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Gulshan Polyols Ltd.

BSE: 532457 | NSE: GULPOLY |

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Series: BE | ISIN: INE255D01024 | SECTOR: Chemicals

BSE Live

Sep 22, 16:00
249.95 4.35 (1.77%)
Volume
AVERAGE VOLUME
5-Day
18,692
10-Day
13,746
30-Day
14,515
7,167
  • Prev. Close

    245.60

  • Open Price

    246.00

  • Bid Price (Qty.)

    244.25 (200)

  • Offer Price (Qty.)

    247.00 (210)

NSE Live

Sep 22, 15:59
245.00 -0.95 (-0.39%)
Volume
AVERAGE VOLUME
5-Day
48,746
10-Day
40,519
30-Day
50,338
16,569
  • Prev. Close

    245.95

  • Open Price

    243.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    245.00 (86)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of GULSHAN POLYOLS LIMITED as at 31st March 2010, the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any 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 the Management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies Auditors Report (Amendment) Order 2003, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure hereto a statement on the matters specified in Paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:- (i) We have obtained all the information and explanations, which, to the best of our knowledge and belief, were necessary for the purposes of our audit. (ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of the books of the Company. (iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company. (iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956. Subject to Note No.-8 of Notes on accounts. (v) In our opinion and to the best of our information and according to the explanations given to us, none of the Directors is, as at 31st March, 2010, prima-facie disqualified from being appointed as a Director in terms of Clause (g) of Sub-section (1) of the Section 274 of the Companies Act, 1956. (vi) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements subject to Note no.- 8 of notes on accounts read together with the significant Accounting Policies and the other notes thereon, give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India. (a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and; (b) In the case of the Profit & Loss Account, of the Profit for the year ended on that date. (c) In the case of Cash Flow Statement, of the cash flow of the company for the year ended on that date. ANNEXURE TO AUDITORS REPORT (Referred in Paragraph 3 of our Report of even date) 1. In respect of Fixed Assets : (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of Fixed Assets. (b) As explained to us, these Assets have been physically verified by the Management at reasonable intervals, having regard to the size of the company and nature of its assets, no material discrepancies were noticed on such verification. (c) In our opinion, company have not disposed off 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) As explained to us, physical verification of inventory has been conducted by the Management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventory followed by the Management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies were notified on physical verification of inventories as compared to book records. 3. In respect of Loans, secured or unsecured granted or taken by the company to/from companies, firms and other parties covered in the register maintained u/s 301 of Companies Act 1956 : (a) Company has not taken any Loans, Secured or Unsecured from the Companies, firms or Other Parties covered in the register maintained u/s-301of the Companies Act 1956 Consequently, the requirement of clause (iii) (f) and(iii)(g) of paragraph 4 of the Order are not applicable. However it has given Loan of Rs. 20,87,017 durring the year to one Company under the same management Maximum amount outstanding at any time Rs. 27,16,817 (P.Y Rs.6,29,800) and the Year end balance is Rs. 27,16,817 (P.Y Rs.6,29,800). (b) In our opinion and according to the information and explanations given to us, the terms and conditions of the loans given are not prima facie prejudicial to the interest of the company, However there is no stipulation as regards the interest on such loan. (c) The principal amount is repayable on demand and there is no repayment schedule. (d) In respect of said loan, the same is repayable on demand and therefore the question of overdue amount does not arise. 4. In our opinion, and according to the information and explanations given to us, there are 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 , for the Sale of Goods and services. During the course of audit, we have not observed any major weaknesses in the Internal controls system. 5. In respect of Transactions covered under 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 contracts or arrangements that needed 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 in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act 1956, in respect of each party have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. The Company has accepted Fixed Deposits from the public within the meaning of Section 58-A of the Companies Act, 1956 and the rules framed there under and have complied with all the rules thereof. 7. In our opinion, the Company has an adequate Internal Audit System commensurate with its size and nature of its business. 8. The Central Government has prescribed the maintenance of Cost Records under section 209(1 )(d) of the Companies Act, 1956 in respect of certain manufacturing activities of the Company .We have broadly reviewed the accounts & records of the Company in this connection and are of the opinion that prima facie , the prescribed accounts and records have been made and maintained . We have not,however .carried out a detailed examination of the same. 9. (a) According to the records of the company and explanations given to us, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education & Protection - Fund, Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, cess, Wealth tax, Service Tax and any other statutory dues with the appropriate authorities, According to the information and explanations given to us, no undisputed amount payable in respect of the aforesaid dues were outstanding as at 31st March, 2010 for a period of more that 6 months from the date of becoming payable. (b) As explained to us and information given to us, there are no dispute in case of dues of Sales Tax/ Income Tax/ Custom Duty / Wealth Tax/Service Tax/ Excise Duty/ Cess. 10. The Company has no accumulated losses and it has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 11. According to the records and information given to us, the company has not defaulted in repayment of dues to a financial Institution or bank. 12. In our opinion and according to the information and explanation given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other security. 13. In our opinion and According to the information and explanations given to us, the company is not a chit fund or Nidhi or mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies Auditors Report(Amendment),Order 2003 is not applicable to the company. 14. In our opinion and According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. 15. The Company has not given any corporate guarantee for any loans taken by others from Bank/ Financial institutions. 16. According to the records of the company and according to the information and explanations given to us, term loans taken by the company were used for the purpose for which the loans were obtained. 17.. According to the records of the company and according to the information and explanations given to us and on overall examination of the balance sheet, we opine that the funds raised on short term basis have not been used for long term investment during the year covered under audit. 18. During the year, the company has not made any preferential allotment of shares to the parties and the companies covered in the register maintained under section 301 of the Companies Act 1956. 19. No debentures have been issued by the company during the year. 20. The company has not raised any money by public issue during the year. 21. As explained to us and information given to us, no fraud on or by the company has been noticed by or reported during the year. For SHAHID & ASSOCIATES Chartered Accountants (MOHD. SHAHID) Date : 27th May, 2010 Proprietor Place : Delhi Membership No. 70408