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Commercial Syn Bags Ltd.

BSE: 539986 Sector: Industrials
NSE: N.A. ISIN Code: INE073V01015
BSE LIVE 09:29 | 07 Dec 49.85 2.35
(4.95%)
OPEN

49.85

HIGH

49.85

LOW

49.85

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 49.85
PREVIOUS CLOSE 47.50
VOLUME 3000
52-Week high 79.50
52-Week low 28.80
P/E 9.93
Mkt Cap.(Rs cr) 58.92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 49.85
CLOSE 47.50
VOLUME 3000
52-Week high 79.50
52-Week low 28.80
P/E 9.93
Mkt Cap.(Rs cr) 58.92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Commercial Syn Bags Ltd. (COMMERLSYNBAGS) - Auditors Report

Company auditors report

The Members

COMMERCIAL SYN BAGS LIMITED

Indore.

Report on the Financial Statements

We have audited the accompanying financial Statements of COMMERCIAL SYN BAGS LIMITED("the company") which comprise the Balance Sheet as at March 31 2016 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial 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 views and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risk of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial controls relevant to the Company's preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors 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 opinion on the 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 of the state of affairs of the Company as at 31stMarch 2016 and its profits and cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND OTHER REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 ("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the annexure A a statement on the matters specified in paragraphs 3and 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 purposes of our audit.

b) In our opinion proper books of accounts 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 aforesaid financial statements comply with the AccountingStandards 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 312016 and taken on record by the Board of the Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of section164 (2) of the Act.

f) With respect to the adequacy of internal financial control over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B"; and

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

(i) As informed to us the Company does not have pending litigation which could impactits financial position.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

For Gupta & Ashok
Chartered Accountants
FRN:02254C
Place : Indore CA Ashok Agrawal
Dated : 30.08.2016 (Partner)
M. No.: 071274

ANNEXURE -A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31 March 2016 we report that:

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All these fixed assets have been physically verified by the management atreasonable intervals during the year. No material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

(ii) (a) Physical verification of inventory at all locations except in transit (ifany) and lying with third parties has been conducted at reasonable intervals by themanagement. No material discrepancy was noticed during such verifications.

(iii) (a) The company did not give any loan secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act. Therefore sub-clause (a) (b) and (c) of clause (iii)of paragraph 3 of the Order are not applicable.

(iv) In our opinion and according to explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Act with respect to the loans andinvestments made.

(v) According to the information and explanations given to us and on the basis of ourchecking during the course of audit the company has not accepted any deposits.

(vi) the Central Government has not specified maintenance of the cost records undersub-section (1) of section 148 of the Companies Act.

(vii) (a) According to the information and explanation given to us the company isregular in depositing undisputed statutory dues including provident fund employees stateinsurance income tax sales tax service tax duty of custom duty of excise value addedtax cess and other statutory dues to the appropriate authorities. There was no suchoutstanding as at the last day of the financial year concerned for a period of more thansix months from the date they became payable.

Name of the Statue Nature of Amount Due Amount Period to which the amount relates
Income Tax Act Interest on TDS and Fee u/s 234E 50860 Financial Year 2007-08 to 2011-12
Income Tax Act Income Tax 121110 Financial Year 2011-12
Income Tax Act Interest on TDS and Fee u/s 234E 58370 Financial Year 2012-13
Income Tax Act Interest on TDS and Fee u/s 234E 87350 Financial Year 2013-14
Income Tax Act Interest on TDS and Fee u/s 234E 9860 Financial Year 2014-15
Income Tax Act Interest on TDS and Fee u/s 234E 6030 Financial Year 2015-16
State and Central Sales Tax act Tax interest and penalty 73950 Financial Year 2011-12

(b) According to information and explanations given to us there are no dues of incometax wealth tax service tax custom duty excise duty and cess which have not beendeposited on account of any dispute except demand under income tax act and sales tax actand custom and excise act as follows:

Name of the Statue Nature of Amount Due Amount Amount paid in dispute Period to which the amount relates Forum where the dispute is pending for CARO
State and Central Sales Tax act Tax interest and penalty 343314 85829 Financial Year 2013-14 Deputy Commissioner of sales tax (Appeals)
Central excise act 1944 and customs act 1962 Fine and penalty 260397 29349 Financial Year 2014-15 Commissioner (Appeals)

(viii) In our opinion and according to information and explanations given to us thecompany has not defaulted in repayment of loans or borrowings to a financial institutionbank Government or dues of debenture holders.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans taken by the company have beenapplied for the purpose for which they are raised.

(x) Based upon audit procedures performed and according to the information andexplanations given to us no fraud by the company or on the company by its officers oremployees has been noticed or reported during the course of our audit.

(xi) According to information and explanations given to us and based on our examinationof the records of the Company the Company has paid/ provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and the details have beendisclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) According to information and explanations given to us and based on ourexamination of the records of the Company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. However the company allotted 6469050 fully paid up equity shares as bonus tothe existing shareholders in the ratio of 3 Equity Shares for every 1 Equity Share held onrecord date.

(xv) According to information and explanations given to us and based on our examinationof the records of the Company the company has not entered into non-cash transactions withdirectors or persons connected with them. Accordingly paragraph 3(xv) of the Order is notapplicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Gupta & Ashok
Chartered Accountants
FRN:02254C
Place : Indore CA Ashok Agrawal
Dated : 30.08.2016 (Partner)
M. No.: 071274

ANNEXURE -B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") referred to in Independent Auditors'Report to the members of the Company on the financial statements for the year ended 31March 2016.

We have audited the internal financial controls over financial reporting of M/SCommercial Syn Bags Limited ("the Company") as of 31 March 2016 in conjunctionwith our audit of the financial statements 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 Company's internal financial controls systemover financial 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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 Gupta & Ashok
Chartered Accountants
FRN:02254C
Place : Indore CA Ashok Agrawal
Dated : 30.08.2016 (Partner)
M. No.: 071274

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