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Harsh Polymers(India) Ltd.

BSE: 514370 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Harsh Polymers(India) Ltd. (HARSHPOLYMERS) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

To

The Members of

M/s. Harsh Polymers (India) LTD. .

1. We have audited the attached Balance Sheet of Harsh Polymers (India) LTD. asat March 312014 and also the Statement of Profit and Loss and also the-Cash FlowStatement for the year ended on that date annexed thereto. These financial statements arethe responsibility of the Company's management. Our responsibility is to express anopinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally acceptedin India. Those standards required that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatements. Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and the significant estimates made by the management as well as evaluating theoverall financial statements presentation. We believe that our audit provides a reasonablebasis for our opinion.

3. As required by the Companies (Auditor's Report) Order 2003 issued by the CentralGovernment in terms of section 227 (4A) of the Companies Act 1956 we annex hereto asstatement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the annexure referred to in paragraph 3 above we reportthat:

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 account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) The Balance Sheet and the Statement of Profit and Loss dealt with by this report arein agreement with the books of account;

d) In our opinion the Balance Sheet and the Statement of Profit and Loss dealt with bythis report comply with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956;

e) On the basis pf written representations received from the Directors as on March 312014 and taken on record by the Board of Directors we report that none of the Directorsis disqualified as on March 31 2014 from being appointed a director in terms of clause(g) of sub- section (1) of section 274 of the Companies Act 1956;

f) In our opinion and to the best of our information and according to the explanationsgiven to us the Accounts read with significant Accounting Policies and Notes to Accountsgive the information as required by the Companies Act 1956 in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2014.

(ii) In the case of the statement of Profit and Loss of the profit of the Company forthe year ended on that date.

(iii) In the case of Cash Flow Statement of the Cash Flows for the year ended on thatdate.

For Nikunj H. Shah & Co.
Chartered Accountants
Nikunj H. Shah
Proprietor
Place : Ahmedabad Membership No. 131415
Date : 30/05/2014 FRN: 131307W

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph one of our Report of even date on the accounts of HarshPolymers (India) Ltd. For the year ended 31st March 2014.

As required by the Companies (Auditor's Report) Order 2003 and according toinformation and explanations given to us during the course of the audit and on the basisof such checks we considered appropriate we report that:

1. The Company has maintained proper records showing full particulars includingquantitative details and the situation of fixed assets. These assets have been physicallyverified by the management periodically at reasonable intervals which in our opinion isreasonable having regard to the size of the company and the nature of its business. Nomaterial discrepancies were noticed on such verification.

2. All Fixed Assets have been sold during the year.

3. There is no Stock of Finished goods spare parts raw and packing material etc atthe year end.

4. The Procedures followed by management for Physical Verification of Stocks arereasonable and adequate in relation to size of the company and nature of its business.

5. According to the information given no discrepancies are noticed on physicalverification of Stocks as compared to the books records.

6. In our opinion the procedure for valuation of stocks is fair and proper inaccordance with the normally accepted accounting principles. However there is no stock atthe year end.

7. The Company has taken loan from a Company Covered in the Register maintained undersection 301 of the Companies Act 1956. The Maximum amount involved during the year wasRs.62.44 Lac and Loan from Director of an amount Rs. 12.55 Lac. All such loan taken by thecompany has been repaid during the year. In our opinion and according to the informationand explanations given to us the terms and condition on which loan has been taken are notprime facie prejudicial to the interest of the company.

8. The Company has not granted any loans to companies firm or other parties listed inthe register maintained under section 301 of the companies Act 1956.

9. The company maintains records for issue and consumption of Stores raw materialsincluding components; However there is need for strict control procedures commensuratewith the size of the company and nature of its business so as to ensure proper control.

10. In our opinion and according to the information and explanations given to us thetransaction of purchase of goods and materials and sale of goods material and servicesmade in pursuance of contract or arrangement entered in the register maintained undersection 301 of the Companies Act 1956 and aggregating during the year to Rs. 50000 ormore in respect of each party have been made at price which are reasonable having regardto the prevailing market price for such goods materials and service or the prices atwhich transaction for similar goods materials or services have been made with otherparties.

11. The Company has maintained proper records regarding unserviceable stores & rawmaterials. There being no major discrepancies so no provision has been made in theaccounts.

12. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year from the public during the periodscovered by our audit reports to which the provisions of section 58A and 58 AA of theCompanies Act 1956 and the rule made there under would apply.

13. In our opinion reasonable records have been maintained for the sale and disposalsof scraps. The Company has no byproducts.

14. According to the information and explanation given to us the central governmenthas not prescribed for maintenance of cost records under section 209(1) (d) of CompaniesAct 1956 for any products manufactured by the company.

15. The Company has accumulated losses to the tune of Rs. 498.04 lac. The Company hasincurred cash losses during the financial year covered by our audit and also theimmediately preceding financial year.

16. According to information and explanation given to us no Undisputed amounts payablein respects of Income-Tax Sales-Tax Wealth-Tax Custom-Duty and Excise-Duty wereoutstanding as at March31 2014 for a periods more than six months from the date theybecome payable.

17. In our opinion the Company is not a Chit Fund/ Mutual benefit fund/ Society.Therefore the provision of clause 4(xiii) of the Companies (Auditor Report) Order 2003are not applicable to the company.

18. In our opinion and according to information and explanation given to us theCompany is not dealing in or trading in Shares Securities Debentures and otherInvestments. Accordingly the provision of clause 4(xiv) of the Companies (Auditor Report)Order 2003 are not applicable to the company.

19. On the basis of the Examination of the books of accounts carried out by us inaccordance with generally accepted auditing practice and according to the information andexplanations given to us no Personal Expenses of employees/ Directors been charged to theprofit and loss account other than those payable under contractual obligation or acceptedbusiness practice.

20. In our opinion and according to information and explanation given to us and on anoverall examination of the balance sheet of the company we report that no funds on shortterm basis have been used for Long Term Investment and vice-versa.

21. According to the Information and explanation given to us the Company has not madeany preferential Allotment of Share to Parties and Companies covered in the registermaintained under Section 301 of the Companies Act 1956.

22. In our opinion and according to information and explanation given to us theCompany has not issued any Secured Debentures during the period covered by our report.Accordingly the Provisions of clause 4(xix) of the Companies (Auditor Report) Order 2003are not applicable to the company.

23. During the period covered by our Audit report the Company has not raised any moneyby Public Issue.

For Nikunj H. Shah & Co.
Chartered Accountants
Nikunj H. Shah
Proprietor
Place : Ahmedabad Membership No. 131415
Date : 30/05/2014 FRN: 131307W