Mar 31, 2018
Report on the Indian Accounting Standards (Ind AS) Financial Statements
We have audited the accompanying Ind AS financial statements of Tokyo Plast International Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015(as amended) under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit. We have taken into account the provisions of the Act and the Rules made thereunder including 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 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained other than matters in sub-paragraph 1 of the Other Matters paragraph, is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Other Matters:
The comparative financial information of the Company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1st April, 2016 included in these Ind AS financial statements, are based on the previously issued statutory financial statements for the years ended 31st March, 2017 and 31st March, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by predecessor auditors, on which they have expressed an unmodified opinion dated 30th May, 2017 and 30th May, 2016 respectively. The adjustments to those financial statements for the differences in accounting principles adopted by the Company on transition to the Ind AS have been audited by us. Our opinion is not qualified in respect of this matter.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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, of the state of affairs of the Company as at March 31, 2018 and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143 (11) of the Act, we give in the Annexure â âAâ statement on the matters specified in the paragraph 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this report are in agreement with the books of account;
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act;
(e) On the basis of the written representations received from the directors as on March 31, 2018taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure âBâ;
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, (as amended), in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements in accordance with the Generally Accepted accounting practise â also Refer Note 26 to the financial statements.
(ii) The Company has made provision where required under any law or accounting standard for material foreseeable losses on long term contracts including derivative contracts.
(iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.
(iv) The disclosures regarding details of specified bank notes held and transacted during 8 November 2016 to 30 December 2016 has not been made since the requirement does not pertain to financial year ended 31 March 2018.
âANNEXURE Aâ TO INDEPENDENT AUDITORâS REPORT
The Annexure referred to in our Independent Auditorâs Report to the members of the Company on the Ind AS financial statements for the year ended 31st March, 2018, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) The title deeds of immovable properties are held in the name of the Company.
(ii) (a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.
(b) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material.
(iii) The Company has granted loans to two parties covered in the register maintained under Section 189 of Companies Act, 2013 (''the Act'').
(a) In our opinion, the rate of interest and other terms and conditions on which the loans had been granted to the parties listed in the register maintained under Section 189 of the Act were not, prima facie, prejudicial to the interest of the Company.
(b) There is no stipulation of schedule of repayment of principal and payment of interest and hence we are unable to make specific comment on the regularity of repayment of principal & payment of interest, in such case.
(c) There are no stipulations made regarding receipt of principal and interest amount, so we are unable to comment on the amount overdue.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the books of account relating to material, labour and other items of cost maintained by the Company prescribed by the Central Government for the maintenance of cost records under section 148 (1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income-Tax, Wealth Tax, Sales-T ax, Service T ax, Duty of Customs, Duty of Excise, Value Added T ax, Cess and other material statutory dues as applicable to company have generally been regularly deposited during the year by the Company with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income-T ax, Wealth T ax, Sales-T ax, Service T ax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues as applicable to the company, were in arrears as at March 31, 2017 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is no amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs duty and Excise duty which have not been deposited on account of any disputes.
(viii) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders during the year.
(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
For Vinodchandra R Shah & Co.
Chartered Accountants
Firm Registration No.: 115394W
Gaurav Parekh
Partner
Membership Number: 140694
Place : Mumbai,
Date : May 30, 2018
Mar 31, 2016
To the Members of
Tokyo Plast International Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Tokyo Plast International limited (''the Company''), which comprise the Balance Sheet as at March 3), 206, the Statement of Profit and Loss and the Cash Flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 34(5) of the Companies Act, 203 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section )33 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 204. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 43 ( )) 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 the 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. An audit also includes evaluating the appropriateness of the 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.
(a) in the case of the balance sheet, of th state of affairs of the Company as at March 3} 206
(b) in the case of the statement of profit and loss, of the profit for the year ended on that date; and
(c) in the case of the cash flow statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditors Report) Order, 206 (the Order) issued by tie
Central Government of India in terms of section ¥3 (1) of the Act, we give in the ''Annexure A'' a statement on the matters specified in the paragraph 3 and 4 of the Order.
