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Ambitious Plastomac Company Ltd.

BSE: 526439 Sector: Others
NSE: N.A. ISIN Code: INE267C01013
BSE 12:57 | 14 Dec Ambitious Plastomac Company Ltd
NSE 05:30 | 01 Jan Ambitious Plastomac Company Ltd
OPEN 2.37
PREVIOUS CLOSE 2.41
VOLUME 61
52-Week high 2.37
52-Week low 0.00
P/E 79.00
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.37
Sell Qty 141.00
OPEN 2.37
CLOSE 2.41
VOLUME 61
52-Week high 2.37
52-Week low 0.00
P/E 79.00
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.37
Sell Qty 141.00

Ambitious Plastomac Company Ltd. (AMBITIOUSPLASTO) - Auditors Report

Company auditors report

To

The Members of :

AMBITIOUS PLASTOMAC COMPANY LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of Ambitious plastomac companyLimited ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples 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 accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the

financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by "the companies (Auditor's Report) Order 2015" issued by theCentral Government of India in term of sub section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the company as we considered appropriate and according to theinformation and explanations given to us we give in an annexure the statement on thematter specified in the paragraph 3 and 4 of the order.

As required by Section 143 (3) of the Act we report that:

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

On the basis of the written representations received from the directors as on31stMarch 2017 taken on record by the Board of Directors

none of the directors is disqualified as on 31st March 2017 from being appointed as adirector in terms of Section 164 (2) of the Act.

With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

The Company has disclosed the impact of pending litigations on its financial positionin its financial statements

The Company does did have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the company during the financial year

For K.P. Sompura and company
Chartered Accountants
(FRN. 131641W)
(K P SOMPURA)
Place :- Ahmedabad Proprietor
Date :- 26-05-2017 (Membership No. 045155)

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

Refer to the Paragraph 9 of the independent auditor's report of even date to themembers of Lincoln Parenteral Limited. On the financial statements for the year ended on31st March 2017.

Fixed Asset

The Company have no fixed assets hence no records are kept showing full particularsincluding quantitative details and situation of fixed asset.

Inventory

Physical verification of inventory has been conducted at reasonable intervals by themanagement.

In our opinion and according to the information and explanation given to us theprocedures of the physical verification followed by the management are reasonable andadequate in relation to the size of the company and nature of its business.

On the basis of our examination of the inventory records in our opinion the companyis maintaining proper records of inventory. The discrepancies noticed on physicalverification were not material.

Unsecured Loan

The company has not granted any loans to companies covered in the register maintainedunder section 189 of the Companies Act.

Internal Controls

In our opinion and according to the information and explanations given to us there isadequate internal control system which commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods & services. We neither have come across nor are we informed of any continuingfailure to correct major weakness in the internal control.

Acceptance of Depots

The company has not accepted any deposit from the public within the meaning of section73 to section 76 of the act and the rules made there under during the period under audit.

Costing Records

The maintenance of cost records are not applicable to the company.

Statutory dues

Since there is no business activities hence nothing is to be mention in respect of Thecompany is regular in depositing undisputed statutory dues including sales-tax duty ofcustoms duty of excise value added tax. The company is also regular except in somecases in depositing provident fund employees' state insurance and any other statutorydues TDS wealth tax and service tax with the appropriate authorities. According to theinformation and explanation given to us and as per the records of the company examined byus there are is a disputed liabilities in respected income tax matters approximate to theextent of Rs 95 lacs of earlier assessment year. there is no other disputed dues which arenot deposited of in respect of sales tax wealth tax service tax duty of customs duty of excise value added tax etc.

There is no amount required to be transferred to investor education and protection fundin accordance with the relevant provisions of the Act.

Cash Losses

The company has a accumulated losses of RS 55194529 at the end of the financial yearand it has not incurred cash losses in this financial year and in the immediatelypreceding financial year.

Default in Repayments

In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to a bank or financial institution. Thecompany has opted one time settlement scheme with GSFC subject to final settlement of theorder . The company has not issued any debenture.

Guarantee for loans taken bv others

The company has not given any guarantee on the loan taken by others from banks andfinancial institutions.

Application of term loan

The company has not obtained any term loan during the financial year.

Fraud

During the course of our examination of the books of the company carried out inaccordance with the generally accepted auditing practices in India and according to theinformation and explanations given to us we have neighter come across to any materialfraud on or by the company nor we are informed of any such cases by the management.

For K.P. Sompura and company
Chartered Accountants
(FRN. 131641W)
(K P SOMPURA)
Place :- Ahmedabad Proprietor
Date :- 26-05-2017 (Membership No. 045155)