Ambitious Plastomac Company Ltd.
|BSE: 526439||Sector: Others|
|NSE: N.A.||ISIN Code: INE267C01013|
|BSE 00:00 | 02 Mar||Ambitious Plastomac Company Ltd|
|NSE 05:30 | 01 Jan||Ambitious Plastomac Company Ltd|
|BSE: 526439||Sector: Others|
|NSE: N.A.||ISIN Code: INE267C01013|
|BSE 00:00 | 02 Mar||Ambitious Plastomac Company Ltd|
|NSE 05:30 | 01 Jan||Ambitious Plastomac Company Ltd|
1. We have audited the standalone financial statements of Ambitious PlastomacCompany Limited ("the Company") which comprise the Balance Sheet as at 31stMarch2020 and the Statement of Profit and Loss the Statement of Changes in Equity andStatement of Cash Flows for the year then ended and notes to the financial statementsincluding a summary of the significant accounting policies and other explanatoryinformation.
2. In our opinion and to the best of our information and according to theexplanations given to us except for the effects of the matter described in the Basis forQualified Opinion section of our report the aforesaid financial statements give theinformation required by the Companies Act 2013 in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in Indiaincluding Indian Accounting Standards (Ind AS') specified under Section 133 of theAct of the state of affairs of the Company as at March 31st 2020 and its loss totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.
Basis for Qualified Opinion
3. The Company has not provided for undisputed income tax liability ofRs.23760220/- in respect of earlier years. The company has also not provided theinterest payable on the said amount of unpaid taxes the figure of which isunascertainable in absence of necessary information. The accounting treatment followed bythe company in this regard is not in accordance with Ind AS
12 "Income taxes". As a result of non provision of undisputed tax liabilitythe debit balance of other equity and Current tax liability in the balance sheet areunder stated to the extent of Rs.23760220/- . In the absence of necessary informationin respect of interest payable on income tax its impact on the financial statementsincluding loss for the year is not quantifiable.
4. We conducted our audit in accordance with the Standards on Auditing specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the
Auditor's Responsibilities for the Audit of the Financial Statements section of ourreport. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Companies Act 2013and the Rules there under and we have fulfilled our ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.
Emphasis of Matter paragraph
5. We draw attention to Note 3(i) of the financial statements wherein it isexplained that the Company has suspended the business activity as a result of which theCompany does not have any operating revenue during the year under consideration. The networth of the Company is also fully eroded. Further the management do not have plans toconduct business activity in a foreseeable period. In view of this the management doesnot consider the preparation of financial statements on a going concern basis asappropriate. Accordingly all assets of the Company are reflected at the lower of theirhistorical costs and estimated net realizable value as at 31 March 2020 and allliabilities of the Company are reflected at the values at which they are expected to bedischarged/ settled.
Our opinion is not modified in respect of this matter.
Key Audit Matters
6. Key audit matters are those matters that in our professional judgment were ofmost significance in our audit of the standalone financial statements of the currentperiod. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide a separateopinion on these matters.
7. We have determined that there are no key audit matters to be communicated in ourreport.
Information other than the Standalone Financial Statements and Auditors' Report thereon
8. The Company's Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual Report but does notinclude the standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements our responsibilityis to read the other information identified above when it becomes available and in doingso consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.
When we read the Annual Report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance and asmay be legally advised.
Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements
9. The Company's Board of Directors is responsible for the matters stated inSection 137(5) of the
Act with respect to the preparation of these standalone financial statements that givea true and fair view of the financial position financial performance changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate implementation and maintenance of accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
10. In preparing the standalone financial statements management is responsible forassessing the
Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
11. Those Board of Directors are also responsible for overseeing the Company'sfinancial reporting process.
Auditors' Responsibilities for the Audit of the Standalone Financial Statements
12. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
13. As part of an audit in accordance with SAs we exercise professional judgmentand maintain professional skepticism throughout the audit. We also:
? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis ofopinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for our resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.
? Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial control system in place and the operating effectiveness ofsuch controls.
? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the management.
? Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.
14. We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
15. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicate withthem all relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
16. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
17. As required by the Companies (Auditor's Report) Order2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 173 of the Act we give in "Annexure A" a statement on the mattersspecified in paragraphs 3 and 7 of the Order to the extent applicable. 18. Asrequired by Section 143(3) of the Act we report that: a) We have sought and obtained allthe information and explanations which to the best of our knowledge and belief werenecessary 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 the Ind ASSpecified 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 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate
Report in "Annexure B".
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 the standalone financial statements- Refer Note -33 to the FinancialStatement;
ii. The Company does not have 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.
ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT
Referred to in paragraph 14 of "Report on Other Legal and RegulatoryRequirements" of our Report of even date to the Members of Ambitious PlastomacCompany Limited for the year ended 31st March 2020.
