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National Plastic Technologies Ltd.

BSE Live

Apr 03, 16:00
31.10 -1.60 (-4.89%)
Volume
AVERAGE VOLUME
5-Day
1,170
10-Day
860
30-Day
547
100
  • Prev. Close

    32.70

  • Open Price

    31.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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National Plastic Technologies is not listed on NSE

Annual Report

For Year :
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Auditor's Report

We have audited the attached Balance Sheet of M/S. NATIONAL PLASTIC TECHNOLOGIES LIMITED as on 31st MARCH 2011, Profit & Loss Account for the year ended on that date and Cash Flow Statement 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 1) We conducted our audit in accordance with the 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 the management as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion. 2) As required by the Companies (Auditor''s Report) Order 2003 issued by the Central Government of India in term of Sub - Section (4A) of Section 227 of the Companies Act, 1956 , and on the basis of such checks of books and records of the company as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. 3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that: a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit; b) 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 those books. c) The Balance Sheet , Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of Account. d) 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 Sec 211 of the Companies Act, 1956. e) On the basis of written representations received from the Directors as on 31st March 2011 and taken on record by the Board of Directors, none of the Directors are disqualified as on 31st March 2011, from being appointed as Directors in terms of 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 explanation given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act,1956. (i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March 2011. (ii) In so far as it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date. (iii) In so far as it relates to the Cash Flow Statement of the cash flows of the Company for the year ended on that date. Annexure to Auditors'' Report Referred to in Paragraph 2 of our report of even date 1. In respect of its 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, the fixed assets have been physically verified by the management and no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanation given to us, a substantial portion of the fixed assets have not been disposed off by the Company during the year. 2. In respect of its inventories :- (a) As explained to us , physical verification have been conducted by the management at reasonable intervals in respect of inventories. (b) In our opinion & according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the company and nature of its business. (c) As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act,1956: (a) The Company has not granted any secured or unsecured loan during the year. (b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company. (c) The Company has not granted any loan, so the question of interest and repayment does not arise. (d) The Company has not given any loan, so the question of overdue amounts does not arise. (e) The Company has taken loans from two parties, and the total amount outstanding at the year end is Rs.82.94 lacs. (f) In our opinion and according to the information given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company. (g) The interest payment are regular and principal amount is repayable on demand. 4. 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 also for the sale of goods and services. During the course of our audit, we have not observed any major weaknesses in internal controls. 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 made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/- (Rupees Five Lacs only) or more in respect of these parties are not prima facie prejudicial to the interest of the Company and are as per the prevailing market rates. 6. The Company has not accepted any deposits from the public. 7. In our opinion, the Company has an Internal Audit System commensurate with the size of the company and nature of its business. 8. Maintenance of Cost records have not been prescribed by the Central Government as prescribed under Section 209 (1) (d) of the Companies Act, 1956. 9. In respect of statutory dues: (a) According to the records of the company, undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the Appropriate Authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and any other statutory dues were outstanding as at 31st March 2011 for a period of more than six months from the date of becoming payable. (b) On the basis of written representation received from the Management we report that, there are no disputed statutory dues pending before the appropriate authorities as on 31st March 2011. 10. The Company has no accumulated losses as at March 31, 2011 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. According to the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the Balance Sheet date. 12. The Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, therefore clause 4 (xii) of the order is not applicable to the company. 13. The provision of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company ,therefore clause 4 (xiii) of the order is not applicable. 14. In our opinion , the Company is not dealer or trader in shares, securities, debentures and other investments so clause 4 (xiv) of the order is not applicable. 15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institution during the year, so the clause 4(xv) of the order is not applicable. 16. In our opinion and according to the information and explanation given to us, on an overall basis, the term loan taken from bank have been applied for the purposes for which they were obtained. 17. In our opinion and according to the information and explanation given to us, there are no funds raised on short- term basis which have been used for long term investment. 18. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act,1956. 19. The Company has no debentures, therefore the clause 4 (xix) of the order is not applicable to the Company. 20. The Company has not raised money by public issues during the year, therefore clause 4 (xx) of the order is not applicable to the Company. 21. 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 to be materially misstated. For C.A PATEL & PATEL Chartered Accountants Place : Chennai Date : 27.06.2011 BHAVESH N. PATEL Partner. Membership No: 26669