You are here » Home » Companies » Company Overview » Midland Polymers Ltd

Midland Polymers Ltd.

BSE: 531597 Sector: Industrials
NSE: N.A. ISIN Code: INE046M01028
BSE 00:00 | 03 Mar Midland Polymers Ltd
NSE 05:30 | 01 Jan Midland Polymers Ltd
OPEN 23.90
PREVIOUS CLOSE 23.90
VOLUME 6
52-Week high 23.90
52-Week low 0.00
P/E 2390.00
Mkt Cap.(Rs cr) 325
Buy Price 0.00
Buy Qty 0.00
Sell Price 23.90
Sell Qty 952618.00
OPEN 23.90
CLOSE 23.90
VOLUME 6
52-Week high 23.90
52-Week low 0.00
P/E 2390.00
Mkt Cap.(Rs cr) 325
Buy Price 0.00
Buy Qty 0.00
Sell Price 23.90
Sell Qty 952618.00

Midland Polymers Ltd. (MIDLANDPOLYMERS) - Auditors Report

Company auditors report

To

The Board of Director

Midland Polymer Limited

101 First Floor

251 Naya Pura

(Pathar Godam)

Indore (M.P) - 452001

CIN : L02520MP1992PLC007293

REPORT ON THE FINANCIAL STATEMENTS

1. We have audited the accompanying financial statements of M/s Midland PolymersLimited ("the Company") which comprises the Balance Sheet as at March312017 and the Statement of Profit and Loss and Cash Flow statement for the year endedand a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

2. The Company's Board of Directors is responsible for the preparation of thesefinancial statement in terms of the requirements of the Companies Act 2013 that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards generally accepted in India includingthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. The Board of Directors of the Company are responsiblefor maintenance of adequate accounting records in accordance with the provisions of theAct for safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements by the Directors of the Companyas aforesaid

AUDITOR'S RESPONSIBILITY

3 Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

While conducting the audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

4. 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 misstatements.

5. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness 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.

6. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

OPINION

7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 ofthe Order to the extent applicable.

9. As required by Section 143(3) of the Act we report to the extent applicable that:

a) We have sought and obtained all the information and explanations which is to thebest of our knowledge and belief were necessary for the purpose 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 Statement of Profit and Loss and cash flow statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014;

e) On the basis of written representations received from the directors as on March312017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312017 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".

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:

I. As per information and explanations given to us the Company does not have anypending litigation which would impact on its financial position.

II. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

III. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

For Lokesh Vyas & Co.
CHARTEREDACCOUNTANTS
FRN 016344C
Sd/-
PLACE : INDORE Lokesh Vyas
DATED : 30th MAY 2017 Proprietor
M. No. 405296

Annexure referred to in Paragraph 8 of the Auditors Report for the year ended 31stMarch2017 of M/s Midland Polymers Limited as required by the Companies (Auditors Report)Order 2015 and amendments thereto and according to the information and explanations givento us during the course of the audit and on the basis of such checks of the books andrecords as were considered appropriate we report that :

1. In Respect of its Fixed Assets:

(a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of Fixed Assets of the company;

(b) According to the information and explanation given to us and the records produce tous these fixed assets have been physically verified by the management at reasonableintervals and no any material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and the records produce tous and on the basis of our examination of the records of the company the title deeds ofimmovable properties are held in the name of the company.

2. According to the information and explanation given to us and the records produce tous and on the basis of our examination of the records of the company the company does nothave any stock at the end of the financial year therefore the said clause is notapplicable to the company..

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans secured orunsecured to the companies firms Limited Liability Partnership or any other partiescovered in the register maintained under Section 189 of the Companies Act 2013. Thereforeother point of the said clause is not applicable to the company.

4. In our opinion and according to the information and explanations given to us and onthe basis of our examination of the books of accounts the company had not entered intoany transaction of loans & investment under the provisions of section 185 and 186 ofthe Companies Act 2013 hence therefore the said clause is not applicable to the company.

5. In our opinion and according to the information and explanations given to us and onthe basis of our examination of the books of accounts the company had not accepted anydeposit from the public.

6. We have reviewed the books of accounts maintained by the Company pursuant to theorder made by the Central Government for the maintenance of the cost records underprovisions of Section 148(1) of the Companies Act 2013 and of the opinion that primafacie the prescribed accounts and records have not been applicable to the Company.

7. (a) According to the information and explanations given to us and on the basis ofourexamination of the books of account the company has been generally regular in depositingundisputed statutory dues including income tax and other material statutory duesapplicable to it. According to the information and explanations given to us no undisputedamounts payable in respect of Income Tax were outstanding as at 31st March 2017 for aperiod of more than six months from the date they become due.

(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account there were no dues of income tax and other statutorydues which have not been deposited on account of any dispute/pending in any forum.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to a financial institution bank Government or dues to debentureholders.

9. The company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loan during the year. Accordingly paragraph3(IX) of the order is not applicable.

10. Based on our audit procedures and on the information and explanations given by themanagement no fraud by the company or any fraud on the Company by its officers oremployees has been noticed or reported during the course of audit.

11. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company had not paid/provided managerialremuneration as required in accordance with the requisite approvals mandated by theprovision of the section 197 read with the Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us thecompany is not a nidhi company; accordingly the said clause of the order is not applicableto the company.

13. According to the information and explanations given to us and on the basis of ourexamination of the books of account no transactions with the related parties had beenmade under sections 177 and 188 of Companies Act 2013 accordingly the said clause is notapplicable to the company.

14. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review.

15. According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not entered into any non-cashtransactions with directors or persons connected with him; accordingly the said clause ofthe order is not applicable to the company.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Lokesh Vyas & Co.
CHARTEREDACCOUNTANTS
FRN 016344C
Sd/-
PLACE : INDORE Lokesh Vyas
DATED : 30th MAY 2017 Proprietor
M. No. 405296

ANNEXURE- B TO THE INDEPENDENT AUDITOR'S REPORT

(Annexure referred to in Paragraph 9 (f) under the heading "Report on Other Legaland Regulatory Requirement" of our audit report of even date to the member of M/sMIDLAND POLYMERS LIMITED on the accounts for the year ended 31st March 2017.) Report onthe Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act") We have audited the internal financial controlsover financial reporting of M/s Midland Polymers Limited ("the Company") as ofMarch 31 2017 in conjunction with our audit of the financial statements of the Companyfor the year ended on that date. Management's Responsibility for Internal FinancialControls

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 Reporting("the Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required 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 deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For Lokesh Vyas & Co.
CHARTEREDACCOUNTANTS
FRN 016344C
Sd/-
PLACE : INDORE Lokesh Vyas
DATED : 30th MAY 2017 Proprietor
M. No.405296