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ઈંટીગ્રેટેડ થેર્મોપ્લાસ્ટીક્સ

બીએસઈ: 530921  |  ઍનઍસઈ : N.A  |  ISIN: INE038N01015  |  Plastics

શોધો ઈંટીગ્રેટેડ થેર્મોપ્લાસ્ટીક્સ કનેક્શન � Mar 13
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '14
We have audited the accompanying financial statements of M/s.
 INTEGRATED THERMOPLASTICS LIMITED (The Comapny) which comprise of the
 Balance Sheet as at 31st March 2014, the statement of Profit and Loss
 and also the cash flow statement for the year then ended and a summary
 of significant accounting policies and other explanatory information.
 
 2) Management''s Responsibility for the Financial Statements:
 
 The Company''s Management is responsible for 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 Standards referred to in Section 211
 (3C) of the Companies Act, 1956 (The Act). This responsibility
 includes the design, implementation and maintenance of internal
 controls relevant to the preparation and presentation of the financial
 statements that give a true and fair view and free from material
 misstatement, either due to fraud or error.
 
 3) Auditors 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 Accounting issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with the
 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, either due to fraud or error. In making the risk
 assessment, 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 the accounting policies used
 and the reasonableness of the accounting estimates made by the
 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.
 
 4) 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 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, 2014;
 
 b) In the case of the Statement of Profit and Loss, of the loss of the
 company for the year ended on that date; and
 
 c) In the case of the Cash Flow Statement, of the cash flows of the
 company for the year ended on that date.
 
 
 5) Report on Other Legal and Regulatory Requirements:
 
 As required by the Companies (Auditor''s Report) Order, 2003 (The
 Order) issued by the Central Government in terms of Section 227 (4A)
 of the Act, we give the Annexure a statement on the matters specified
 in paragraphs 4 and 5 of the Order.
 
 As required by Section 227(3) of the Act, 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 accounts as required by law have
 been kept by the Company so far as it appears from our examination of
 these books.
 
 iii) The Balance Sheet, the Statement of Profit and Loss and the Cash
 Flow Statement dealt with by this report are in agreement with the
 books of accounts.
 
 iv) In our opinion, the Balance Sheet, the Statement of Profit and
 Loss, and the Cash Flow Statement comply with the Accounting Standards
 referred to in Section 211 (3C) of the Act.
 
 v) On the basis of the written representations received from the
 Directors as on 31st March, 2014 taken on record by the Board of
 Directors, none of the Directors is disqualified as on 31st March 2014
 from being appointed as a director in terms of section 274(1)(g) of the
 Act.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 (Referred to point no. 5 of our report of even date)
 
 1. a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 Assets.
 
 b) According to the information and explanations given to us the fixed
 assets have been physically verified by the management during the year
 and no discrepancies were noticed on such verification.
 
 c) No Substantial part of fixed assets have been disposed off during
 the year.
 
 2. a) The Inventories have been physically verified by the management
 during the year. In our opinion the frequency of verification is
 reasonable and adequate.
 
 b) The procedure of physical verification of inventories followed by
 the management is reasonable and adequate having regard to the size of
 the company, the nature and volume of its business.
 
 c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 3. a) The Company has taken interest free unsecured loan from
 companies, listed in the register maintained under sec. 301 of
 companies Act, 1956. The amount involved and outstanding is Rs. 205.40
 lacs and repaid during the year. The company has not granted loan to
 companies, firms or other parties listed in the register maintained
 under sec. 301 of Companies Act, 1956.
 
 b) The rate of interest and other terms and conditions of loans given
 or taken by the company, secured or unsecured are prima facie not
 prejudicial to the interests of the company.
 
 c) The payments of the principal amount and interest amount are
 regular.
 
 d) There are no over due amounts of more than rupees one lac.
 
 4. In our opinion, according to the information and explanation 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, fixed assets and for sale of goods. During the
 course of our audit, no major weakness has been observed in the
 internal control
 
 5. a) According to the information and explanations given to us, we are
 of the opinion that the transactions that need to be entered into
 Register maintained under 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 with parties with whom transactions
 exceeding the value of rupees five lacs have been entered into during
 the financial year at prices are reasonable, having regard to the
 prevailing market prices at the relevant time.
 
