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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

Oct 26, 10:33
218.70 -1.10 (-0.50%)
Volume
AVERAGE VOLUME
5-Day
16,270
10-Day
16,856
30-Day
24,069
1,608
  • Prev. Close

    219.80

  • Open Price

    220.30

  • Bid Price (Qty.)

    218.60 (1)

  • Offer Price (Qty.)

    219.10 (30)

NSE Live

Oct 26, 10:33
218.85 -1.05 (-0.48%)
Volume
AVERAGE VOLUME
5-Day
330,647
10-Day
542,240
30-Day
430,606
54,597
  • Prev. Close

    219.90

  • Open Price

    221.50

  • Bid Price (Qty.)

    218.35 (30)

  • Offer Price (Qty.)

    218.50 (47)

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 2014, 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) read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India. 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 2014; (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. 7. Emphasis of Matter We draw attention to Note 27(a) of the financial statements, relating to performance bonus provided for the Managing Director for the financial year 2013- 14, which is in excess of limits prescribed u/s 198 of the Companies Act, 1956 by Rs. 6,999,857 and hence is subject to approval of the Central Government. Our Opinion is not qualified in respect of this matter. Report on Other Legal and Regulatory Requirements 8. 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. 9. 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 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; and (e) On the basis of written representations received from the directors as at 31 March 2014 and taken on record by the Board of Directors, none of the directors is disqualified as at 31 March 2014, from being appointed as a director in terms of Section 274(l)(g) of the Act. Annexure referred to in Paragraph 8 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) The Company has granted unsecured loan to a Company covered in the register maintained u/s 301 of the Act. The maximum amount outstanding during the year and the year-end balance of such loan is Rs. 960,666,940. The rate of interest charged and other terms and conditions of the loan are prima facie, not prejudicial to the interests of the Company. The loan is repayable on demand. The interest on the Loan Rs. 257,994,235 is overdue and the Company has taken reasonable steps for recovery. (b) The Company has not taken any loan, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. (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 or 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 the 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 2014 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 Period to which the Forum where dispute is pending Central Excise duty 122,597,968 FY 1993-1994 to FY 2000-2001 Supreme Court Excise Act, 13,876,239 FY 1997-1998 to FY 2005-2006 Tribunal CESTAT 1944 5,789,956 FY 2004-2005 to FY 2007-2008, Commissioner of Central Excise (Appeals) FY 2011-2012 and FY 2012-2013 5,000 FY 2010-2011 Deputy/Joint/ Assistant Commissioner of Central Excise Service tax 148,537 FY 2005-2006 Bombay High Court 2,395,180 FY 2005-2006 to FY 2009-2010 Tribunal CESTAT Mahara- shtra Value 5,374,953 FY 2005-2006 Maharashtra Sales Tax Tribunal Value Added added tax Tax Act, 2002 Central Sales Central 13,176,758 FY 2002-2003 to FY 2005-06 Maharashtra Sales Tax Tribunal Tax Act, 1956 sales tax 22,808,521 FY 2002-2003 to FY 2004-2005 Commissioner of VAT-Dadra and Nagar Haveli 6,315,391 FY 2002-2003 and FY 2008-2009 Deputy Commissioner of Sales Tax (Appeals) 11,215,659 FY 2001-2002, FY 2003-2004 and Joint Commissioner of Sales Tax (Appeals) FY 2004-2005 2,336,728 FY 2007-2008 and FY 2009-2010 Assistant Commissioner of Commercial Taxes Bombay Cess 3,879,750 FY 2002-2003 to FY 2007-2008 Bombay High Court Provin- cial Munici- pal Corpo- ration Act, 1959 The Income Income tax 5,717,563 FY 2009-2010 Commissioner of Income Tax (Appeals) Tax Act, 1961 Income 11,599,113 FY 2006-2007 & 2007-08 tax- Penalty (x) The Company does not have accumulated Losses at the end of the financial year and has not incurred any 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 explanation given to us, the Company has not defaulted in repayment of dues to banks and financial institutions during the year. 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 2014