| We have audited the accompanying financial statements of Tirth Plastic
Limited which comprise the balance sheet as at 31 March 2014, the
statement of profit and loss for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance of the Company in accordance with the Accounting
Standards notified under the Companies Act. 1956 read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013
and in accordance with the accounting principles generally accepted in
India. 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India Time Standards required 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 error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. An audit also includes
evaluating the appropriateness of accounting policies Used and the
reasonableness of the accounting estimates made by management, 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.
Opinion
* In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give true
and fair view in conformity with the accounting principles generally
accepted in India:
(i) In the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) (ii) In the case of the statement of profit and loss, of the
profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(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 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account;
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards notified under the Act read with
the General Circular 15/2013 dated 13th September,2013 of the Ministry
of Corporate Affairs in respect of section 133 of The Companies
Act,2013; and
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors' Report
Referred to in our Report of even date:
1. (a) The Records pertaining to the full particulars including
quantitative details and situation of Fixed Assets is produced before
us for verification.
(b) All the assets have been physically verified by the management
during the year, there is a regular program of verification which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) No fixed assets or Substantial part thereof have been disposed off
during the year.
2. (a) As explained to us, the Inventories has been physically
verified during the year by the management. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of Inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its Business.
(c) In our opinion and according to the information and explanation
given to us, the Company has maintained proper records of its
Inventories. The discrepancies noticed on verification between the
physical stocks and the book recur were not material.
3. The company has not granted or taken any loan to parties covered in
the register maintained under section 301 of the Companies Act, 1956,
thus this clause of the report is not applicable.
4. The Company has adequate internal control procedure commensurate
with the size of the Company and nature of its business with regards to
purchase of scrap items, and there is no such purchase of raw materials
including components, plant and machinery, equipment and other assets,
and for sale of goods. We have not come across any material weakness in
internal control.
5. (a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into a register
in pursuance of section 301 of the Companies Act, 1956, have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contract or
arrangements entered in the register maintained under section 301 of
the Companies Act, 19S6 diet exceeding rupees five lakhs each have been
made at prices, which are reasonable having regard to prevailing market
prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted / invited any deposits
falling within the preview of Section 58A / 58AA of the Companies Act,
1956 during the financial year.
7. In our opinion and according to the information and explanations
given to us, the company has adequate internal audit system exist
commensurate with the size and nature of its business.
8. As informed to us the Central Govt. has not prescribed the
maintenance of cost records by the Company under Section 209 (1) (d) of
the Companies Act, 1956.
9.
(a) On the basis of overall examinations of the balance sheet and on
the basis of books of accounts produced before us and to the best of
our judgments we are of the opinion that for this financial year there
is no dues as regards undisputed amount payable to Provident Fund,
Investor Education Protection Fund, Employees State insurance, Sales
Tax, Wealth Tax, Custom Duty, Cess and other material statutory dues
applicable to it, except Income Tax of Rs. 146373 for the finance year
2012-13 along with its interest is payable.
(b) According to the information and explanation given to us, there are
no dues of Income Tax, Customs duty, Wealth tax, Excise duty, service
tax, cess and Sales Tax on Account of any dispute.
10. In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has incurred cash loss
during the financial year covered by our audit report and in the
immediate previous year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial Institutions, Banks or debenture holders during the year.
12. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advance on the
basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not chit fund or a nidhi / Mutual
benefit fund / Society. Therefore, the provisions of clause xiii of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments during the year hence no need to
maintain records for the details given in the clause (xiv).
15. According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from Bank or
financial institutions.
16. The Company has not taken any term loan during the year therefore
the question of its application for the purpose for which they were
raised does not arise.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent working Capital.
18. The Company has not made any preferential allotment of shares
during the year to parties and Companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year and
therefore the question of creating security in respect thereof does not
arise.
20. The Company has not made any Public Issue during the year and
therefore the question of disclosing the end use of money does not
arise.
21. According to the information and explanations given to us, based
upon the audit procedures performed and representations made 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 PRADIP B. GANDHI & CO
CHARTERED ACCOUNTANTS
PRADIP B. GANDHI
PARTNER
M.No.102070
FRN: 118674W
Place: Ahmedabad
Date: 29-05-2014
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