To The Members
ASHISH POLYPLAST LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of ASHISH POLYPLAST LIMITEDAhmedabad which comprise the Balance sheet as at 31st March 2017 and the Statement ofProfit and Loss and Cash Flow Statement for the year ended on 31 st March 2017 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 Section 134(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 the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.
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 thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143 (10) of the Act. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstancesbut not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe financial statements.
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 of the state of affairs of the company as at 31 stMarch 2017 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 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 Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraph 3 and 4 of the said Order to the extent applicable.
2 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 purpose of our audit.
(b) in our opinion the Company has kept proper books of account as required by law sofar as appears from our examination of the 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 afrosaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(e) on the basis of written representations received from the directors as on March312017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312017 from being appointed as a director in terms of section 164 (2) of theCompanies Act 2013.
(1) With respect to the adequacy of the internal financial controls over financialreporting of Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure-A".
(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
(a) The company does not have any pending litigations which would impact its financialposition.
(b) The Company did not have any long term contracts including derivative contracts forwhich there were any material forseable losses.
(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
(d) The Company has provided requisite disclosurs in its financial statements as toholdings as well as dealings in Specified Bank Notes (SBN) during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the company.
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 1 under the heading of "report on other legal andregulatory requirements" of our report of even date
On the basis of such checks as we considered appropriate and according to theinformation and explaination given to us during the course of out audit we report that.
(i) In respect of Fixed Assets
a. The Company has maintained proper records showing full particulars includingquantitative details and location of the fixed assets.
b. All the fixed assets have not been physically verified by the management during theyear But according to the information and explanations given to us there is a regularprogramme of verification which in our opinion is reasonable having regard to the size ofthe Company and the nature of its assets. No material discrepancies were noticed on suchverification.
c. Based upon the audit procedure performed and according to the records of theCompanythe title deeds of the immovable properties are held in the name of the company.
(ii) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. In our opinion the frequency of verification isreasonable. No material discrepancies were noticed on such physical verification.
(iii) The company has not granted any loans secured or unsecured to companies Firmsor other parties covered in the register maintained u/s.189 of the Companies Act 2013Accordingly provision of clause
(iii) (a) and (b) of the order are not applicable to the company..
(iv) The Company has not granted any loans or given any guarantee or provided anysecurity in connection with such loan or made any investment to the persons covered undersection 185 and 186 of the Act.
(v) According to the information and explanations given to us the Company has notaccepted any deposit from the public within the meaning of Sections 73 to 76 of the Actand the rules framed thereunder.Accordingly the provisions of clause 3(v) of the Orderare not applicable to the Company.
(vi) As per the information and explanations given to us the provisions of maintenanceof cost records specified by the Central Government under section 148(1) of the CompaniesAct 2013 are not applicable to the company during the year under reference.Accordinglythe provisions of clause 3(vi) of the Order are not applicable to the Company.
(vii) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Income TaxSales Tax service tax duty of excise Value Added Tax Cess and other material statutorydues have been regularly deposited during the year by the Company with the appropriateauthorities. As expained to us the Company did not have any dues on account of employees'state insurance wealth tax and duty of customs.
b. According to information and explanation given to us no undisputed amounts payablein respect of Provident Fund Income Tax Sales Tax service tax Value Added Tax Cessand other material statutory dues were in arrears as at March 31 2016 for a period ofmore than six months from the date they became payable. Disputed dues in respect of exciseduty and penalty thereon aggregating to Rs.879562/- have not been deposited since theappeal is pending before Commissioner (Appeals-lll) Ahmedabad. (viii) In our opinion andaccording to information and explanations given to us the Company has not defaulted inrepayment of loans from Banks and financial institution.The company has not borrowed fundsfrom Government or Debenture holders.
(ix) In our opinion and according to information provided to us the Company has notraised any money by way of initial public offer or further public offer (Including DebtInstruments) and term loans during the year. Accordingly the provisions of clause 3(ix)of the Order are not applicable to the Company.
(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud by the company or on the company by its officers oremployees have been noticed or reported during the year. Nor we have been informed of suchcase by the management.
(xi) In our opinion and according to information provided to us the company haspaid/provided managerial remuneration in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion the Company is not a Nidhi Company. Accordingly the provisions ofclause 3(xii) of the Order are not applicable to the Company.
(xiii) In our opinion and according to information and explanation given to us thecompany has enetred into transancations with related parties in compliance with provisionsof Section 177 and 188 of the Act. The details of such related parties transactions havebeen disclosed in the financial statements as required under Accounting Standard (AS) 18Related Parties discloser as spesified under Section 133 of the Act read with rule 7 ofthe Companies (Accounts) Rules 2014.
(xiv) In our opinion and according to information and explanations given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.Therefore the provisions ofclause 3(xiv) of the Order are not applicable to the Company.
(xv) In our opinion and according to information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him as specified under Section 192 of the Act.
(xvi) In our opinion and according to information and explanation given to us thecompany is not required to be registered under Section 45-1A of the Reserve Bank of IndiaAct 1934
| ||For M. R. PANDHI & ASSOCIATES |
| ||Chartered Accountants |
| ||Firm Registration No.112360W |
| ||A.R. Devani |
|Place : Ahmedabad. ||Partner |
|Date : 25th May 2017 ||Membership No.170644 |