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Pet Plastics Ltd.

BSE Live

Feb 03, 09:00
0.00 -123.50 (-100.00%)
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    123.50

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    0.00

  • Bid Price (Qty.)

    185.25 (1)

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    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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    -

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Pet Plastics is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the accompanying financial statements of Pet Plastics Limited which comprise the balance sheet as at 31 March 2014, the Statement of Profit And Loss and the Cash Flow Statement for the year 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 and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s 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 misstatement. 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 misstatement 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 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: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2014; (ii) in the case of the Statement of Profit And Loss, of the Loss for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of ths^sh 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), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 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 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account; d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and e. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2014 OF M/s. PET PLASTICS LIMITED. 1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b) The fixed assets of the Company have been physically verified by the management at reasonable intervals during the year and this revealed no material discrepancies. c) No fixed assets have been disposed off during the year. 2. In respect of shares held as stock in trade: a) As explained to us, the shares were physically verified by the management at reasonable intervals during the year. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of shares followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its shares and the discrepancies noticed on such physical verification between the physical stock and book records are not material and have been adequately dealt within the books of accounts. 3. In our opinion and according to the information and explanations given to us ,the company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 321 of the Companies Act, 1956.Accordingly paragraphs 4(iii) (c) ,(f) and (g) of the order are not applicable. 4. In our opinion, and according Jo the information and explanation given to us, we are of the. opinion that there is adequate internal control commensurate with the size of the company and nature of its business. We have not noted any continuing failure to correct major weaknesses in the internal control. 5. a) In our opinion1 and according to the information and explanations given to us, the transactions that need to be entered in the register on pursuance of section 321 of the Act have been so entered. b) The transactions have been made at prices which are reasonable with regard to the prevailing market prices at the relevant time. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956, and rules framed there under are not applicable. No order has been passed by the Company Law Board. The provisions of RBI Act, 1934 regarding registration of non- banking financial Company are stated yet to be complied with. 7. In our opinion, the company has an internal audit system commensurate with its size and nature of its business. 8. According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956. 9. a) According to the records of the company examined by us and the information and explanations given to us, no undisputed amounts payable in respect of income tax, and other statutory dues applicable to it were outstanding, as at 31st March. 2014 for a period of more than six months from the date they became payable. b) According to the records of the company examined by us and the information and explanations given to us, there are no dues of income tax and other statutory liabilities, which have not been deposited on account of any dispute. 10. The Company has accumulated losses at the end of the financial year. The Company has incurred cash losses in the current financial year as well as in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. 14 In our opinion, proper records have been maintained in respect of transactions and contracts in shares, and timely entries have been made therein. The shares and other investment have been held by the company in its own name. 15. In our opinion, the company has not given any guarantee for loans taken by others from banks of financial institutions 16. The company has not obtained any term loans. 17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, in our opinion, generally, there are no funds raised by the Company on short-term basis, which have been used for long-term investment. 18. During the year, the Company has not made any 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 not issued any debentures during the year. 20. The Company has not raised any money by way of public issue during the year. 21. During the course of examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. FOR MULRAJ D. GALA Chartered Accountants MULRAJ DEVCHAND GALA (Proprietor) Membership No: 041206 Place: Mumbai Date: 14th August, 2014