TO THE MEMBERS OF POLYMAC THERMOFORMERS LIMITED
REPORT ON THE FINANCIAL STATEMENTS:
We have audited the accompanying financial statements of POLYMAC THERMOFORMERS LIMITED
("the Company"), which comprise the Balance Sheet as at 31st March,
2023, Statement of Profit & Loss A/c, and Cash Flow Statement for the year then ended,
and a summary of the significant accounting policies and other explanatory information.
OPINION:
In our opinion and to the best of our information and according to the explanation
given to us, the aforesaid 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
31st,2023;
b. In the case of the Statement of Profit & Loss Account, of the Profit of the
company for the year ended on that date.
c. In the case of the Cash Flow Statement, of the cash flows of the company for the
year ended on that date.
BASIS FOR OPINION
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
standards are further described in the Auditors Responsibilities for the Audit of
Financial statements section of our report. We are independent of the company in
accordance of the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:
The Companys 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 financial statements that give a true and fair view of the financial position and
financial performance 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 of appropriate
accounting policies; making judgments and estimates that are responsible and prudent; and
design, implementation and maintenance of 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.
AUDITORS 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
the disclosures in the financial statements. The procedures selected depend on the
auditors 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 Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the Companys Directors, 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 on the financial statements.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS:
(1) As required by the Companies (Auditors Report) Order, 2020 ("the Order")
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in the "Annexure A" a statement on the matters specified in the
paragraph 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 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
thecompany so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit & Loss Account and the cash flow
statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting
standards specified under Section 133 of the Act read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on March 31st, 2023 from being appointed as a director in terms
of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate report in "Annexure B"
(g) According to information and explanation given to us and based on our examination
of the records of the company, the company has not paid / provided managerial remuneration
in accordance with the requisite approvals mandated by the provisions of section 197 of
the Act.
(h) In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to the other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Accounts) Rules,
2014;
a. The Company does not have any pending litigations which would impact its financial
positions in future.
b. The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does not arise
c. There has not been an occasion in case of the Company during the year under report
to transfer any sums to the Investor Education and Protection Fund. -/The question of
delay in transferring such sums does not arise
d. (i) The management has represented that, to the best of their knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons
or entities, including foreign entities ("intermediaries") . with the
understanding whether recorded in writing or otherwise, that theintermediary shall
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(ii) the management has represented that, to the best of their knowledge and belief, no
funds have been received by the Company from any persons or entities, including foreign
("Funding Parties"), with the understanding whether recorded in writing or
otherwise, thatthe company shall, whether, directly or indirectly, lend or invest in other
persons or entities in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;and Based on the audit procedures that we have
considered reasonable and appropriate in the circumstances, nothing has come to our notice
that has caused us to believe that the representations under sub- clauses (i) of Rule
11(e), as provided under (a) and (b) above, contain any material misstatement.
e. No dividend has been declared and paid during the year by the Company.
For PANKAJ VERMA & ASSOCIATES
Chartered Accountants
Firm
Regn.No.322593E
Sd/-
(PANKAJK VERMA)
Proprietor
Membership No.056691ICAI UDIN:
23056691BGYEYV3138
Place: KOLKATA
Date: 16/06/2023
"ANNEXURE A" TO THE INDEPENDENT AUDITORS REPORT
Referred to in paragraph 1 under the heading Report on Other Legal and Regulatory
Requirements of our report of even date to the financial statements of the Company for
the year ended March 31st, 2023:
I. (a) The Company has maintained proper records showing full particulars including
quantitative details and the situation of fixed assets.
(b) The Fixed Assets have been physically verified by the Management in a phased
manner, designed to cover all the items over a period of three years, which in our
opinion, is reasonable having regard to the size of the company and nature of its
business. Pursuant to the program, a portion of the fixed assets has been physically
verified by the management during the year and no material discrepancies between the books
records and the physical fixed assets have been noticed.
(c) The title deeds of immovable properties are held in the name of the Company.
II. (a) As explained to us, inventories have been physically verified by the management
during the period at reasonable intervals.
(b) In our opinion, the 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.
(c) In our opinion, the Company has maintained proper records of inventories, and no
material discrepancies were noticed on physical verification.
III. According to the information and explanations provided to us, the company has
provided loans or advances in the nature of loans, or given a guarantee or provided
security to any other entity.
