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Gulshan Polyols Ltd.

BSE: 532457 | NSE: GULPOLY |

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Series: BE | ISIN: INE255D01024 | SECTOR: Chemicals

BSE Live

Sep 27, 16:00
257.50 5.30 (2.10%)
Volume
AVERAGE VOLUME
5-Day
13,798
10-Day
14,262
30-Day
12,959
20,981
  • Prev. Close

    252.20

  • Open Price

    252.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 27, 15:45
259.15 11.20 (4.52%)
Volume
AVERAGE VOLUME
5-Day
38,096
10-Day
44,766
30-Day
43,222
84,148
  • Prev. Close

    247.95

  • Open Price

    254.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    259.15 (50)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Gulshan Polyols Limited (the Company) which comprise the Balance Sheet as at March 31, 2014, 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 Responsibility 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 of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (''the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditors'' 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 misstatements. 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 mis-statement 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, 2014 (b) In the case of the Statement of Profit and Loss, 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 (the Order) issued by the Central government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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 audit 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 account & Cash flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.; e. On the basis of the written representations received from the directors as on March 31, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of section 274(1)(g) of the Act. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT (Referred in Paragraph 1 under the heading of Report on other Legal and Regulatory Requirements of our Report of even date) I. 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 has not disposed off substantial part of its fixed assets during the year and the going concern status of the company is not affected. II. 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. III. 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) To the records of the Company and information given to us, the Company has not granted any loan to any party during the year. b) (c) & (d) Since the Company has not granted any loan to any party, these points are not applicable to the Company. e) According to the records of the Company and information given to us, the Company has not taken loans during the year from companies, firms or other parties covered in the register maintain u/s- 301 of the Companies Act 1956 IV. In our opinion, and according to the information and explanations given to us, there is 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. V. 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. VI. 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. VII. In our opinion, the Company has an adequate Internal Audit System commensurate with its size and nature of its business. VIII. 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. IX. (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 March 31, 2014 for a period of more than 6 months from the date of becoming payable. (b) Details of Disputed Statutory dues which have not deposited as on March 31, 2014 on account of disputed matters pending before appropriate authorities are given below: Name of Nature of Amount Period to which the Statute the Dues (Rsin Lacs.) the amount relates Central Excise Excise Duty 44.92 2011-12 Act 1944 Central Excise Excise Duty 263.24 2007-08, 2008-09, Act 1944 2009-10 & 2010-11 Income Tax Income Tax 8.50 A.Y. 2003-04 Act 1961 Income Tax Income Tax 2.00 A.Y. 2004-05 Act 1961 Income Tax Income Tax 33.43 2007-08 Act 1961 Income Tax Income Tax 6.24 2009-10 Act 1961 Income Tax Income Tax 9.71 2011-12 Act 1961 Name of the Statute Forum Where Pending Central Excise Additional Commissioner Meerut Central Excise CESTAT Delhi Income Tax Income Tax Appellate Tribunal Delhi Income Tax Income Tax Appellate Tribunal Delhi Income Tax Income Tax Appellate Tribunal Delhi Income Tax Income Tax Appelllate Tribunal Delhi Income Tax Commissioner of Income tax (Appeal) New Delhi X. 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. XI. According to the records and information given to us, the company has not defaulted in repayment of dues to a financial Institution or bank. XII. 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. XIII. 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. XIV. 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. XV. The Company has not given corporate guarantees for loans taken by others from Bank/Financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interest of Company. XVI. 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. XVII. 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. XVIII. 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. XIX. No debentures have been issued by the company during the year. XX. The company has not raised any money by public issue during the year. XXI. 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 (Registration No. 002140C) (MOHD. SHAHID) Partner Membership No : 70408 Date : May 28, 2014 Place : Delhi