 6. The provisions of section 58A and 58AA of the Companies Act, 1956
 are not applicable, as the Company has not accepted deposits from the
 public.
 
 7. The Company does not have a formal internal audit system.
 
 8. Cost records under Section 209 (1) (d) of the Companies Act 1956,
 are not prescribed for the business carried out by this Company.
 
 9. a) According to the information and explanations given to us the
 company is regular in depositing undisputed amounts payable in respect
 of Provident Fund, Investor Education and Protection Fund, Employees
 State Insurance, Income Tax, Sales Tax/VAT, Wealth Tax, Customs Duty,
 Excise Duty, Cess and other statutory dues with the appropriate
 authorities, which were outstanding as at 31st March 2014 for a period
 of more than six months from the date they become payable except the
 following;
 
 STATEMENT OF ARREARS OF STATUTORY DUES OUTSTANDING FOR MORE THAN SIX
 MONTHS:
 
 S.  Nature of Dues         Amount     Period to which the
 No.                                   amount relates to
 
 1.  APGST (ST Deferment)   3114718    1998-1999
 
 2.  APGST (ST Deferment)   12329041   1999-2000
 
 3.  APGST (ST Deferment)   19792919   2000-2001
 
 4.  Income Tax             4328070    2010-11
 
 5.  Income Tax             3417967    2011-12
 
 6.  Income Tax             3749686    2012-13
 
 b) According to the information and explanation given to us the
 following are the disputed dues relating to Income Tax, Wealth Tax,
 Cess and Sales Tax, Service Tax, Central Excise as on 31.03.2014.
 
 S.  Nature of Statute   Nature of    Amount   Period to  Forum Where
 No.                     Dues         (Rs. in  which the  Dispute is
                                      Lacs)    amount     Pending
                                               Relates
 
 1   APGST/VAT Act       Sales Tax    66.42    2001-02    Appeal in STAT
 
 2   Central Excise Act  Excise Duty  1.04     1998-99    Department
                                                          Appeal in
                                                          CESTAT
 
 3   Central Excise Act  Excise Duty  89.00    Jan''05 to  Department
                                               June''05    Appeal in
                                                          CESTAT
 
 4   The Finance Act     Service Tax  2.09     2003-04    Appeal in
                                               to 2007-08 CESTAT
 
 10. The Company has incurred cash losses of Rs. 1,38,82,547/- during
 the year. The accumulated losses are Rs. 2,41,75,668/- as against the
 net worth of Rs. 6,28,89,000/-.
 
 11. Based on our audit procedures and the information and explanations
 given by the management, the company has default in repayment of dues
 to financial institutions i.e., A.P.S.F.C Rs. 3,41,21,661/- (Instalment
 Rs. 1,79,29,919/- and Interest due Rs. 1,61,91,742/-).
 
 12. According to the information and explanations given to us the
 company has not granted loans and advances on the basis of securities
 by way of pledge of shares, debentures and others securities.
 
 13. Clause No. XIII of CARO 2003 is not applicable to the company, as
 this company is not a chit fund/nidhi/mutual benefit fund/society.
 
 14. Clause No. XIV of CARO 2003 is not applicable to the company, as
 this company is not dealing in shares, securities, debentures and other
 investment.
 
 15. According to the information and explanations given to us the
 company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 16. In our opinion the term loans have been applied for the purpose for
 which they were raised.
 
 17. The funds raised on short-term basis have not been used for
 long-term investment.
 
 18. The company has not made any preferential allotment of shares
 during the year.
 
 19. The company has not issued Debentures.
 
 20. The company has not raised any money through public issue during
 the year.
 
 21. Based upon the audit procedures performed and information and
 explanations given by the management, we report that, no fraud and or
 by the company has been noticed or reported during the year.
 
                                                  For L.B. REDDY & CO.,
                                                  Chartered Accountants
                                          Firm''s Registration No. 8611S
 
                                                                   Sd/-
 Place : Hyderabad                                   M. THIRUPALU REDDY
 Date : 01-09-2014                                Partner, M.No. 203098
સ્તોત્ર: રેલીગેર ટેકનોવા


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