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Shree Ganesh Elastoplast Ltd.

BSE: 530797 Sector: Others
NSE: N.A. ISIN Code: INE400N01017
BSE LIVE 15:30 | 13 Apr Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.00
PREVIOUS CLOSE 16.30
VOLUME 333
52-Week high 17.00
52-Week low 17.00
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.00
CLOSE 16.30
VOLUME 333
52-Week high 17.00
52-Week low 17.00
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Ganesh Elastoplast Ltd. (SHGANESHELAS) - Auditors Report

Company auditors report

To

The Members

Shree Ganesh Elastoplast Limited

Report on Financial Statement

We have audited the attached Balance Sheet of Shree Ganesh Elastoplast Limitedas at 31st March 2016 and the Profit and Loss Account for the period ended on that dateannexed thereto. These financial statements are the responsibility of the Company'smanagement. Our responsibility is to express an opinion on these financial statementsbased on our audit.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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 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 at March31 2016;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

1. Note 2 in the financial statement which indicates that the Company has accumulatedlosses and its Net worth has been substantially eroded the Company has incurred a netloss / net cash loss during previous year (F.Y. 2015-2016) and however the Companycurrent liabilities does not exceeded its current assets as at the balance sheet date.These conditions along with other matters indicate the existence of a materialuncertainty that cast significant doubt about the Company's ability to continue as a goingconcern. However the financial statements of the Company have been prepared on a goingconcern basis and there is no doubt about the company's ability to continue as goingconcern.

2. The company has not appointed of qualified secretary as defined under section 203 ofthe Companies Act 2013

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 appears from our examination of those books.

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

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) The going concern matter described in sub-paragraph (a) under the Emphasis ofMatters paragraph above in our opinion may not have an adverse effect on the functioningof the Company.

f) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

g) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

The Company does not have any pending litigations which would impact its financialposition

The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts

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

Date: 26/05/2016
Place: Ahmedabad
FOR SUNIL DAD & Co.
Chartered Accountants
SUNIL R. DAD
Partner
M. No. 120702

Annexure to the Auditors' Report

(Referred to in paragraph 3 of our Report of even date)

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

(b) The fixed assets of the company are physically verified by the management accordingto phased program which in our opinion is reasonable having regard to the size of thecompany and nature of its assets. Pursuant to program a physically verification of Dataprocessing equipment was carried out during the period by the management and no materialdiscrepancies between the book records and physically inventory have been noticed

(c) There are no immovable properties owned by the company. Thus this clause is notapplicable.

(ii) As explained to us the inventories have been verified by the management atreasonable intervals during the year. In our opinion the frequency of such verificationis reasonable having regard to the size of the company and the nature of its business.Further Commodities held in demate forms are duly certified by the Regulating Authorityin lieu of physical verification.

(iii) As per the information and explanations given to us the Company does not haveany outstanding loans secured or unsecured to any company in which Directors areinterested granted to a company under same management and declared sick company being theparties covered in the Register maintained under Section 189 of the Companies Act 2013.Thus this clause is not applicable.

(iv) As per the information available and explanation given to us the company has notgranted any loan or made investments provided guarantees and security covered undersection 185 and section 186 of the companies Act 2013. Thus this clause is notapplicable.

(v) As per the records available with company the company has not accepted deposits.Thus this clause is not applicable.

(vi) Maintenance of cost records has not been prescribed by the Central Governmentunder Section 148 of the Companies Act 2013 for the class of companies to which theCompany belongs.

(vii) (a) According to the records of the Company the company is regular in depositingstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax duty of customs duty of excise value added tax.

(b) According to the information an explanations given to us there is no anyundisputed statutory dues payable which are outstanding as at 31st March 2015 for aperiod of more than six months from the date they became payable.

(viii) According to records available with the company the company has not defaultedin repayment of loans or borrowing to a financial institution bank Government or dues todebenture holders.

(ix) The company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans were applied for the purposes for whichthose are raised. Thus this clause is not applicable. Thus this clause is notapplicable.

(x) According to information and explanation given to us no fraud has been noticedduring the year under review. Thus this clause is not applicable.

(xi) According to records available with company company has not paid managerialremuneration. Thus this clause is not applicable.

(xii) The company is not Nidhi Company. Thus this clause is not applicable.

(xiii) As per the information and explanation given to us there are no transactionswhich attract the provisions of section 177 and section 188 of the companies Act 2013.Thus this clause is not applicable.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Thus thisclause is not applicable.

(xv) As per the information and explanation given to us the company has not enteredinto any non-cash transactions with directors or persons connected with him. Thus thisclause is not applicable.

(xvi) As per the records available with us the company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934. Thus this clauseis not applicable.

Date: 26/05/2016
Place: Ahmedabad
FOR SUNIL DAD & Co.
Chartered Accountants
SUNIL R. DAD
Partner
M. No. 120702