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Ecoplast | Auditor's Report > Packaging > Auditor's Report from Ecoplast - BSE: 526703, NSE: N.A
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Ecoplast

BSE: 526703|ISIN: INE423D01010|SECTOR: Packaging
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Mar 15
Auditor's Report (Ecoplast) Year End : Mar '18

Independent Auditor''s Report To The Members of ECOPLAST LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Ecoplast Limited (''the Company''), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and statement of changes in equity for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance), cash flow sand 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 standalone 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 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 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 these standalone 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, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company''s 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 Company''s 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 these standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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(financial position)of the Company as at 31st March 2018;

b) in the case of the Statement of Profit and Loss, of the profit(financial performance including other comprehensive income),for the year ended on that date;

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date, and Changes in equity for the year ended on that date.

d) Changes in equity for the ended on that date.

Other matters

The audited standalone financial statements for the year ended 31 March 2017, was carried out and reported by Akkad Mehta & Co., vide their unmodified audit report dated 22nd May, 2017, whose report has been furnished to us by the management and which has been relied upon by us for the purpose of our audit of the standalone financial statements. Our audit report is not qualified in respect of this matter.

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 Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 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 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 appears from our examination of those books.

c) 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 account

d) In our opinion, the aforesaid Standalone financial statements comply with Ind AS specified under Section 133 of the Act;

e) On the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

f) we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as on 31

March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report as per Annexure B expressed Unmodified opinion;

g) With respect to the other matters included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors'') Rules, 2014 (as amended), in our opinion and to our best of our information and according to the explanations given to us:-

I. The pending litigation as disclosed in notes to the Standalone Financial Statements would not impact Financial Position of the Company.

II. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

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

IV. The disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November 2016 to 30 December 2016 which are not relevant to these standalone financial statements. Hence, reporting under this clause is not applicable.

Matters specified in paragraph 3 of Order

1) In respect of its fixed assets:

a) On the basis of available information, the Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets.

b) According to the information and explanation given to us, the Company has formulated a regular program of verification by which all the assets of the Company shall be verified in a phased manner over a period of once in every three years, which, in our opinion is reasonable having regard to the size of the Company and nature of assets and no material discrepancies were noticed on verification conducted during the year as compared with the book records.

c) According to the information and explanation given to us and on the basis of our examination of the record of the company, the title deeds of the immovable properties are held in the name of the company.

2) In respect of its inventories:

a) The inventories, except goods-in-transit have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. As per the information and explanation given to us, no material discrepancies were noticed on physical verification.

3) The Company has not granted loans, secured or unsecured, to companies, firms, and limited liability partnerships or other parties listed in the register maintained U/s 189 of the Companies Act, 2013. Therefore, the provisions of sub clause 3(a), 3(b) & 3(c) are not applicable to the company.

4) According to the information and explanations given to us, the Company has not given any loan, security or guarantee to directors of any other body corporate as referred to in section 185 and 186 of the Companies Act, 2013. However, the Company had granted Loans to wholly owned subsidiary company under the erstwhile provision of Section 372A of the Companies Act, 2013. As per Rule 11 of the Companies (Meeting of Board and its power) Rules, 2014, Loans, Investments and guarantees given to wholly owned subsidiary is exempted from complying the provision of Section 186(3) of the Act.

5) The Company has not accepted any deposits from the public and hence the directives 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.

6) We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under subsection (1) of Section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

7) In respect of statutory dues:

a) According to the records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2018 for a period of more than six months from the date of becoming payable.

b) According to the information and explanation given to us, there are no dues of income tax, sales tax, wealth tax, service tax, custom duty, excise duty and Cess which have not been deposited on account of dispute. However, according to information and explanation given to us dues of Service Tax have not been deposited by the Company on account of disputes are as follows :-

Name of the Statute

Nature of the dues

Amount in (Rs.)

F. Y. to which the amount relates

Forum where dispute is pending

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

3,17,688.00

F.Y.2010-11

Superintendent, C.Ex. Valsad

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

51,560.00

F.Y.2012-13

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

74,376.00

F.Y.2013-14

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

31,164.00

F.Y.2014-15

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

55,725.00

F.Y.2014-15

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

67,507.00

F.Y.2015-16

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Service Tax Credit On The Service Of Custom Housing Agent

71,358.00

F.Y.2015-16

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Cenvat Credit Of Service Tax Paid To Commission Agent

54,075.00

F.Y.2010-11 to F.Y.2013-14

Deputy

Commissioner, C.Ex. Valsad

Finance Act, 1994

Cenvat Credit Of Service Tax Paid To Commission Agent

12,400.00

F.Y.2014-15

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Cenvat Credit Of Service Tax Paid To Commission Agent

16,769.00

F.Y.2015-16

Superintendent,

C.Ex.Valsad

Finance Act, 1994

Cenvat Credit Of Service Tax Paid To Commission Agent

6,235.00

F.Y.2016-17

Superintendent,

C.Ex.Valsad

TOTAL

7,58,857.00

8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.

9) The company has not raised any funds by public offer during the year. The company has also not raised any term loan during the year, therefore, this clause is not applicable.

10) In our opinion and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

11) According to the information and explanation give to us and based on our examination of the records of the Company, the Managerial remuneration has been paid and provided by the Company in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.

12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 12 of the Order are not applicable to the Company.

13) According to the information and explanation given to us and based on our examination of the records the company, transaction with the related parties are in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable and details of such transaction have been disclosed in the Note No. 31 of financial statement as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 14 of the Order are not applicable to the Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 15 of the Order are not applicable to the Company and hence not commented upon.

16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 16 of the Order are not applicable to the Company and hence not commented upon.

Independent Auditor''s 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 over financial reporting of ECOPLAST LIMITED (“the Company”) as of 31st March 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management''s Responsibility for the Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls 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 Institute of Chartered Accountants of India (''ICAI''). 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 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 Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting 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, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, 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 Institute of Chartered Accountants of India. 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 over financial reporting 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 over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, 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 appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting 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 over financial reporting 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 company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, 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 over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting 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 over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018 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 Institute of Chartered Accountants of India.

For Y. B. Desai and Associates

Chartered Accountants

Firm Registration No. 102368W

Name :- CA Mayank Y. Desai

Partner

Membership No. :- 108310

Date :- 28,h May, 2018

Place :- Mumbai

Source : Dion Global Solutions Limited
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