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Purity Flex Pack Ltd.

BSE: 523315 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Purity Flex Pack Ltd. (PURITYFLEXPACK) - Auditors Report

Company auditors report

To

The Members of

Purity Flexpack Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Purity Flexpack Limited ("theCompany") which comprise the Balance Sheet as at March 31st 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Board of Directors of the Company are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility 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 judgements and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting 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.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards required 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatements 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 accounting policies used and the reasonableness of the accountingestimates made by the Board of Directors of the company as well as evaluating the overallpresentation of 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.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us financial statements give the information required by the Act in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its Profit and its cash flows for the year ended on that date.

5. Report on other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in "Annexure A" a statement on the matters specified in theparagraphs 3 and 4 of the said Order to the extent applicable.

ii 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 applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 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 B" and

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules2014:

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

ii. The Company has made adequate provision as required under the applicable law oraccounting standard for material foreseeable losses if any on long term contracts. As perinformation and explanation given to us and based on records examined the company has notentered into any derivative contract.

iii. As per information and explanation given to us and based on records examinedthere are no amounts that are required to be transferred to the Investor Education andProtection Fund by the company.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 31 to the financial statements.

For Shah Mehta & Bakshi

Chartered Accountants

Registration No. 103824W

(Kalpit Bhagat)

Partner

Membership No. 142116

Place: Vadodara

Date: 30th May 2017

Annexure-A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31 March 2017 we report that:

i. (a)The Company has in general maintained proper records showing full particularsincluding quantitative details and situation of fixed asset;

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programmefixed assets having substantial value were verified during the year and no materialdiscrepancy has been noticed. In our opinion this periodicity of physical verification isreasonable having regard to the size of the company and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of therecords of the Company the title deeds of the immovable properties are held in the name ofthe Company.

ii. According to the information and explanations given to us the inventories werephysically verified during the year by the Management at reasonable intervals and nomaterial discrepancies were noticed on physical verification.

iii. The Company has not granted any loan to companies covered in the registermaintained under section 189 of the Act.

iv. The Company has not granted any loans investment guarantees and the securities asenvisaged u/s 185 & 186 of the Act.

v. In our opinion and according to information & explanations given to us theCompany has not accepted any deposits from the public as per the provisions of the Act.

vi. On the basis of certificate received from Cost Accountant of the Company thecompany has prima facie maintained cost records prescribed by the Central Government undersub-section (1) of section 148 of the Companies Act. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

vii. According to the information and explanations given to us in respect of statutorydues;

(a) The company is generally regular in depositing the amounts deducted/accrued in thebooks of account in respect of undisputed statutory dues including Provident Fund IncomeTax Value Added Tax Service Tax Custom Duty Cess and any other statutory dues asapplicable with the appropriate authorities. As explained to us the company did not haveany dues on account of employees' state insurance and duty of excise.

There was no amount payable in respect of undisputed statutory dues includingProvident Fund Income Tax Value Added Tax Service Tax Custom Duty Cess and otherstatutory dues in arrears as on 31st March 2017 for the period of more than sixmonths from the date they become payable.

(b) According to information and explanations given to us there are no dues of IncomeTax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty Value Added Tax Cessand any other statutory dues which have not been deposited as on 31st March2017 on account of dispute.

viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of Loans or borrowings to financial institutionsbank & Government. The company has not issued any debentures.

ix. According to the information and explanations given to us no moneys were raised byway of initial public offer or further public offer (including debt instruments) and termloans were applied for the purpose for which the loans were obtained.

x. During the course of our examination of the books of account and records of thecompany carried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyincidence of fraud by the Company or any fraud on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the company transactions with related parties are incompliance with section 177 & 188 of the Act wherever applicable and the details ofsuch transactions have been disclosed in the financial statements as required byapplicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has applied the proceeds of fundsreceived on account of preferential allotment / private placement of shares. The companyhas not issued any debt instruments during the year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him.

xvi. In our opinion and according to the information and explanations given to us thecompany is not required to be registered u/s 45 IA of the Reserve bank of India Act 1934.

For Shah Mehta & Bakshi

Chartered Accountants

Registration No. 103824W

(Kalpit Bhagat)

Partner

Membership No. 142116

Place: Vadodara

Date: 30th May 2017.

Annexure-B: Report on the Internal Financial Controls under Clause (i) of sub section 3of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PurityFlexpack Limited ("the Company") as of 31st of March 2017 inconjunction with our audit of the financial statements of the company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The company's management is responsible for establishing and maintaining 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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 judgment 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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 override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance 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 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Shah Mehta & Bakshi

Chartered Accountants

Registration No. 103824W

(Kalpit Bhagat)

Partner

Membership No. 142116

Place: Vadodara

Date: 30th May 2017.