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Padmanabh Alloys & Polymers Ltd.

BSE: 531779 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Padmanabh Alloys & Polymers Ltd. (PADMANABHALLOYS) - Auditors Report

Company auditors report

To the Shareholders:

1. We have audited the attached balance sheet of Padmanabh Alloys & Polymers Ltd.as at March 312014 and also the Profit and Loss Account of the Company for the year endedon that date annexed thereto and the cash flow statement for the year ended on that date.These financial statements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. 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 significant estimates made by management as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

3. As required by the Company (Auditors' Report) Order 2003 issued by the CentralGovernment in terms sub section (4A) of Section 227 of the Companies Act 1956 we enclosein the Annexure a statement on the matters specified in paragraphs 4 and 5 of the saidorder.

4. Further to our comments in the Annexure referred to above we report that;

i. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of the audit;

ii. in our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of these books;

iii. the Balance Sheet and Profit and Loss Account and Cash flow Statement referred toin this report are in agreement with the books of accounts;

iv. in our opinion the Balance Sheet and Profit and Loss Account dealt with by thisreport comply with accounting standards referred to in sub-section (3C) of Section 211 ofthe Companies Act 1956;

v. on the basis of the written representations received from the Directors and takenon record by the Board of Directors we report that none of the Directors is disqualifiedas on March 31 2014 from being appointed as a Director in terms of clause (g) ofsub-section (1) of Section 274 of the Companies Act 1956;

vi. in our opinion and to the best of our information and according to the explanationsgiven to us the said accounts give the information required by the Companies Act 1956in the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in I ndia;

a. in so far as it relates to the Balance Sheet of the state of affairs of the Companyas at March 31 2014;

b. in so far as it relates to the Profit & Loss Account of the profit for the yearended on March 31 2014; and in so far as it relates to the Cash Flow Statement of thecash flows for the year ended on that date.

For Nilkanth Desai & Associates
Chartered Accountants
[N.P.Desai]
Place: Surat Proprietor
Date: 01/09/2014 FRN-035862
Mem No: 035862

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in Paragraph (3) of our report of even date).

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets

b) All the fixed assets have not been physically verified by the management during theyear but there is regular program for verification which in our opinion is reasonablehaving regards to the size of the Company and nature of its assets. The Company hassubstantially completed the reconciliation of its physical inventory of Fixed Assets withthe book records. No material discrepancies were noticed on physical verification

c) During the year Company has not disposed off any substantial/major part of fixedassets.

2. a) As explained to us inventory has been physically verified during the year by themanagement. In our opinion frequency of verification is reasonable.

b) In our opinion and according to information and explanation given to us and on thebasis of our examination the procedure of physical verification of inventory followed bythe management is reasonable and adequate in relation to size of the Company and thenature of its business.

c) In our opinion and according to information and explanation given to us and on thebasis of our examination of records inventory the Company is maintaining proper recordsof inventory. The discrepancies noticed on physical verification of inventory as comparedto the book records were not material and have been properly dealt with in the books ofaccounts.

3. a) The company has taken unsecured loans of Rs.24.19 Lacs from 6 directors listed inthe Register maintained under 301 of the Companies act 1956; however company has notgranted any loan to parties listed in register maintained under section 301;

b) In our opinion the rate of interest and terms and conditions on which loans havebeen taken are not prejudicial to the interest to company.

c) According to information and explanation given to us in our opinion parties fromwhom the loans and advances in the nature of loans have been taken where stipulations aremade the company is regular in repayment of the principal amount and interest asstipulated.

d) According to information and explanation given to us in our opinion there is nooverdue amount of loans taken from the parties listed in the Register maintained undersection 301 of the Companies Act 1956.

4. In our opinion and according the information and explanation given to us there is anadequate internal control procedure commensurate with the size of the Company and natureof its business with regard to the purchase of inventory and fixed assets and withregards to the sale of goods. During the course of our audit no major weakness has beennoticed in the internal control.

5. a) In our opinion and according to information and explanation given to us all thetransaction that need to the entered into the register maintained in pursuance of section301 of the act have been so entered;

b) As per the examination of records and according to information and explanationsgiven to us the transaction made in pursuance of contract or arrangement entered in theregister maintained under section 301 exceeding the value of five lakhs rupees during theyear have been made at prices which are reasonable having regard to prevailing marketprices at the relevant time.

6. According to information and explanation given to us in our opinion the companyhas complied with the provisions of section 58A and 58AA of the Companies Act 1956 andthe Companies (Acceptance of deposits) Rules 1975 with regard to the deposits acceptedfrom the public. No order was passed by the National Company LawTribunal.

7. According to information and explanation given to us in our opinion Company hasinternal audit system commensurate with the size of Company and nature of its business.

8. We have been informed by the management that no cost record have been prescribed bythe Central Government under section 209(1 )(d) of the companies act 1956 in respect ofproducts manufactured by the Company.

9. a) As per the records of the Company the company is generally regular in depositingwith appropriate authority undisputed statutory dues including income tax excise dutycess and other statutory dues applicable to it

b) According to information and explanation given there was no disputed amountspayable in respect of income tax wealth tax sales tax customs duty and excise dutythere was no outstanding as at 31/03/2014 for the period of more than six months.

10. The Company has accumulated losses of Rs. 132.23 Lacs in which is less then 50% ofits net worth and company has incurred profit during the current year or Rs.68.78Lacs(Previous year Profit of Rs.45.59 Lacs) and cash Profit of Rs.87.17 Lacs (Previousyear of Rs.64.06 Lacs)

11. Based on our audit procedure and on the basis of information and explanations givenby the management we are of the opinion that the company has not defaulted in repaymentsof dues to financial institutions and banks.

12. As per the records of the company the company has not granted any loans andadvances on the basis of security by way of pledge of shares debentures or othersecurities.

13. According to information and explanation given to us we are of the opinion thatthe company is neither a chit fund nor a nidhi/mutual benefit society. Hence in ouropinion the requirements of para 4(xiii) of the order do not apply to the Company.

14. As per the records of the company and the information and explanation given to usby the management the company is not dealing in shares securities debentures and otherinvestment.

15. According to information and explanation given to us as per the records of thecompany the company has not given any guarantee for loans by others from bank orfinancialinstitutions.

16. To the best of our knowledge and belief and according to information andexplanation given to us No term loan was obtained by the Company during the period underreview.

17. According to information and explanation given to us; on overall examination of thebalance sheet of the company we report that no funds raised on short term basis have beenused for long-term investment by the company. No long term funds have been used to financeshort term assets except permanent working capital.

18. The company has not made any preferential allotments to the parties and companiescovered under register maintained under section 301 of the companies act 1956.

19. As per the records of the company the company has not issued any debenture.

20. The company has not raised money by any public issues during the year.

21. Based upon the audit procedure performed and information and explanations given bythe management we report that no frauds on or by the company has been noticed or reportedduring the course of our audit.

For Nilkanth Desai & Associates
Chartered Accountants
Place: Surat [N.P.Desai]
Date: 01/09/2013 Proprietor
M.No. 035862
FRN-107086W