Mar 31, 2015
We have audited the attached Balance sheet of PLANTER'S POLYSACKS
LIMITED as on 31.03.2015 and Statement of Profit and Loss and Cash Flow
Statement for the year ended as on that date and significant accounting
policies and other explanatory information. These Financial Statements
are the responsibility of the Company's Management. Our
responsibility is to express opinions on these financial statements
based on our audit.
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 principles generally accepted in India
and the Accounting Standards as specified under Section 133 of the
Companies Act, 2013 (the Act) read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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 have taken into account the
provisions of the Companies Act, 2013, 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 thereunder.
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 misstatements.
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 a true
and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the 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 said financial statements read together
with the Significant Accounting Policies and other notes thereon give
the information required by the Act, in the manner so required, and
present a true and fair view, in conformity with the accounting
principles generally accepted in India.
i) in so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2015;
ii) in so far as it relates to the Profit and Loss Account, of the
'Loss of the Company for the year ended on that date, and
iii) 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2015
("the Order") issued by the Central Government of India in terms of
Sub-Section 11 of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
2. As required by Section 143(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 purposes of our
audit.
b) In our opinion, proper books of account, as are 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
are 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 the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act;
f) In our opinion, the Company has adequate internal financial controls
systems in place and is effectively operating in the Company;
g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us there are no such matters
during the year:
PLANTER'S POLYSACKS LIMITED Annexure to the Auditors' Report
The Annexure referred to in our report to the members of PLANTER'S
POLYSACKS LIMITED (the Company') for the year Ended on 31.03.2015. We
report that:
S.No. Particulars Auditors Remark
(i) (a) whether the Company is maintaining
proper records showing full NA
particulars, including quantitative details and
situation of fixed assets;
(b) whether these fixed assets have been physically
verified by the management at reasonable intervals;
whether any material discrepancies NA
were noticed on such verification and if so, whether
the same have been properly dealt with in the books
of account;
(ii) (a) whether physical verification of inventory
has been conducted at reasonable intervals by the
management; NA
(b) are the procedures of physical verification of
inventory followed by the management reasonable and
adequate in relation to the size of the company and
the nature of its business. If not, the inadequacies
in such procedures should be reported;
(c) whether the company is maintaining proper records
of inventory and whether any material discrepancies
were noticed on physical verification NA
and if so, whether the same have been properly dealt
with in the books NA
of account;
(iii) whether the company has granted any loans,
secured or unsecured to companies, firms or other parties
covered in the register maintained under No
section 189 of the Companies Act. If so,
(a) whether receipt of the principal amount and interest NA
are also regular; na and
(b) if overdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for recovery
of the principal and NA
interest;
iv) is there 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. Whether YeS
there is a continuing failure to correct major weaknesses
in internal control system.
(v) in case the company has accepted deposits, whether the
directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there
under, where applicable, have been complied with? if not,
the nature of contraventions should be stated; If an order
hasbeen passed NA
by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any court or any other tribunal,
whether the same has been complied with or not -
Particulars Auditors Remark
(vi) where maintenance of cost records has been specified
by the Central Government under sub-section (1) of section
148 of the Companies Act, NA
whether such accounts and records have been made and
maintained;
(vii) (a) is the company regular in depositing undisputed
statutory dues including provident fund, employees' state
insurance, income-tax, sales- tax, wealth tax, service tax,
duty of customs, duty of excise, value added tax, cess and
any other statutory dues with the appropriate authorities Yes
and if not, 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.
(b) in case dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value
added tax or cess have not been deposited on account of any
dispute, then the amounts involved NA
and the forum where dispute is pending shall be mentioned.
(A mere representation to the concerned Department shall not
constitute a dispute).
(c) whether the amount required to be transferred to investor
education and protection fund in accordance with the relevant
rovisions of the Companies Act and rules made thereunder has
been transferred to such NA
fund within time.
