We have audited the accompanying financial statement of Vinyoflex
Limited (the Company) which comprise the Balance sheet as at 31 st
March, 2015, the statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of the significant accounting
policies and other explanatory information. Management's
Responsibility for the Financial Statements
The Company's Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 (the Act) with respect to 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,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 provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application fo
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 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 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 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 erros. In making those risk
assessments, the auditor considers internal financial control relevant
of 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 th circumstances, but not for the purpose expressing an
opinion on whether the Company has in place an adequate internal
financial control system over the financial reporting and the operating
effectiveness of such controls.
An audit also includes evaluating the appropriateness of accounting
policies use and the reasonableness of the accounting estimates made by
management of the company's directors as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidenace we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, a fore said the 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015
(b) in the case of the Statement of Profit and Loss, of the Company as
31 st March, 2015.
(c) in the case of the Cash flow Statement, of the cash flows of the
Company for the year ended on the 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 (ii) 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
bet 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid financial statement comply with the
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 representation 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 31 st March,2015
from being appointed as a director in term of Section 164(2) of the
Act.
(f) With respect to the order matters to be included in the Auditor's
Report in accordance with the Rule 11 of the Companies (Audit and
Auditor's) Rules, 2014 In our opinion and to the best of our
information and according to the explanations given to us;
1. There does not have any pending litigations which would impact its
financial position.
2. The Company did not have any long term contracts including
derivative contracts for which there were any material / foreseeable
lossers.
3. There were no amounts, which were required to be transferred to the
investor Education and Protections Fund by the Company.
Annexure referred to in our independent Auditors Report to the members
of the Company on the on financial statements for the year ended 31st
March 2015, we report that:
1. i) The Company has maintained proper records showing full
particulars, including quantitative details and situations of fixed
assets on the basis of available information.
ii) As explained to us, all the fixed assets have been physically
verified by the management as per the policy of conducting the
verification. In our opinion, the frequency of verification is
reasonable, having regards to the size of the Company and nature of its
assets. No Material discrepancies were noticed on such verification.
2 i) Physical verification of inventories has been conducted at
reasonable intervals during the year by the management. In our opinion,
the frequency of verification is reasonable.
ii) In our opinion and according to the information and explanations
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
iii)The Company is maintaining proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3 The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Sector 189 of the Companies Act. 2013, Accordingly, the
paragraphs (iii) (a) & (b) of the order are not applicable
4 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 and fixed assets and for
the sale of goods, and services During the course of our audit, we have
not observed any continuing failure to correct major weakness in
internal control system
5 in our opinion and according to the information and explanation given
to us, the Company has complied with the provisions of sections 73 to
76 or any other relevant provisions of the Companies Act, 2013,
According to the information and explanations given to us, no order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any court or any other Tribunal on the Company
in respect of deposit accepted by the Company.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the company as prescribed by the Central Government under
section 148 (1) of the Companies Act, 2013 and are of the opinion that
prima facie the prescribed records have been maintained. We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate or complete.
7 a) According to the information and explanation given to us and on
the basis of our examination of the records of the Company, amount
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of custom, value added tax, cess and other
materials statutory dues have been regularly deposited during the year
by the Company with the appropriate authority, As explained to us, the
Company did not have any dues on account of employees' state insurance
and duty of excise.
According to the information and explanation given to us, no undisputed
amount payable in respect of provident fund, income tax, sales tax,
wealth tax, service tax, duty of custom, value added tax, cess and
other material statutory due were in arrears as at 31 March 2015 for a
period of more than six months from the date they become payable.
b) According to the information and explanations given to us, there are
no dues of sales tax, income tax, service tax which have not been
deposited on account of any dispute of the branch as on 31 st March
2015..
c) According to the information and explanations given to us the amount
which were required to be transferred to investor education and
protection fund in accordance with the relevant provision of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8 The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. Based on our audit procedure and on the information and
explanations given by to us, we are of opinion that the Company has not
defaulted in repayment of dues to any financial institution, bank or
debenture holders.
10. In our opinion and according to the information and explanation
given to us, the Company has not given any guarantee for loans taken by
other from banks of financial institutions during the year.
11 According to the information and explanations given to us, the
Company has not raised any Term Loans during the year.
12 According to 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.
Sd/-
For Gadhia Karachiwala & Co.
Date 30-5-2015 Chartered Accountants
(Registration No. 102887W)
Place: Rajkot sd/-
(C.V. Gadhia)
Partner
M. No. 11504 |