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इंडिया पॉलीफाइबर्स

बीएसई: 500203  |  NSE: INDIAPOLY  |  ISIN: INE860C01015  |  Textiles - Manmade

खोजें इंडिया पॉलीफाइबर्स कनेक्शन
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '05
We have audited the attached Balance Sheet of India Polyfibres Limited
 as at 31st March, 2005 and the Profit and Loss Account for the year
 ended on that date and the cash flow statement for the year ended on
 that date. These financial statements are the responsibility of the
 Companys management. Our responsibility is to express an opinion on
 these financial statements based on our audit. We report as follows:
 
 1. We conducted the 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 the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 2. As required by the Companies (Auditors Report) Order, 2003 issued
 by the Central Government in exercise of the power conferred by section
 227(4A) of the Companies Act, 1956 and according to the information and
 explanations given to us and on the basis of such checks as we
 considered appropriate, we enclose in the Annexure statement on the
 matters specified in paragraphs 4 and 5 of the said order.
 
 3. Further to the 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 purpose of our
 audit;
 
 (ii) In our opinion, proper books of account as required by the law
 have been kept by the Company so far it appears from our examination of
 such books;
 
 (iii) The Balance Sheet, Profit and Loss Account and Cash Flow
 statement dealt with by this report are in agreement with the books of
 account;
 
 (iv) In our opinion, the Balance Sheet, Profit and Loss Account and
 Cash Flow statement dealt with by this report comply with the
 accounting standards referred to in section 211 (3C) of the Companies
 Act, 1956;
 
 (v) On the basis of the written representations received from the
 directors, and taken on record by the Board of Directors, none of the
 directors is disqualified as on 31st March 2005 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, read together with
 notes thereon, 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 Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2005,
 
 (b) in the case of Profit and Loss Account, of the loss for the year
 ended on that date, and
 
 (c) in the case of Cash Flow statement, of the cash flows for the year
 ended on that date.
 
                                                        For Lodha & Co.,
                                                  Chartered Accountants,
                                                              H.K. Verma
                                                                 Partner
                                                    Membership No. 55104
 Place : Kolkata
 Dated : 27th June, 2005
 
 ANNEXURE REFERRED TO IN PARAGRAPH 2 OF AUDITORS REPORT OF EVEN DATE
 
 (i) (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) The fixed assets have been physically verified by the Management
 during the year in accordance with the Companys programme to verify
 all fixed assets over a period of three years, which in our opinion is
 reasonable having regard to the size of the Company and nature of its
 business. It has been explained to us that in respect of the assets
 verified during the year, no material discrepancies were noticed.
 
 (c) During the year, the Company has not disposed off a substantial
 part of its assets.
 
 (ii) (a) As explained to us, all the inventory of the Company except
 stocks-in-process and transit stocks have been physically verified by
 the management at the year-end. Stocks-in-process have been taken as
 per the managements technical estimate. In our opinion and according
 to the information and explanations given to us, the frequency of the
 verification is reasonable.
 
 (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 and read with our comments in para (ii)(a)
 above, are reasonable and adequate in relation to the size of the
 Company and nature of its business.
 
 (c) On the basis of examination of the records of inventory and
 according to the information and explanations given to us,  we are of
 the opinion that the Company is maintaining proper records of
 inventory. Discrepancies noticed on physical verification of stocks
 were not material.
 
 (iii) (a) On the basis of examination of records and according to the
 information and explanations given to us, the Company has not granted
 any loans, secured or unsecured to companies, firms or other parties
 covered in the register maintained under section 301 of the Companies
 Act, 1956. Accordingly, provisions of clause 4(iii) (a), (b), (c) and
 (d) of the Order are not applicable to the Company.
 
 (b) On the basis of examination of records and according to the
 information and explanations given to us, the Company has taken
 unsecured loan amounting to Rs. 1,535 lacs from a body corporate
 covered in the register maintained under section 301 of the Companies
 Act, 1956. The maximum amount during the year and year-end were
 Rs.1,535 lacs.
 
 (c) In our opinion the rate of interest and other terms and conditions
 of loan taken by the Company are not prejudicial to the interest of the
 Company.
 
 (d) As explained, the Principal and interest has not become due for
 repayment during the year.
 
 (iv) In our opinion and according to the information and explanations
 given to us and having regard to the explanations given that some of
 the items purchased are of proprietary nature and purchases of raw
 materials and sale of finished goods being made at agreed terms, there
 are reasonable 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 with regard to the sate of goods. During
 the course of our audit, we have not observed any continuing faliure to
 correct major weaknesses in internal controls.
 
 (v) (a) According to the information and explanations given by the
 management, we report that the Company has not entered into any
 transaction during the year which needs to be entered into the register
 maintained under section 301 of the Companies Act, 1956.
 
