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Pankaj Polymers
BSE: 531280|ISIN: INE698B01011|SECTOR: Packaging
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VOLUME 1
Pankaj Polymers is not listed on NSE
Mar 12
Auditor's Report (Pankaj Polymers) Year End : Mar '13
Report on the financial statements
 
 We have audited the accompanying financial statements of Pankaj
 Polymers Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2013, the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s responsible for the financial statements
 
 Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). 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 responsibility 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 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 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. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates 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, 2013;
 
 b) In the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 c) In the case of the Cash Flow Statement, of the 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, 2003 issued
 by the Central Government of India in terms of sub-section (4A) of
 Section 227 of the Companies Act, 1956, we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 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 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 Balance Sheet, the Statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 referred to in subsection (3C) of section 211 of the Companies Act,
 1956;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT
 OF EVEN DATE
 
 1 .  In respect of its fixed Assets:
 
 a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets on the
 basis of available information.
 
 b) As explained to us, all the fixed assets have been physically
 verified by the management in a phased periodical manner, which in our
 opinion is reasonable, having regard to the size of the Company and
 nature of its assets.  No material discrepancies were noticed on such
 physical verification.
 
 c) In our opinion, the Company has not disposed off a substantial part
 of its fixed assets during the year and the going concern status of the
 Company is not affected.
 
 2 .  In respect of Inventories:
 
 a) The inventories have been physically verified during the year by the
 management. In our opinion, the frequency of verification is
 reasonable.
 
 b) 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
 the size of the Company and the nature of its business.
 
 c) The Company has maintained proper records of inventories. As
 explained to us, there were no material discrepancies noticed on
 physical verification of inventories as compared to the book records.
 
 3.  In respect of the loans, secured or unsecured, granted or taken by
 the Company to / from companies, firms or other parties in the register
 maintained Under Section 301 of the Companies Act, 1956:
 
 a) The Company has not given any loans during the year to any parties.
 
 b) The Company has taken loans from 1 party during the year. In respect
 of the said loan, the maximum balance outstanding at any time during
 the year was Rs. 29.28 lacks and the year end balance is Rs.21.28
 Lacks.
 
 c) In our opinion the rate of interest and other terms and conditions
 on which loans have been taken from companies, or firms or other
 parties are not prima facie prejudicial in the interest of the company.
 
 d) The company is regular in repaying the principal amounts as
 stipulated and has been regular in the payment of interest, wherever
 applicable.
 
 4.  In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business for the
 purchases of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in internal control
 system.
 
 5.  In respect of the contracts or arrangements referred to in Section
 301 of the Companies Act, 1956:
 
 a) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contractors /
 arrangements 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 transactions made in pursuance of contracts /
 arrangements entered in the Register maintained Under Section 301 of
 the Companies Act, 1956 and exceeding the value of in Rs.5, 00,000 in
 respect of each party during the year have been made at prices which
 appear reasonable as per information available with the Company.
 
 6.  According to the information and explanations given to us, the
 Company has not accepted any deposit from the public.Therefore, the
 provisions of Clause (vi) of paragraph 4 of the Order are not
 applicable to the company.
 
 7.  In our opinion, The Company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  We have broadly reviewed the cost records maintained by the Company
 pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under section 209 (I ) (d) of the
 Companies Act, 1956 and are of the opinion that prima facie the
 prescribed cost records have been maintained. We have, however, not
 made a detailed examination of the cost records with a view to
 determine whether they-are accurate or complete.
 
 9.  In respect of statutory dues:
 
 a) According to the records of tile Company, undisputed statutory dues
 including Provident Fund, Employees'' State Insurance , Income -Tax,
 Sales Tax, , Service Tax, Customs Duty, Excise Duty, Cess, and other
 statutory dues have been generally regularly deposited with the
 appropriate authorities. According to the information and explanations
 given to us, no undisputed amounts payable in respect of the aforesaid
 dues were outstanding as at March 31, 2013 for a period of more than 6
 months from the date of becoming payable.
 
 b) The disputed statutory dues aggregating Rs.8.43 lacks that have not
 been deposited on account of disputed matters pending before
 appropriate authorities are as under:
 
 S 
 No Name of the 
    Statute       Nature of      Amount  Financial  Forum where
                  Dues          (in Rs)  Year       dispute
 
 1. Sales Tax Act Sales Tax and  843346/- 2002-2003 Jt. Commissioner
                                                    Sales
                  Interest                          Tax (Appeals)
 
 10 The Company does not have accumulated losses at the end of the
 financial year. The Company has not incurred cash losses during the
 financial year covered by the audit and in the immediately preceding
 financial year.
 
 11. Based on our audit procedures and according to the information and
 explanations given to us, we are of the opinion that the Company has
 not defaulted in repayment of dues to financial institutions, banks and
 debenture.
 
 12. In our opinion and according to the explanations given to us and
 based on the information available, no loans and advance have been
 granted by the company on the basis of security by way of pledge of
 shares, debentures and other securities.
 
 13. In our opinion, the company is not a chit fund/ nidhi / mutual
 benefit fund / society. Therefore, the provisions of clause (xiii) of
 paragraph 4 of the order are not applicable to the company.
 
 14. The Company has maintained proper records of the transactions and
 contracts in respect of dealing or trading in shares, securities,
 debentures and other investments and timely entries have been made
 therein. All shares, securities, debentures and other investments have
 been held by the Company in its own name.
 
 15. According to the information and explanations given to us, the
 company has not given guarantees for loans taken by others from bank or
 financial institutions , the terms and conditions thereof in our
 opinion are prima facie prejudicial to the interest of the company .
 
 16. The Company has raised new term loans during the year, and has been
 applied for the purposes for which they were raised.
 
 17. According to the information and explanations given to us and on an
 overall examination of the Balance sheet of the Company, we are of the
 opinion that there are no funds raised on short-term basis that have
 been used for long term investment.
 
 18. The Company has not made any preferential Allotment of shares to
 Patties and companies covered in the Register maintained under Section
 301 of the Companies Act, 1956,
 
 19. The Company has not issued any debentures during the year.
 
 20. The Company has not raised any monies by way of public issue during
 the year.
 
 21. In our opinion and according to the information and explanations
 given to us, No material fraud on or by the Company has been noticed or
 reported during the year.
 
                                     For LUHARUKA & ASSOCIATES 
 
                                     CHARTERED ACCOUNTANTS
 
                                     F.R. No. 01882 S
 
                                     Sd/- 
 
                                    (RAMESHCHAND JAIN) 
 
 Place : Secunderabad                Partner
 
 Date : 30.05-2013                   Membership No. 023019
Source : Dion Global Solutions Limited
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