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Indian Polyfins Ltd.

BSE: 514292 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Indian Polyfins Ltd. (INDIANPOLYFINS) - Auditors Report

Company auditors report

AUDITOR

TO

THE MEMBERS OF

INDIAN POLYFINS LIMITED SURAT.

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Indian Polyfins Limited (theCompany) which comprise the Balance Sheet as at March 31 2014 the Statement of Profit& Loss and Cash Flow statement for the year ended and a summary of significantaccounting policies and other explanatory information.

MANAGEMENTS RESPOSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceof the Company in accordance with the Accounting Standards notified under the CompaniesAct 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 ofthe Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 andin accordance with the accounting principles generally accepted in India. Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants 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 involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on the effectiveness of the Company'sinternal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimate made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

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 :

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2014.

(b) In the case of Statement of Profit and Loss of the profit of the Company for theyear ended on the date.

(c) In the case of Cash Flow Statement of the cash flows of the Company for the yearended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2003 (the Order) issued bythe Central Government of India in terms of Section 227 (4A) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by Section 227 (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 the those books;

(c) The Balance Sheet the statement of Profit & Loss and the cash flow statementdealt with by this report are in agreement with the books of account;

(d) In our opinion the Balance Sheet the Statement of Profit & Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read with theGeneral Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairsin respect of Section 133 of the Companies Act 2013.

(e) On the basis of written representations received from the directors as on March 312014 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2014 from being appointed as a director in terms of Section 274(1) (g) of theAct.

FOR SONISURANA & CO.

CHARTERED ACCOUNTANTS

(SUDHIR KUMAR SURANA)

(PARTNER)

FRN:115781W

M. No. 75120

PLACE: SURAT

DATE : 24-05-2014.

ANNEXURE TO THE AUDITOR'S REPORT^ REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVENDATE:

(i) Having regard to the nature of the company's business/activities result clauses(iii) (xii) (xiii)(xiv) (xv) (xvi) (xviii) (xix) and (xx) of CARO are notapplicable.

(ii) In respect of its fixed assets :.

(a) The company has maintained proper records showing full particulars includequantitative details and situation of fixed assets.

(b) As explained to us all the assets have been physically verified by the managementduring the year. In our opinion the frequency of verification is reasonable having regardto the size of the company and nature of its assets. No material discrepancies werenoticed on such verification.

(c) During the year the company has not disposed off any major part of the plant &machinery.

(iii) In respect of its inventories :

(a) As explained to us the inventories were physically verified during the year by themanagement at reasonable intervals.

(b) In our opinion and according to the explanations given to us the procedures ofphysical verification of inventory followed by the management were reasonable and adequatein relation to the size of the company and nature of its business.

(c) ln our opinion and according to the explanations given to us the Company hasmaintained/proper records of its inventories and no material discrepancies were noticed onphysical verification.

(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the company andnature of its business with regard to the purchase of inventory fixed assets and withregard to the sale of the goods and services. During the course of our audit we have notobserved any continuing failure to correct major weakness in internal controls.

(v) (a) According to the information and explanations given to us we are of theopinion that the transactions that need to be entered in the register maintained undersection 301 of the Companies Act 1956 have been so entered

(b) In our opinion and according to the information and explanations given to us thetransaction made in pursuance of contracts or arrangements entered in the registermaintained under section 301 of the Companies Act 1956 and exceeding the value of rupeesfive lacs in respect of any party during the year have been made at prices which arereasonable having regard to prevailing market prices at the relevant time

(vi) According to the information and explanations given to us the company has notaccepted any deposits from the public within the meanings of provisions of section 58A and5.8 AA of the Companies Act 1956 and the rules framed there under

(vii) In our opinion the company has an adequate internal audit system commensuratewith the size and the nature of its business

(viii) The maintenance of cost records has been prescribed by the Central Governmentunder section 209(1)(d) of the Companies Act 1956 for the year under review for theproducts manufactured by the company and are of the opinion that prima facie theprescribed accounts and records have been made and maintained.

(ix) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund investor education protection fund income taxsales tax wealth tax custom duty excise duty cess and other material statutory duesapplicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax sales tax wealth tax custom duty excise duty cesswere in arrears as at 31 March 2014 for a period of more than six months from the datethey become payable.

(c) According to the information and explanations given to us there are no dues ofsales tax wealth tax custom duty excise duty cess which have not been deposited onaccount of any dispute.

(x) The company has accumulated loss of Rs.34170131 as at the year end. The company hasnot incurred cash losses during the financial year covered by our audit and theimmediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to banks and financial institutions. Thecompany has no dues to debenture holder.

(xii) According to the information and explanations given to us and on an overallexamination of the cash flow statement of the company we report that funds raised onshort term basis have not been used during the year for long term investment.

(xiii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

FOR SONISURANA & CO.

CHARTERED ACCOUNTANTS

(SUDHIR KUMAR SURANA)

(PARTNER)

FRN: 115781W

M. No. 75120

PLACE: SURAT

DATE : 24-05-2014.