT OF INVENTORIES:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The company has not granted, The Company has taken loan from one
party covered. In our opinion, terms and conditions of said Loan are
not, prima facie, prejudicial to the interests of the Company in the
registered maintain under section 301 of the Act.
4. 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 with regard to the purchase of Inventory, fixed assets and
also for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. There are no transaction made in pursuance of contracts or
arrangements that need to be entered into the registered maintained
under section 301 of the Companies Act, 1956. Hence, clause (v) of Para
4 of the said order is not applicable.
6. The company has not accepted any deposit from the public.
7. In our opinion, the arrangement made by the company to have an
internal audit done by a firm of Chartered Accountants is commensurate
with the size of the Company and the nature of its business.
8. The Central Government under 209 (1) (d) of the companies Act, 1956,
has prescribed the maintenance of cost accounts and record in respect
of "Plastics" manufactured by the company. As explained to us, the
company is in the process of completing necessary records in respect of
the same. Pending completion of the same, we are unable to offer any
comment.
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, Sales tax, Customs Duty, Excise Duty, Cess
and other statutory dues have been generally regularly deposited with
the appropriate authorities. According the information and
explanations given to us, no undisputed amount payable in respect of
the aforesaid dues were outstanding as a 31st March, 2011 for period of
more than six months from the date of becoming payable.
b) According to the information and explanation give to us, there are
no disputed statutory dues pending as on 31st March, 2011 except Income
Tax. (Applied pending before (I.T.A.T.) Income Tax Appellate Tribunal)
10. The company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Since there are no borrowings from the Financial Institutions,
Banks or by way of debentures, the question of default in repayment of
dues does not arise.
12. In our opinion and according to the information and explanation
given to us, 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, company is not chit fund or nidhi/mutual benefit
fund/society. Therefore, Clause 4 (xiii) of the companies (Auditor
Report) Order 2003 is not applicable to the company.
14. Since the company is not dealing or trading in Shares, Securities,
debentures and other Investments, the Clause is not applicable.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not raised any new term loans during the year.
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 the company has not used funds raised on short-term
basis for long-term investment and vice-versa.
18. During the year, company has not made any preferential allotment
of shares to parties and companies covered in Registered maintained
under Section 301 of the companies Act, 1956.
19. The company has not issued any debenture during the year.
20. The company has not raised any money by way of public issue during
the year.
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.
FOR P. G. RANADE & CO.
CHARTERED ACCOUNTANTS
(Firm Regd No: 108612W)
SUDHIR C. OLTIKAR
(Partner)
Membership No: 38255
Place: Mumbai
Date : 16th August, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Pet Plastics Limited on
31st March, 2010, and also the profit & Loss Account annexed there to
for the year ended on that date. 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 auditing standards
generally accepted in India. These standards require that we plan &
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 &
disclosures in the financial statements. An audit also includes
assessing the accounting principle used & 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.
2. As required by the Companies (Auditors Report) Order 2003 issued by
the Central Government of India in terms of Subsection (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure hereto a
statement on the matters specified in paragraphs 4 & 5 of said order.
3. Further to our Comments in the Annexure referred to in paragraph (2)
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief which were necessary for the purpose
of our audit.
ii) 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
these books;
iii) The Balance sheet, Profit and Loss Account & Cash Flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance sheet, Profit and Loss account & the
Cash Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred to in subsection (3C) of section 211 of
the companies Act, 1956;
v) In our opinion, and based on information and explanations given to
us, none of the directors are disqualified as on 31st March, 2010, from
being appointed as a directors in terms of clause (g) of Subsection
(1) of section 274 of the Companies Act, 1956.
vi) 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
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956 in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India.
a) In so far as it relates to Balance Sheet, of the state of affairs of
the company as at 31st March, 2010.
b) 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; and
c) 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 REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010 OF M/s. PET
PLASTICS LIMITED.
1. IN RESPECT OF ITS FIXED ASSETS:
a. The company is compiling 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 during the year, 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 substantial part
of fixed assets during the year and the going concern status of the
company is not affected.
