To the Members of Synthiko Foils Limited
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial comprise the balance sheet asat 31 March 2019 the statement of profit and loss (including other comprehensive income)the cash flow statement for the year then ended and a summary of significant accountingexplanatory information (herein after referred to as Ind AS Financial Statements').
Management's Responsibility for Ind AS Financial Statement
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the cash flows of theCompany in accordance with the accounting principles financial positionfinancialgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.
Our responsibility is to express an opinion on these Ind AS financial statementsbased 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 thereunder.
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 ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material . misstatement
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind
AS financial statements. The procedures selected depend on the auditor's judgmentincluding the risks of material misstatement of the Ind AS financial statements whetherdue to fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the Ind AS financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Ind AS financialstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and in conformity with the accountingprinciples generally accepted in India including Ind AS of the financial position of theCompany as at 31 March 2019 and its PROFIT' (including other comprehensive income)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 Section 143 (11) of the Act we givein the Annexure A' a statement on the matters specified paragraph 3 and 4 of theOrder.
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 purposes of our audit.
(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;
(c) The Balance Sheet the statement of Profit and Loss and the cash flow statementdealt with by this Report are in agreement with the books of account;
(d) In our opinion the aforesaid Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant ruleissued thereunder;
(e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 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'; 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 has disclosed the impact of pending litigations on its financialposition in its financial statement Income Tax Demand of Rs.4.44 Lakhsdisputed by the Company.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. As there is no dividend payable by the Company. Therefore transfer amountrequired to be transferred to the Investor Education and Protection Fund is notapplicable to the Company.
| ||For L.J. KOTHARI |
| ||Chartered Accountants |
| ||Firm Reg. No.105313W |
| ||Sd/- |
| ||[L.J.Kothari] |
|Place : Mumbai ||Proprietor |
|Date : 30th May 2019 ||M. No. 30917 |