| We have audited the attached Balance sheet of PLANTER'S POLYSACKS
LIMITED as on 31.03.2015 and Statement of Profit and Loss and Cash Flow
Statement for the year ended as on that date and significant accounting
policies and other explanatory information. These Financial Statements
are the responsibility of the Company's Management. Our
responsibility is to express opinions on these financial statements
based on our audit.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's 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 principles generally accepted in India
and the Accounting Standards as specified under Section 133 of the
Companies Act, 2013 (the Act) read with Rule 7 of the Companies
(Accounts) Rules, 2014. 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 have taken into account the
provisions of the Companies Act, 2013, 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 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 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. 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
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements read together
with the Significant Accounting Policies and other notes thereon give
the information required by the Act, in the manner so required, and
present a true and fair view, in conformity with the accounting
principles generally accepted in India.
i) in so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31st March 2015;
ii) in so far as it relates to the Profit and Loss Account, of the
'Loss of the Company for the year ended on that date, and
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.
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 paragraphs 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 obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of account, as are required by law,
have been kept by the Company, so far as appears from our examination
of those books.
c) The Balance sheet, Profit and Loss account and Cash Flow Statement
are dealt with by this report are in agreement with the books of
account.
d) In our opinion, the aforesaid 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 the written representations received from the
directors as on March 31, 2015, 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
Act;
f) In our opinion, the Company has adequate internal financial controls
systems in place and is effectively operating in the Company;
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 there are no such matters
during the year:
PLANTER'S POLYSACKS LIMITED Annexure to the Auditors' Report
The Annexure referred to in our report to the members of PLANTER'S
POLYSACKS LIMITED (the Company') for the year Ended on 31.03.2015. We
report that:
S.No. Particulars Auditors Remark
(i) (a) whether the Company is maintaining
proper records showing full NA
particulars, including quantitative details and
situation of fixed assets;
(b) whether these fixed assets have been physically
verified by the management at reasonable intervals;
whether any material discrepancies NA
were noticed on such verification and if so, whether
the same have been properly dealt with in the books
of account;
(ii) (a) whether physical verification of inventory
has been conducted at reasonable intervals by the
management; NA
(b) are the procedures of physical verification of
inventory followed by the management reasonable and
adequate in relation to the size of the company and
the nature of its business. If not, the inadequacies
in such procedures should be reported;
(c) whether the company is maintaining proper records
of inventory and whether any material discrepancies
were noticed on physical verification NA
and if so, whether the same have been properly dealt
with in the books NA
of account;
(iii) whether the company has granted any loans,
secured or unsecured to companies, firms or other parties
covered in the register maintained under No
section 189 of the Companies Act. If so,
(a) whether receipt of the principal amount and interest NA
are also regular; na and
(b) if overdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for recovery
of the principal and NA
interest;
iv) is there an adequate internal control system
commensurate with the size of the company and the nature
of its business, for the purchase of inventory and fixed
assets and for the sale of goods and services. Whether YeS
there is a continuing failure to correct major weaknesses
in internal control system.
(v) in case the company has accepted deposits, whether the
directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there
under, where applicable, have been complied with? if not,
the nature of contraventions should be stated; If an order
hasbeen passed NA
by Company Law Board or National Company Law Tribunal or
Reserve Bank\ of India or any court or any other tribunal,
whether the same has been complied with or not -
Particulars Auditors Remark
(vi) where maintenance of cost records has been specified
by the Central Government under sub-section (1) of section
148 of the Companies Act, NA
whether such accounts and records have been made and
maintained;
(vii) (a) is the company regular in depositing undisputed
statutory dues including 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 with the appropriate authorities Yes
and if not, the extent of the arrears of outstanding
statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date
they became payable, shall be indicated by the auditor.
(b) in case dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value
added tax or cess have not been deposited on account of any
dispute, then the amounts involved NA
and the forum where dispute is pending shall be mentioned.
(A mere representation to the concerned Department shall not
constitute a dispute).
(c) whether the amount required to be transferred to investor
education and protection fund in accordance with the relevant
rovisions of the Companies Act and rules made thereunder has
been transferred to such NA
fund within time.
(viii) whether in case of a company which has been registered
for a period not less than five years, its accumulated losses
at the end of the financial YES
year are not less than fifty per cent of its net worth and
whether it has incurred cash losses in such financial year and
in the immediately preceding financial year;
(ix) whether the company has defaulted in repayment of dues
to a financial institution or bank or debenture holders-
If yes, the period and amount NA
of default to be reported;
(x) whether the company has given any guarantee for loans
taken by others from bank or financial institutions, the terms
and conditions whereof are No
prejudicial to the interest of the company; No
(xi) whether term loans were applied for the purpose for
which the loans were obtained; NA
(xii) whether any fraud on or by the company has been
noticed or reported during the year; If yes, the nature and
the amount involved is to be No
indicated.
For Bansilal Shah & Co.
Chartered Accountants
Sd/-
Mukesh Kumar Jain
Partner
M.No. 075906 / FRN 000384W
Place: Navi Mumbai
Date: 27.05.2015
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