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EPL Ltd.

BSE: 500135 | NSE: EPL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE255A01020 | SECTOR: Packaging

BSE Live

Sep 23, 16:00
251.45 -5.45 (-2.12%)
Volume
AVERAGE VOLUME
5-Day
21,686
10-Day
17,147
30-Day
16,276
34,256
  • Prev. Close

    256.90

  • Open Price

    256.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 23, 15:56
251.90 -4.80 (-1.87%)
Volume
AVERAGE VOLUME
5-Day
385,636
10-Day
281,145
30-Day
253,622
452,146
  • Prev. Close

    256.70

  • Open Price

    257.45

  • Bid Price (Qty.)

    251.90 (728)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of Essel Propack Limited (the Company) as at March 31, 2011, and also the Profit and Loss account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors'' Report) Order, 2003 issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956 (the Act), and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order. 4. Without qualifying our report, we draw reference to Note 2(b) of Schedule 22B regarding Performance Bonus to Managing Director is subject to approval of Central Government. 5. Further to our comments in the Annexure referred to Paragraph (3) above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) 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; (iii) The Balance Sheet, the Profit and Loss account and the Cash Flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, the Profit and Loss account and the Cash Flow statement dealt with by this report comply with the accounting standards! referred to in Section 211 (3C) of the Act; (v) On the basis of written representations received! from the Directors as at March 31, 2011 and taken! on record by the Board, we report that none of the! directors is disqualified as at March 31, 2011 from] being appointed as a director in terms of clause (g)l of sub-section (1) of Section 274 of the Act; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes to accounts as per Schedule 22, 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 2011; (b) In the case of the Profit and Loss account, of the Profit of the Company for the year ended on that date; and (c) In the case of the Cash Flow statement, of the cash flows of the Company for the year ended on that date. Annexure referred to in paragraph 3 of Auditors'' Report to the Members of Essel Propack Limited on the accounts for the year ended March 31, 2011. (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The fixed assets are physically verified by the management during the year pursuant to a phased programme designed to cover all the assets over a period, which in our opinion, is reasonable having regard to size of the company and nature of its assets. As informed, no material discrepancies were noticed on such verification. (c) The Company has not disposed off substantial part of fixed assets during the year. (ii) (a) As explained to us, the inventories have been physically verified by the management during the year except stocks lying with third parties in respect of whom confirmations have been obtained. In our opinion, the frequency of such verification is reasonable. (b) In our opinion, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) As explained to us, the Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification of inventories as compared to the book records (iii) (a) According to the information and explanations given to us, 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 Act. (b) According to the information and explanations given to us, the Company has taken unsecured loan from a company covered in the register maintained under Section 301 of the Act. The maximum amount nvolved during the year is Rs. 80,000,000/- and there is no amount outstanding at the year-end (c) The rate of interest and other terms and conditions of such loan taken are prima-facie not prejudicial to the interests of the Company. (d) The Company is regular in repayment of the loan taken and interest thereon considering the terms of the loan. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control systems in respect of the aforesaid areas. (v) According to the information and explanations given to us, there are no contracts or arrangements, the particulars of which are required to be entered into the register in pursuance to Section 301 of the Act. (vi) The Company has not accepted any deposits from the public during the year. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) We are informed that the Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Act in respect of the Company''s activities. (ix) According to the records of the Company, examined by us and information and explanations given to us: (a) Undisputed Statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax / value added tax, wealth tax, service tax, custom duty, excise duty, cess and others as applicable have generally been deposited regularly with the appropriate authorities. There are no undisputed amounts payable in respect of aforesaid dues which have remained outstanding as at March 31, 2011 for a period of more than six months from the date they became payable. (b) The disputed dues of Sales Tax / Value Added Tax, Service Tax, Excise Duty and Cess which have not been deposited are as under: Name of the Nature of Amount in (Rs.) Period to which the amount relate Statute the Dues Central Excise Duty 122,597,968 FY 1993 - 1994 to FY 2000 - 2001 Excise Act, 48,574,121 FY 1997 - 1998 and FY 2000 - 2001 1944 and FY 2001 - 2002 to FY 2005-2006 733,114 FY 2000 - 2001 to FY 2004 - 2005 93,140,021 FY 1997-1998 and FY 2000 - 2006 5,243,737 FY 1997-1998 and FY 2005 - 2007 Service Tax 3,208,306 FY 1997-1998 and FY 2005 - 2006 1,292,139 FY 2002 - 2003 and 2005 - 2006 to FY 2009 - 2010 243,077 FY 2004 - 2005 to FY 2006 - 2007 666,027 FY 2005 - 2006 to FY 2007 - 2008 Maharashtra Value 36,134,596 FY 2005 - 2006 Value Added Added Tax Tax Act, 2002 Central Sales Central 2,480,274 FY 2001 - 2002 to FY 2002 - 2003 Tax Act, 1956 Sales Tax 22,808,521 FY 2002 - 20003 to FY 2004 - 2005 45,971,077 FY 2005 - 2006 3,695,198 FY 2002 - 2003 11,724,643 FY 2003 - 2004 to FY 2004 - 2005 5,543,653 FY 2005 - 2006 to FY 2007 - 2008 Bombay Cess 3,213,082 FY 2003 - 2004 to FY 2007 - 2008 Provincial Municipal Corporation Act, 1959 Name of the Statue Forum where dispute is pending Central Excise Supreme Court Tribunal CESTAT Act,1944 Commissioner of Central Excise (Appeals) Commissioner of Central Excise Deputy / Joint / Assistant Commissioner of Central Excise High Court of Mumbai Deputy / Assistant Commissioner of Service Tax Commissioner of Central Excise (Appeals) Commissioner of Central Excise Maharashtra Value Deputy Commissioner of Sales Tax (Appeals) Tax Act,2002 Palghar Central Sales Maharashtra Sales Tax Tribunal Tax Act,1956 Commissioner of VAT-Dadra and Nagar Haveli - Silvassa Deputy Commissioner of Sales Tax (Appeals) Palghar Deputy Commissioner of Sales Tax (Appeals) Thane Joint Commissioner of Sales Tax (Appeals) Thane Assistant Commissioner of Commercial Taxes - Panaji Bombay Provincial Deputy Commissioner of Cess, Navi Mumbai Municipal Corporation Act,1959 (x) The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) Based on our audit procedures and as per the information and explanations given to us, the Company has not defaulted in repayment of dues to Banks, financial institutions and debenture holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. (xiv) The Company is not dealing or trading in securities, debentures and other investments. (xv) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company, for loans taken by subsidiaries from banks or financial institutions during the year, are not prejudicial to the interests of the Company. (xvi) In our opinion and according to the information and explanations given to us, the term loans raised during the year have been applied for the purposes for which they were raised. (xvii) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company and related information as made available to us we report that short term funds have not been used for long term investments (xviii) The Company has not made any preferential allotment of shares to companies or parties covered in the register maintained under Section 301 of the Act. (xix) The Company has not issued any secured debentures during the year. (xx) The Company has not raised any money by way of public issue during the year. (xxi) Based on the audit procedures performed and according to the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year. For MGB & Co. Chartered Accountants Firm Registration Number 101169W Hitendra Bhandari Partner Mumbai, July 15, 2011 Membership Number 107832