2 As required by Section 43 (3) of the Act, we report that :
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid standalone financial statements comply vdth the Accounting Standards specified under Section 33 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 3} 206 taken on record by the Board of Directors, none of the directors is disqualified as on March 3, 206 from being appointed as a director in terms of Section 64 (2) of the Act;
f. with respect to the adequacy of the internal financial controls over financial reporting o: the Company and the operating effectiveness of such controls, refer to our separate report in Annexure Bâ and
g with respect to the other matters to be included in the Auditors - Report in accordance with Rule 1 of the Companies (Audit and Auditors) Rules, 204; in our opinion and to the best of our information and according to the explanations given to us :
(i) the Company does not have any pending litigations which would impact its financial position
(ii) the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts
(iii) there has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund, t question of delay in transferring such sums does not arise.
The Annexure referred to in our Independent Auditor''s Report to the members of the Company on the standalone financial statements for the year ended March 311 206, we report that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.
In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) The title deeds of immovable properties are held in the name of the Company.
ii. The physical verification of inventory has been conducted at reasonable intervals ly the management. The discrepancies noticed on verification between the physical stock and the book records were not material.
iii. The Company has granted loans to two parties covered in the register maintained under Section B9 of Companies Act, 203 (''the Act'').
(a) In our opinion, the rate of interest and other terms and conditions on which the loans had been granted to the parties listed in the register maintained under Section 89 of the Act were not, prima facie, prejudicial to the interest of the Company.
(b) There is no stipulation of schedule of repayment of principal and payment of interest and hence we are unable to make specific comment on the regularity of repayment of principal & payment of interest, in such case
(c) There are no stipulations made regarding receipt of principal and interest amount , so we are unable to comment on the amount overdue.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made and providing guarantees & securities as applicable.
v. The Company has not accepted any deposits from the public.
vi. We have broadly reviewed the books of account relating to material, labour and other items f cost maintained by the Company prescribed by the Central Government for the maintenance of cost records under section H8 (1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.
vii. (a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees â State Insurance, Income-Tax, Wealth Tax, Sales-Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues as applicable to company have generally been regularly deposited during the year by the Company with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income-Tax, Wealth Tax, Sales-Tax, Service Tax, Duty Café toms, Duty of Excise Value Added Tax, Cess and other material statutory dues as applicable to the company, were in arrears as at March 3), 206 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is no amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs duty and Excise duty which have not been deposited on account of any disputes
viii. The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 97 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 77 and B8 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act B34.
ANNEXURE B TO INDEPENDENT AUDITORS'' REPORT
(Referred to in our Report of even date)
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Tokyo Plast International Limited (the Company) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(D) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors- judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31 206 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Swamy & Chhabra
Chartered Accountants
FRN: ]30BeW
Pavan Chhabra
Partner
MN: 085553
Mumbai, May 30 2016
Mar 31, 2015
We have audited the accompanying financial statements of Tokyo Plast
International Limited ('the Company'), which comprise the Balance Sheet
as at 31 March 2015, the Statement of Profit and Loss and the Cash Flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143 (10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatements
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
at 31 March 2015 and its profits and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of section
143 (11) of the Act, we give in the Annexure a statement on the matters
specified in the paragraph 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 sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance sheet, the Statement of Profit and Loss and the Cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone 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 31 March 2015 taken on record by the Board of
Directors, none of the directors are disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:-
(i) The Company does not have any pending litigations which would
impact its financial position
(ii) The Company has made provision where required under any law or
accounting standard for material for material foreeable lossess on long
term contracts excluding derivative contracts.
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stock and
the book records were not material.
(iii) The Company has granted unsecured Loans, to companies, firms or
other parties covered in the register maintained under Section 189 of
the Act.
(a) In respect of loans and advances in the nature of loans given by
the company, no stipulations have been made regarding repayment of the
principal amount.
