| We have audited the accompanying standalone financial statements of
Indian Polyfins Ltd. ("the Company") which comprise the Balance Sheet
as at March 31,2015, and the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENTS 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 gives 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) Rule,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 adequate internal financial controls
that were operating effectively for ensuring 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
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 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 and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An Audit involves performing procedures to obtain audit evidence about
the amounts and the 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 purposes 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 fits accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overaK 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 standalone
financial statements.
OPINION
In our opinion and to the best of our information and according to the
information and explanations given to us, die aforesaid standalone
financial statements give the information required by the Act in fire
manner so required and give a true and fair view M 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 loss
account and its cash flows for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditor's Report) Order, 2015("the
Order") issued by the Central Government of India in terms of section
143(11) of the Act, we give in the annexure a statement on the matters
specified in paragraph 3 and 4 of the Order.
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 standalone Balance Sheet, 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 Accounting Standards specified under section 133 of the Act
read with rule 7 of the Companies (Accounts) Rule, 2014.
e. On the basis of the 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
Act.
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)
Rule, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company does not have any pending litigations which would impact
its standalone financial position;
ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii) There was no amount which were required to be transferred to the
Investor Education and Protection Fund by the Company
Annexure to the Independent Auditors' Report of even date to the
members of Indian Polyfins Limited, on the Standalone Financial
Statements as at and for the year ended 31 March, 2015
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the Standalone financial statement of the Company
and taking into consideration the information and explanations given to
us and the books of account and other records examined by us in the
normal course of audit, we report that;
(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 and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of fixed
assets is reasonable having regard to the size of the Company and
nature of its assets.
(ii) (a) The physical verification of inventory has been performed by
the management at reasonable intervals.
(b) The frequency of verification of inventory followed by the
management is reasonable and adequate having regard to the size of the
Company and nature of its business
c The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification by the
management.
(iii) The Company has not granted any loan secured or unsecured to
Companies, firms or other parties covered in the register maintained
under section 189 of the Act. Accordingly, the provisions of clause
3(iii) (a) and 3(iii) (b) of the Order are not applicable.
(iv) ln our-opinion, there is 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. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
(v) The Company has not accepted any deposits within the meaning of
sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)
Rules, 2014 (as amended). Accordingly the provisions of clause 3(v) of
the Order are not applicable.
(vi) The Central Government has specified maintenance of cost records
under subsection (1) of section 148 of the Companies act, In our
opinion proper records have been made and maintained by the Company.
(vii) (a) The company is 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, though there has been a slight delay in few cases.
Further, no undisputed amounts payable in respect thereof were at the
year-end for a period of more than six months from the date they became
payable,
(vii) (b) There are no dues in respect 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 that have not been deposited with the appropriate
authorities on account of any dispute,
(viii) In our Opinion, the Company has accumulated losses at the end of
the financial year and it has not incurred cash losses in current
financial year and in the immediately preceding financial year
(ix) ln our Opinion, the Company has not defaulted in repayment of dues
to a financial institution or bank or to debenture holders during the
year;
(x) In our Opinion, the Company has not given any guarantee for loans
taken by others from bank or financial institutions. Accordingly the
provisions of clause 3(x) of the Order are not applicable.
(xi) ln our Opinion, the Company has applied the term loans for the
purpose for which the loans were obtained.
(xii) In bur Opinion, No fraud on or by the company has been noticed or
reported coring the period covered by our audit.
For SONI SURANA & Co.
Chartered Accountants
(Firm Registration No. 115781W)
Sudhir Kumar Surana
Partner
Membership No.; 75120
Place: Surat
Date: 23/05/2015
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