You are here » Home » Companies » Company Overview » Archidply Industries Ltd

Archidply Industries Ltd.

BSE: 532994 Sector: Others
NSE: ARCHIDPLY ISIN Code: INE877I01016
BSE LIVE 15:40 | 22 Sep 88.35 -4.10
(-4.43%)
OPEN

92.00

HIGH

92.00

LOW

87.20

NSE 15:58 | 22 Sep 88.75 -3.50
(-3.79%)
OPEN

91.70

HIGH

92.00

LOW

87.50

OPEN 92.00
PREVIOUS CLOSE 92.45
VOLUME 14421
52-Week high 117.90
52-Week low 42.95
P/E 27.70
Mkt Cap.(Rs cr) 195
Buy Price 88.55
Buy Qty 4.00
Sell Price 0.00
Sell Qty 0.00
OPEN 92.00
CLOSE 92.45
VOLUME 14421
52-Week high 117.90
52-Week low 42.95
P/E 27.70
Mkt Cap.(Rs cr) 195
Buy Price 88.55
Buy Qty 4.00
Sell Price 0.00
Sell Qty 0.00

Archidply Industries Ltd. (ARCHIDPLY) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF

M/s. ARCHIDPLY INDUSTRIES LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements ofM/S. ArchidplyIndustries Limited ("the Company") which comprises the Balance Sheet as atMarch 312016 and the Statement of Profit & Loss and the Cash Flow Statement for theyear ended and a summary of significant accounting policies and other explanatoryinformation.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision of the Act for safeguardingof the assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY:

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

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 sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters Specified inparagraphs 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 bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit & Loss and the cash flow statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31st March 2016 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the Internal Financial Controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B".

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer to Note 29 to the financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund.

For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bengaluru Kamal Kishore
Date : 30th May 2016 Partner
M. No.: 205819

Annexure -A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the

members of the Company on the standalone financial statements

for the year ended 31st March 2016 we report that:

(i) (a) The company has maintained proper records showing

full particulars including quantitative details and situation of fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

(ii) (a) On basis of information and explanation given to us

Physical verification of Inventory has been conducted at reasonable intervals by themanagement.

(b) Procedure of physical verification of Inventory followed by the management isreasonable &adequate in relation to the size of company and nature of its business.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks as compared to book records.

(iii) The Company has not granted any unsecured loans to any of the parties covered inthe Register maintained under Section 189 of the Companies Act 2013. Accordingly clause(iii) of the order is not applicable.

(iv) In our opinion and according to the information and explanations given to us thecompany has not provided any loans guarantees and Investments to which the provision ofsec 185 of the act apply.

However regarding loans guarantees and Investments to which the provision of sec 186apply such investment are within the limit provided under Section 186 of the act.

(v) The company has not received any public deposits during the year. Accordinglyclause (v) of the order is not applicable.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of the activitiescarried on by the Company.

(vii) (a) According to the records of the company and

information and explanations given to us and on the basis of our examination of therecords of the company the Company has generally been regular in depositing undisputedstatutory dues including Provident Fund employees state insurance (ESI) InvestorEducation and Protection Fund Income-tax Tax deducted at sources Tax collected atsource Professional Tax Sales Tax value added tax (VAT) Service Tax Custom DutyExcise Duty Cess and other material statutory dues applicable to it with the appropriateauthorities. As explained to us the company did not have any dues on account ofemployee's state insurance and duty of excise.

According to the information and explanations given to us there were no undisputedamounts payable in respect of Provident fund Income-tax Custom Duty Excise Duty salestax VAT Cess and other material statutory dues in arrears /were outstanding as at 31March 2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us details of disputedSales Tax Income Tax Customs Duty Service Tax Excise duty and Cess which have not beendeposited as on 31st March 2016 on account of any dispute are given below:

Name of Statute Nature of the dues Disputed amount pending Period to which the amount relates (Financial Years) Forum where dispute is pending.
Central Excise Act Excise duty Excise duty 8101637/ - 2000-2003 Honorable Supreme Court
Excise duty 64203582/- 2006 to 2012 Appellete Tribunal-Delhi
Excise duty 18618471/- 2012-2013 Appellete Tribunal-Delhi
Excise duty 3957322/- 2012-2013 Appellete Tribunal-Delhi
Uttaranchal Vat Tax Act Sales Tax 5135004/- 2006-07 & 2007-2008 The Joint Commissioner Appeal

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in the repayment of dues to financial institutions andbanks.

(ix) No money has been raised by way of initial public offer or further public offer(including debt instruments) during the year but Term Loans has been utilized for thepurposes for which they were raised during the year.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no material fraud by the Company and no material fraud on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the company the managerial remuneration has been provided inaccordance with the requisite approvals mandated by the provisions of Sec 197 with respectto Managerial Remuneration.

(xii) In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company. Accordingly clause (xii) of the order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.Accordingly clause (xiv) of the order is not applicable.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) of theorder is not applicable.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly clause (xvi) of the order is not applicable.

For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bengaluru Kamal Kishore
Date : 30th May 2016 Partner
M. No.: 205819

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting ofM/s.Archidply Industries Limited("the Company") as of 31 March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS :

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

AUDITOR RESPONSIBILITY:

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING :

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany'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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION :

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For G R V & P K
Chartered Accountants
FRN : 008099S
Place : Bengaluru Kamal Kishore
Date : 30th May 2016 Partner
M. No.: 205819