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PG Foils Ltd.

BSE Live

Jul 27, 15:40
183.65 -5.20 (-2.75%)
Volume
AVERAGE VOLUME
5-Day
33,407
10-Day
33,804
30-Day
50,052
31,456
  • Prev. Close

    188.85

  • Open Price

    194.00

  • Bid Price (Qty.)

    183.00 (500)

  • Offer Price (Qty.)

    184.00 (17)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

PG Foils is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2009 2008

Auditor's Report

We have audited the accompanying financial statement of P G Foils Limited (''the Company'') which comprise the balance sheet as at 31st March 2014, the statement of profit and loss and the 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 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 31st March 2014. (ii) In the case of the statement of profit and loss, of the profit for the year ended on that date; and (iii) In the case of the cash flow statement, for the cash flows for the year ended on that date. Report on other legal and 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 Standard referred to in subjection (3C) of section 211 of the Companies Act, 1956; and e. On the basis of written representations received from the directors as on 31st 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 TO THE AUDITORS'' REPORT 1. In respect of its fixed assets. a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification c) In our opinion, the Company has not disposed off substantial part of fixed assets, which has bearing on the going concern assumption 2. In respect of its inventories a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business c) The Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. The company has not granted loans to parties covered in the register maintained under section 301 of the companies Act, 1956 during the year. 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 with regard to purchase of stores, raw materials including components, packing materials, plant and machinery, equipment and other assets and with regard to sale of goods. During the course of our audit, no major weakness has been noticed in the internal control procedure. 5.a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 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 registers maintain under section 301 and exceeding the value of five lakh rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. According to the information and explanation provided by the management, in our opinion the company has not accepted any deposit and as such question of compliance of sanction 58, 58 AA and other relevant provisions don''t apply. 7. The company has no internal audit system. 8. We have been informed by the management, cost records prescribed under section 209(1) (d) of the companies Act, 1956 in respect of product manufactured by the company has been maintained. 9. a) The company is regular in depositing undisputed statutory dues including Provident Fund, Wealth Tax, Income Tax, Sales Tax, Custom Duty, Excise duty, Cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us, following, disputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2014 for a period of more than six months from the date of becoming payable. b) Following dues are not deposited on account of disputes pending at various forums. Name Nature of Period to Amount Interest Amount dues which it in in Deposi relates ted Customs Act, Safeguard 2009-10 11651284/- 3800000/- 1962 duty Redemption Fine & Penalty Customs Act, Safeguard duty 2010-11 8858238/- 3898883/- 1962 & valuation Customs Act, Safeguard duty 2009-10 12576869/- NIL 1962 & valuation Central Sales CST Demand 1982-83 413231/- 1559802/- 413231 Tax Act 1983-84 1472173/- 6093420/- 1472173 1984-85 862071/- 4462262/- 862071 1990- 91 3378241/- 9415971/- 3378241 1991- 92 5364057/- 22129275/- 5364057 1992- 93 8396797/- 29641954/- 8396797 1993- 94 8327394/- 27323270/- 8327394 1994- 95 8952669/- 27771200/- 8952669 1995- 96 9217606/- 26301247/- 9217606 1996- 97 8256211/- 21892569/- 8256211 Name Forum which it is pending Costums Act 1952 Balance Demand Stayed by the Commissioner of Central Excise (Appeal) vide order dated 30.01.2014 Costums Act 1962 Case is remanded by CESTAT and pending before Dy. Commissioner Costums Act Stay granted in Hon''ble High Court and Case still Pending Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court Hon''ble Supreme court 10. The Company has not incurred any cash loss in the current year and there are no accumulated losses in the balance sheet as on 31st March, 2014. 11. Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to banks. 12. According to the records of the company, in our opinion according to 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 share, debentures and other securities. 13. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provisions of clause 4(xiii) of the companies (Auditor''s Report) order, 2003 is not applicable to the Company. 14. As the Company is not dealing or trading in shares, securities, debentures and other investments, the provision of clause 4(xiv) of the Companies (Auditor''s Report) order, 2003 is not applicable to the Company. 15. As per information and explanation provided by the management the company has not given any guarantee for others. 16. According to the records of the company, the company has taken term loan from Bank and has applied for the purpose for which the loan was obtained. 17. According to the information and explanations received, we report that the company has not applied short-term borrowings for long- term investments and vice versa. 18. According to the records of the company and the information and explanations provided by the management, the Company has not made any preferential allotment of shares during the year. 19. According to the records of the company, 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 period covered by our audit report. 21. As per the information and explanations given to us, no material fraud on or by the Company has been noticed during the year. For H M SINGHVI & Co. Chartered Accountants (H M SINGHVI) Place : Pipalia Kalan Partner Date : 30th May 2014 M. No. 006962