(viii) whether in case of a company which has been registered
for a period not less than five years, its accumulated losses
at the end of the financial YES
year are not less than fifty per cent of its net worth and
whether it has incurred cash losses in such financial year and
in the immediately preceding financial year;
(ix) whether the company has defaulted in repayment of dues
to a financial institution or bank or debenture holders-
If yes, the period and amount NA
of default to be reported;
(x) whether the company has given any guarantee for loans
taken by others from bank or financial institutions, the terms
and conditions whereof are No
prejudicial to the interest of the company; No
(xi) whether term loans were applied for the purpose for
which the loans were obtained; NA
(xii) whether any fraud on or by the company has been
noticed or reported during the year; If yes, the nature and
the amount involved is to be No
indicated.
For Bansilal Shah & Co.
Chartered Accountants
Sd/-
Mukesh Kumar Jain
Partner
M.No. 075906 / FRN 000384W
Place: Navi Mumbai
Date: 27.05.2015
Mar 31, 2014
We have audited the attached Balance sheet of PLANTER''S POLYSACKS
LIMITED as on 31.03.2014 and Statement of Profit and Loss and Cash Flow
Statement for the year ended as on that date. These Financial
Statements are the responsibility of the Company''s Management. Our
responsibility is to express opinions on these financial statements
based on our audit.
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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 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
We conducted audit in accordance with Auditing Standards generally
accepted in India. Those standards require that us to plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements an audit includes
examining, on a test basis, evidence supporting the amounts and
disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
OPINION
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.
i) in so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2014;
ii) 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
iii) 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. 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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
2. Further to our comments in the Annexure referred to in paragraph 2
above, 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 purposes of our
audit.
b) In our opinion, proper books of account, as are 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
are 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 mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956 as per the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e) In our opinion, and based on information and explanations given to
us, none of the Directors are disqualified as on 31st March, 2014 from
being appointed as Director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act 1956.
ANNEXURE TO AUDITOR''S REPORT
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion are 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 disposed of its fixed assets during
the year, The Company''s going concern concept was not affected after
such disposal.
2. In respect of its inventories:
a. As explained to us, there are no inventories during the year.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to / from Companies, or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956;
a. The Company has not granted any loans to other companies during the
year.
b. Since the Company has not granted loans to other Companies, the
question of Prima facie prejudicial rate of interest, repayment of
Principal and interest, and overdue of loan does not arise.
c. The Company had taken loans from parties covered under Section 301
of the Act during the year.
4. In our opinion and according to the information and explanations
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, 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. In respect of transactions covered under section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301of the
Companies Act, 1956 aggregating during the year to Rs.5,00,000 (Rupees
Five lakhs Only) or more.
6. No deposits within the meaning of Section 58A and Section 58AA of
the Act and rules framed there under have been accepted by the Company.
7. The Company does not have a separate internal audit system. However,
in our opinion, the existing internal Control procedures are adequate
having regard to the size and nature of the business of the Company.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues, undisputed statutory dues with regard
to Employees'' State Insurance, the Company has deposited regularly
with the appropriate authorities as may be required.
10. The Company has accumulated losses and has not incurred any cash
loss during the financial year covered by our audit and has incurred
cash loss in the immediately preceding financial year.
11. Since the Company has not availed any loans from Banks, Financial
Institution during the year, the question of repayment 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 and Securities.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund / society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. In our opinion and according to the information and explanation
given to us, the Company is not dealing or trading in shares,
securities, debentures and other investments.
15. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
16. The Company has not raised any term loans during the year under
review.
17. The Company has not used the short term loans for long term
investments and vice versa.
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 debentures; therefore the question of
creation of securities does not arise.
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 explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For Bansilal Shah & Co.
Chartered Accountants
Sd/-
Mukesh Kumar Jain
Partner
M. No. 075906 / FRN 000384W
Place: Navi Mumbai
Date: 30-05-2014
Mar 31, 2013
We have audited the attached Balance sheet of PLANTER''S POLYSACKS
LIMITED as on 31.03.2013 and the Profit and Loss account for the year
ended on that date annexed thereto and Cash Flow Statement for the year
ended on that date. These Financial Statements are the responsibility
of the Company''s Management. Our responsibility is to express
opinions on these financial statements based on our audit.
