| We have audited the accompanying financial statements of ASHISH
POLYPLAST LIMITED, Ahmedabad which comprise the Balance sheet as at
31st March 2015 and the Statement of Profit and Loss and Cash Flow
Statement for the year ended on 31st March 2015, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134 (5) of the Companies Act 2013 (" the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the 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 of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements
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.
Auditors ' Responsibilty
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made 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 misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give 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 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the company as
at 31st March 2015 and its profit 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
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the Annexure a statement on the matters specified in paragraph 3 and 4
of the said 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
purpose of our audit.
(b) in our opinion, the Company has kept proper books of account as
required by law, so far, as appears from our examination of the books:
(c) the Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) in our opinion, the afrosaid financial statements comply with the
Accounting Standards specified under section 133 of the Act read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) on the basis of written representations received from the directors
as on 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 Companies
Act, 2013.
(f) 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
(i) The company does not have any pending litigations which Would
impact its financial position.
(ii ) The Company did not have any long term contracts including
derivative contracts for which there were any material for seable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 1 under the heading of "report on other legal
and regulatory requirements" 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
out audit, we report that.
(i) In respect of Fixed Assets
a. The Company has maintained proper records showing full particulars
including quantitative details and location of the fixed assets.
b. All the fixed assets have not been physically verified by the
management during the year But, according to the information and
explanations given to us, there is a regular programme of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were
noticed on such verification.
(ii ) In respect of Inventories
a. As explained to us, inventories were physically verified during the
year by the management at reasonable intervals.
b. In our opinion, the procedures of physical verification of stock
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of inventories as compared to the book records.
(iii ) As the company has not granted any loans secured or unsecured,
to companies. Firms or other parties covered in the register maintained
u/s.189 of the Companies Act, 2013, paragraphs (iii), (a) and (b) of
the order are not applicable.
(iv) As per the information and explanations given to us, there is in
our opinion an adequate internal control system commensurate with the
size of the Company and nature of its business for the purchase of
Inventory and Fixed Assets and for sale of goods and services. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal, control system
(v) The Company has not accepted any deposit from the public Therefore,
the provisions of clause (v) of paragraph 3 of the Order are not
applicable to the Company
(vi) As per the information and explanations given to us, the
provisions of maintenance of cost records specified by the Central
Government under section 148(1) of the Companies Act, 2013 are not
applicable to the company during the year under reference.
(vii) According to information and explanations given to us in respect
of statutory and other dues :
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, service tax, duty of excise, Value Added Tax, Cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As expained to us, the
Company did not have any dues on account of employees' state insurance
.wealth tax and
duty of customs.
b. According to information and explanation given to us, no undisputed
amounts payable in respect of Provident Fund, Income Tax, Sales Tax,
service tax, Value Added Tax, Cess and other material statutory dues
were in arrears as at March 31, 2015 for a period of more than six
months from the date they became payable. Disputed dues in respect of
excise duty and penalty thereon aggregating to Rs. 8,79,562/- have not
been deposited since the appeal is pending before Commissioner
(Appeals-lll),Ahmedabad.
c. No amount is required to be transferred to Investor Education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 ( 1 of 1956 ) and rules made thereunder.
(viii) The Company does not have accumulated losses. The company has
not incurred cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(ix) 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 the repayment of dues to Banks. The
Company has not borrowed funds from Financial Institution or Debenture
holder.
(x) In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks and financial institutions.
(xi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
company were, prima facie, applied by the company during the year for
the purposes for which the loans were obtained.
(xii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year nor we have been informed of
such case by the management
For, M. R. PANDHI & ASSOCIATES
Chartered Accountants
Firm Registration No.112360W
N. R. Pandit
Place : Ahmedabad Partner
Date : 29th May, 2015 Membership No.033436 |