You are here » Home » Companies » Company Overview » Axel Polymers Ltd

Axel Polymers Ltd.

BSE: 513642 Sector: Industrials
NSE: N.A. ISIN Code: INE197C01012
BSE LIVE 14:12 | 22 Jun 10.22 0
(0.00%)
OPEN

9.73

HIGH

10.22

LOW

9.73

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.73
PREVIOUS CLOSE 10.22
VOLUME 3140
52-Week high 12.69
52-Week low 5.17
P/E 21.74
Mkt Cap.(Rs cr) 4
Buy Price 9.73
Buy Qty 10360.00
Sell Price 10.72
Sell Qty 1385.00
OPEN 9.73
CLOSE 10.22
VOLUME 3140
52-Week high 12.69
52-Week low 5.17
P/E 21.74
Mkt Cap.(Rs cr) 4
Buy Price 9.73
Buy Qty 10360.00
Sell Price 10.72
Sell Qty 1385.00

Axel Polymers Ltd. (AXELPOLYMERS) - Auditors Report

Company auditors report

To

To the Members of AXEL POLYMERS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of AXEL POLYMERS LIMITED whichcomprise the Balance sheet as at 31 March 2016 and the Statement of Profit and Loss theCash flow Statement for the year the ended and a summary of significant accountingpolicies 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 preparationand presentation of these standalone financial statements of Company that give a true andfair view of the financial position and financial performance and cash flows of thecompany in accordance with the Accounting principles generally accepted in Indiaincluding accounting Standards specified u/s 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility includes maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding the assetsof the company and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe 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 standalone financial statementsbased on our audit.

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 u/s143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the company’s preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) in the case of the balance sheet of the state of affairs of the company as at 31March 2016;

(ii) in the case of the statement of profit and loss of the Profit for the year endedon that date;

(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Emphasis of Matters

We draw attention to that the balance confirmation of trade receivables are receivedfor Rs. 334 Lacs against the total Receivables amounting to Rs. 437 Lacs. Receivables ofRs. 124 Lacs are outstanding for more than 6 months from the day they become due; In viewof the management of the company these receivables are realisable; however a provision ofRs. 24.85 Lacs has been made during the year for any probable non recovery of suchreceivables.

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 thecompany so far as appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss and cash flow statement dealt withby this Report are in agreement with the books of account;

d. In our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to in section 133 the Act read with rule 7 of the Companies(Accounts) Rules2014

e. On the basis of written representations received from the directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g. With respect to the matter to be included in the Auditor’s report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company does not have any pending litigation.

ii. The Company did not have any long term contracts including derivatives contractsfor which there were an material foreseeable losses;

iii. There is no such amount which is required to be transfer to the Investor educationand protection fund in accordance with the relevant provisions of the Companies Act 1956and rules made there under.

For SHAH & BHANDARI
Chartered Accountants
Firm No.: 118852W
(Yogesh Bhandari)
Place : Vadodara Partner
Date : 28.05.2016 M.No.046255

"ANNEXURE-A" TO THE AUDITOR’S REPORT

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets are physically verified by the management at theyear-end which in our opinion is reasonable looking to the size of the company and itsnature of business and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company title deeds are held in the name of thecompany.

(a) As explained to us Inventories has been physically verified during the year and atthe year-end.

(b) In our opinion the procedures of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c ) The Company is maintaining proper records of inventory. As informed to us thediscrepancies noticed on physical verification of stocks as compared to book records werenot Material however the same have been properly dealt with in the books of account.

iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act. Henceclause 3(iii) of the Order is not applicable to the company.

iv. In our opinion and according to the information and explanations given to us theCompany has not given any Loans nor made any investments under the provisions of section185 and 186 of the Act.

v. The Company has not accepted any deposits during the year from the public within themeaning of sections 73 & 74 of the Act and the rules framed there under to the extentnotified.

vi. As informed to us the provision pursuant to the Companies (Cost Accounting Records)Rules 2011 prescribed by the Central Government under Section 148(1) of the CompaniesAct 2013 are not applicable to the Company. Hence clause 3(vi) of the Order is notapplicable to the company.

vii. (a) The company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax or cess dues with the appropriateauthorities. There are no undisputed amounts payable as at 31.03.2016 for a period of morethan six months from the date they became payable.

(b) According to the information and explanation given to us there are no dues ofincome-tax sales-tax service tax duty of customs duty of excise value added tax orcess dues under dispute as on 31st March 2016 .

viii. Based on our audit procedures and on the information and explanation given to usby management the Company has not defaulted in repayment of its loan and interest to thebanks.

ix. According to the information and explanations given to us no new term loan wasavailed during the year Hence clause 3(ix) of the Order is not applicable to the company.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/provided for management remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with schedule V to theAct.

xii. In our opinion and according to the information and explanations given to us the

Company is not of a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with Section 188 and 177 ofCompanies Act 2013 and are disclosed in the financial statement as required by relevantAccounting Standards.

xiv. According to the information and explanations given to us The Company does nothave made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly paragraph 3(xiv) of the Order is notapplicable.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3 (xvi) of the Order are notapplicable to the Company.

For SHAH & BHANDARI
Chartered Accountants
Firm No.: 118852W
(Yogesh Bhandari)
Place : Vadodara Partner
Date : 28.05.2016 M.No.046255

Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AxelPolymers Limited as of 31 March 2016 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SHAH & BHANDARI
Chartered Accountants
FRN.: 118852W
(Yogesh Bhandari)
Place: Vadodara
Partner
Date: 28th May 2016
M.No. 046255