Independent Auditors Report
To
The Members of
Grip Polymers Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Grip Polymers Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the
Statement of Profit and Loss and Cash Flow Statement 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 and cash flows of the
Company in accordance with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act"). 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.
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 Auditing issued by the
Institute of Chartered Accountants of India. 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 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 entity’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 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 March
31, 2014;
b) in the case of the Profit and Loss Account, of the profit for the year ended on that
date; and
c) in the case of the Cash Flow Statement, of the cash flows 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
("theOrder") 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, 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 Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement comply with the Accounting Standards referred to in subsection (3C) of section
211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors as on March 31,
2014, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2014, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
For A. B. Modi & Associates
Chartered Accountants
ICAI Firm Registration No.106473W
Rajesh S. Shah
Partner
Membership No.: 017844
Place: Mumbai
Date: 23rd May, 2014
The annexure referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements section of our report of even date to the members of Grip Polymers Limited
on the accounts of the company for the year ended 31st March, 2014:
1) The company is not having any fixed assets, hence clauses 4(i)(a), 4(i)(b) and
4(i)(c) of the order are not applicable to the company for current year..
2) There was no inventory during the year hence clauses 4(1)(ii)(a), 4(ii)(b) and 4
(ii)(c) of the order are not applicable to the company for current year.
3) a) 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, clause 4(iii)(b) to clause 4(iii)(d) of the Order are not
applicable to the company for the current year.
b) The Company has not taken any loan from companies, firms or other parties covered in
the register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause
4(iii)(f) and clause 4(iii)(g) of the Order are not applicable to the company for the
current year.
4) In our opinion and according to the information and explanation given to us, there
is a adequate internal control system commensurate with the size of the Company and the
nature of its business for the purchase of fixed assets and for the sale of services.
However during the year there is no purchase of asset or sale of services. We have not
observed any continuing failure to correct major weaknesses in the internal control
system.
5) a) According to the information and explanation given to us and based on the audit
procedures applied by us, we are of the opinion that the transactions that need to be
entered into the register maintained under section 301 have been so entered.
b) According to the opinion and information and explanation given to us, there have
been no transaction made in pursuance of such contract or arrangements and exceeding value
of rupees five lakhs in respect of any party during the year.
6) The Company has not accepted any deposits during the year from the public within the
meaning of the provisions of S.58A and 58AA or other relevant provisions of the Companies
Act, 1956 and rules made thereunder and the directives issued by the Reserve Bank of
India, wherever applicable. Hence, the clause 4 (vi) of the order is not applicable.
7) The Company is not statutorily required to have Internal Audit System.
8) According to the information and explanation given to us and to the best of our
knowledge, the Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products
of the Company.
9) a) In our opinion and according to the information and explanation given to us, the
Company is regular in depositing undisputed statutory dues including Income Tax, Sales
Tax, Service Tax, Custom Duty, Excise Duty, cess and other statutory dues applicable to it
with the appropriate authorities. The Company is not covered by Provident Fund and
Employees State Insurance Scheme.
b) According to the information and explanation given to us, there are no dues
outstanding of Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess on account of any
dispute.
10) The Company has no accumulated losses at the end of the financial year and it has
not incurred any cash losses in the current and immediately preceding financial year.
11) According to the information and explanation given to us and based on our audit
procedures, the Company has no borrowings from financial institution or bank or by way of
debentures.
12) According to the information and explanation given to us and based on the documents
and records produced to us, the Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) In our opinion and according to the information and explanations given to us, the
nature of activities of the Company does not attract any special statute applicable to
chit fund and nidhi/mutual benefit fund/societies.
14) The Company is not dealing or trading in shares, securities, debentures or other
investments and hence, the requirements of clause 4 (xiv) of the order are not applicable
to the Company.
15) 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.
16) The Company has not taken any term loans during the year.
17) The Company has not raised any short term / long term funds during the year.
18) The Company has not made any preferential allotment of shares to parties or
companies covered in the register maintained under section 301 of the Companies Act. 1956.
19) No debentures have been issued by the Company and hence, the question of creating
securities in respect thereof does not arise.
20) The Company has not raised any money through a public issue during the year.
21) During the course of our examination of the books of account and records of the
Company carried out in accordance with the generally accepted auditing practices in India,
and according to the information and explanations given to us, we have neither come across
any instances of material fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such cases by management.
For A. B. Modi & Associates
Chartered Accountants
ICAI Firm Registration No.106473W
(Rajesh S. Shah)
Partner
Membership No.017844
Mumbai: 23rd May, 2014
+91-9892691696
