We have audited the accompanying standalone financial statements of
Vallabh Poly-Plast International Limited, (the Company) which
comprise the Balance Sheet as at March 31, 2015, and 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 standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 (the Act) with respect
to the preparation of these standalone financial statements that give a
true and fair view of 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 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 due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone
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 under the provisions of the Act and the Rules made
thereunder.
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 misstatements.
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 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 control
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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the afore said standalone 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 31st March, 2015 and its profit and its
cash flows for the year ended on that date.
Emphasis of Matters
As stated in note No. 5, there are outstanding balances of advances to
suppliers, debtors and custom deposit which are outstanding for a long
time and if not realized, the profit would be reduced by
Rs.12,89,942/-.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor''s Report) Order, 2015 (the
Order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 3 and 4 of the Order,
to the extent applicable.
2) 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 accounts as required by law, have
been kept by the Company so far as it appears from our examination of
such books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. in our opinion, the aforesaid standalone financial statements
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 31st March, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March 2015 from being
appointed as a director in terms of section 164 (2) of the Act; and
f. the company has adequate internal financial control and in our
opinion the same is operating effectively.
g. 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 no pending litigation which has to be disclosed.
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
investor education and protection fund by the company.
The Annexure referred to in our Independent Auditor''s Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015 in terms of the Companies (Auditor''s Report)
Order, 2015 (the Order) issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we report that :
I. As the company does not own any fixed assets, clause (i) of Para 3
is not applicable.
II. As the company does not have any inventory, clause (ii) of Para 3
is not applicable.
III. The company has not granted any loan, secured or unsecured to any
companies, firms or other parties covered in the register maintained
u/s 189 of the Companies Act, 2013.
IV. 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 inventory, fixed assets and also
with regards to sale of goods/providing services.
V. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit within the
meaning of Section 73 to 76 of the Companies Act, 2013, and the rules
framed thereunder.
VI. As per the information and explanation given to us, the Central
Government has not prescribed the maintenance of cost record u/s 148(1)
of the Act.
VII. a) According to the information and explanations given to us,
there were no undisputed statutory demands payable at the year end in
respect of Provident Fund, Employees'' State Insurance, Income-tax,
Sales-tax, Wealth-tax, Service-tax, Duty of Customs, Duty of Excise,
Value added Tax, Cess and any other statutory dues outstanding for more
than six months from the date they became payable.
b) According to the information and explanations given to us, and as
per the books and records examined by us, there are no disputed
statutory dues payables by the company.
c) As per the information and explanation given to us, there were no
amounts which were required to be transferred to the investor education
and protection fund by the company in accordance with the relevant
provisions of the Companies Act, 1956 and Rules made thereunder.
VIII. The company has been registered for a period of not less than
five years and its accumulated losses at the end of financial year
31.03.2015 are not less than 50% of its net worth and it has incurred
cash losses during the financial year under audit and in the
immediately preceding financial year.
IX. According to the information and explanations given to us, the
company does not have any outstanding dues to financial institutions,
bank or debenture holders.
X. According to the information and explanations given to us, the
company has not given any guarantee for loan taken by others from Banks
or Financial Institutions.
XI. The Company has not raised any term loan during the year.
XII. According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of our audit.
For RAMESH CHATURVEDI & Co.
Chartered Accountants
Firm Regn. No.113621W
(Ramesh Chaturvedi)
Proprietor
M. No.044886
Place : Mumbai
Date : 27th May, 2015