2. IN RESPECT OF INVENTORnCS:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The discrepancies noticed on physical verification of stock as
compared to the book records were not material and have been properly
dealt with in the books of accounts.
3. The company has not granted or taken any loans, secured or
unsecured to/from companies, firms or any other parties covered in the
register maintain under section 301 of the Act. Hence, clause (Hi) of
para 4 of the aforesaid order is not applicable.
4. 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 with regard to the purchase of Inventory, fixed assests and
also for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. There are no transaction made in pursuance of contracts or
arrangements that need to be entered into the registered maintained
under section 301 of the Companies Act, 1956. Hence, clause (v) of para
4 of the said order is not applicable.
6. The company has not accepted any deposit from the public.
7. In our opinion, the arrangement made by the company to have an
internal audit done by a firm of Chartered Accountants is commensurate
with the size of the Company and the nature of its business
8. The Central Government under 209 (1) (d) of the companies Act,
1956, has prescribed the maintenance of cost accounts and record in
respect of "Plastics" manufactured by the company. As explained to us,
the company is in the process of completing necessary records in
respect of the same. Pending completion of the same, we are unable to
offer any comment.
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, Sales tax, Customs Duty, Excise Duty, Cess
and other statutory dues have been generally regularly deposited with
the appropriate authorities. According the information and
explanations given to us, no undisputed amount payable in respect of
the aforesaid dues were outstanding as a 31st March, 2010 for period of
more than six months from the date of becoming payable.
b) According to the information and explanation give to us, there are
no disputed statutory dues pending as on 31st March, 2010 except Income
Tax. (Applied pending before (I.T.A.T.) Income Tax Appellate Tribunal)
10. The company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Since there are no borrowings from the Financial Institutions,
Banks or by way of debentures, the question of default in repayment of
dues does not arise.
12. In our opinion and according to the information and explanation
given to us, 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, company is not chit fund or nidhi/mutual benefit
fund/society. Therefore, Clause 4 (xiii) of the companies (Auditor
Report) Order 2003 is not applicable to the company.
14. Since the company is not dealing or trading in Shares, Securities,
debentures and other Investments, the Clause is not applicable.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not raised any new term loans during the year.
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 the company hat not used funds raised on shortterm basis
for longterm investment and viceversa.
18. During the year, company has not made any preferential allotment of
shares to parties and companies covered in Registered maintained under
Section 301 of the companies Act, 1956.
19. The company has not issued any debenture during the year.
20. The company has not raised any money by way of public issue during
the year.
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.
For & on behalf of SUDHIR OLTIKAR & CO
CHARTERED ACCOUNTANTS
(Firm Resd No: 110500W)
Place : Mumbai
Date : 2nd August, 2010
PROPRIETOR
M. No. 38255
Mar 31, 2003
1. We have audited the attached Balance Sheet of Pet Plastics Limited
on 31st March 2003, and also the profit &. Loss Account annexed there
to for the year ended on that date. These financial statements are the
responsibility of the companys management. Our responsibility is to
express on opinion on these financial statement based on are audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan &
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 &
disclosures in the financial statements. An audit also includes
assessing the accounting principle used & 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 Manufacturing & other Companies (Auditors
Report) Order, 1988 issued by the Central Government of India in terms
of Sub-section (4A) of section 227 of the Companies Act, 1956, we annex
hereto a statement on the matters specified in paragraphs 4 & 5 of said
order.
4. Further to our Comments in the Annexure referred to in paragraph (3)
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief which were necessary for the purpose
of our audit.
ii) 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
these books.
iii) The Balance sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance sheet and Profit and Loss account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3-C) of section 211 of the companies Act, 1956 to the
extent applicable, and
v) On.the basis of written representations received from Directors, as
on 31st March 2003, and taken on record by the Board of Directors we
report that none of the directors arc disqualified as on 31st March
2003, from being appointed as a directors in terms of clause (g) of
Sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit and Loss
Account read together with the notes hereon give the information
required by the Companies Act, 1956 in the manner so required subject
to note no 7 to 13 of the notes to the accounts and give a true and
fair view:
a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2003 and
b) In the case of the Profit and loss Account of the profit for the
year ended 31st March, 2003.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2003 OF PET
PLASTICS LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information explanations given to us, we state that:
i) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets. As
explained to us all the assets have been physically verified by the
management at reasonable intervals. According to the information and
explanations given to us no material discrepancies have been noticed on
such verification as compared to book records.