(b) Since there is no stipulations made regarding receipt of principal
amount, the question of there being an overdue amount of more than Rs
one lakh does not arise. However based on the information available to
us, we are unable to comment on any reasonable steps taken by the
company for recovery of interest.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of Inventories and fixed assets and sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014,
as amended and prescribed by the Central Government under sub-section
(1) of Section 148 of the Companies Act, 2013, and are of the opinion
that, prima facie, the prescribed cost records have been made and
maintained. We have, however, not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, duty of Customs, Value Added Tax, Cess and other
material statutory dues have been regularly deposited during the year
the Company with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Income Tax,
Sales Tax, Wealth Tax, Service Tax, duty of Customs, Value Added Tax,
Cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of Income Tax, Wealth Tax, Service Tax,
Sales Tax, Customs duty and Excise duty which have not been deposited
on account of any disputes
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
(viii) The Company does not have accumulated losses at the end of the
financial year and the Company has not incurred cash lossed during the
financial year covered by our audit and in the immediately preceding
financial year.
(ix) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) In our opinion and according to the information and explanations
given to us, the term loans have been applied by the company during the
year for the purpose for which they were obtained.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Swamy & Chhabra
Chartered Accountants
FRN: 113036W
Pavan Kumar Chhabra
Partner
Membership number: 085553
Navi Mumbai, 30th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Tokyo Plast
International Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and the Cash
Flow Statement for the year ended as on that date, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13 th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with
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 Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We con- ducted 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 accompanying financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") 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, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under 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
accounting principles generally accepted in India.
e. On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
requirements'' Section of our report of even date) On the basis of such
checks as we considered appropriate and according to the information
and explanation given to us during the course of our audit, we report
that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified
during the year by the management. According to Information &
Explanation given to us, no material discrepancies were noticed on such
verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial part of fixed asset has been disposed off
during the year.
2. (a) As explained to us, inventory has been physically verified
during the year by the management. In our opinion the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to books records were not material.
3 (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted unsecured loans, to four parties listed in the register
maintained under Section 301 of the Companies Act, 1956. The loans are
in the nature of running accounts, the maximum amount outstanding
during the year is Rs.2216.42 lakhs and year end balance is Rs. 2187.65
lakhs.
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the company. However there are no
covenants in regards to other terms and condition of such loans.
(c) In respect of loans and advances in the nature of loans given by
the company, no stipulation has been made regarding repayment of the
principal amount.
(d) Since there is no stipulation made regarding receipt of principal
amount, the question of there being an overdue amount of more than Rs
one lakh does not arise. However based on the information available to
us, we are unable to comment on any reasonable steps taken by the
company for recovery of interest.
(e) The company has taken unsecured loan from one party covered in the
register maintained under Section 301 of the Companies Act, 1956. The
loan is in the nature of running accounts, the maximum amount
outstanding during the year is Rs. 22.41 lakhs and year end balance is
Rs. NIL.
(f) The rate of interest and other terms and conditions of such loans
taken are prima facie not prejudicial to the interest of the company.
However there are no covenants in regards to other terms and conditions
of such loans.
(g) In respect of loans and advances in the nature of loans taken by
the company and interest there on, no stipulation have been made
regarding the repayment.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Companies Act, 1956 which are in excess of Rs. 5 Lakhs have
been made at a price which are reasonable having regard to the relevant
market prices.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees'' State Insurance, Income - tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent
applicable and any other statutory dues have generally been regularly
deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding
statutory dues as on 31st of March, 2014 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities. Therefore,
the provisions of Clause 4(xii) of the order are not applicable to the
company.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the order
are not applicable to the company.
14. During the period, the company did not deal or trade in shares,
securities, debenture and other investment. Therefore, the provisions
of Clause 4(xiv) of the order are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution. Therefore, the provisions of Clause
4(xv) of the order are not applicable to the company.
16. In our opinion and according to the information and explanations
given to us, term loans were applied for the purpose for which they
were raised.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31 st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company. Therefore, the
provisions of Clause 4(xvii) of the order are not applicable to the
company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
Therefore, the provisions of Clause 4(xviii) of the order are not
applicable to the company.