(a) (i) The details of such loans or advances and guarantees or security to parties
other than subsidiary, joint ventures, and Associates are as follows.
| Particulars |
Advances in thenature of Loan (Rs. In Lakh) |
| (A) Aggregate amount granted during the year |
|
| - Other than subsidiaries, joint ventures and associates |
3,866.37 |
| (B) Balance outstanding as at Balance Sheet date In respect of above cases |
|
| - Other than subsidiaries, joint ventures and associates |
405.05 |
(ii) The details of such loans or advances and guarantees or security to subsidiary,
joint ventures and Associates are as follows.
| Particulars |
Advances in the nature of Loan (Rs.in Lakh) |
| (A) Aggregate amount granted during the year |
|
| - Subsidiaries, jointventures and associates |
NIL |
| (B) Balance outstanding as at Balance Sheet date In respect of above cases |
|
| - Subsidiaries, jointventures and associates |
NIL |
(b) According to the information and explanations provided to us and based on the audit
procedures performed by us, the terms and conditions of trade advances in the nature of
loans granted by the company during the year to other entities amounting to Rs. 3866.37
Lakh and having an outstanding balance as at march 31st, 2023 amounting to Rs.
405.05 Lakh, are prejudicial to the interest of the company as these trade advances are
non-interest bearing. The company has not made any investment, provided any guarantees,
given and security, or granted any loans.
(c) In respect of trade advances in the nature of loans provided by the company, there
is no stipulated repayment schedule and hence we are unable to comment on the regularity
of the repayment. As the trade advances in the nature of loans are noninterest bearing,
there is no question of commenting on the regularity of the payment of interest.
The company has not granted any loans.
(d) As the repayment schedule is not stipulated in the agreement for trade advances in
the nature of loans provided by the company, we are unable to comment on the amount
overdue as at the balance sheet date and reasonable steps taken by the company for
recovery of the principal and interest.
(e) As the repayment schedule is not stipulated in the agreement for trade advances in
the nature of loans provided by the company, the provisions of paragraph 3(iii)(e) of the
order arenot applicable.
(f) (i) According to the information and explanations provided to us the company has
granted advances in the nature of loan to the parties which are repayable on demand;
details whereofare given below:
| Particular s |
Advances in the nature of Loan (Rs.in Lakh) |
| Aggregate amount of advances in the nature of loans |
405.05 |
| - Repayable on Demand |
405.05 |
| Percentage of advances in the nature of loans to total loans |
100% |
(ii) According to the information and explanations provided to us the company has
granted advances in the nature of loan to subsidiary, joint ventures and associates which
are repayable on demand; details whereof are given below
| Particulars |
Advances in the nature of Loan (Rs.in Lakh) |
| Aggregate amount of advances in the nature of loans |
NIL |
| - Repayable on Demand |
NIL |
| Percentage of advances in the nature of loans to total loans |
0.00 |
IV. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, with respect
to the loans, investments, guarantees, and security.
V. The Company has not accepted any deposits during the period from the public and
hence thedirectives issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Act and the Companies (Acceptance of
Deposit) Rules, 2015 with regard to the deposits accepted from the public are not
applicable.
VI. As informed to us, the Central Government has not prescribed for the maintenance of
cost records under sub-section (1) of section 148 of the Act, in respect of the activities
carried on by the company.
VII. (a) According to the record of the Company examined by us, the Company is
generally regular in depositing undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and any other statutory dues applicable to it with appropriate
authorities. According to the information and explanations given to us, there is no
undisputed outstanding statutory dues as at the end of the year for a period exceeding six
months from the date they became payable.
(b) On the basis of our examination of records and according to explanations given to
us, there are no dues as on 31st March, 2023 of sales tax, income tax, customs
duty, wealth tax, Goods & service tax and Cess which have not been deposited on
account of any disputes.
VIII. According to the information and explanations given to us and on the basis of our
examination of the records of the company, there were no transactions relating to
previously unrecorded income that were surrendered or disclosed as income during the year
in the tax assessment under the Income Tax Act, 1961 (43 of 1961).
IX. (a) According to the information and explanations provided to us and based on the
documents and records produced before us, the company has not defaulted in repayment of
borrowings or in the payment of interest thereon to any lender during the year.
(b) According to the information and explanations provided to us and on the basis of
our audit procedure, the company has not been declared willful defaulter by any bank,
financial institution or any other lender.
(c) In our opinion and according to the information and explanations provided to us,
the companyhas not taken any term loans during the year. Hence the provision of paragraph
3(ix)(c) of theorder are not applicable.
(d) According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the Financial Statements of the company,
we report that funds raised on short-terms basis have, prime facie, not been used for
long-term purposes by the company.
(e) According to the information and explanation provided to us, the company does not
have any subsidiaries, associates or joint ventures. Hence, the provisions of paragraph
3(ix)(e) of the order are not applicable.
(f) According to the information and explanation provided to us, the company has not
raised any loan during the year. Hence, the provisions of paragraph 3(ix)(f) of the order
are not applicable.
X. (a) According to the information and explanation provided to us, the company has
neither raised money through initial public offer or further public offer (including debt
instruments). Hence, the provisions of paragraph 3(x)(a) of the order are not applicable.
