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Ganesh Benzoplast Ltd.

BSE: 500153 Sector: Industrials
NSE: GANESHBENZ ISIN Code: INE388A01029
BSE LIVE 15:45 | 16 Oct 100.15 1.90
(1.93%)
OPEN

99.50

HIGH

104.00

LOW

99.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 99.50
PREVIOUS CLOSE 98.25
VOLUME 1015366
52-Week high 104.90
52-Week low 31.50
P/E 34.42
Mkt Cap.(Rs cr) 519
Buy Price 100.15
Buy Qty 13045.00
Sell Price 0.00
Sell Qty 0.00
OPEN 99.50
CLOSE 98.25
VOLUME 1015366
52-Week high 104.90
52-Week low 31.50
P/E 34.42
Mkt Cap.(Rs cr) 519
Buy Price 100.15
Buy Qty 13045.00
Sell Price 0.00
Sell Qty 0.00

Ganesh Benzoplast Ltd. (GANESHBENZ) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To

The Members of

Ganesh Benzoplast Limited

Report on the Financial statements

We have audited the accompanying financial statements of GANESH BENZOPLAST LIMITED(‘the Company’) which comprise the balance sheet as at March 312016 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 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 judgments 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

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 accordancewith the 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 financial statements are free from materialmisstatements. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for

the purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany’s directors as well as evaluating the overall presentation of the financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2016 and its Profit and its cash flow for the year ended on that date:

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2015 (‘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 mattersspecified in the paragraph 3 and 4 of the Order to the extent applicable:

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 purpose of our audit.

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinionthe aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of the written representations received from the Directors as on March312016 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2016 from being appointed as a Director in terms of Section 164 (2) ofthe Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refers 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 opinion and to the best of our information andaccording to the explanations given to us:

1) the Company has disclosed the impact of pending litigations on its financialposition in its financial statements

2) the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

3) There has been no delay in transferring amounts if any required to be transferredto the Investor Education and Protection Fund by the Company.

For Samria & Co.
Chartered Accountants
Firm Registration No.: 109043W
S.R.Rathi
Place: Mumbai Partner
Date: May 30 2016 Membership No.: 112376

Annexure-A to Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended March 312016 we report that:

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

full particulars including quantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management during the year and nomaterial discrepancies were identified on such verification.

(ii) (a) The management has conducted physical verification

of inventory at reasonable intervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification carried out at the end of the year.

(iii) (a) During the year the Company has^ranted Interest Free

loans / advances to five parties covered in the register maintained under Section 189of the Companies Act 2013 (‘the Act’) to the extent of Rs. 8.84 Millions. Themaximum amount involved during the year was Rs. 189.66 Millions and the year end balanceof loans granted to such parties was Rs. 178.08 Millions.

(b) There is no overdue amount of principal loans/ advances and interest granted toCompanies firms or other parties listed in the register maintained under Section 189 ofthe Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchases of inventory fixed assets and sales of goodsand service. During the course of our audit we have not observed any continuing failureto correct major weakness in the internal control system.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained' by the Company pursuantto the rules made by the Central Government for the maintenance of cost records underSection 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained.

(vii) (a) According to the information and explanations given to

us and on the basis of our examination of the records of the Company amounts deducted/ accrued in the books of account in respect of undisputed statutory dues includingprovident fund income tax sales taxwealth tax service tax duty of customs valueadded tax cess and other material statutory dues have not been regularly deposited duringthe year by the Company with the appropriate authorities. As explained to us the Companydid not have any dues on account of employees’ state insurance and duty of excise.According to the information and explanations given to us undisputed dues in respect ofprovident fund investor education and protection fund employees’ state insuranceincome-tax service tax sales-tax customs duty excise duty cess and other statutorydues which were outstanding at the year end

for a period of more than six months from the date they became payable are as follows:

Name of the Statute Nature of the dues Amount ( Rs. in Millions) Period to which the amount relates Due Date Date of Payment
Professional Tax & MLWF Professional Tax & MLWF 1.12* 2005-2012 Various dates Not paid
Employees Provident Fund Act Provident Fund 1.79** 2002-2010 Various dates Not paid
Income Tax Act 1961 Income Tax 10.94*** 1999-2001 Various dates Not paid

*There is no outstanding dues of Profesional Tax after F.Y. 2011-12.

**There is no outstanding dues of Provident Fund after F. Y. 2009-10.

***The Income tax demand shown above will be reduced to the extent of unadjusted TDSrefund for the A.Y. 12-13A.Y. 13-14A.Y. 14-15 and A.Y 15-16.

(b) According to the records of the Company the dues outstanding of income-taxsales-tax wealth-tax service tax customs duty excise duty and cess on account ofany dispute are as follows: .

Name of the statute Nature of dues Amount (in Millions) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Interest u/s 234A/B/C & 220(2) of the act. 28.21 AY 19992000 and A.Y. 2000-01 Company has approached BIFR for waiver of total interest payable u/s 234A/B/C and 220(2) of the Act. In its sanctioned DRSBIFR has requested Income tax department to consider the said waiver.

(c) According to the information arid explanations given to us the amounts if anywhich were required to be transferred to the Investor Education and Protection Fund inaccordance with the relevant provisions of the Companies Act 2013 and rules there underhas been transferred to such fund within time.

(viii) The Company’s accumulated losses at the end of the financial year are morethan fifty percent of its net worth. The Company has not incurred cash losses in currentand immediately preceding financial year.

(ix) The Company has not defaulted on any of the dues to financial institutions banksor debenture holders during the year.

(x) Based on information and explanations given to us by the management term loanswere applied for the purpose for which the loans were obtained.

(xi) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For Samria & Co.
Chartered Accountants-
Firm Registration No.: 109043W
S.R.Rathi
Place: Mumbai Partner
Date: May 30 2016 Membership No.: 112376

ANNEXURE-B TO INDEPENDENT AUDITOR’S 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 internal financial controls over financial reporting of GANESHBENZOPLAST LIMITED ("the Company") as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year then ended on that date.

Management’s Responsibility for the 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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of India (ICAI). These responsibilities includesdesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of businessincluding adherence to Company’s policies the safeguarding of the 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

Our responsibility is to express an opinion on Company's internal financial controlsover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (‘theGuidance Note’) and the Standards on Auditing deemed to be prescribed under Section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of internal financial controls and both issued by the ICAI.Those Standards and Guidance note require that we comply with ethical requirements andplan and perform audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedure 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 controls based on the assessed risk. Theprocedures selected depend on the auditor’s judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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

A Company’s internal financial control over financial reporting is a processdesigned to provide a reasonable assurance regarding the reliability of financialreporting and preparation of financial statements for external purpose in accordance withgenerally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that:

1. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

2. Provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statements in accordance with the generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorisations of management and directors of the Company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company’s assets that could havea 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 control 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 aspects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Samria& Co.
Chartered Accountants
Firm Registration No.: 109043W
S.R.Rathi
Place: Mumbai Partner
Date: May 30 2016 Membership No.: 112376