You are here » Home » Companies » Company Overview » Century Plyboards (India) Ltd

Century Plyboards (India) Ltd.

BSE: 532548 Sector: Others
NSE: CENTURYPLY ISIN Code: INE348B01021
BSE LIVE 15:40 | 17 Nov 294.35 0.55
(0.19%)
OPEN

300.20

HIGH

301.65

LOW

293.00

NSE 15:59 | 17 Nov 294.00 -1.25
(-0.42%)
OPEN

301.00

HIGH

301.90

LOW

292.00

OPEN 300.20
PREVIOUS CLOSE 293.80
VOLUME 14589
52-Week high 312.95
52-Week low 154.50
P/E 39.04
Mkt Cap.(Rs cr) 6,540
Buy Price 0.00
Buy Qty 0.00
Sell Price 294.00
Sell Qty 50.00
OPEN 300.20
CLOSE 293.80
VOLUME 14589
52-Week high 312.95
52-Week low 154.50
P/E 39.04
Mkt Cap.(Rs cr) 6,540
Buy Price 0.00
Buy Qty 0.00
Sell Price 294.00
Sell Qty 50.00

Century Plyboards (India) Ltd. (CENTURYPLY) - Auditors Report

Company auditors report

To

THE MEMBERS OF

CENTURY PLYBOARDS (INDIA) LIMITED

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying standalone Ind AS financial statements of CENTURYPLYBOARDS (INDIA) LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2017 and the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

2. 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 preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2017 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

8. As required by Section 143(3) of the Act based on our audit we report to theextent applicable 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 and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements as stated in note 36 (ii) to thefinancial statement;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the 8th November 2016 of the Ministry of Finance during the periodfrom 8th November 2016 to 30th December 2016.Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of accounts maintained by the Company and as produced to us bythe management.

For Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
Anurag Singhi
Place: Kolkata Partner
Date: 23rd day of May 2017 Membership No. 066274

Annexure - A to the Independent Auditor's Report

(Referred to in paragraph 7 with the heading 'Report on Other Legal and RegulatoryRequirements' section of our report of even date in respect to statutory audit of CenturyPlyboards (India) Limited for the year ended 31st March 2017)

We report that:

i. In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us fixed assets have been physically verified during the year bythe management at reasonable intervals and no material discrepancies have been noticed onsuch physical verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

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. As explained to us inventories were physically verified during the year by themanagement at reasonable intervals and no material discrepancies were noticed on suchverification.

iii. The Company has granted unsecured loans to its certain subsidiaries during theyear which are covered in the register maintained under section 189 of the Act.

a) In our opinion the rate of interest and other terms and conditions on which theloans were granted to above subsidiaries were not prima facie prejudicial to theinterest of the Company.

b) The subsidiaries have been regular in the payment of the principal and interest asstipulated.

c) There are no overdue amounts in respect of the loan granted to the subsidiaries asat the balance sheet date.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments made and providing guarantees and securities as applicable.

v. According to information and explanations given to us the Company has not acceptedany deposits from public during the year.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the product & services rendered by the Company.

vii. According to the information and explanations given to us and the records of theCompany examined by us:

a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Service tax duty ofcustoms duty of excise value added tax cess and other statutory dues as applicable tothe appropriate authorities.

There are no arrears in respect of the aforesaid dues as at 31st March 2017 for aperiod of more than six months from the date they became payable.

b) The particulars of dues of income tax sales tax duty of excise service tax dutyof customs and value added tax have not been deposited by the Company on account ofdisputes are as follows:

Name of the Statute Nature of Dues Amount (HIn Lac) Period to which the amount relates Forum where dispute is pending
Various States Sales Tax/ VAT Sales Tax/ VAT 751.51 1999-2000 2004-05 to 2015-16 Assistant/Deputy Commissioner/ Joint/ Additional Commissioner/ Hon'ble High court at Andhra Pradesh/ Revisional Board/ The West Bengal Commercial Taxes Appellate/ Sales Tax Inspector
Central Sales Tax Act 1956 Central Sales Tax 54.84 1990-92 2004-05 2010-11 2012-13 Commissioner (Appeals)
The West Bengal Tax on Entry of Goods Into Local Areas Act 2012 West Bengal Entry Tax 1331.23 2012-13 to 2016 -17 Hon'ble High court at Calcutta
Finance Act 1994 Service Tax 464.24 2004-05 2007-08 to 2014-15 Commissioner (Appeals)/ CESTAT/ Commissioner of Central Excise
Central Excise Act 1944 Excise duty 478.73 2005-06 to 2007-08 2009-10 to 2016-17 Commissioner (Appeals)/ CESTAT
Income Tax Act 1961 Income Tax 1227.84 2013-14 and 2014-15 Commissioner of Income Tax (A)

viii. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not defaulted in repayment ofloans or borrowings to any financial institution bank or Government. The Company hadneither any outstanding debenture at the beginning of the year nor has it issued anydebenture during the year.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. According to the informationand explanations given to us by the management term loans were applied for the purposefor which the loans were obtained except for the temporary investment of fund consideringnon-utilization.

x. According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during theyear.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

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 in compliance with sections 177 and188 of the Act where applicable and details of such transactions have been disclosed inthe financial statements as required by the applicable accounting 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.

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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
Anurag Singhi
Place: Kolkata Partner
Date: 23rd day of May 2017 Membership No. 066274

Annexure - B to the Independent Auditor's Report

(Referred to in paragraph 8(f) with the heading 'Report on Other Legal and RegulatoryRequirements' section of our report of even date in respect to statutory audit of CenturyPlyboards (India) Limited for the year ended 31st March 2017)

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

1. We have audited the internal financial controls over financial reporting of CenturyPlyboards (India) Limited ('the Company') as of 31st March 2017 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

2. 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 Act.

Auditor's Responsibility

3. 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 prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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

6. A Company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

7. 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

8. 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 31st March 2017 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 Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
Anurag Singhi
Place: Kolkata Partner
Date: 23rd day of May 2017 Membership No. 066274