 (b) Based on the audit procedures applied by us and according to the
 information and explanations given to us, the Company has not entered
 into any transactions in pursuance of contracts or arrangements
 required to be entered in the registers maintained under Section 301 of
 the Companies Act, 1956 and exceeding the value of five lakh rupees in
 respect of any party during the year.
 
 (vi) The Company has not accepted any deposits under section 58A or any
 other relevant provisions of the Companies Act, 1956 and rules framed
 thereunder.
 
 (vii) In our opinion, the internal audit system of the Company is
 commensurate with the size of the Company and nature of its business.
 
 (viii) We have broadly reviewed the records maintained by the Company
 pursuant to the Rules made by the Central Government for the
 maintenance of Cost Records under Section 209(1 )(d) of the Companies
 Act, 1956 and are of the opinion that prima facie, the prescribed
 accounts and records are being made and maintained. We have not
 however, carried out a detailed examination of the records with a view
 to determine whether these are accurate or complete.
 
 (ix) (a) According to the records of the Company and the information
 and explanations given to us, the Company is regular in depositing with
 appropriate authorities undisputed statutory dues including Provident
 Fund, Employees State Insurance, Income tax, Sales Tax, Wealth Tax,
 Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues
 applicable to it.
 
 (b) According to records of the Company and the information and
 explanations given to us, no undisputed amounts payable in respect of
 Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
 Duty and Cess were outstanding as at 31st March, 2005 for a period of
 more than six months from the date they became payable.
 
 (c) According to the records of the Company and according to the
 information and explanations given to us by the management, the details
 of disputed statutory dues which have not been deposited are as below:
 
 Name of          Nature of      Amount   Period to          Forum where
 Statute          dues    (Rs. in lacs)    which it              pending
                                            relates
 
 Wealth Tax Act   Wealth           0.14     1996-97      and IT Tribunal
 1957             Tax                       1997-98
 
 U.P. Trade Tax   Trade Tax        0.14     1992-93   Trade Tax Tribunal
 Act, 1948        Trade Tax        1.33     1997-98         Commissioner
                                                               (Appeals)
 
 Central Excise   Excise Duty     32.00     1995-96     Jt. Commissioner
 Act, 1944        Excise Duty     57.98     1996-97   Asst. Commissioner
 
                  Excise Duty      5.36     1999-00         Commissioner
                                                               (Appeals)
                  Excise Duty      0.45     1991-92    Addl Commissioner
 
 Income Tax       Income Tax     200.76     1995-96          IT Tribunal
 Act, 1961        Income Tax       2.71     1996-97        CIT (Appeals)
 
 (x) According to the records of the Company, the accumulated losses of
 the Company are more than fifty percent of its net worth at the end of
 the financial year. The Company has incurred cash loss in the current
 financial year. However, the Company has riot incurred cash loss in the
 immediately preceding financial year.
 
 (xi) Based on our examination of documents and records and according to
 the information and explanations given to us, the Company has not
 defaulted in repayment of dues to financial institutions, banks or
 debentureholders.
 
 (xii) Based on our examination of documents and records and according
 to the information and explanations given to us, the Company has not
 granted loans and advances on the basis of Security by way of the
 pledge of shares, debentures and other securities.
 
 (xiii) The Company is not a chit fund or nidhi/mutual benefit
 fund/society. Therefore, the provisions of the clause 4(xiii) of the
 Companies (Auditors Report) Order, 2003 are not applicable to the
 Company.
 
 (xiv) 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 (Auditors Report) Order, 2003 are not
 applicable to the Company.
 
 (xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 (xvi) The Company has not taken any term loan during the year.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, the excess
 amount of short term fund over the current assets amounting to Rs.
 1,466.21 lacs remain utilised for fixed assets and the losses as on
 31st March 2005.
 
 (xviii) The Company has not made any preferiantial allotment of shares
 to parties and companies covered in the register maintained under
 section 301 of the Companies Act, 1956 during the year.
 
 (xix) According to the information and explanations given to us and the
 records examined by us no debentures have been issued during the year.
 Accordingly, provisions of clause 4(xix) of the Order are not
 applicable to the Company.
 
 (xx) Based on the records examined by us, the Company has not raised
 monies by public issue during the year.
 
 (xxi) During the course of our examination of books of accounts carried
 out in accordance with generally accepted practices in India, we have
 neither come across any incidence of fraud on or by the Company nor
 have we been informed of any such case by the management.
 
                                                        For Lodha & Co.,
                                                  Chartered Accountants,
                                                              H.K. Verma
 Place : Kolkata                                                 Partner
 Dated : 27th June, 2005                            Membership No. 55104
स्रोत: रेलीगरे टेचनोवा

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