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Arrow Greentech

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« Mar 14
Auditor's Report (Arrow Greentech) Year End : Mar '15
We have audited the accompanying financial statements of Arrow Coated
 Products Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2015 ,Statement of Profit and Loss and Cash Flow for the
 year then ended, and a summary of significant accounting policies and
 other explanatory information.
 
 Management''s Responsibility for the 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 and presentation of these standalone financial
 statements that give 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) Rules, 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 the 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 purpose 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 the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Board of Directors,
 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 on the standalone
 financial statements.
 
 Basis of Qualified Opinion
 
 a) The company has not made provisions for overdue advances aggregating
 to Rs. 3987.88(''000).Had this observation made by us been considered
 Profit after Tax would have been Rs. 61516.99(''000) ( as against the
 reported figure of Profit of Rs.65504.87(''000)); reserves and surplus
 would have been surplus of Rs. 98494.42(''000) (as against the reported
 figure of surplus of Rs. 102482.64(''000)): long term loans and advances
 would have been Rs. 31297.04 (''000) (as against reported figure of
 Rs.35284.92 (''000)),
 
 b) As more fully explained in note 37 to the financial statements the
 Company has not complied with Accounting Standard 24 Discontinuing
 Operations .
 
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matter
 described in Basis of Qualified Opinion paragraph, the aforesaid
 standalone 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,
 of the state of affairs of the Company as at 31 March 2015 and its
 profit and 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 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 best of 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 the Company 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 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 the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) on the basis of the written representations received from the
 directors as on 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 (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)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigation on its
 financial position in its financial statements in accordance with the
 generally accepted accounting practice (refer note 27);
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii.  There has been no amounts which were required to be transferred
 to the Investor Education and Protection Fund by the Company.
 
 The Annexure referred to in paragraph 1 of the Our Report of even date
 to the members of Arrow Coated Products Limited on the financial
 statements of the company for the year ended 31st March, 2015.
 
 i) In respect of its Fixed Assets.
 
 Proper records showing full particulars, including quantitative details
 and situation of fixed assets are maintained.
 
 As explained to us some of the Fixed Assets were physically verified
 during the year by the management in accordance with a program of
 verification, which in our opinion provides for physical verification
 of all the fixed assets at reasonable intervals.  According to the
 information and explanation given to us, no material discrepancies were
 noticed on such verification.
 
 ii) In respect of its Inventories.
 
 As explained to us, major inventories were physically verified during
 the year by the management at reasonable intervals.
 
 In our opinion and according to the information and explanations given
 to us, the procedures of physical verification of inventories followed
 by the management are reasonable and adequate in relation to size of
 the company and the nature of its business.
 
 In our opinion and according to the information and explanations given
 to us, the company has maintained proper records of its inventories and
 no material discrepancies were noticed on physical verification.
 
 iii) According to the information and explanations given to us, the
 Company has not granted loans to companies covered in the Register
 maintained under section 189 of the Companies Act, 2013.  Accordingly,
 paragraph 3(iii)(a) & (b) of the Order is not applicable to the
 Company.
 
 iv) In our opinion and according to the information and explanation
 given to us the company has internal control system commensurate with
 the size of the company and the nature of its business with regards to
 purchase of inventories, fixed assets and with regards to the sale of
 the goods and services. During the course of our audit, we have neither
 come across nor have been informed of any continuing failure to correct
 major weaknesses in internal controls system.
 
 v) According to the information and explanations given to us, the
 Company has not accepted deposits from the public within the meaning of
 Section 73 and 76 or any other relevant provisions of the Act and the
 rules framed there under.
 
 vi) The Central Government has not prescribed the maintenance of cost
 records under section 148(1) of the Act, for any of the products of the
 Company.
 
 vii) The Company has generally been 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 other material statutory dues
 applicable to it with the appropriate authorities. There were no
 undisputed amounts payable in respect of the aforesaid dues in arrears
 as at 31st March, 2015 for a period of more than six months from the
 date they became payable except .
 
 Nature of the Dues Amount             (Rs. in ''000)
 
 Local Sales Tax                           214.12
 
 Income Tax                                165.95
 
 Provident Fund                             22.80
 
 Service Tax                                76.69
 
 There were no dues of Wealth Tax, Income Tax, Customs Duty, Excise Duty
 and Cess, as applicable, which have not been deposited as at 31st
 March, 2015 on account of any dispute with the relevant authorities.
 The details of dues of Sales Tax and Value Added tax which have not
 been deposited as at 31st March, 2015 on account of any disputes are
 given below:
 
 Nature of the 
 Dues                Amount 
                  (Rs. in ''000)   Period      Authority Before which 
                                                  in Appeal
 
 Local Sales Tax    2838.79   F.Y.2003-04   Assistant Commissioner of
                                            Sales Tax (Appeal), Mumbai
 
 Central Sales 
 Tax                 441.87   F.Y.2003-04   Assistant Commissioner of
                                            Sales Tax (Appeal), Mumbai
 
 Local Sales Tax    3677.77   F.Y.2004-05   Assistant Commissioner of 
                                            Sales Tax (Appeal), Mumbai
 
 Central Sales 
 Tax                3520.70   F.Y.2004-05   Assistant Commissioner of
                                            Sales Tax (Appeal), Mumbai
 
 Central Sales 
 Tax                3932.89   F.Y.2008-09   Assistant Commissioner of
                                            Sales Tax (Appeal), Mumbai
 
 There has been no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 viii) The company neither has accumulated losses at the end of the
 year, nor incurred cash losses during the financial year covered by our
 audit and the immediate preceding financial year.
 
 ix) In our opinion and according to the information and explanations
 given to us, the company has not defaulted in repayment of dues to the
 financial institution, bank or debenture holders.
 
 x) According to information and explanation given to us the company has
 not given guarantees for loan taken by others from banks or financial
 institutions.
 
 xi) According to information and explanation given to us the company
 has not taken term loan during the year.
 
 xii) According to the information and explanations given to us, no
 material fraud on or by the Company has been noticed or reported during
 the course of our audit.
 
 
 
 For J. A. Rajani & Co.
 
 Chartered Accountants 
 
 Firm Reg. No. 108331W
 
 
 P. J. Rajani
 
 Proprietor
 
 Membership No. 116740
 
 
 Place: Mumbai
 
 Date: 29th May, 2015.
Source : Dion Global Solutions Limited
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