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Plastiblends India Ltd.

BSE: 523648 Sector: Industrials
NSE: PLASTIBLEN ISIN Code: INE083C01022
BSE 00:00 | 24 Apr 2020 Plastiblends India Ltd
NSE 05:30 | 01 Jan 1970 Plastiblends India Ltd

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OPEN 140.00
PREVIOUS CLOSE 127.35
VOLUME 93
52-Week high 242.80
52-Week low 96.05
P/E 8.18
Mkt Cap.(Rs cr) 336
Buy Price 122.10
Buy Qty 10.00
Sell Price 129.40
Sell Qty 1.00
OPEN 140.00
CLOSE 127.35
VOLUME 93
52-Week high 242.80
52-Week low 96.05
P/E 8.18
Mkt Cap.(Rs cr) 336
Buy Price 122.10
Buy Qty 10.00
Sell Price 129.40
Sell Qty 1.00

Plastiblends India Ltd. (PLASTIBLEN) - Auditors Report


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Company auditors report

To

The Members Plastiblends India Ltd. Mumbai

Report on the Audit of Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Plastiblends India Limited (the Company) which comprise the Balance Sheet as at 31st March 2019 the Statement of Profit and Loss including the statement of Other Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 of these Ind AS financial statements that give a true and fair view of the financial position financial performance including other comprehensive income cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act..

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions 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 Ind AS financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS 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 of the Ind AS financial statements 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 Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the Ind AS financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the Ind AS 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 Company's Directors as well as evaluating the overall presentation of the Ind AS financial statements.

We are also responsible to conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in the auditor's report to the related disclosures in the Ind AS financial statements or if such disclosures are inadequate to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of auditor's report. However future events or conditions may cause an entity to cease to continue as going concern.

We believe that the audit evidence we have obtained is sufficient and on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us the aforesaid Ind AS 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 of the state of affairs of the Company as at 31st March 2019 its profit including other comprehensive income its cash flows and the changes in equity for the year ended on that date.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificancein our audit of the financial statements of the current period. These matters were addressed in the context of our audit as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr. Key Audit MatterResponse to Key Audit Matter
1 Unusual transactions. Revenue Recognition ? 3 Crores Subsidy to be receivedWe have performed the following procedures in relation to the accuracy of revenue recognised and accrued:
Our audit procedures included considering the appropriateness of the Company's revenue recognition accounting policies and assessing compliance with the policies in terms of the applicable accounting standards.
Understood the transaction
Verified the documents/letter received from Inspection Department of District Industries Centre Surat.
The accounting policies describe the revenue recognition in terms of Subsidies and Government Grants.
2 Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115 Revenue from Contracts with Customers (new revenue accounting standard)We have performed the following procedures in relation to find the impact in Ind AS 115:
Understand the products which were sold by the Company and the industry to which the Company belongs.
Reviewed the contract with customer to find the performance obligations and other terms in the contract.
Further we have discussed with the management regarding potential impact of implementing Ind AS 115.
Based on above procedures we conclude that there were no significant impact of Ind AS 115 on the Company during the year.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (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 1 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 sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss including the statement of Other Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind AS financial statements comply with the Indian Accounting Standards referred to under Section 133 of the Act.

(e) On the basis of the written representations received from the Directors as on 31st March 2019 taken on record by the Board of Directors none of the Directors is disqualified as on 31 st March 2019 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 inAnnexure 2.

(g) With respect to the other matters 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 its Ind AS financial statements. Refer Note 34 to the Ind AS financial statements;

ii. The Company has made provision as required under the applicable law or Accounting Standards for material foreseeable losses on long-term contracts. There are no derivative contracts;

iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.

For A.G. Ogale & Co.
Chartered accountants
CA. Pramod K. Gugale
Partner
Place : MumbaiM. No. 113775
Date : 9th May 2019Firm Regn. No. 114115W

Annexure 1 to the Independent Auditors' Report

Referred to in paragraph 1 of our Report on Other Legal and Regulatory Requirements of the Independent Auditor's

Report to the members of the Company on the Ind AS financial statements for the year ended 31st March 2019 we report that:

(i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company the title deeds of immovable properties are held in the name of the Company.

ii) In our opinion and according to information and explanation given to us and on the basis of our examination of records of the Company the inventory except inventories lying with customers and goods-in-transit have been physically verified at reasonable intervals by the management. In respect of inventory lying with customers which have been verified by the management. The discrepancies noticed on verification between the physical stocks and book records were not material and the same have been properly dealt with in the books of accounts. In our opinion the frequency of such verification is reasonable and adequate in relation to the size of the Company and the nature of its business.