1. We conducted audit in accordance with Auditing Standards generally
accepted in India. Those standards require us to plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements audit includes examining,
on a test basis, evidence supporting the amounts and Disclosurein
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the 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 (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
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, 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 purposes of our
audit.
b) In our opinion, proper books of account, as are 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
are 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 mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956.
e) In our opinion, and based on information and explanations given to
us, none of the Directors are disqualified as on 31stMarch 2013 from
being appointed as 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, 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.
i) in so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2013;
ii) in so far as it relates to the Profit and Loss Account, of the
''Loss'' of the Company for the year ended on that date, and
iii) in so far as it relates to the Cash Flow Statement, of the cash
flowsof the Company for the year ended on that date.
ANNEXURE TO AUDITOR''S REPORT
Referred to in Paragraph 2 of our report of even date
1 In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion are 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 disposed of its fixed assets during
the year, The Company''s going concern concept was not affected after
such disposal.
2 In respect of its inventories:
a. As explained to us, there are no inventories during the year as
there is no business activities.
3 In respect of loans, secured or unsecured, granted or taken by the
Company to / from Companies, or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956;
a. The Company has not granted any loans to other companies during the
year.
b. Since the Company has not granted loans to other Companies, the
question of Prima facie prejudicial rate of interest, repayment of
Principal and interest, and overdue of loan does not arise.
c. The Company had taken loans from parties covered under Section 301
of the Act during the year.
4 In our opinion and according to the information and explanations
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, 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. In respect of transactions covered under section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements that needed to be entered intoin the register
maintained under Section 301 of the Companies Act, 1956.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301of the
Companies Act, 1956 aggregating during the year to Rs.5,00,000 (Rupees
Five lakhs Only) or more.
6 No deposits within the meaning of Section 58A and Section 58AA of the
Act and rules framed there under have been accepted by the Company.
7 The Company does not have a separate internal audit system. However,
in our opinion, the existing internal Control procedures are adequate
having regard to the size and nature of the business of the Company.
8 The Central Government has not prescribed maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956.
9 In respect of statutory dues, undisputed statutory dues with regard
to Employees'' State Insurance, the Company has deposited regularly
with the appropriate authorities as may be required.
10 The Company has accumulated losses and has incurred cash loss during
the financial year covered by our audit and has incurred cash loss in
the immediately preceding financial year.
11 Since the Company has not availed any loans from Banks, Financial
Institution during the year, the question of repayment 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 and Securities.
13 In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund / society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14 In our opinion and according to the information and explanation
given to us, the Company is not dealing or trading in shares,
securities, debentures and other investments.
15 In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
16 The Company has not raised any term loans during the year under
review.
17 The Company has not used the short term loans for long term
investments and vice versa.
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 debentures; therefore the question of
creation of securities does not arise.
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 explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For Bansilal Shah & Co.
Chartered Accountants
Sd/-
Mukesh Kumar Jain
Partner
M.No. 075906 / FRN 000384W
Place: Mumbai
Date: 09/05/2013
Mar 31, 2012
I have audited the attached Balance sheet of PLANTER'S POLYSACKS
LIMITED as on 31.03.2012 and the Profit and Loss account for the year
ended on that date annexed thereto and Cash Flow Statement for the year
ended on that date. These Financial Statements are the responsibility
of the Company's Management. My responsibility is to express opinions
on these financial statements based on my audit.
1. I conducted my audit in accordance with Auditing Standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements an audit
includes examining, on a test basis, evidence supporting the amounts
and Disclosure in financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
2. 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. I enclose in the annexure hereto
a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
3. Further to my comments in the Annexure referred to in paragraph 2
above, I report that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purposes of my
audit.
b) In my opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from my 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 my opinion the Balance Sheet, Profit and Loss account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956.
e) In my opinion, and based on information and explanations given to
me, none of the directors are disqualified as on 31st March 2012 from
being appointed as directors in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act 1956.
f) In my opinion and to the best of my information and according to the
explanations given to me, 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.
i) in so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2012
ii) in so far as it relates to the Profit and Loss Account, of the
'Loss' of the Company for the year ended on that date, and
iii) 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 TO THE AUDITORS REPORT
Referred to in Paragraph 2 of my report of even date
1 In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to me, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in my 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 my opinion, the Company has disposed of its fixed assets during
the year, The Company's going concern concept was not affected after
such disposal .
