MANIYAR PLAST LIMITED
ANNUAL REPORT 2002-2003
THE MEMBERS OF
MANIYAR PLAST LIMITED
REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER,2003 IN COMPLIANCE
WITH SECTION 227(2) OF THE COMPANIES ACT, 1956.
We have examined the attached Balance Sheet of MANIYAR PLAST LIMITED as at
30th September, 2003 and the annexed Profit and Loss Account for the year
ended on that sate which are in agreement with the Company's books of
account. This Financial Statement are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these financial
statement based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
As required by the Manufacturing and other Companies (Auditor's Retort)
Order, 1988 issued by the Company Law Board in terms of Section 227(4a) of
the Companies Act 1956 and on the basis of such checks of the books and
records as we considered appropriate and according to the information and
explanations given to us during the normal courses of audit we state on the
matters specified in Paragraph 4 and 5 of the said Order as under.
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets. As explained
to us these fixed assets have been physically verifies by the management at
reasonable interval and no material discrepancies mere noticed on such
verification as compared to book records.
2. None of the fixed assets have been revalued during the year.
3. The stock of finished goods, stores spare parts and raw materials rave
been physically verified by the management at reasonable intervals.
4. The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of is business.
5. The discrepancies noticed on physical verification of stock as compared
to book records were not material and the same have been property dealt
with in the books of account.
6. We are of the opinion that the valuation of above mentioned stock
considering the accounting method adopted for accounting of Excise Duty as
referred to in AS-10 Schedule 18 is fair and proper and in accordance with
the normally accepted accounting principles and s on the same basis as in
the proceeding year.
7. It was informed that the Company has not taken any loans from the
companies, firms or other parties listed in the register maintained under
Sections 301 and 370 (1-C) of the Companies Act, 1956.
8. The Company has not granted any unsecurd loans to the companies, firms
or other parties listed in the register maintained under Section 301 of the
Companies Act 1956.
9. In respect of loans and advances in the nature of loans given by the
Company where stipulations have been made,parties are repaying the
principal and interest, wherever applicable as stipulated.
10. There are adequate internal control procedures commensurate with the
size of the company and the nature of its business for the purchases of
stores, raw materials, including components, plant and the machinery,
equipment and other assets and for the sale of goods.
11. In our opinion and according to the explanation given to us the
transactions of purchases of goods and materials from and sale of goods,
materials and services to the parties during the year aggregating to
Rs.50,000/- or more in respect of each party listed in the register
maintained under Section 301 of the Companies Act, 1956 have been made at
the prices which are reasonable having regard to the prevailing market
prices for such goods, materials rang services or' tire prices ,at which
the transaction for similar goods, materials and services have been made
with the other parties.
12. The Company has a regular procedure for the determination of
unserviceable or damaged stores, raw materials and finished goods. Adequate
provision has been made in the books of accounts for the loss arising on
the items so determined.
13. It was informed to us that the Company has not accepted any deposits
from the public within the provisions of section 58A of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975.
14. In our opinion, the Company has maintained reasonable records for the
sale and disposal of realisable scrap. As explained to us, the Company's
manufacturing activities do not give rise to any by-products.
15. The company being public limited company & since the paid up capital of
the Company being above Rs. 5 crores, the company has constituted a Audit
Committee U/s 292 A of the Companies Act, 1956 consisting of total 3
Directors under the chairmanship of Mr. Yogesh Malpani (Executive Director)
16. It was informed that the Central Government has not prescribed the
maintenance of Cost Records under section 209(1) (d) of the Companies Act,
1956 for any of the products of the Company.
17. As informed to us, there have been slight delays in depositing the
amount of Provident Fund and Employee's State Insurance dues with the
18. According to the information given to us, no undisputed amounts payable
in respect of Income-Tax, Wealth-Tax, Sales-Tax, Customs Duty and Excise
Duty are outstanding as at 30th September, 2003 (Except Income Tax payable
on MAT basis for previous years in respect of which provision has already
been made) for a period of more than six months from the date they become
19. The Company has become a Sick Industrial Company within the meaning of
clause (0) of Sub-section (1) of section 3 of the Sick Industrial Companies
(Special Provisions) Act, 1985 w.e.f. 30/09/2000. As per the requirements
the Company has filed a reference with BIFR within the prescribed time
20. According to the information and explanation given to us, no personal
expenses of employees or directors have been charged to revenue accounts
other than those payable under the contractual obligations or in accordance
with generally accepted business practice.
21. On the basis of the information obtained, none of the Directors of the
Company are disqualified as on 30th September, 2003, from being appointed
as Directors of the Company in terms of clause (g) of Sub section (1) of
section 274 of the Companies Act, 1956.
Further to the above, we have obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
In our opinion the Balance Sheet and Income and Expenditure Account dealt
with by this report comply with the accounting standards referred to in sub
section (3C) of section 211 of the Companies Act, 1956:
In our opinion, and to the best of our information and according to the
explanations given to us, the said accounts together with the notes thereon
in general and in particular Note No. B-5 & 12 in respect of charge of
depreciation and deferred Taxation, give the information required by the
Companies Act. 1956 in the manner so required and give a true and fair
[a] In the case of Balance Sheet, of the state of affairs of the Company as
at 30th September, 2003.
[b] in the case of the Profit and Loss Account, of the loss for the year
ended on that date.
For S.G.DESHPANDE & ASSOCIATES
Place : JALGAON
Date : 29th November, 2003
M. No. 33125.