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Midland Polymers Ltd.

BSE: 531597 Sector: Industrials
NSE: N.A. ISIN Code: INE046M01028
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Midland Polymers Ltd. (MIDLANDPOLYMERS) - Auditors Report

Company auditors report

To

The Members of

M/s Midland Polymers Limited

101 First Floor 251 Nayapura

Indore M.P. INDIA

CIN L02520MP1992PLC007293

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of M/s MidlandPolymers Limited (“the Company”) which comprises the Balance Sheet as at March31 2015 and the Statement of Profit and Loss and Cash Flow statement for the year endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the preparation of thesefinancial statement in terms of the requirements of the Companies Act 2013 that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards generally accepted in India includingthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. The Board of Directors of the Company are responsiblefor maintenance of adequate accounting records in accordance with the provisions of theAct for safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements by the Directors of the Companyas aforesaid.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

While conducting the audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

4. 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 misstatements.

5. An audit involves performing procedures to'obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s 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 financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s directors as wellas evaluating the overall presentation of the financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Opinion

7. 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 March 31 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor’s Report) Order 2015 (“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 to the extent applicable.

9. As required by Section 143(3) of the Act we report to the extent applicable that:

a) We have sought and obtained all the information and explanations which is to thebest of our knowledge 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 aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014;

e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

For Lokesh Vyas & Company

Chartered Accountants

FRNNo. 016344C

Lokesh Vyas

Proprietor

M No.405296

Place: Indore

Dated: 27/05/2015

Annexure referred to in Paragraph 8 of the Auditors Report for the year ended 31stMarch 2015 of Midland Polymers Limited Indore as required by the Companies (AuditorsReport) Order 2015 and amendments thereto and according to the information andexplanations given to us during the course of the audit and on the basis of such checks ofthe books and records as were considered appropriate we report that:

1. In Respect of its Fixed Assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets;

(b) According to the information and explanation given to us and the records produce tous fixed assets have been physically verified by the management at reasonable intervalsand no any material discrepancies were noticed on such verification. .

2. (a) According to the information and explanations given to us and the record produceto us for our verification the company did not carry any inventory during the year. Hencetherefore the said clause of physically verification of inventory is not applicable to thecompany.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013.

4. In our opinion and according to information and explanations given to us there is anadequate internal control procedure commensurate with the size of the Company and thenature of its business with regards to purchase of inventory fixed assets and with regardto sale of goods and services. We have not observed any major weakness in the internalcontrol system during the course of the audit.

5. The Company has not accepted any deposits from the public and consequently thedirectives issued by the Reserve Bank of India the provision of sections 73 to 76 or anyother relevant provisions of the Companies Act 2013 and rules made there under are notapplicable.

6. We have reviewed the books of accounts maintained by the Company pursuant to theorder made by the Central Government for the maintenance of the cost records underprovisions of Section 148(1) of the Companies Act 2013 and of the opinion that primafacie the prescribed accounts and records have not been applicable to the Company.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the company has been generally regular indepositing undisputed statutory dues including income tax and other material statutorydues applicable to it. According to the information and explanations given to us noundisputed amounts payable in respect of Income Tax were outstanding as at 31stmarch 2015 for a period of more than six months from the date they become due.

(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account there were no dues of income tax and other statutorydues which have not been deposited on account of any dispute.

(c) The Company not required to transfer any amount to the Investor Education andProtection Fund.

8. The Company does not have any accumulated loss and has not incurred cash loss duringthe financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution

11. According to the information and explanations given to us the Company has nottaken any term loan during the year.

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For Lokesh Vyas & Company

Chartered Accountants

FRN No. 016344C

CA Lokesh Vyas

Proprietor

M No.405296

Place : Indore

Dated : 27/05/2015