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PG Foils | Auditor's Report > Aluminium > Auditor's Report from PG Foils - BSE: 526747, NSE: N.A
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PG Foils

BSE: 526747|ISIN: INE078D01012|SECTOR: Aluminium
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Mar 15
Auditor's Report (PG Foils) Year End : Mar '16

TO THE MEMBERS OF P G FOILS LIMITED En

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial

statements:

Note 33 to the financial statements which describes that the FDR I investments of Rs. 69 cr. made by the company with Dhanlaxmi bank LTD had been misappropriated by various parties including the officials of the said bank. The case is under investigation with Economic Thence Wing, Mumbai. Seeking to the merit of the case, the management to the company is under believe that the case will be in favour of company and it will be able to receive all the sum misappropriated. Based on this, the company has not made any provision. The final determination of the said investment amount would depend upon the final decision of | the appropriate authorities in future. Our opinion is not qualified in respect of this matter. I

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order. 2016 I (the Order), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A” a statement on the matters specified in I 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 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 it 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 thebooks of account

d. In our opinion, the aforesaid Standalone financial statements I comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of written representations received from the directors I as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from I 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 over

financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. and g With respect to the other matters to be included in the Auditor''s I 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 financial statements - Refer Note 27 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material Iforeseeable losses.

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

Report of the Financial Statements

We have audited the accompanying standalone financial statements ot RG Foils Ltd. which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then in ended, and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the standalone Financial

Statements

The Company''s Board of Directors is responsible for the matters stated in I 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 financial position, financial performance and cash flows of the Company in accordance with the accounting principles r Generally accepted in India, including the Accounting Standards ( specified under Section 133 of the Act, read with Rule 7 o the . Companies (Accounts) Rules, 2014. This resfx.nsibility 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 financial statements that give a true and fair view and are free tom material misstatement, whether due to fraud or error.

Auditor''s 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 I the audit report under the provisions of the Act and the Rules made Uiere

Referred to in paragraph under the heading Report on Other Legal & Regulatory Requirement1 of our report of even date to the financial statements of the Company for the year ended March 31,2016:

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

(b) As explained to us, all the fixed assets have been physically verified by the management in a phased manner, which in our opinion is reasonable having regard to the sew of the company and nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanation given to us and on the basis of examination of records of the company, the title deeds of immovable properties are held in the name of the company.

2) The inventory, except goods in transit and stocks lying with third parties, has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable for stock lying with the third parties al the year end, written confirmation have been obtained. The discrepancies noticed on verification between the physical stocks and book records were not material and have been dealt with in books of accounts.

3) The Company has not granted any loans, secured or unsecured lo companies, firms. Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (in) (a) to (Q of the Order are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.

5) In our opinion and according to the information and explanation given to us. The Company has not accepted any deposits from the public in accordance with the provisions of Sections 73 to 76 or any other relevant provisions of the Act and rule framed there under. Accordingly, paragraph 3(v) of the order is not applicable to the company.

6) We have broadly reviewed the books of accounts maintained by the Company in respect of products, pursuant to the rules prescribed by the Central Government of India, the maintenance of cost records has been s|»ciphered under section 148(1) 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 records with a view to determine whether they are accurate or complete.

7. (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has lx*en generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duly of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According lo the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable,

b) According to the information and explanation given lo us, dues that have not been deposited by the company on account of dispute, as follow;

Name

Nature of due*

Period to which it relates

Amount

in

Interest

In Rs,

Amount

Deposited

Forum which it is pending

Customs Act. 1962

Safeguard

duly

Redemption fine & Penalty

2009-10

10351283/-

380000CV-

Appeal filed In Hon’ble high Court. Jaipur Order Of costal Delhi

Customs Act. 1962

Safeguard duty & valuation

2009-10

12576869/-

NIL

Stay granted in Honble High Court and Case still finding

Central Sales Tax Act

CST Demand

1982-81

1483-84

1984-85

1990-91

1991-92

1992-93

1993-94

1994-95

1995-96

1996-97

413231/ -1472173/-862071/- 3378241/-5364057/-

8396797/-

8327394/-

8952669/-

9217606/-

8256211/-

1559802/ 6093420/-4462262/-9415971/-22129275/-9641954/-323271/-27323270/-27771200/-26301247/ -21892569/-

413231/-1472173/-862071/-3378241/-5364057/-8396797/-8327394/-8952669/-9217606/- 8256211/-

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

Hon,ble Supreme Court

8) In our opinion and according to the information and explanations given to us, the Company has not defaulted during the year in the repayment of dues to financial institutions, banks and government. The Company did not have any outstanding debentures during the year.

9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause

3 (ix) of the Order are not applicable to the Company and hence not commented upon.

10) According to the information and explanation given to us, no material fraud by the company or on die company by its officers or employees has been noticed or reported during the course of our audit

11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read wide Schedule V to the Companies Act;

12) According to the information and explanation given to us, the Company is not a Nidhi Company. Therefore, the provisions of clause

4 (xii) of the Order are not applicable to the Company.

13) According to the information and explanation given to us, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements 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 3 (xiv) 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 3 (xv) 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 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.

Annexure B to the Independent Auditor''s Report of even date C on the Standalone Financial Statements of P.O. FOILS LTD. ri

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

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 I

reliability of financial reporting and the preparation of financial I

statements for external purposes in accordance with generally I

accepted accounting principles. A company''s internal financial I

control over financial reporting includes those policies and I procedures that:

(1) Pertain to the maintenance of records that, in reasonable detail, I accurately and fairly reflect the transactions and dispositions of I the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as I necessary to permit preparation of financial statements in I 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 l

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 I error or fraud may occur and not be detected. Also, projections of I any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal I financial control over financial reporting may become inadequate I 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, and adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were I operating effectively as at March 31, 2016, based on the internal I control over financial reporting criteria established by the Company I considering the essential components of internal control stated in I the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants I of India

For SHARMA ASHOK KUMAR & ASSOCIATES

Chartered Accountants

(FRN NO. - 0058480

Sd - CA HARISH AGARWAL

Place: Pipalia Kalan Partner

Date :31stMay2016 M.No.403262

Source : Dion Global Solutions Limited
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