(iii) In our opinion and according to the information and explanations given to us the Company has not granted any loans secured or unsecured to any party covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us Provisions of section 185 and 186 of the Companies Act 2013 in respect of loans investments guarantees and securities are complied with by the Company.

(v) In our opinion and according to the information and explanations given to us the Company has not accepted any deposits from the public in terms of directives issued by the Reserve Bank of India and the provisions of section 73 to 76 of the Act and the rules made there under.

(vi) The Central Government has prescribed for maintenance of cost records under section 148 (1) of the Companies Act and the Company has made and maintained such accounts and records.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund Employees' State Insurance Income Tax Wealth Tax Goods and Services Tax Duty of Customs Cess and Other Statutory Dues with the appropriate authorities. According to the information and explanations given to us there are no arrears of statutory dues which have remained outstanding as at 31st March 2019 for a period of more than six months from the date they became payable.

According to the information and explanations given to us no undisputed amounts payable in respect of provident fund income tax wealth tax Goods and Services Tax duty of customs cess and other material statutory dues were in arrears as at 31st March 2019 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us the following dues of service tax and Income Tax have not been deposited by the Company on account of disputes:

Name of the statuteNature of duesAmount (? in Lacs)Period to which the amount relatesForum where dispute is pending
Excise & Service TaxExcise & Service Tax1417.72Various years from 2004-05 to 2015-16Commissioner (Appeals)/ Tribunal.
Income TaxT.D.S.1.30F.Y. 2008-09 To 2016-17ITO TDS

(viii) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of loans or borrowings to a financial institution bank Government or dues to debenture holders.

(ix) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company Company has not raised any money by way of any public offer during the year. Term loans were applied for the purpose for which loans were obtained.

(x) According to the information and explanations given to us no fraudonorbytheCompanybyitsofficers has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us managerial remuneration has been paid or provided in accordance with the provisions of Section 197 read with Schedule V to the Companies Act 2013.

(xii) According to the information and explanations given to us the Company is not a Nidhi Company as per the Act. Accordingly paragraph 3(xii) of the Order is not applicable

(xiii) In our opinion and according to the information and explanations given to us all transactions with related parties are in compliance with section 177 and 188 of the Act and the details of such transactions are disclosed as per the requirements of applicable Indian Accounting Standards.

(xiv) According to the information and explanations given to us the Company has not made any preferential allotment or private placement of shares or fully or partially convertible debentures during the year.

(xv) According to the information and explanations given to us and on the basis of our examination of the records of the Company the Company has not entered into any non cash transaction with Directors or persons connected with them during the year. Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us the provisions of section 45 - IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For A.G. Ogale & Co.
Chartered accountants
CA. Pramod K. Gugale
Partner
Place : MumbaiM. No. 113775
Date : 9th May 2019Firm Regn. No. 114115W

Annexure 2 to the Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls with reference to financial statement of Plastiblends Company) as of 31st March 2019 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls established by the Company considering the essential components controlwithreferencetofinancial of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and business including adherence to Company's 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 Company's internal financial controls with reference to financial based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing to the extent applicable to an audit of internal financial controls both issued by the Institute of Chartered Accountants of India. Those Standards and require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with rerefence to financial statements were 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 reporting 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 auditor's 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 on the Company's internal financial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to Financial Statements

A Company's internal financial control 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 Company's 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 financialstatements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and Directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the Company's 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 reporting were operating effectively as at 31st March 2019 based on the internal control with reference to financial statements 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 Institute of Chartered Accountants of India.

For A.G. Ogale & Co.
Chartered accountants
CA. Pramod K. Gugale
Partner
Place : MumbaiM. No. 113775
Date : 9th May 2019Firm Regn. No. 114115W

   


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