(b) The company has not made any preferential allotment or private placement of shares
or convertible debentures (fully, partially or optionally) during the year. Hence, the
provisions of paragraph 3(x)(b) ofthe order are not applicable.
XI. (a) During the course of our audit, examination of the books and records of the
company, carried out in accordance with the generally accepted auditing practices in
India, and according tothe information and explanations given to us, we have neither come
across any instance of fraud by the company nor on the company.
(b) We have not come across of any instance of fraud by the company or on the company
during the course of audit of the Standalone Financial Statement for the year ended March
31st, 2023 accordingly the provisions stated in paragraph (xi)(b) of the order
is not applicable to the company.
(c) As represented to us by the management, there are no whistle-blower complaints
received by the company during the year. Accordingly, the provisions stated in paragraph
(xi)(c) of the order is not applicable to the company.
XII. In our opinion and according to the information and explanations given to us, the
Company isnot a Nidhi company. Accordingly, paragraph 3(xii) ofthe Order is not
applicable.
XIII According to the information and explanations given to us and based on our
examination ofthe records ofthe Company, transactions with related parties are in
compliance with section177 and 188 ofthe Act, where applicable, and details of such
transactions have been disclosed in the Financial Statements as required by the applicable
Indian Accounting Standards.
XIV In our opinion and based on our examination, the company does not require to comply
with provisions of section 138 of the Act. Hence, the provisions stated in paragraph
3(xiv)(a) to (b) of the order are not applicable to the company.
XV According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with the Directors or persons connected with him and hence the question of
commenting on compliance with provisions of Section 192 does not arise.
XVI (a) The Company is not required to be registered under Section 45-IA of the Reserve
Bank of
India Act, 93 d. Hence the provisions of paragraph 3(xvi)(a) and (b) of the Order are
not applicable.
(b) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by Reserve Bank of India. Hence, the provisions of paragraph 3(xvi)(c) of the Order
are not applicable.
(c) The Group does not have any CIC. Hence, the provisions of paragraph 3(xvi)(d) of
the Orderare not applicable.
XVII The Company has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year. Hence, the provisions stated in
paragraph clause 3(xvii) of the order are not applicable to the company.
XVIII There has been resignation of the Statutory Auditor during the year, there were
no issues, objections or concerns raised by the outgoing auditors.
XIX According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and payment
of financial liabilities. Other information accompanying the Financial Statements, our
knowledge of the Board of Directors and Management plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes
us to believe that any material uncertainty exists as on the date of the audit report that
the Company is not capable of meeting its liabilities existing at the date of balance
sheet as and when they fall due within a period of one year from the balance sheet date.
We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.
XX According to the information and explanations provided to us and based on our
examination of the records of the company, the provision of section 135 of the Act are not
applicable to the company. Hence, the provisions of paragraph (xx)(a) to (b) of the order
are not applicable to the company.
For PANKAJ VERMA & ASSOCIATES
Chartered Accountants
Firm
Regn.No.322593E
Sd/-
(PANKAJK VERMA)
Proprietor
Membership o.056691
ICAI UDIN: 23056691BGYEYV3138
Place: KOLKATA
Date: 16/06/2023
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
Report on the Internal Financial Controls with reference to Financial Statements under
Clause (i) of sub - section 3 of Section 143 of the Act.
We have audited the internal financial controls with reference to Financial Statements
of POLYMAC THERMOFORMERS LIMITED ("the Company") as of March 31st, 2023, in
conjunction with our audit of the Financial Statements of the Company for the year ended
on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering be essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the
"Guidance Note") issued by the Institute of Chartered Accountants of India
(ICAl), These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to companys policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the Companys internal financial
controls with reference to Financial Statements based on our audit, We conducted our audit
in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI end
deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an
audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls with reference to Financial
Statements was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system with reference to Financial Statements and their
operating effectiveness. Our audit of internal financial controls with reference to
Financial Statements included obtaining an understanding of internal financial controls
with reference to Financial Statements, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the Financial
Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
with reference to Financial Statements.
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS
A Companys internal financial controls with reference to Financial Statements is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of Financial Statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control with
reference to Financial Statements includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of Financial Statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys assets that could have a
material effect on the Financial Statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL
STATEMENTS
Because of the inherent limitations of internal financial controls with reference to
Financial Statements, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls with
reference to Financial Statements to future periods are subject to the risk that the
internal financial control with reference to Financial Statements may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system with reference to Financial Statements and such internal
financial controls with reference to Financial
Statements were operating effectively as at March 31st, 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting" issued by the ICAI.
For PANKAJ VERMA & ASSOCIATES
Chartered Accountants
Firm Regn.No.322593E
Sd/-
(PANKAJ K VERMA)
Proprietor
Membership No.056691ICAI
UDIN:23056691BGYEYV3138
Place: KOLKATA
Date: 16/06/2023
+91-9892691696