2 In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In my opinion and according to the information and explanations
given to me, the procedures of physical verification of inventories
followed by the management at 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 inventories. As
explained to me, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3 In respect of loans, secured or unsecured, granted or taken by the
Company to / from Companies, or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956
a. The Company has not granted any loans to other companies during the
year.
b. Since the Company has not granted loans to other Companies, the
question of Prima facie prejudicial rate of interest, repayment of
Principal and interest, and overdue of loan does not arise.
c. The Company has not taken any loans from other Companies during the
year.
4 In my opinion and according to the information and explanations given
to me, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for the purchase
of inventory, fixed assets and also for the sale of goods. During the
course of my audit, I have not observed any major weaknesses in
internal controls.
5 In respect of transactions covered under section 301 of the Companies
Act, 1956.
a. In my opinion and according to the information and explanations
given to me, there are no transactions made in pursuance of contracts
or arrangements that needed to be entered into in the register
maintained under section 301 of the Companies Act, 1956.
b. In my opinion and according to the information and explanations
given to me, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000
(Rupees Five lakhs Only) or more.
6 The Company has not accepted any deposits from the public.
7 The Company does not have a separate internal audit system.However,
in my opinion, the existing internal Control procedures are adequate
having regard to the size and nature of the business of the Company.
8 The Central Government has not prescribed maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956.
9 In respect of statutory dues, undisputed statutory dues with regard
to Employees' State Insurance, the Company has not deposited regularly
with the appropriate authorities due to the severe financial crisis
faced by the Company.
10 The Company has accumulated losses and has not incurred cash loss
during the financial year covered by my audit and has not incurred cash
loss in the immediately preceding financial year.
11 Since the Company has not availed any loans during the year, the
question of repayment does not arise.
12 In my opinion and according to the information and explanation given
to me, no loans and advances have been granted by the company on the
basis of security by way of pledge of Shares and Securities.
13 In my opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund / society. Therefore, clause 4 (xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14 In my opinion and according to the information and explanation given
to me, the Company is not dealing or trading in shares, securities,
debentures and other investments.
15 In my opinion and according to the information and explanation given
to me, the Company has not given any guarantees for loans taken by
others from banks or financial institutions.
16 The Company has not raised any new term loans during the year.
17 The Company has not used the short term loans for long term
investments and vice versa.
18 During the year, the company has not made any preferential allotment
of shares to parties and Companies.
19 The Company has not issued debentures; therefore the question of
creation of securities does not arise.
20 The Company has not raised any money by way of public issue during
the year.
21 In my opinion and according to the information and explanations
given to me, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Sd/-
MULRAJ D. GALA
Chartered Accountants
M. No. 041206
Proprietor
PLACE: Kolkata
DATE : 14.8.2012
Mar 31, 2000
We have audited the Balance Sheet of M/S. PLANTERS POLYSACKS
LIMITED.,as at 31-3-2000 and the Profit & Loss Account of the Company
for the year ended on that date annexed thereto and report that :
1. As required by the Manufacturing and other Companies (Audi- tors
Report) order 1988 issued by the Government of India under section
227/4A of the companies Act, 1956, we enclosed in the Annexure, a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
2. Further to our comments in the Annexure referred to in paragraph I
above :
a. We have obtained all the information and explanationn which to the
best of our knowledge and belief were necessary for the purposes of our
auidt :
b. In our opinion, proper Books of Account as required by law have
been kept by the company so far as appears from our exa- mination of
those books :
c. The said Balance Sheet and the Profit & Loss Account are agr-
eement with the books of Account :
d. In our openion, the profit & loss account and balance sheet co-
mply with the accouting standerd referred to in sub- section (3C) of
Sec. 211 of the companies act. 1956.
e. In our opinion and to the best of our information and accord- ing
to the explanations given to us, the said accounts give the information
required by the companies Act, 1956 in the manner so required and read
together with noted thereon, give a true and fair view.
i. in the case of Balance Sheet of the state of the Companies affairs
as at 31st March, 2000 and ii. in the case of the Profit & Loss Account
of the Profit of the company for the ended on that date.
