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National Plastic Industries Ltd.

BSE: 526616 Sector: Industrials
NSE: N.A. ISIN Code: INE233D01013
BSE LIVE 15:40 | 23 Nov 69.35 -0.85
(-1.21%)
OPEN

68.90

HIGH

70.75

LOW

68.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 68.90
PREVIOUS CLOSE 70.20
VOLUME 10450
52-Week high 91.80
52-Week low 50.20
P/E 45.03
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 68.90
CLOSE 70.20
VOLUME 10450
52-Week high 91.80
52-Week low 50.20
P/E 45.03
Mkt Cap.(Rs cr) 63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

National Plastic Industries Ltd. (NATLPLASTIC) - Auditors Report

Company auditors report

To

The Members of

NATIONAL PLASTIC INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of NATIONAL PLASTIC INDUSTRIESLIMITED which comprises Balance Sheet as at 31st March 2017 the Statement ofProfit and Loss Account and Cash Flow Statement for the year ended 31st March2017 and a summary of significant accounting policies and other explanatory information.

Managements' 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 presentation ofthese financial statements that give a true and fair view of the financial position andfinancial position and financial performance in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the company has in place adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017

b. In the case of the Profit and Loss Account of the Profits for the year ended onthat date.

c. In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 in the paragraphs3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that :

a. We have obtained all the information and explanations which to the best ourknowledge and belief were necessary for the purpose of audit.

b. In our opinion proper books of accounts 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 other notes thereon dealt withby this Report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet and Statement of Profit and Loss comply with theaccounting standards referred to in the Section 133 of the Companies Act 2013 and readwith Rule No 7 of the Companies (Accounts) Rules 2014.

e. On the basis of representations received from the directors as on Mar 31 2017 andtaken on record by the Board of Directors none of the directors is disqualified as on Mar31 2017 from 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 financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in 'Annexure B'.

g. Other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014:

i. As per the information and explanations given to me there are no pending litigationsother than those disclosed in the financial statements.

ii. In the opinion of the company no provision is required under any law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts;

iii. There are no amounts required to be transferred to Investor Education &Protection Fund during the year;

iv. The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and are in accordance with the books ofaccounts maintained by the company.

For Sheth Doctor and Associates Chartered Accountants (Firm Regn No. 124822W)

For Sheth Doctor and Associates
Chartered Accountants
(Firm Regn No. 124822W)
Paresh S. Doctor
Place: Mumbai Proprietor
Date: 13thMay2017 Membership No. 36056

ANNEXURE A TO THE AUDITORS' REPORT

(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF NATIONAL

PLASTIC INDUSTRIES LIMITED ON THE ACCOUNTS FOR THE PERIOD ENDED 31st March2017)

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

b) As explained to us major portion of the fixed assets have been physically verifiedby the management at the year end which in our opinion is reasonable having regard to thesize of the company and nature of its assets. No material discrepancies were noticed onsuch physical verification.

2) The title deeds of immoveable properties are held in the name of the company exceptfor land and building situated at Kashimira having written down value of Rs 8.86 Lacs andRs 95.67 lacs respectively. However the company is in the possession of the said propertyand the same has been let out by the company.

3) a) Inventories have been physically verified during the year by the Management. Inmy opinion the frequency of verification is reasonable.

b) The discrepancies noticed on verification between physical stocks and book recordsare not material.

4) The Company has not granted any loans secured or unsecured to Companies firmslimited liability partnerships or other parties covered in the Register maintained underSection 189 of the Companies Act 2013.

5) The Company has complied with provisions of Section 185 and 186 of the CompaniesAct 2013 in respect of loans investments guarantees and security given.

6) The Company has not accepted any deposits from the public within the meaning ofprovisions of sections 73 to 76 and the rules framed there under.

7) The maintenance of cost records is not applicable to the Company as per theprovisions of section 148 of the Companies Act 2013 and rules framed there under.

8) a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employee's State Insurance incometax sales tax service tax value added tax Custom Duty Excise Duty Cess and otherstatutory dues as applicable with the appropriate authorities in India. At the end ofthe financial year there were no undisputed amounts payable in respect of above dues atthe year end for the period of more than six months from the date they become payableexcept for sales tax amounting to '6.52 lacs (sub. to interest).

b) On the basis of our examination of the documents and records there are no disputedstatutory due which remains to be deposited with the appropriate authorities.

9) Based on my audit procedures and on the information and explanation given bymanagement I am of the opinion that the Company has not defaulted during the year inrepayment of dues to the banks financial institutions government or dues to debentureholders.

10) The company has not raised any moneys by way of public offers and to the best ofour knowledge and belief and according to the information and explanations given to usthe term loans have been utilized for the purpose for which they were obtained.

11) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company or on the company by its officersor employees was noticed or reported during the year.

12) Managerial Remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the CompaniesAct 2013.

13) The Company is not a Nidhi Company as specified in Nidhi Rules 2014.

14) All transactions with the related parties are in compliance with section 177 and188 of the Companies Act 2013 and all applicable details have been disclosed in thefinancial statements etc as required by the applicable accounting standards.

15) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

16) The company has not entered into non cash transactions with directors or personsconnected with him.

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

For Sheth Doctor and Associates
Chartered Accountants
(Firm Regn No. 124822W)
Paresh S. Doctor
Place: Mumbai Proprietor
Date: 13thMay2017 Membership No. 36056

ANNEXURE B

TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OFNATIONAL PLASTIC INDUSTRIES LIMITED

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date)

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

I have audited the internal financial controls over financial reporting of NationalPlastic Industries Limited ("the Company") as of March 31 2017 in conjunctionwith my audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on our audit. I conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India andthe Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards andGuidance Note require that I comply with ethical requirements and to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofinternal financial controls system over financial reporting and their effectiveness. Myaudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal controls bases on the assessed risk. The procedures selecteddepend upon the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

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

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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 may 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 controlsover financial reporting may become inadequate because of the changes in the conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312017 based on the internal financialcontrols over financial reporting criteria established by the Company considering theessential components of internal financial control stated in the Guidance Note on audit ofInternal Financial Reporting issued by the Institute of Chartered Accountants of India.

For Sheth Doctor and Associates
Chartered Accountants
(Firm Regn No. 124822W)
Paresh S. Doctor
Place: Mumbai Proprietor
Date: 13thMay2017 Membership No. 36056