1. In respect of Fixed Assets:
As regards the Fixed Assets the company does not hold any Fixed Assets and thereforethe clauses (i) (a) to (c) of the companies (Auditor's Report) Order 2016 are notapplicable.
2. In respect of Inventories :
As per the information and explanations given to us the company does not hold anyinventory during the year under consideration Therefore clause (ii) of Companies(Auditor's Report) Order 2016 is not applicable.
3. In respect of Loans granted during the year:
As regards the loans the company has not granted any loans secured or unsecuredduring the year under audit to the companies firms Limited Liability Partnership orother parties covered in the register maintained under section 189 of the companies Act 2013 and therefore the clauses (iii) (a) to (c) of the companies (Auditor's Report)Order 2016 are not applicable.
4. Loans Investments and guarantees:
According to the information and explanation given to us the company had neither givenany loan guarantee or security nor made any investments during the year. Hence theprovisions of section 185 and 186 are not applicable. Therefore clauses (iv) of companies(Auditor's Report) Order 2016 is not applicable.
5. Acceptance of Deposits:
During the year the Company has not accepted any deposits and hence the directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the Companies Act2013 and the rules framed there under are notapplicable to the Company. Therefore clause (v) of Companies (Auditor's Report) Order2016 is not applicable.
6. Cost Records:
According to the information and explanations given to us the Company is not requiredto maintain cost records as required by the central government under sub section (1) ofsection 148 of the Companies Act
2013. Hence clause (vi) of the (Auditor's Report) Order 2016 is not applicable.
7. In respect of Statutory Dues :
(a) According to the records of the Company the Company is by and large regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees' state insurance income tax Sales taxGoods and Service Tax CustomDuty Excise Duty Value Added tax cess and any other statutory dues with the appropriateauthorities applicable to it except there is delay in depositing the Tax Deducted atSource.
(b) There were undisputed income tax liability of Rs.23760220/- and interest payablethereon (the amount of which is unascertainable in absence of necessary information)which were outstanding as at 31st March 2020 for a period of more than six months fromthe date they became payable. Other than this there were no amounts payable in respect ofprovident fund employees' state insurance Sales taxGoods and Service Tax Custom DutyExcise Duty Value Added tax cess and any other statutory dues were outstanding as at31st March 2020 for a period of more than six months from the date they became payable.
(c) According to the records of the company there are no dues of value added taxwealth tax or service tax or duty of customs or duty of excise or value added tax whichhave not been deposited on account of dispute. The details of the dues which has been notdeposited on account of dispute in respect of income tax are as under:-
8. Based on our audit procedure and according to the information and explanationgiven to us we have been informed that during the year under consideration the companyhas not taken any loan from Banks or Government hence question of regular repayment ofthe same does not arise. The Company has no debenture holder borrowing during the year.
9. According to the information and explanations given to us the Company had notraised any money by way of public issue during the year nor taken any new term loan duringthe year. Hence Clause (ix) of the
Company's (Auditor's Report) Order 2016 is not applicable.
10. Based upon the audit procedures performed and information and explanationsgiven by the management we report that no fraud by the Company or any fraud on theCompany by it's officer or employees has been noticed or reported during the course of ouraudit.
11. According to the information and explanations given to us the Company had notpaid any managerial remuneration during the year. Hence Clause (xi) of the Company's(Auditor's Report) Order 2016 is not applicable.
12. In our opinion and according to the information and explanations given to usthe provisions of special statute applicable to chit funds and nidhi / mutual benefitfunds / societies are not applicable to the Company. Hence Clause (xii) of the Company's(Auditor's Report) Order 2016 is not applicable.
13. In our opinion and according to the information and explanations given to usthe transactions entered by the Company with related parties are in compliance with theprovisions of section 177 and 188 of the
Companies Act 2013 and details thereof are properly disclosed in the financialstatements as required by the applicable accounting standard. 14. The company hasnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Hence clause (xiv) of the Company's(Auditor's
Report) Order 2016 is not applicable.
15. The Company had not entered in to any non-cash transactions with the directorsor persons connected with him during the year hence section 192 of the Companies Act2013 is not Applicable hence clause (xv) of Company's (Auditor's Report) Order 2016 isnot applicable.
16. According to information and explanation provided to us the Company is notrequired to register under section 45-IA of Reserve Bank of India Act 1937 hence clause(xvi) of Company's (Auditor's Report) Order 2016 is not applicable.
ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORT
Referred to in paragraph 18(f) of "Report on Other Legal and RegulatoryRequirements" of our Report of even date to the Members of Ambitious PlastomacCompany Limited for the year ended 31st March 2020.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies
Act 0213 ("the Act")
We have audited the internal financial controls over financial reporting of AmbitiousPlastomac Company Limited as of 31st March 2020 in conjunction with our auditof the standalone 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.
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 onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 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 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.
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 2020 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.