19. The Company has no outstanding debentures during the period under
audit. Therefore, the provisions of Clause 4(xix) of the order are not
applicable to the company.
20. The Company has not raised any money by public issue during the
year. Therefore, the provisions of Clause 4(xx) of the order are not
applicable to the company.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Swamy & Chhabra
Chartered Accountants
Firm Registration No: 113036W
Pavan Chhabra
Partner
Mumbai, May 29, 2014 Membership No. : 085553
Mar 31, 2012
We have audited the attached Balance Sheet of Tokyo Plast International
Limited, as at 31st March 2012, the Statement of Profit and Loss and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the
Companies (Auditor's Report) (Amendment) Order, 2004, issued by the
Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we enclose in the annexure 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
(1) 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 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 such
books;
c. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 to the extent they are applicable to the
Company;
e. On the basis of the written representations received from the
Directors as on 31st March 2012,and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
March 31, 2012 from being appointed as a Director in terms of section
274(1 )(g) of the Companies Act, 1956 ;
f. Attention is invited to Note No. 14 of Notes to Financial
Statements regarding non- provision for doubtful debts amounting to Rs.
153.61 Lakhs. The balance in Reserves & Surplus at the year ending 31st
March, 2012 has been overstated by Rs. 153.61 Lakhs on account of this
non-provision. Subject to this, in our opinion and to the best of our
iformation and according to the explanations given to us, the said
accounts together with the notes thereon and attached thereto give in
the prescribed manner the information required by the Act 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 March 31, 2012;
ii. in the case of the Statement of Profit and Loss, the profit for
the year ended on March 31, 2012 and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 we further report on the matter specified in
paragraphs 4 and 5 of the said order that:
(i) (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, these Fixed Assets have been physically
verified by the Management once during the year and no material
discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us, we are
of opinion that there was no substantial disposal of Fixed Assets
during the year.
(ii) (a) The stocks of Finished Goods, Stores, Spares, and Raw
Materials have been physically verified quarterly during the year by
the management.In our opinion, the frequency of verification is
reasonable.
(b) As per the information given to us, the procedure of physical
verification of the stocks followed by the management is generally
reasonable and adequate in relation to the size of the company and the
nature of its business.
(c) The Company has maintained proper records to show full particulars
including quantitative details of inventory. No material discrepancies
have been noticed on physical verification of stocks as compared to
book records. The discrepancies noticed, if any, have been properly
dealt with in the books of accounts.
(iii) (a) The Company has granted unsecured loans to two parties listed
in the register maintained under section 301 of the Companies Act,
1956. The loans are in nature of running accounts and the year end and
the maximum balance due amounts to Rs. 1,833.23 lakhs.
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the company. However there are no
covenants in regards to other terms and conditions of such loans.
(c) In respect of loans and advances in the nature of loans given by
the company, no stipulations have been made regarding repayment of the
principal amount.
(d) Since there is no stipulation made regarding receipt of principal
amount, the question of there being an overdue amount of more than one
lakh does not arise. However based on the information available to us,
we are unable to comment on any reasonable steps taken by the company
for recovery of interest.
(e) The Company has taken unsecured loan from one party listed in the
register maintained under section 301 of the Companies Act, 1956 and
the year-end and the maximum amount involved during the year Rs.21.14
Lakhs.
(f) The rate of interest and other terms and conditions of such loans
taken are prima facie not prejudicial to the interest of the company.
However there are no covenants in regards to other terms and conditions
of such loans.
(g) In respect of loans and advances in the nature of loans taken by
the company and interest there on, no stipulations have been made
regarding repayment.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regards to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in internal control system of the company.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions made in pursuance of contracts
or arrangements that needed to be entered in the register maintained
under section 301 of the Companies Act, 1956 haVfe been so entered.
