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Polytex India Ltd.

BSE: 512481 Sector: Financials
NSE: N.A. ISIN Code: INE012F01016
BSE 00:00 | 03 Mar Polytex India Ltd
NSE 05:30 | 01 Jan Polytex India Ltd
OPEN 0.70
PREVIOUS CLOSE 0.70
VOLUME 100
52-Week high 1.40
52-Week low 0.64
P/E 23.33
Mkt Cap.(Rs cr) 1
Buy Price 0.70
Buy Qty 19900.00
Sell Price 0.76
Sell Qty 6.00
OPEN 0.70
CLOSE 0.70
VOLUME 100
52-Week high 1.40
52-Week low 0.64
P/E 23.33
Mkt Cap.(Rs cr) 1
Buy Price 0.70
Buy Qty 19900.00
Sell Price 0.76
Sell Qty 6.00

Polytex India Ltd. (POLYTEXINDIA) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR'S REPORT

To

The Members of

POLYTEX INDIA LIMITED

MUMBAI.

Report on the Financial Statements :

1. We have audited the accompanying financial statements of Polytex India Limited("the Company") which comprise the Balance Sheet as at March 31 2019 theStatement of Profit and Loss and the Cash Flow Statement for the year ended 31stMarch2019 and a Summary of Significant Accounting Policies and other Explanatoryinformation.

Management's Responsibility for the Financial Statements :

2. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of 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 that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors Responsibility :

3. Our responsibility is to express an opinion on these stand alone financialstatements based on our audit.

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 to 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 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.

4. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion :

5. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 2019.

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date.

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

Report on other Legal and Regulatory Requirements

6. As required by Companies (Auditors Report) Order 2016("the Order") issuedby the Central Government of India in terms of Sub (11) of Section 143 of the CompaniesAct 2013 we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

7. 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 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 and Statement of Profit and Loss and Cash Flow Statement dealtwith the by the Report are in agreement with the books of account;

d) In our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March312019 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312019 from being appointed as a director in terms of Section164(2) of the Companies Act 2013.

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) 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) The Company does not have any pending litigations which would impact its financialposition as of March 31 2019.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

ForApraj & Associates
Chartered Accountants
Firm Reg No: 140355W
Prashant Apraj
Partner
M No: 133986
Place: Mumbai
Date:17.05.2019

 

ANNEXURE A TO INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 6 under Report on Other Legal and Regulatory Requirementssection of our Report of even date.

i. a) The Company has maintained the proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b) Physical verification of Fixed Assets is carried out by the management with aplanned programme of verification which in our opinion provides for physicalverification of all Fixed Assets at reasonable intervals. The physically verified assetshave been compared with the book records and discrepancies noticed on such verificationwere not material and have been properly dealt with in books of accounts.

c) The Company has not disposed off substantial part of its fixed assets during theyear.

ii. The Company has no inventory during the year as it is service company. Hence thisclause is not applicable.

iii. In our opinion and according to the information and explanations given to us theCompany has neither granted nor taken any Loan secured or unsecured to or fromCompanies Firms or other parties covered in the register maintained under Section 189 ofthe Companies Act2013 .

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions Section 185 and 186 of the Act with respect tothe loans/guarantees given and investments made.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public during the year within the meaning ofSections 73 to 76 of the Act.

vi. We have broadly reviewed the books of accounts maintained by the company andaccording to information and explanations given to me the provisions of sub section (1)of Section 148 of the Companies Act 2013 are not applicable to the Company as therespective entities are not covered by the Companies (Cost Records and Audit) Rules 2014.

vii. According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including provident fundinvestor education and protection fund employees' State insurance Income-Tax Sales TaxWealth-Tax Customs Duty Excise Duty cess and other statutory dues if any with theappropriate authorities as at 31st March 2019 for a period of more than six months fromthe date they become payable.

viii. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to financial institutions or banks. The Company does not have any loans fromGovernment and has not issued any debentures during the year.

ix. In our opinion and according to the information and explanations given to us theCompany has not raised any money by way of initial public offer or further public offer(including debt instruments) and term loans raised during the year have been applied forthe purposes for which they were raised.

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

xi. According to the records of the Company examined by us and information andexplanations given to us the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith 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 and the Nidhi Rules2014 are not applicable to it.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act and details of

such transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

xiv. According to the records of the Company examined by us and information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. According to the records of the Company examined by us and information andexplanations given to us the Company has not entered into non-cash transactions withdirectors or persons connected with him.

xvi. The Company is registered under Section 45-IA of the Reserve Bank of IndiaAct1934.

ForApraj& Associates
Chartered Accountants
Firm Reg No: 140355W
Prashant Apraj
Partner
M No: 133986
Place: Mumbai
Date:17.05.2019

 

ANNEXURE B TO INDEPENDENT AUDITOR'S REPORT Report on the Internal Financial Controlsunder Clause(i) of sub-section 3 of Section 143 of the Companies Act 2013(''theAct") as referred to in paragraph 5(ii)(f) of the independent Auditor's Report ofeven date to the members of the Polytex India Limited on the standalone financialstatements for the year ended 31st March2019.

We have audited the internal financial controls over financial reporting of PolytexIndia Limited ("the Company") as of 31st March 2019 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 financial reporting tofuture periods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance 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 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Apraj& Associates.
Chartered Accountants
Firm Reg No: 140355W
Prashant Apraj
Partner
M.No. 133986
Place: Mumbai
Dated: 17.05.2019