ii) None of the fixed assets have been revalued during the year.
iii) As explained to us, the stock of finished goods (including goods
for trade) store, spare parts and raw materials have been physically
verified during the year at reasonable intervals by the management.
iv) The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
v) No material discrepancies have been noticed on physical verification
of stocks as compared to the book records.
vi) On the basis of our examination of the stock records we are of the
opinion that the valuation of stocks is fair and proper in accordance
with the normally accepted accounting principles and is on the same
basis as in preceding year.
vii) According to the information and explanations given to us, the
Company has not taken loan from Companies listed in the register
maintained under Section 301 of the Companies Act, 1956 as explained to
us, there are no companies under the same managements within the
meaning of section 370(1B) of the Companies Act, 1956.
viii) According to the information and explanations given to us, the
company has not granted loans to Companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956. As explained to us there are no companies under the same
managements within the meaning of section 370 (1B) of the Companies
Act, 1956.
ix) As informed to us the company has not given advances in the nature
of the loans to the employee of the company.
x) In our opinion and according to the information and explanations
given to us there are generally, adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of stores, raw-materials including components
plants and machinery equipments and assets.
xi) In our opinion and according to the explanations given to us the
transactions of services made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the companies
Act, 1956 and aggregating during the year to Rs.50,000/- or more in
respects of each party have been made at prices for such services or
the prices at which transactions for similar services have been made
with other parties.
xii) The Company does not have any unserviceable or damaged stores and
raw materials.
xiii) The Company has not accepted any deposits from the public within
the meaning of section 58 A of the Companies Act, 1956 and the rules
framed there under and hence the question of compliance with these rule
does not arise.
xiv) The company does not have an Internal audit system during the year
under review.
xv) As explained to us, there was no sale or disposal of scrap. The
company does not have any by-products.
xvi) The Central Government has not prescribed maintainence of cost
records under section 209 (I)(d) of the Companies Act, 1956.
xvii) As informed to us the company is not required to deduct Provident
Fund and Employee State Insurance dues during the year under review.
Hence, the question of its deposit regularly with appropriate
authorities does not arise.
xviii) According to the information and explanations given to us there
were no undisputed amounts payable in respect of Income Tax, Sales Tax,
Custom Duty and Excise Duty which have remained outstanding as at 31st
March, 2003 for more than six months.
xix) In our opinion and on the basis of our examination of the books no
personal expenses have been charged to revenue accounts other than
those payable under contractual obligation or in accordance with
generally accepted business practice.
xx) The company is not a Sick Industrial Company within the meaning of
section 3 (1) (0) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
xxi) With regard to the service activities carried on by the company,
the nature of the Companys operation is such that the question of
allocation of materials and man-hours consumed on the various jobs is
not required.
For DEDHIA TALAK DEVJI
Chartered Accountants
(T.D.Dedhia)
Proprietor
Place: Mumbai.
Date : 30th July, 2003.
Mar 31, 2002
1. We have audited the attached Balance Sheet of Pet Plastics Limited
on 31st March 2002. and also the profit & Loss Account annexed there to
for the year ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express on opinion on these financial statement based on are audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan &
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 &
disclosures in the financial statements. An audit also includes
assessing the accounting principle used & 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 Manufacturing & other Companies (Auditors
Report) Order, 1988 issued by the Central Government of India in terms
of Sub-section (4A) of section 227 of the Companies Act, 1956, we annex
hereto a statement on the matters specified in paragraphs 4 & 5 of said
order.
