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AUDITOR'S REPORT

Axel Polymers Ltd.

You can view full text of the latest Auditor's Report for the company.
Market Cap. (₹) 3.96 Cr. P/BV 2.05 Book Value (₹) 4.49
52 Week High/Low (₹) 18/8 FV/ML 10/1 P/E(X) 8.46
Bookclosure 27/09/2019 EPS (₹) 1.09 Div Yield (%) 0.00
Year End :2015-03 
We have audited the accompanying financial statements of AXEL POLYMERS LIMITED which comprise the balance sheet as at 31 March 2015 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

The Company's 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 and presentation of these standalone financial statements that give a true and fair view of the financial position and financial performance and cash flows of the company in accordance with the Accounting principles generally accepted in India, including accounting Standards specified u/s 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding 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 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 standalone 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified u/s 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 error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation of the financial statements that give true and fair viewin order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the above 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:

1) in the case of the balance sheet, of the state of affairs of the company as at 31 March 2015;

2) in the case of the statement of profit and loss, of the Profit for the year ended on that date;

3) 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, 2015 ("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 statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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 and Statement of Profit and Loss comply with the Accounting Standards referred to in section 133the Act, read with rule 7 of the Companies (Accounts) Rules,2014

e. on the basis of written representations received from the directors as on 31 March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015, from being appointed as a director in terms of section 164(2) of the Act.

f. With respect to the matter to be included in the Auditor's report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in Note 2.25(2) of the standalone financial statements.

ii. The Company did not have any long term contracts including derivatives contracts for which there were an material foreseeable losses;

iii. There is no such amount which is required to be transfer to the Investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.

ANNEXURE TO THE AUDITOR'S REPORT

1 (a) The company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets; however the same remains to be updated.

(b) As explained to us, fixed assets are physically verified by the management at the year-end, which in our opinion, is reasonable, looking to the size of the company and its nature of business, and no material discrepancies were noticed on such verification.

2 (a) As explained to us, Inventories has been physically verified during the year and at the year-end.

(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) The company is maintaining proper records of inventory. As informed to us, the no material discrepancies were noticed on physical verification of stocks as compared to book records were.

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 189 of the Act. Hence, Clause (03) (a) to (b) of the Order is 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 purchases of inventory, fixed assets and with regard to the sale of goods and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. The Company has not accepted any deposits during the year from the public, within the meaning of the provisions of Section 73 & 74 of the Companies Act 2013 and rules made there under.

6. We are informed that the Central Government has not prescribed maintenance of cost records pursuant to Rules prescribed under Section 148(1) of the Act; hence clause (viii) of the order is not applicable.

7. (a) The company is not regular in depositing undisputed statutory dues including provident fund, income-tax, service tax, duty of customs, duty of excise, value added tax or cess dues with the appropriate authorities. There are no undisputed amounts payable as at 31.03.2015 for a period of more than six months from the date they became payable except Income tax of Rs.3.12 Lacs.

(b) According to the information and explanation given to us, there are no dues of income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax or cess dues under dispute as on 31st March 2015 except Income Tax dues:

Name of Statue      Nature of Dues       Amount        Period to which
                                          (Rs.)        it relates

Income Tax Act,     Income Tax           38370/-       A.Y. 2007-08
1961
                                         161437/-      A.Y. 2008-09

                                         161437/-      A.Y. 2009-10
Name of Statue Forum where the dispute is pending

Income Tax Act,1961 Assessing Officer

8. The accumulated losses of the company exceed 50% of its net worth at the end of the Financial year. The Company has not incurred cash losses in the current year however cash loss was incurred in immediately preceding financial year.

9. Based on our audit procedures and on the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of its Loan and Interest to the bank.

10. 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.

11. According to the information and explanations given to us, no new term loans were availed during the year.

12. To the best of our knowledge and belief and according to information and explanation given to us no fraud on or by the company has been noticed or reported during the year under report.

                                                   For SHAH & BHANDARI
                                                 Chartered Accountants
                                                     Firm No.: 118852W

                                                     (Yogesh Bhandari)
Place: Vadodara                                               Partner
Date: 30.05.2015                                          M.No.046255

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