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इंडिया पॉली

बीएसई: 514490  |  NSE: N.A  |  ISIN: INE725D01018  |  Textiles - Processing

खोजें इंडिया पॉली कनेक्शन Mar 12
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '13
We have audited the attached balance sheet of M/S INDIA POLYSPIN
 LIMITED as at 31st March, 2013 and also the Profit & Loss account for
 the year ended on that date, annexed thereto. These financial
 statements are the responsibility of the company''s management. Our
 responsibility is to express an opinion on these financial statements
 based on our audit.
 
 We conducted our audit in accordance with auditing standards generally
 accepted in India. Those standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial
 statements are free of material misstatement. An audit includes
 examining, on a test basis, evidence supporting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by management, as well as evaluating the overall financial statement
 presentation. We believe that our audit provides a reasonable basis for
 our opinion.
 
 As required by the Companies (Auditor''s Report) Order, 2003, as amended
 by companies (amendment) order 2004, issued by the Department of
 Company Affairs, in terms of section 227 (4A) of the Companies Act,
 1956, we enclose in the Annexure a statement on the matters specified
 in the paragraph 4 and 5 of the said order.
 
 Further to our comments in the Annexure referred to above, we report
 that:
 
 I.  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;
 
 II.  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;
 
 III. The Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of account;
 
 IV.  In our opinion, the Balance Sheet and Profit and Loss Account
 dealt with by this report comply with the accounting standards referred
 to in sub-section (3C) of Section 211 of the Companies Act, 1956;
 
 V.  On this basis of written representations received from the
 directors, as on 31st March, 2013, and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 31st March, 2013, from being appointed as a director in terms of clause
 (g) of sub-section (1) of section 274 of the Companies Act, 1956;
 
 VI.  In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts give the information
 required by the Companies Act, 1956, 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 31st March, 2013;
 
 b) In the case of the Profit & Loss Account, of the loss for the year
 ended on that date. And
 
 c) In the case of cash flow statement, of the cash flow for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITORS'' REPORT AS REFERRED TO IN PARA 3 OF THE SAID
 REPORT OF EVEN DATE
 
 i.  The company does not have any Fixed Assets, hence clause (i) (a),
 (b) and (c ) are not applicable to the company during the year under
 audit.
 
 ii.  The company does not have any inventories, hence clause (ii) (a),
 (b) and (c ) are not applicable to the company during the year under
 audit.
 
 iii.
 
 a.  The company has granted loans to companies, firms and other parties
 covered under the Register maintained under Sec 301 of the Companies
 Act,1956 aggregating Rs.4,50,000/- to one such parties.
 
 b.  In our opinion, the rate of interest and other terms and conditions
 on which the said loans have been given are not, prima facie,
 prejudicial to the interest of the company.
 
 c.  As explained to us the receipts of payment of principal amounts and
 Interest, if any, are as per the terms of the said loan.
 
 d.  As explained to us there is no overdue amount.
 
 e.  The company has taken unsecured loans from companies, firms and
 other parties covered in the Register maintained under Section 301 of
 the Companies Act, 1956 amounting Rs. 1,68,66,636/- from 7 such
 parties.
 
 f.  In our opinion, the rate of interest and other terms and conditions
 on which the said loans have been taken are not, prima facie,
 prejudicial to the interest of the company
 
 g.  As explained to us the company is regular in payment of principal
 amounts and interest if any, as per the terms of the said loan.
 
 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. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in internal controls.
 
 v.  a.  Based on 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 of Companies Act, 1956 have been so
 entered.
 
 b.  In our opinion and according to the information and explanations
 given to us, the Contract or arrangements entered in the register
 maintained 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.
 
 vi.  In our opinion and according to the information and explanation
 given to us, the company has not accepted any deposits from the public
 within the meaning of Sec.58A and 58AA of the Companies Act, 1956.
 
 vii. The company does not have a formal Internal Audit System. However,
 in our opinion, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business.
 
 viii.  According to the information and explanation given to us, the
 company is not required to maintain cost records under section
 209(l)(d) of the Companies Act, 1956.
 
 ix.  a.  According to the information and explanation given to us, the
 company is generally regular in depositing with appropriate authorities
 undisputed statutory due including provident fund, investor education
 protection fund, employees'' state insurance, income tax, sales tax,
 wealth tax, custom duty, excise duty, cess and other material statutory
 dues applicable to it.
 
 b.  According to the information and explanations given to us, no
 undisputed amounts payable in respect of income- tax, wealth tax, sales
 tax, custom duty, excise duty and cess were in arrears as at 31/03/2012
 for a period of more than six months from the date they became payable.
 
 c.  According to the information and explanation given to us, there are
 no dues of sales tax, custom duty, wealth tax, excise duty and cess
 that have not been deposited on account of any dispute.
 
 x.  The accumulated losses of the company are more than fifty present
 of its net worth. The company has also incurred cash losses during the
 financial year covered by our audit and also incurred cash loss in the
 immediately preceding financial year.
 
 xi.  Based on the audit procedures and on the information and
 explanations given by the management, we are of the opinion that the
 company has not defaulted in repayment of dues if any, to any financial
 institution, bank or debenture holder.
 
 xii. Based on the audit procedures and as per information and
 explanation given by the management, the company has not granted loans
 and advances on the basis of security by way of pledge of shares,
 debentures and other securities.
 
 xiii.  In our opinion, the company is not a Chit fund or Nidhi mutual
 benefit fund/society.  Therefore, the provisions of clause 4(xiii) of
 the Companies (Auditors-Report) Order, 2003 (As Amended) are not
 applicable to the company.
 
 xiv. In our opinion, the company is not dealing in or trading in
 shares, securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
 2003 (As Amended) are not applicable to the company.
 
 xv.  As informed to us, the company has not given any guarantees for
 loans taken by others from banks or financial institutions.
 
 xvi. On the basis of our examination of the books of a/c and the
 information and explanation given to us, in our opinion, the term loans
 taken , have been applied for the purpose for which they were raised.
 
 xvii.  On the basis of our examination of the books of a/c and the
 information and explanation given to us, in our opinion, the funds
 raised on short term basis have not been used for long term investment.
 
 xviii.  The company has not issued any Bonus shares during the year.
 The company has not issued any Debentures during the year.
 
 xix. The company has not made any preferential allotment of shares to
 the parties and companies covered in the register maintained under
 section 301 of the Companies Act, 1956 during the year.
 
 xx.  During the year under audit the company has not issued debentures.
 
 xxi. The company is not a public company. Accordingly, the provisions
 of clause 4(xx) of the companies (Auditor''s Report) order, 2005 are not
 applicable to the company.
 
 xxii.  Based upon the audit procedures performed and information and
 explanation given by the management, we report that no fraud on or by
 the company has been noticed or reported during the course of our
 audit.
 
 For SONI JHAWAR & CO.
 
 CHARTERED ACCOUNTANTS
 
 (SATYANARAIN SONI)
 
 PARTNER
 
 M.NO. : 071689
 
 FIRM REG. NO: 110386W
 
 PLACE : SURAT
 
 DATE : 23rd August,2013
स्रोत: रेलीगरे टेचनोवा

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