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Lalit Polymers & Electronics Ltd.

BSE: 524250 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Lalit Polymers & Electronics Ltd. (LALITPOLYMERS) - Auditors Report

Company auditors report

To the Members of LALIT POLYMERS & ELECTRONICS LIMITED

Report on the Standalone Financial Statements We have audited the accompanyingStandalone financial statements of LALIT POLYMERS & ELECTRONICS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act as applicable

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 thereunder and the Order under section 143 (11)of the Act.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge 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 it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards prescribed under section 133 of the Act as applicable.

e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company does not have any material foreseeable losses in respect of anylong-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in'Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For M. S. GOYAL & ASSOCIATES
Chartered Accountants
Firm Registration Number 011372N
Sd/-
(CA M.S. GOYAL)
Place : New Delhi Partner
Date : 30th May 2016 M No.074042

Annexure 'A' to the independent auditor's report of even date on the financialstatements of LALIT POLYMERS & ELECTRONICS LIMITED

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 internalfinancial controls over financial reporting of LALIT POLYMERS & ELECTRONICS LIMITED("the Company") as of March 31 2016 in conjunction with our audit of thefinancial 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 maintain 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

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 Act. to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsboth issued by the Institute of Chartered Accountants of India. Those standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 judgement 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 of records that in reasonable details 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 overrise ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial over financial reporting tofuture periods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changed in conditions or that the degree ofcompliance 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 March 31 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 CharteredAccountant of India.

For M.S. GOYAL & ASSOCIATES
Chartered Accountants
Firm Registration Number 011372N
Sd/-
(CA M. S. GOYAL)
Place : New Delhi Partner
Date : 30th May 2016 M No.074042

ANNEXURE 'B' referred to in paragraph 2 of our report of even date to the members of LALITPOLYMERS & ELECTRONICS LIMITED on the accounts of the Company for the year ended31st March 2016.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

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

(b) As explained to us fixed Assets have been physically verified by the managementduring the year in accordance with the phased programme of verification adopted by themanagement which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year. No material discrepancies were noticed on physicalverification. There is No Inventory at the end of the year.

(iii) In respect of Loans secured or unsecured granted to the parties covered inregister maintained under section 189 of the Companies Act 2013 :

According to the information and explanations given to us during the year the Companyhas not granted loans to companies firms or other parties covered in the Registermaintained under Section 189 of the Companies Act 2013.

(iv) On the basis of such checks carried out during the course of Audit and accordingto the information and explanations given to us we are of the opinion that there is anadequate internal control procedure commensurate with the size of the Company and thenature of its business with regard to the purchase of stores raw materials includingcomponents plant and machinery equipment and other assets and for the sale of goods.

(v) The Company has not accepted any deposits from the public. Accordingly theprovisions of clause 3(v) of the Companies (Auditor's Report) Order 2016 are notapplicable to the Company.

(vi) According to the information and explanations given to us cost records asprescribed by the Central Government under section 148(1) of the Act are being made andmaintained.

(vii) (a) As per records produced before us and according to the information andexplanations given to us the Company is generally regular in depositing undisputedstatutory dues applicable to it like Provident Fund Employees' State InsuranceIncome-tax Service Tax Sales Tax/ Value Added Tax Wealth Tax Customs Duty ExciseDuty Cess and other material statutory dues applicable to it with the appropriateauthorities except the following dues which are outstanding for a period exceeding sixmonths as on the Balance Sheet date

Name of Statute Department Amount in Rs. Lacs
(Nature of dues) (Including Interest)
Income Tax Income Tax 5910
Karnataka VAT VAT 41144

(b) As per records produced before us and according to the information and explanationsgiven to us there are no dues of Income-tax Sales-tax Wealth tax Service Tax Customsduty Excise Duty Value Added Tax or Cess which have not been deposited on account of anydispute.

(viii) Based on information and explanations given to us by the management term loanswere applied for the purpose for which the loans were obtained. The company has not raisedany money by way of initial public offer or further public offer (including debtinstruments).

(ix) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud by the company or any fraud on theCompany by its officers or employees has been noticed or reported during the course of ouraudit.

(x) The Company has not paid managerial remuneration

(xi) In our opinion the Company is not a nidhi Company. Accordingly the provisions ofclause 3(xii) of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

(xii) Based on information and explanations given to us by the management alltransactions with the related parties are in compliance with section 177 and 188 of theAct where applicable and the details have been disclosed in the financial Statements asrequired by the applicable accounting standards.

(xiii) Based on information and explanations given to us by the management the Companyhas not made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the period under review. Accordingly the provisions ofclause 3(xi) of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

(xiv) In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transaction with directors or person connectedwith him which is covered by Section 192 of the Act. Accordingly the provisions of clause3(xv) of the Companies (Auditor's Report) Order 2016 are not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us thecompany is not required to be registered under section 45 IA of the Reserve Bank of IndiaAct 1934 Accordingly the provisions of clause 3(xvi) of the Companies (Auditor's Report)Order 2016 are not applicable to the Company.

For M S GOYAL ASSOCIATES
Chartered Accountants
Firm Registration Number 011372N
Sd/-
(CA M.S. GOYAL)
Place: New Delhi Partner
Dated: 30th May 2016 M No.074042