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Polytex India | Auditor's Report > Finance - Investments > Auditor's Report from Polytex India - BSE: 512481, NSE: N.A
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Polytex India

BSE: 512481|ISIN: INE012F01016|SECTOR: Finance - Investments
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VOLUME 16
Polytex India is not listed on NSE
Mar 14
Auditor's Report (Polytex India) Year End : Mar '15
1.  We have audited the accompanying financial statements of Polytex
 India Limited (the Company), which comprise the Balance Sheet as at
 March 31,2015, the Statement of Profit and Loss and the Cash Flow
 Statement for the year ended 31st March,2015 and a Summary of
 Significant Accounting Policies and other Explanatory information.
 Management''s Responsibility for the Financial Statements
 
 2.  The Company''s Board of Directors is responsible for the matters
 stated in section 134(5) of the Companies Act, 2013 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 internal financial controls, 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 due to fraud or error.
 
 Auditors Responsibility
 
 3.  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 standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the 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 to perform the audit to obtain reasonable
 assurance about whether the financial statements are free from material
 misstatement.
 
 4.  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 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 an adequate internal
 financial controls system over financial reporting and the 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.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 financial statements.
 
 Opinion
 
 6.  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.
 
 a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015.
 
 b) In the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date.
 
 c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on other Legal and Regulatory Requirements
 
 7.  As required by Companies (Auditors Report) Order 2015(the Order)
 as amended and issued by the Central Government of India in terms of
 Sub (11) of Section 143 of the Companies Act, 2013, we give in the
 Annexure a statement on the matters specified in paragraphs 3 and 4 of
 the Order, to the extent applicable.
 
 8.  As required by section 143(3) of the Act, we report that :
 
 a) 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;
 
 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 and Statement of Profit and Loss and Cash Flow
 Statement dealt with the by the Report are in agreement with the books
 of account;
 
 d) In our opinion, the Balance Sheet and Statement of Profit and Loss
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules 2014.
 
 e) On the basis of written representations received from the directors
 as on March 31,2015 and 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 Companies
 Act, 2013.
 
 f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and
 Auditors)Rules, 2014, in our opinion and to the best of our information
 and according to the explanations given to us
 
 i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements as of March 31,2015.
 
 ii) The Company has made provisions, as required under applicable law
 or accounting standards, for material foreseeable losses, if any and as
 required on long-term contracts including derivative contracts.
 
 iii) There has been no delay in transferring amounts, required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
 
 Referred to in paragraph under Report on Other Legal and Regulatory
 Requirements section of our Report of even date.
 
 I. a) The Company has maintained the proper records showing full
 particulars including quantitative details and situation of Fixed
 Assets.
 
 b) Physical verification of Fixed Assets is carried out by the
 management with a planned programme of verification, which in our
 opinion, provides for physical verification of all Fixed Assets at
 reasonable intervals. The physically verified assets have been compared
 with the book records and discrepancies noticed on such verification
 were not material and have been properly dealt with in books of
 accounts.
 
 c) The Company has not disposed off substantial part of its fixed
 assets during the year.
 
 ii.  The Company has no inventory during the year as it is Service
 Company. Hence this clause is not applicable and as such there are no
 comments on sub clauses (a) to (c).
 
 iii. a) In our opinion and according to the information and explanations
 given to us, the Company has neither granted nor taken any Loan, secured
 or unsecured, to or from Companies, Firms or other parties covered in
 the register maintained under Section 189 of the Companies Act,2013 .
 
 has not granted or taken any loan, secured or
 unsecured from companies, firms or other parties covered in the
 register maintained under section 189 of the Act consequently, sub
 clause(a) and (b) are not applicable to the Company for the year under
 report.
 
 iv.  In our opinion and according to the information and explanations
 given to us, the internal control procedure of the Company are
 commensurate with the size of the Company and the nature of its
 business, for the purchase of Fixed Assets and for the sale of services
 and we have neither come across nor have we been informed of any major
 weakness in internal control procedures.
 
 v.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits from the public
 during the year. Therefore, the provisions of clause 3(v) of the Order
 are not applicable to the Company.
 
 vi.  The provisions of clause 3(vi) of the order are not applicable to
 the Company as the respective entities are not covered by the
 Companies(Cost Records and Audit) Rules,2014.
 
 vii. (a) In our opinion and according to the information and
 explanations given to us, the Company is generally regular in depositing
 undisputed statutory dues including provident fund, investor education
 and protection fund, employees'' State insurance, Income-Tax, Sales Tax,
 Wealth-Tax, Customs Duty, Excise Duty, cess and other statutory dues, if
 any, with the appropriate authorities as at 31st March, 2015 for a
 period of more than six months from the date they become payable.
 
 (b) As explained to us, there are no disputed dues relating to income
 tax, customs duty, wealth tax and cess, which have not been deposited
 as at 31st March, 2015.
 
 (c) According to the information and explanations given to us, the
 amounts which were required to be transferred to the investor education
 and protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules there under has been
 transferred to such fund within time.
 
 viii. The Company does not have accumulated losses as at 31st March,
 2015, and also has not incurred any cash losses during the current
 financial year ended on 31st March, 2015.
 
 ix.  In our opinion and According to the information and explanations
 given to us, the Company has not defaulted in repayment of its dues to
 financial institutions, banks or debenture holders during the year.
 Therefore, the provisions of clause 3(ix) of the Order are not
 applicable to the Company.
 
 x.  As explained to us, the Company has not given any guarantee for
 loans taken by others from bank or financial institutions, the terms
 and conditions whereof, are prejudicial to the interest of the Company.
 
 xi.  The Company has not taken any Loans from the Bank or any financial
 institutions during the year & therefore application of the same do not
 arise.
 
 xii. Based on the Audit Procedures performed and as per the information
 and explanations given to us by the management, we report that no fraud
 on or by the Company has been reported or noticed during the course of
 our audit
 
                                            For R Sundaresan Aiyar & Co
                                                 Chartered Accountants
                                                  Firm Reg No: 110564W
 
                                                    R Sundaresan Aiyar
                                                            Proprietor
                                                          M No: 043946
 
 Mumbai, 12 th May, 2015
 
 
 
 
 
 
 
 
 
Source : Dion Global Solutions Limited
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