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Fenoplast Ltd.

BSE Live

Jul 02, 15:40
23.70 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
195
10-Day
198
30-Day
260
211
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    23.70

  • Open Price

    23.70

  • Bid Price (Qty.)

    23.70 (39)

  • Offer Price (Qty.)

    23.75 (5)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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    -

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  • Bid Price (Qty.)

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Fenoplast is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of Fenoplast Limited (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 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 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. Auditor''s Responsibility Our responsibility is to express an opinion on these 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 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 qualified audit opinion. Basis for Qualified Opinion Note 23.1 to the financial statements, regarding excess managerial remuneration amounting to Rs.57.43 Lacs paid to Managing Director and Whole Time Director in excess of limits prescribed under Schedule XIII of the Companies Act, 1956 in the financial year 2013-14 for which approval from the Central Government is pending. The ultimate outcome of this matter cannot presently be determined, accordingly no adjustments have been made in the financial statements. Our opinion is qualified in this matter. Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the Basis for Qualified Opinion, 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, of the state of affairs of the Company as at 31st 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 paragraphs 3 and 4 of the Order. 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 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on31st March, 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) 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 litigations on its financial position in its financial statements Refer Note 31 to the financial statements; ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company Fenoplast Limited Annexure to the Auditors'' Report The Annexure referred to in our report to the members of Fenoplast Limited for the year ended on 31st March, 2015. We report that: (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets; (b) As explained to us, 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 the nature of its business. No material discrepancies were noticed on such physical verification. (ii) (a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable; (b) 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 its inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material; (iii) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. (iv) 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 purchase of inventory, fixed assets and for the sale of goods. 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 deposits within the meaning of Section 73 to 76 of the Act and the rules framed thereunder. (vi) We have broadly reviewed the cost records maintained by the company pursuant to the companies (Cost audit and records) Rules 2014 prescribed by the central Government under sub-section (1) of section 148 of the Companies Act, 2013, and are of the opinion that prima facie the prescribed cost records have been maintained. (vii) (a) According to the information and explanations given to us and the records of the company examined by us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, service tax, value added tax, sales tax, custom duty, excise duty, cess and other statutory dues as applicable with the appropriate authorities and there were no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and records of the Company examined by us, the particulars of sales tax, income tax, customs duty, excise duty, service tax and wealth tax, as at 31st March, 2015 which have not been deposited on account of dispute pending, are as under: Name of the Nature of the Amount Period to Forum where dispute Statute Dues (Rs. In which the is pending Lakhs) amount relates Income-tax Act, 1961 Income-tax 2.20 1999-2000 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 31.90 2000-2001 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 10.44 2001-2002 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 1.89 2002-2003 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 4.55 2003-2004 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 74.66 2005-2006 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 45.62 2006-2007 Income-tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income-tax 17.38 2009-2010 Assistant Commissioner of Income Tax Central Sales Tax Act, Central Sales 26.57 2009-2010 Deputy Commissioner of Sales 1956 Tax Sales Tax, Appeals Central Sales Tax Act, Central Sales 26.97 2010-2011 Deputy Commissioner of Sales 1956 Tax Sales Tax, Appeals Central Sales Tax Act, Central Sales 258.29 2011-2012 Deputy Commissioner of Sales 1956 Tax Sales Tax, Appeals (c) There are no amounts to be transferred to investor education and protection fund in accor- dance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under. (viii) The company has no accumulated losses and it has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year; (x) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions; (xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained, other than temporary deployment pending application. (xii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For M.Anandam & Co., Chartered Accountants (Firm''s Registration No. 000125S) Place: Secunderabad M.V.Ranganath Date : 27.05.2015 Partner Membership.No: 028031