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Linc Pen and Plastics Ltd.

BSE: 531241 | NSE: LINCPEN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE802B01019 | SECTOR: Miscellaneous

BSE Live

Oct 20, 15:54
229.30 -5.75 (-2.45%)
Volume
AVERAGE VOLUME
5-Day
3,609
10-Day
5,197
30-Day
4,566
3,713
  • Prev. Close

    235.05

  • Open Price

    240.65

  • Bid Price (Qty.)

    229.30 (1)

  • Offer Price (Qty.)

    229.30 (56)

NSE Live

Oct 20, 15:52
228.45 -6.65 (-2.83%)
Volume
AVERAGE VOLUME
5-Day
16,135
10-Day
22,556
30-Day
22,792
14,013
  • Prev. Close

    235.10

  • Open Price

    233.10

  • Bid Price (Qty.)

    228.45 (5)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of LINC PEN AND PLASTICS LIMITED as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date (in which are incorporated the accounts of Companys branches at Goa 2, audited by other Auditors), annexed thereto. These financial statements are the responsibility of the companys management company. 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 misstatement. 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 (Auditors Report) Order, 2003 (as amended) issued by the Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (the Act), we give in the Annexure 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 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 account as required by law have been kept by the company, so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditors Reports have been forwarded to us and have been appropriately dealt with in this report; iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of account and with the audited returns from the branches; iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act; v) On the basis of written representations received from such directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act; vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 31st March, 2010; 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, Annexure to the Auitors report Referred to in paragraph 3 of our report to the members of LINC PEN AND PLASTICS LIMITED on the accounts for the year ended 31st March 2010: i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. b) The fixed assets have been physically verified during the year by the management. To the best of our knowledge, no material discrepancies were noticed on such verification. c) The Company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected. ii) a) The inventories have been physically verified during the year by the management at reasonable intervals. In respect of inventories lying with third parties, confirmation has been obtained from them. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. c) On the basis of our examination, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification of inventories by the management as compared to book records were not material and these have been properly dealt with in the books of account. iii) a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Act. b) As the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Act, the provisions of para (iii)(b) to (iii)(d) of the paragraph 4 of the said order are not applicable to the company. c) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Act. d) As the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Act, the provisions of para (iii)(f) to (iii)(g) of the paragraph 4 of the said order are not applicable to the company. 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, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness in internal control system. v) a) In our opinion and according to the information and explanations given to us, particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. b) In our opinion and according to the information and explanation given to us, these transactions made in pursuance of such contracts have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi) The Company has not accepted any deposit within the meaning of section 58A, 58AA or any other relevant provisions of the Act and the rules framed there under. vii) In our opinion, the internal audit system of the company is commensurate with the size of the company and the nature of its business. viii) The provision regarding maintenance of cost records is not applicable to the Company. ix) a) According to the records, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Service Tax, Sales Tax, Custom Duty, Cess and other statutory dues with appropriate authorities. As explained to us the provisions of Wealth Tax and Excise Duty are not applicable to the company. 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 than six months from the date of becoming payable. b) The disputed statutory dues aggregating to Rs. 21,880,079 that have not been deposited on account of matters pending before appropriate authorities are as under: Name of the Nature of Amount Period to which Forum where Statute Dues (Rs.) the amount dispute is Relates pending The Income Tax Income Tax 2,049,095 A.Y. 2002-03 Commissioner of Act, 1961 Income Tax (Appeals). The Income Tax Income Tax 4,945,170 A.Y. 2003-04 Commissioner of Act, 1961 Income Tax (Appeals). The Income Tax Income Tax 12,951,927 A.Y. 2004-05 Commissioner of Act, 1961 Income Tax (Appeals). The Income Tax Income Tax 1,933,887 A.Y. 2007-08 Commissioner of Act, 1961 Income Tax (Appeals). x) The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. xi) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank. The Company has no dues of financial institution or debenture holders as at the Balance Sheet date. xii) According to the information and explanation given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) The provisions of any special statue applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to this Company, xiv) According to the information and explanation given to us, the Company is not dealing or trading in shares, securities, debentures or other investments. However, the investments made by the Company in Government securities have been held in its own name. xv) According to the records of the Company and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. xvi) On the basis of our examination and according to the information and explanation given to us, the term loans have been applied for the purpose for which the loans were obtained. xvii) According to the records of the Company and according to the information and explanation given to us and on overall examination of the Balance Sheet of the Company, we report that no funds raised on short- term basis have been used for long- term investment. xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. xix) The Company has not issued any debenture. xx) The Company has not raised any money during the year by public issue. xxi) In our opinion and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements materially misstated. For G.P. AGRAWAL & CO. Chartered Accountants Firm Registration No. 302082E (CA. Ajay Agrawal) Membership No. 17643 Partner 7A, Kiran Shankar Ray Road Kolkata - 700 001 The 29th day of May 2010