THE SHAREHOLDERS OF M/S. PLANTERS POLYSACKS LIMITED ANNEXED TO THE
AUDITORS REPORT AS REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN
DATE
As required by the Manufacturing and other Companies (Auditors Report)
order 1988 issued by the Central Government it terms of sec- tion
227/4A of the Companies Act, 1956 we further report as under :
1. The Company has maintained proper records showing most of the
particulars including quantitative details and situation of the fixed
assets and depreciation on all the assets has been written off up to
date. The fixed assets have been physically verified by management
during the year. We are informed by the management that no serious
discrepancies were notice on such verifications as compared with the
aforesaid records of the fixed assets.
2. None of the fixed assets have been revalued during the year.
3. According to the information & explanations given to us, there were
no unserviceable or damaged stores, raw materials or finished goods
determined during the year.
4. As per the explanations given by the management the provisions of
section 58A of the Companies Act 1956 and the rules framed there under
are not applicable to the company.
5. In the opinion of the management the provisions for having an
internal audit system are not applicable to the company.
6. The maintanance of cost records has not been prescribed by the
Centra Government under section 209(1) (d) of the Companies Act, 1956.
7. Provident fund rules are not applicable to the company.
8. So far as it appears from our examination of the records and
according to the explanations given to us there were no undisputed
amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Cus-
toms Duty & Excise Duty outstanding as at the last day of the finan-
cial year concerned, for a period of more than 6 months from date they
became payable.
9. As per the explanations given by the management no personal
expenses were charged to the revenue account.
10. The discrepancies noticeed on verification between the physical
stock and book stock arrived at on the basis of an annual reconci1ition
of opening stock, purchases and consumption, were not material and have
been properly dealt with in the Books of Account.
11. In our opinion and on the basis of our examination of of stock and
record, the valuation of stock is fair and proper and in accordance
with the normally accepted accounting principal and, is on the same
basis as in the previous year.
12. The company has not taken any secured or unsecured loan from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956 and/or from the companies
under thee same management as defined under sub-section (1B) of section
370 of the Companies Act 1956.
13. The company has not granted any loans or advances to compa- nies
listed in the register maintained under section 301 of the compa- nies
Act, 1956 and/or to the companies under the same management as defined
under sub-section (1B) of section 370 of the companies Act, 1956.
14. The parties (including employees) to whom loans or advances in the
nature of loans have been given by the company are repaying the
principle amounts as stipulated and are also regular in payment of
interest wherever applicable.
15. In our opinion and according to information and explanation given
to us, there are generally adequate internal control procedures
commensurate, with size, of the company and the nature of its business
with regard to purchase of stores, raw materials including components,
plant and machinery, equipments and other assets and also for sale of
goods.
16. In our opinion, purchases of goods and material and sale of goods,
Material and services, made in pursuance of contracts or ar- rangement
entered in the registers maintained under Section 301 of the Companies
Act, 1956 and aggregating during the period to Rs. 50,000/- or more in
value, in respect of each party, except for items which are of special
nature for which no alternative source of supply is availa- ble ro on
comparison could be made of the prices in the absence of quotation/
similar transaction with other parties, have been made at prices which
are reasonable having regard to the prevailing market prices for such
goods, materials or services or the prices at which the transaction for
similar goods, material or services have been made with other parties.
17. The Company has maintained reasonable record for the sale and
disposal of scrap. There are no by-products.
18. During the course of our examination of the books of Account
carried out in accordance with the generally accepted auditing practic-
es, we have charged to Profit & Loss Account nor have we been informed
of such a case by the Management.
19. In respect of trading activities there are no damaged goods in the
possession of the company as at 31st March, 2000.
AS PER OUR REPORT OF EVEN DATE
For. G. KHANDEKAR & CO.
CHARTERED ACCOUNTANT
(PARAG KHANDEKAR)
(PROPRIETOR)
Place : Mumbai
Dated : 2/9/2000