We have audited the accompanying financial statements of M/s. National
Plastic Technologies Limited (the Company), which comprise the
Balance Sheet as at March 31, 2015, 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
The company''s Board of Director 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 control
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 duet fraud or error.
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 standard and matters
which are required to be included in the audit report under the
provisions of the Act and 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 procedure 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 misstatement of the financial statement 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 and adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of
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 audit opinion on the financial
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 of the State of affairs of the company as
at March 31, 2015 and its profit and its cash flow for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
As required by Section 143(3) of the Act, We report that:
1.1. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
1.2. 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
1.3. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
1.4. In our opinion, the aforesaid financial statements comply with
Accounting Standard specified under Section 133 of the Act read with
Rule 7 of the Companies (Accounts) Rules2014.
1.5 On the basis of written representations received from the Directors
as on March 31, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
2. With respect to the matters to be included in the Auditor''s Report
in accordance with Companies (Auditor''s Report) Order, 2015 issued by
the Central Government of India in terms of Sub-Section (11) of the 143
& Rule 11 of the Companies (Audit and Auditors) Rules, 2014, we give in
the annexure a statement on the matters specified in the paragraphs 3
and 4 of the Order.
Annexure to the Auditors ''Report
Annexure referred to in item no. 1 of paragraph ''Report on Other Legal
and Regulatory Requirements''.
In our opinion and to the best of knowledge and belief as per the
information and explanation given to us and on the basis of the books
of accounts and records examined by us in the normal course of audit.
Were port that:
1. Fixed Assets
1.1.The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
1.2. The management at reasonable intervals has physically verified the
fixed assets of the company and no material discrepancies were noticed
on such verification.
2.1. The management has conducted physical verification at reasonable
intervals in respect of its inventory.
2.2.The procedure for physical verification of inventory followed by
the management is reasonable and is adequate in relation to the size of
the company and the nature of its business.
2.3. The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3. Loans and advances
3.1. The company has not granted any loans, secured, unsecured to
companies , Firms or other parties covered in the Register maintained
under section 189 of the Companies Act, 2013.
4. The company has an internal control system which is adequate and is
commensurate with the size of the Company and nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods and services. There are no major weaknesses in internal controls
5. The company has accepted deposits from aggregating to Rs.162.02
Lakhs (PY Rs. 145.25 Lakhs) from 3 parties. The directives issued by
the Reserve Bank of India and the provisions of section 73 to 76 and
any other relevant provisions of the Act and the rules framed there
under, have been complied with.
6. In our Opinion and according to the information and explanation
given to us, the requirement for maintenance of cost records pursuant
to the companies (Cost Records and Audit) Rules, 2014 specified by the
Central Government of India under Section 148 of the Companies Act,
2013 are not applicable to the company for the year under audit.
7. Statutory dues
7.1.The company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income- tax, Sales-tax, Wealth tax, Service
tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other
statutory dues with the appropriate authorities.
7.2. On the basis of written representation received from the
Management we report that there are no disputed statutory dues pending
before appropriate authorities as on 31st March2015.
8. The company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
9. The company has not defaulted in repayment of dues to financial
institutions, banks or debentures holders.
10. In our opinion, and according to the information and explanations
given to us, that the company has not given any guarantee for loan
taken by others from banks or financial institution during the year.
11. The Company has raised term loans during the year and these have
been applied for the purposes for which they were raised.
12. No material fraud on or by the company has been noticed or
reported during the year.
for M/s.CA.PATEL & PATEL
Firm Reg No. 005026S
Bhavesh N Patel
Place : Chennai PARTNER
Date :28th May, 2015 Membership No.26669