you are here:

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 17, 16:00
237.85 -2.25 (-0.94%)
Volume
AVERAGE VOLUME
5-Day
16,941
10-Day
11,539
30-Day
16,419
18,388
  • Prev. Close

    240.10

  • Open Price

    240.20

  • Bid Price (Qty.)

    237.00 (86)

  • Offer Price (Qty.)

    237.85 (2)

NSE Live

Sep 17, 15:53
238.20 -2.00 (-0.83%)
Volume
AVERAGE VOLUME
5-Day
274,971
10-Day
205,643
30-Day
244,174
370,334
  • Prev. Close

    240.20

  • Open Price

    241.40

  • Bid Price (Qty.)

    0.00 (0)

  • 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 accompanying financial statements of Essel Propack Limited (the Company), which comprise the Balance Sheet as at 31 March 2013, 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

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control 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

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 misstatements.

4. 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 and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon, 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 31 March, 2013;

(b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

(c) 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

7. As required by the Companies (Auditor's Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

8. As required by Section 227(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, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act; and

(e) On the basis of written representations received from the directors as at 31 March, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as at 31 March, 2013, from being appointed as a director in terms of Section 274 (1) (g) of the Act.

Annexure referred to in Paragraph 7 under the heading of Report on Other Legal and Regulatory Requirements of our report of even date

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

(b) The fixed assets have been physically verified by the management during the year as per the phased program designed to cover all the fixed assets over a period, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. Discrepancies noticed on such verification, which are not material, have been properly dealt with in the books of accounts.

(c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

(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 discrepancies noticed on physical verification of inventories as compared to the book records, which are not material, have been properly dealt with in the books of account.

(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 involved during the year is Rs. 50,000,000 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 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) In respect of the contracts or arrangements referred to in Section 301 of the Act:

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Act have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts / arrangements entered in the Register maintained under Section 301 of the Act and exceeding the value of Rs.5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

(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 have broadly reviewed the cost accounting records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209 (1) (d) of the Act and are of the opinion that prima facie the prescribed records have been maintained. However, we are neither required to carry out nor have carried out detailed examination of such cost accounting records with a view to determine whether they are accurate or complete.

(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 except delay in few cases. There are no undisputed amounts payable in respect of aforesaid dues outstanding as at 31 March 2013 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, income tax and cess which have not been deposited are as under:

Name of the Nature of Amount in (Rs. Statute the Dues

Central Excise duty 122,597,968 Excise Act, 1944 45,994,625

6,192,818

Service tax 148,537

1,332,054

1,063,126

Maharashtra Value 36,134,596 Value Added added tax Tax Act, 2002

Central Sales Central 731,067 Tax Act, 1956 sales tax

22,808,521

52,286,468

12,390,394

4,107,905

Bombay Cess 3,879,750 Provincial Municipal Corporation Act, 1959

Income Tax Income 10,667,022 Act, 1961 tax-Penalty

Name of the Statue Period to which the amount relate Forum where dispute is pending

Central Excise Act, 1944 FY 1993-1994 to FY 2000-2001 Supreme Court

FY 1997-1998 to FY 2000-2001 and FY Tribunal CESTAT 2002-2003 to FY 2005-2006

FY 2000-2001 to FY 2003-2004 and FY Commissioner of Central Excise 2005-2006 to FY 2007-2008 (Appeals)

FY 2005-2006 Bombay High Court

FY 2005-2006 to FY 2007-2008 Tribunal CESTAT

FY 2006-2007 to FY 2009-10 Deputy / Assistant Commissioner of Service Tax

Maharashtra Valaue Added Tax Act, 2002 FY 2005-2006 Deputy Commissioner of Sales Tax (Appeals)

Central Sales Tax Act, 1956 FY 2002-2003 Maharashtra Sales Tax Tribunal

FY 2002-2003 to FY 2004-2005 Commissioner of VAT-Dadra and Nagar Haveli

FY 2002-2003, FY 2005-2006 and FY 2008- Deputy Commissioner of Sales 2009 Tax (Appeals)

FY 2001-2002, FY 2003-2004 and FY 2004- Joint Commissioner of Sales Tax 2005 (Appeals)

FY 2006-2007 and FY 2007-2008 Assistant Commissioner of Commercial Taxes

Bombay Provincial Municipal Corporation Act, 1959 FY 2002-2003 to FY 2007-2008 Bombay High Court

Income Tax Act, 1961 FY 2006-2007 Commissioner of Income Tax (Appeals)

(x) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the current financial year or in the immediately preceding financial year.

(xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to banks and financial institutionss. The Company has not issued any debentures 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 on which the Company has given guarantees for loans taken by subsidiaries from banks are prima facie 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

Membership Number 107832

Mumbai, 29 May 2013