The Members of
GOPALA POLYPLAST LIMITED
We have audited the accompanying financial statements of Gopala Polyplast 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 the ended and a summaryof significant accounting policies and other explanatory information.
The companys Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting principles generallyaccepted in India including the Accountant Standards referred to in section 133 of theCompanies Act 2013 ("the Act") read with rule 7 of the Companies Accounts Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of theAct for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities selection and application ofappropriate accounting policiesmakingjudgements and estimates that are reasonable andprudentanddesignimplementation and maintenance of adequate internal financial controlthat we are operating effectively for ensuring the accuracy and completeness of accountingrecords relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards onAuditing issued by theInstitute of CharteredAccountants of India.Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 theauditors 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 Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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. In our opinion and to the best of our informationand according to the explanations given to us the financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity 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 March31 2016;
b) in the case of the Profit and Loss Account of the Profit for the year ended on thatdate; and
c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
1. As required by the Companies (Auditors 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 statement on the matters specified inparagraphs 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 financial statements comply with the Accounting Standardsreferred to in section 133 of the Companies Act 2013 read with rule 7 of CompaniesAccounts 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 Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theCompanies Act 2013.
f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014 in our opinionand to the best of our information and according to explanations given to us by themanagement the requirements of the same are duly complied with as under :
1. The company has disclosed the impact of pending litigations on its financialposition in its financial statements by way of disclosure in CARO reporting.
2. In our opinion and as per the information and explanation given to us the companyhas not entered into any long term contracts including derivative contracts requiringprovision under applicable laws or accounting standards for material foreseeable lossesand
3. There has not been an occasion in case of the company during the year under thereport to transfer any sums to the Investor Education and Protection Fund hence thequestion of delay in transferring such sums does not arise.
| ||For V. K. Moondra & Co. |
| ||Chartered Accountants |
| ||FR No. 106563W |
|Place : Santej ||V. K. Moondra |
|Date: 20th May 2016 ||Proprietor |
| ||M. No.: 70431 |
Annexure to the Auditors Report
The Annexure referred to in our report to the members of the above company for the yearEnded on 31/03/2016. We report that:
|Particulars ||Auditors Remark |
|(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; ||Yes |
|(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; ||Yes no discrepancies noticed. |
|(c) Whether title deeds of immovable properties are held in the name of the company. If no provided details thereon. ||Yes |
|(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so how they have been dealt with in the books of account; ||Yesnomaterial discrepancies were noticed |
|(iii) (iii) whether the company has granted any loans secured or unsecured to companies firms or Limited Liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act. If so ||No loans given to parties covered in the register maintained u/s 189 |
|(a) Whether the terms and conditions of the grant of such loans are prejudicial to the companys interest; ||Not Applicable |
|(b) Whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayment or receipts are regular. ||Not Applicable |
|(c) If the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest: ||Not Applicable |
|(iv) In respect of loans investments and guarantees whether provision of section 185 and 186 of the companies act 2013 have been complied with. If not provide details thereof. ||Yes |
|(v) In case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under where applicable have been complied with? If not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? ||No such deposits acceptedc |
|(vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act2013 whether such accounts and records have been made and maintained; ||Not Applicable |
|(vii) (a) Is the company regular in depositing undisputed statutory dues including provident fund employees state insurance income-tax sales-tax service tax duty of customs duty of excise value added tax and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor. ||The company is Generally regular |
|(b) Where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax or have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). ||No such dues pending except as per below table |
|Nature of statute ||Nature of Dispute ||Demand Amount (Rs.) ||Period to which Dispute Relates ||Forum Where Dispute is pending |
|Income Tax ||Various addition u/s 143(3) of I.T.Act. ||Nil ||AY 2010 11 ||I.T.A.T. Ahmedabad [Departments Appeal] |
|Income Tax ||Various addition u/s 143(3) of I.T.Act. ||Nil ||AY-2013 - 14 ||CIT (Appeal) II Ahmedabad |
|Income Tax ||Penalty U/s 271 (1) (c) of I.T.Act. ||1.41 Lacs ||AY 2010 11 ||CIT (Appeal) VIII Ahmedabad |
|Excise Department ||Utilisation of cenvat credit ||116.63 Lacs towards duty & 116.63 towards penalty u/s 11 AC. ||AY-2014 - 15 ||Honorable High Court of Gujarat. |
|(viii) Whether the company has defaulted in repayment of dues to a financial institution bank government or dues to debenture holders? If yes the period and amount of default to be reported; (in case of defaults to banks financial institute and government lender wise details to be provided). ||No such default |
|(ix) Whether moneys raised by way of initial public offer or further public offer (including debt instruments) and term loans were applied for the purposes for which those raised. If not the details together with delay / default and subsequent rectification if any as may be applicable be reported. ||Not applicable |
|(x) Whether any fraud by the company or any fraud on the company by its officer/ employees has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. ||No such instance |
|(xi) Whether managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act ? If not state the amount involved and steps taken by the company for securing refund of the same. ||Yes |
|(xii) Whether all transactions with the related parties are in compliance with Section 188 and 177 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc as required by the accounting standards and Companies Act 2013. ||Yes |
|(xiii) Whether the Nidhi Company has complied with Net Owned Funds to Deposit Ratio of 1: 20 ||Not applicable |
|(xiv) Whether the company has made any preferential allotment / private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of Section 42 of the Companies Act 2013 have been complied and the amount raised have been used for the purposes for which the funds were raised. If not provide details thereof of amount involved and nature of non compliance. ||Not Applicable |
|(xv) Whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether provisions of Section 192 of Companies Act 2013 have been complied with. ||No Such Transactions made |
|(xvi) Whether the company is required to be registered under Section 45-IA of the Reserve Bank of India act 1934 and if so whether the registration has been obtained. ||Not Applicable |
| ||For V. K. Moondra & Co. |
| ||Chartered Accountants |
| ||FR No. 106563W |
|Place : Santej ||V. K. Moondra |
|Date : 20th May 2016 ||Proprietor |
| ||M. No. 70431 |