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Century Plyboards (India) Ltd.

BSE: 532548 Sector: Others
NSE: CENTURYPLY ISIN Code: INE348B01021
BSE LIVE 15:40 | 07 Dec 164.90 -3.20
(-1.90%)
OPEN

169.10

HIGH

171.90

LOW

162.05

NSE LIVE 15:44 | 07 Dec 164.15 -3.60
(-2.15%)
OPEN

168.75

HIGH

171.90

LOW

161.45

OPEN 169.10
PREVIOUS CLOSE 168.10
VOLUME 14831
52-Week high 267.00
52-Week low 135.45
P/E 21.01
Mkt Cap.(Rs cr) 3664.08
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 169.10
CLOSE 168.10
VOLUME 14831
52-Week high 267.00
52-Week low 135.45
P/E 21.01
Mkt Cap.(Rs cr) 3664.08
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company auditors report

TO

THE MEMBERS OF

CENTURY PLYBOARDS (INDIA) LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of CenturyPlyboards (India) Limited (‘the Company’) which comprise the Balance Sheetas at 31st March 2016 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 (‘the Act’) with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe 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 financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

5. 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

6. 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

7. As required by the Companies (Auditor’s Report) Order 2016 (‘theOrder’) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 3 and 4 of the Order.

8. 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 and 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 the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 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’; and

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 in our opinionand 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 financialposition in its financial statements as stated in Note 27 to the financial statements;

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 to the Investor Education andProtection Fund by the Company.

For Singhi & Co.
Chartered Accountants
Firm’s registration number: 302049E
Anurag Singhi
Place: Kolkata Partner
Dated: 10th of May 2016 Membership number: 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 ofCentury Plyboards (India) Limited for the year ended 31st March 2016)

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 andexplanations given to us the Company has complied with the provisions of section 185 and186 of the Act with respect to the loans and investments made.

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 dutyof customs duty of excise value added tax cess and other statutory dues as applicableto the appropriate authorities.

There are no arrears in respect of the aforesaid dues as at 31st March 2016 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 Period to which the amount relates Forum where dispute is pending
(Rs In lacs)
Various States Sales Tax/VAT Sales Tax/ VAT 880.94 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 47.60 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 1084.81 2012-13 to 2015-16 Hon’ble High court at Calcutta
Odisha Entry Tax Act 1999 Odisha Entry Tax 4.48 2011-12 & 2012-13 Additional Commissioner of Commercial Tax (Appeal) Odisha
Finance Act 1994 Service Tax 525.18 2004-05 2007-08 to 2014-15 Commissioner (Appeals)/ CESTAT/ Commissioner of Central Excise
Central Excise Act 1944 Excise duty 299.28 2005-06 to 2007-08 2009-10 to 2013-14 Commissioner (Appeals)/ CESTAT
Income Tax Act 1961 Income Tax 79.82 2010-11 & 2012-13 Commissioner of Income Tax (A)

viii. According to the information and explanations give 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 explanation given to us by the management term loans were applied for the purpose forwhich the loans were obtained.

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 thecourse of our audit.

xi. According to the information and explanations give 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 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 give 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 undersection 45-IA of the Reserve Bank of India Act 1934.

For Singhi & Co.
Chartered Accountants
Firm’s registration number: 302049E
Anurag Singhi
Place: Kolkata Partner
Dated: 10th of May 2016 Membership number: 066274

Annexure - B to the Independent Auditor’s Report

(Referred to in paragraph 8 (f) with the heading ‘Report on Other Legal andRegulatory Requirements’ section of our report of even date in respect to statutoryaudit of Century Plyboards (India) Limited for the year ended 31st March 2016)

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 2016 in conjunctionwith our audit of the standalone 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 maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI’).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required 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 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.

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 controlssystem over 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 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 Singhi & Co.
Chartered Accountants
Firm’s registration number: 302049E
Anurag Singhi
Place: Kolkata Partner
Dated: 10th of May 2016 Membership number: 066274

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