Indian Polyfins Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2015

We have audited the accompanying standalone financial statements of Indian Polyfins Ltd. ("the Company") which comprise the Balance Sheet as at March 31,2015, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENTS RESPONSIBILITY FOR THE STANDALONE 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 of these standalone financial statements that gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Principles generally accepted in India including the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rule,2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the rules made there under.

We conducted our Audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An Audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The Procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting -and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of fits accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overaK presentation of the financial statements.

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

OPINION

In our opinion and to the best of our information and according to the information and explanations given to us, die aforesaid standalone financial statements give the information required by the Act in fire manner so required and give a true and fair view M conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at 31st March, 2015 and its profit and loss account and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor's Report) Order, 2015("the Order") issued by the Central Government of India in terms of section 143(11) of the Act, we give in the annexure a statement on the matters specified in paragraph 3 and 4 of the Order.

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 best 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 the Company so far as appears from our examination of those books.

c. The standalone Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with Accounting Standards specified under section 133 of the Act read with rule 7 of the Companies (Accounts) Rule, 2014.

e. On the basis of the written representations received from the directors as on March 31,2015 and, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, in our opinion and 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 standalone financial position;

ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses;

iii) There was no amount which were required to be transferred to the Investor Education and Protection Fund by the Company

Annexure to the Independent Auditors' Report of even date to the members of Indian Polyfins Limited, on the Standalone Financial Statements as at and for the year ended 31 March, 2015

Based on the audit procedures performed for the purpose of reporting a true and fair view on the Standalone financial statement of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that;

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of fixed assets is reasonable having regard to the size of the Company and nature of its assets.

(ii) (a) The physical verification of inventory has been performed by the management at reasonable intervals.

(b) The frequency of verification of inventory followed by the management is reasonable and adequate having regard to the size of the Company and nature of its business

© The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification by the management.

(iii) The Company has not granted any loan secured or unsecured to Companies, firms or other parties covered in the register maintained under section 189 of the Act. Accordingly, the provisions of clause 3(iii) (a) and 3(iii) (b) of the Order are not applicable.

(iv) ln our-opinion, there is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) The Company has not accepted any deposits within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has specified maintenance of cost records under subsection (1) of section 148 of the Companies act, In our opinion proper records have been made and maintained by the Company.

(vii) (a) The company is regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities, though there has been a slight delay in few cases. Further, no undisputed amounts payable in respect thereof were at the year-end for a period of more than six months from the date they became payable,

(vii) (b) There are no dues in respect of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess that have not been deposited with the appropriate authorities on account of any dispute,

(viii) In our Opinion, the Company has accumulated losses at the end of the financial year and it has not incurred cash losses in current financial year and in the immediately preceding financial year

(ix) ln our Opinion, the Company has not defaulted in repayment of dues to a financial institution or bank or to debenture holders during the year;

(x) In our Opinion, the Company has not given any guarantee for loans taken by others from bank or financial institutions. Accordingly the provisions of clause 3(x) of the Order are not applicable.

(xi) ln our Opinion, the Company has applied the term loans for the purpose for which the loans were obtained.

(xii) In bur Opinion, No fraud on or by the company has been noticed or reported coring the period covered by our audit.

For SONI SURANA & Co. Chartered Accountants (Firm Registration No. 115781W)

Sudhir Kumar Surana Partner Membership No.; 75120

Place: Surat Date: 23/05/2015

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Mar 31, 2014

We have audited the accomapanying financial staments of Indian Polyfins Limited (the Company) which comprise the Balance Sheet as at March 31 ,2014, the Statement of Profit & Loss and Cash Flow statement for the year ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENTS RESPOSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s Management is responsible for the prepartion of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responisbility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessement of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assements, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimate made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014.

(b) In the case of Statement of Profit and Loss, of the profit of the Company for the year ended on the date.

(c) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by Section 227 (3) of the Act, we report that:

(a) 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.

(b) In our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examination of the those books;

(c) The Balance Sheet, the statement of Profit & Loss and the cash flow statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(e) On the basis of written representations received from the directors as on March 31, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014 from being appointed as a director in terms of Section 274(1 ) (g) of the Act.

ANNEXURE TO THE AUDITOR''S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE:

(i) Having regard to the nature of the company''s business/activities, result, clauses (iii), (xii), (xiii),(xiv), (xv), (xvi), (xviii), (xix) and (xx) of CARO are not applicable

(ii) In respect of its fixed assets

(a) The company has maintained proper records showing full particulars include quantitative details and situation of fixed assets.

(b) As explained to us, all the assets have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any major part of the plant & machinery.

(iii) In respect of its inventories :

(a) As explained to us, the inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the explanations given to us, the procedures of physical verification of inventory followed by the management were reasonable and adequate in relation to the size of the company and nature of its business.

(c) ln our opinion and according to the explanations given to us, the Company has maintained / proper records of its inventories and no material discrepancies were noticed on physical verification.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the company and nature of its business with regard to the purchase of inventory, fixed assets and with regard to the sale of the goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a)According to the information and

explanations given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the company has not accepted any deposits from the public within the meanings of provisions of section 58A and 5.8 AA of the Companies Act, 1956 and the rules framed there under.

(vii) In our opinion, the company has an adequate internal audit system commensurate with the size and the nature of its business.

(viii) The maintenance of cost records has been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956 for the year under review for the products manufactured by the company and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, income tax, sales - tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, custom duty excise duty, cess were in arrears, as at 31st March 2014 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues of sales tax, wealth tax, custom duty, excise duty, cess which have not been deposited on account of any dispute.

(x) The company has accumulated loss of Rs. 34170131 as at the year end. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to banks and financial institutions. The company has no dues to debenture holder.

(xii) According to the information and explanations given to us and on an overall examination of the cash flow statement of the company, we report that funds raised on short term basis have not been used during the year for long term investment.

(xiii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR SONI SURANA & CO. Chartered Accountants

PLACE : SURAT (SUDHIR KUMAR SURANA) DATED : 24-05-2014 PARTNER FRN: 115781W M. No. 75120