(b) According to information and explanations given to us, in our
opinion there are no transactions made in pursuance of contracts or
arrangements that under section 301 that exceed the value of rupees
five lakhs in respect of current financial year.
(vi) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted from the public.
Therefore the provisions of clause 4(vi) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
(vii) In our opinion, the Company has internal audit system
commensurate with the size of the company and the nature of its
business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) (a) The Company has been generally regular in depositing the
undisputed statutory dues including Provident Fund, Employees' State
Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs
duty, Excise duty, Cess and other material statutory dues have been
generally regularly deposited during the year by the Company with the
appropriate authorities payable to appropriate authorities. There are
no Undisputed statutory dues outstanding as at March 31, 2012, for a
period of more than six months from the date they became payable.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance, Income-tax, Sales tax, Customs duty, Excise duty and
other material statutory dues were in arrears as of March 31, 2012 for
a period of more than six months from the date they became payable.
(b) According to me information and explanation given to us, there is
no disputed amounts payable in respect of Sales Tax, Income Tax, Wealth
Tax, Service Tax, Customs Duty, Excise Duty, Cess on account of any
dispute as on March 31, 2012.
(x) The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our
audit, and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has been generally regular in repayment of
dues to financial institutions and banks during the current financial
year.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us the company has not
granted loans and advances on the basis of security by way of pledge of
shares or debentures or any other securities.
(xiii) The provisions of any special statute applicable to chit funds,
nidhi or mutual benefit society, do not apply to the Company.
Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
(xiv) In our opinion, during the year, the Company is not dealing or
trading in shares, securities, debentures and other investments.
Accordingly provision of clause 4(xiv) of the Companies (Auditor's
Report) Order, 2003 is not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, Term Loans were applied for the purpose for which they
were raised.
(xvii) Based on the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, in our
opinion, there are not funds raised on a short term basis have been
used for long term investments.
(xviii) The Company has not made any preferential allotment of shares
to parties covered in the register maintained under section 301 of the
Companies Act, 1956 during the year.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any monies by way of public issue
during the year.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Swamy & Chhabra
Chartered Accountants
Anand Ramanath V.
Partner
Membership No: 225909
Firms Registration No: 113036W
Mumbai,
Dated: 30th May, 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of Tokyo Plast
International Limited, as at 31st March 2010, the Profit and Loss
Account and also the Cash Flow Statement for the year ended on that
date annexed thereto. 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of Section
227 (4A) of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the annexure referred to in paragraph
(3) 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 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 such
books ;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account ;
(d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ; except the following:-
The Company is following cash basis accounting for employees benefits
in case of Gratuity, however as per Accounting Standard 15 "Employees
Benefits", Gratuity which is in nature of post employment benefits and
Company falls under defined benefits plan which should be accounted as
per actuarial valuation basis, but company has not applied for any
actuarial valuation till date.
(e) On the basis of the written representations received from the
Directors as on 31st March 2010,and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
March 31, 2010 from being appointed as a Director in terms of section
274(1)(g) of the Companies Act, 1956 ;
(f) Attention is invited to Note No. 16 to notes on accounts regarding
non- provision for doubtful debts amounting to Rs. 531.70 lacs. The
reserves of the company at the year end have been overstated by
Rs.531.70 lacs on account of this non - provision. Subject to this, in
our opinion and to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Act 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 March 31, 2010;
(ii) In the case of the Profit and Loss Account, of the profit 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.
ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 3 of our Report of
even date.
1. (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of Fixed Assets.
(b) As explained to us, these Fixed Assets have been physically verified
by the Management once during the year and no material discrepancies have
been noticed on such verification.
2. (a) The stocks of finished goods, stores, spare parts, semi
finished goods and raw materials have been physically verified quarterly
during year by the management. In our opinion, the frequency of verifica
-tion is reasonable.
(b) As per the information given to us, the procedure of physical
verification of the stocks followed by the management is generally
reasonable and adequate in relation to the size of the company and the
nature of its business.
(c) No material discrepancies have been noticed on physical
verification of stocks as compared to book records. The discrepancies
noticed have been properly dealt with in the books of accounts.
