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Fenoplast Ltd.

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Jul 09, 16:00
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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

1. We have audited the attached Balance Sheet of Fenoplast Limited ('the Company') as at 31st March 2012 and also the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the annexure referred to in paragraph 3 above, 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) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with requirements of the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956

d) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report are in agreement with the books of account;

e) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as a director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with the Significant Accounting Policies and notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March 2012;

ii. In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended on that date; and

iii. In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Annexure to Auditors' Report

Referred to in paragraph 3 of our report of even

date

i. (a) The Company has maintained proper

records showing full particulars including quantitative details and situation of fixed assets.

(b) According to the information and explanations given to us, the Company has a phased programme of verification of fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its business.

(c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern status.

ii. (a) As per the information and explanations

given to us, physical verification of inventories is carried out by the Company at regular intervals during the year. 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 inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The Company is maintaining proper records of inventory. As informed by the management, the discrepancies noticed on verification between the physical stocks and the book records were not material.

iii. (a) The company has granted interest free

advances to two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs 25.87 Lakhs and the year-end balance is Rs.25.87 lakhs.

(b) According to the information and explanations given to us and in our opinion, the terms and conditions on which advances have been given to company are not prima facie prejudicial to the interest of the company.

(c) As explained by the management, the Company is in the process of taking reasonable steps for recovery of the principal amount.

(d) The company has taken an interest free loan from one party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs 28.85 Lakhs and the year-end balance is Rs.13.85 Lakhs.

(e) The company is regular in repaying the principal amounts as stipulated.

iv. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures 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. (a) According to the information and

explanations given to us, we are of the opinion that the transactions that need to be entered into 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 or arrangements entered in the register maintained under section 301 of the Companies Act 1956, exceeding the value of rupees five lakhs 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. The Company has not accepted deposits from the public within the meaning of sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under. We are informed that no order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

vii. In our opinion, the Company has an internal audit system which is commensurate with the size and nature of its business.

viii. In our opinion and accordingly to the information and explanations given to us, the company has made and maintained accounts and records prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

ix. (a) According to the information and explanations given to us, and on the basis of our examination of books of account, the Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, employee state insurance, sales tax, customs duty, wealth tax, service tax, Excise duty, Cess and other statutory dues

applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues are outstanding as at 31st March, 2012 for a period of more than six months from the date they become payable.

(b) The disputed statutory dues aggregating to Rs.138.36 Lakhs have not been deposited on account of disputed matters as on 31st March, 2012 pending before the appropriate authorities are as under:

Name of the Nature Amount Financial Forum where statute of dues (Rs in Lakhs) Year dispute is pending

Income Tax Act, 1961 Income-tax 41.23 1986-1995 High Court of Andhra Pradesh

Income Tax Act, 1961 Income-tax 2.20 1999-2000 ITAT

Income Tax Act, 1961 Income-tax 31.90 2000-2001 ITAT

Income Tax Act, 1961 Income-tax 10.44 2001-2002 ITAT

Income Tax Act, 1961 Income-tax 1.89 2002-2003 ITAT

Income Tax Act, 1961 Income-tax 4.55 2003-2004 ITAT

Central Sales Tax Act, CST 40.28 2006-2007 Deputy Commis sioner of Sales 1956 Tax, Appeals

Central Sales Tax Act, CST 5.87 2007-2008 Deputy Commis sioner of Sales 1956 Tax Appeals

x. The Company does not have accumulated losses as at 31st March 2012 and has not incurred cash losses during the year covered by our audit and 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 financial institutions, banks or debenture holders.

xii. According to the information and explanation given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the companies (Auditor's report) order, 2003 are not applicable to the company.

xv. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, the provisions of Clause 4 (xv) of the companies (Auditor's report) order, 2003 are not applicable to the company.

xvi. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.

xvii. In our opinion and according to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis were applied for long-term investment.

xviii. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in register maintained under section 301 of the Companies Act, 1956.

xix. According to the information and explanations given to us, there were no debentures issued by the company during the period. Accordingly, Clause 4 (xix) of Companies (Auditor's Report) Order, 2003 is not applicable.

xx. According to the information and explanations given to us, the Company has not raised any funds on public issue and hence disclosure on the end use of money raised by the public issue is not applicable to the Company.

xxi. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For M. ANANDAM & CO.,

Chartered Accountants

(Firm Regn.No.000125S)

(M.V.Ranganath)

Place: Secunderabad Partner

Date: 30th May 2012 Membership. No.028031