4. Further to our Comments in the Annexure referred to in paragraph
(3) above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief which were necessary for the purpose
of our audit.
ii) 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
these books.
iii) The Balance sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance sheet and Profit and Loss account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3-C) of section 211 of the companies Act, 1956 to the
extent applicable, and
v) On the basis of written representations received from Directors, as
on 31st March 2002. and taken on record by the Board of Directors we
report that none of the directors are disqualified as on 31st March
2002. from being appointed as a directors in terms of clause (g) of
Sub-section (1) of section 274 of the Companies Act, 3956.
vis In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit and Loss
Account read together with the notes thereon give the information
required by the Companies Act. 1956 in the manner so required subject
to note no 7 to 13 of the notes to the accounts and give a true and
fair view:
a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2002 and
b) In the case of the Profit and loss Account of the profit for the
year ended 31st March, 2002.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2002 OF PET
PLASTICS LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information explanations given to us, we state that:
i) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets. As
explained to us all the assets have been physically verified by the
management at reasonable intervals. According to the information and
explanations given to us no material discrepancies have been noticed on
such verification as compared to book records.
ii) None of the fixed assets have been revalued during the year.
iii) As explained to us, the stock of finished goods (including goods
for trade) store, spare parts and raw materials have been physically
verified during the year at reasonable intervals by the management.
iv) The procedures of physical verification of stocks followed fay the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
v) No material discrepancies have been noticed on physical verification
of stocks as compared to the book records.
vi) On the basis of our examination of the stock records we are of the
opinion that the vaiuatior of stocks is fair and proper in accordance
with the normally accepted accounting principles and is on the same
basis as in preceding year.
vii) According to the information and explanations given to us the
Company has not taken loan from Companies listed in the register
maintained under Section 301 of the Companies Act, 1956 as explained to
us, there are no companies under the same managements within the
meaning of section 370(1B) of the Companies Act, 1956.
viii) According to the information and explanations given to us, the
company has not granted loans to Companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956. As explained to us there are no companies under the same
managements within the meaning of section 370 (1B) of the Companies
Act, 1956.
ix) As informed to us the company has not gives advances in the nature
of the loans to the employee of the company.
x) In our opinion and according to the information and explanations
given to us there are generally, adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of stores, raw-materials including components
plants and machinery equipments and assets.
xi) In our opinion and according to the explanations given to us the
transactions of services made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the companies
Act, 1956 and aggregating during the year to Rs. 50, 000/- or more in
respects of each party have been made at prices for such services or
the prices at which transactions for similar services have been made
with other parties.
xii) The Company does not have any unserviceable or damaged stores and
raw materials.
xiii) The Company has not accepted any deposits from the public within
the meaning of section 58 A of the Companies Act, 1956 and the rules
framed there under and hence the question of compliance with these rule
does not arise.
xiv) The company does not have an Internal audit system during the year
under review.
xv) As explained to us, there was no sale or disposal of scrap. The
company does not have any by-products.
xvi) The Central Government has not prescribed maintainence of cost
records under section 209 (I)(d) of the Companies Act. 1956.
xvii) As informed to us the company is not required to deduct Provident
Fund and Employee State Insurance dues during the year under review.
Hence, the question of its deposit regularly with appropriate
authorities does not arise.
xviii) According to the information and explanations given to us there
were no undisputed amounts payable in respect of Income Tax, Sales Tax,
Custom Duty and Excise Duty which have remained outstanding as at 31st
March, 2002 for more than six months.
xix) In our opinion and on the basis of our examination of the books no
personal expenses have been charged to revenue accounts other than
those payable under contractual obligation or in accordance with
generally accepted business practice.
xx) The company is not a Sick Industrial Company within the meaning of
section 3 (1) (0) of the Sick Industrial Companies (Special Provisions)
Act, 1985.
xxi) With regard to the service activities carried on by the company,
the nature of the Companys operation is such that the question of
allocation of materials and man-hours consumed on the various jobs is
not required.
For DEDHIA TALAK DEVJI
Chartered Accountants
(T. D. Dedhia)
Proprietor
Place: Mumbai.
Date: 31st May, 2002.
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