3. (a) The Company has granted unsecured loans to two parties listed
in the register maintained under section
301 of the companies Act, 1956; the particulars of which are as
follows:
[Rs. In Lacs]
Maximum Balance
Outstanding Amount outstanding
No. of Parties Total Amount of
Loan Given during the year at the end of
year.
2 429.37 909.38 835.59
(b) The rate of interest of such loans granted is prima facie not
prejudicial to the interest of the Company.
However there are no covenants in regards to other terms and conditions
of such loans.
(c) In respect of loans and advances in the nature of loans given by
the company and interest there on, no stipulations have been made
regarding repayment.
(d) Since there is no stipulation made regarding receipt of principal
amount, the question of there being an overdue amount of more than one
lakh does not arise. However based on the information available to us,
we are unable to comment on any reasonable steps taken by the company
for recovery of interest.
(e) The Company has taken unsecured loan from one party listed in the
register maintained under section 301 of the Companies Act, 1956; the
particulars of which are as follows:
[Rs. In Lacs]
Maximum Balance
Outstanding Amount
outstanding
No. of Parties Total Amount
of Loan Taken during the year at the end
of year.
1 3.41 18.15 18.15
(f) Th/ rate of interest and other terms and conditions of such loans
taken are prima facie not prejudicial to the interest of the company.
However there are no covenants in regards to other terms and conditions
of such loans.
(g) In respect of loans and advances in the nature of loans taken by
the company and interest there on, no stipulations have been made
regarding repayment.
4. In our opinion, the company has an adequate internal control system
commensurate with the size of the company and the nature of its
business for purchase of inventory, fixed assets and also for the sale
of goods and services.
5. (a) We are of the opinion that the transactions made in pursuance
of contracts or arrangements, that needed to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) We are of the opinion that the transactions of purchase and sale of
goods, materials and 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.7.8 lakhs
have been generally made at prices which are reasonable having regard
to prevailing market prices of such goods, materials and services,
where such market prices are available with the company or the prices
at which transactions for similar goods or services have been made with
other parties.
6. The Company has not accepted any deposits from the public within
the meaning of Secton 58A and 58AA or any other relevant provisions of
the Act and the Companies (Acceptance of Deposits) Rules, 1975 with
regard to the deposits accepted from the public.
7. The company does not have a separate internal audit system.
8. As per the information given to us, the Central Government has not
prescribed the maintenance of the cost records under section 209(1)(d)
of the Companies Act, 1956.
9. (a) The Company has been generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax,
Custom duty, Excise Duty, Service Tax, Cess and any other material
statutory dues applicable to it. There are no Undisputed tax
liabilities outstanding as at March 31, 2010, for a period of more than
six months from the date they became payable.
(b) According to the records of the company, there are no dues
outstanding of sales tax, income tax, wealth tax, service tax, customs
duty, excise duty, cess on account of any dispute as on March 31, 2010
other than the following:
Assess Amount
Nature of Statute Nature of Dues ment Forum where
Year the dispute
is pending Involved
Income Tax Act,
1961 Income Tax
Liability 2004-05 CIT (Appeal) 1181420
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit, and in the
immediately preceding financial year.
11. The Company has been generally regular in repayment of dues to
financial institutions and banks during the current financial year.
12. According to the information and explanations given to us and
based on the documents and records produced to us, the company has not
granted loans and advances on the basis of security by way of pledge of
shares or debentures or any other securities.
13. The provisions of any special statute applicable to chit funds,
nidhi or mutual benefit fund/ society, do not apply to the Company.
14. During the year, the Company did not deal or trade in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. Term Loans were applied for the purpose for which they were
obtained.
17. Based on the information and explanations given to us and on an
overall examination of the Balance sheet of the Company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through public issue during
the year.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Swamy & Chhabra
Chartered Accountants
C. Ayyaswamy
Partner
Membership No : 21754
Mumbai, Dated : 31st May, 2010 Firm Registration No: 113036W