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|
The Members of
Ambitious Plastomac Company Limited
Report on the Audit of the Standalone Financial Statements
1. We have audited the standalone financial statements of Ambitious Plastomac CompanyLimited ("the Company") which comprise the Balance Sheet as at 31stMarch2019 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 the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion section of our report the aforesaid financial statements give the informationrequired by the Companies Act 2013 in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingIndian Accounting Standards ('Ind AS') specified under Section 133 of the Act of thestate of affairs of the Company as at March 31st 2019 and its loss total comprehensiveincome its cash flows and the changes in equity for the year ended on that date.
Basis for Qualified Opinion
3. The Company has not provided for undisputed income tax liability of Rs.23266000/-in respect of prior years and interest due thereon which is not in accordance with Ind As12 - Income taxes. This has no impact on profit for the year but the figures of OtherEquity is overstated and Provision for Current Tax Liability is understated to that extentin the Balance sheet.
4. We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. Our responsibilities under those Standards are further described inthe Auditor's Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules there under and we have fulfilled our ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.
Key Audit Matters
5. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion on thesematters.
6. 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
7. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe 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
8. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder section 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.
9. In preparing the financial statements management is responsible for assessing theCompany'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.
10. Those Board of Directors are also responsible for overseeing the Company'sfinancial reporting process.
Auditors' Responsibilities for the Audit of the Standalone Financial Statements
11. 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.
12. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis of opinion. The risk of not detecting a material misstatement resulting from fraudis higher than for our resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act 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 reasonablenessof accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
14. 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.
15. 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
16. As required by the Companies (Auditor's Report) Order2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in "Annexure A"a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.
17. 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 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 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 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".
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 has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;
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 16 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 2019.
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 inventories being equity sharesare held by the company in the demat form during the year under consideration henceprovisions in respect of physically verification of the same does not arise.
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) Order2016 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.
(b) There were no undisputed amounts payable in respect of provident fund employees'state insurance Sales tax Goods and Service Tax Custom Duty Excise Duty Value Addedtax cess and any other statutory dues were outstanding as at 31st March 2019for a period of more than six months from the date they became payable except income taxof Rs.23266000/- and interest thereon.
(c) According to the records of the company there are no dues of income tax valueadded tax wealth tax or service tax or duty of customs or duty of excise or value addedtax which have not been deposited on account of dispute.
8. Based on our audit procedure and according to the information and explanation givento us we have been informed that during the year under consideration the company has nottaken any loan from Banks or Government hence question of regular repayment of the samedoes 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 notapplicable.
10. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud by the Company or any fraud on the Company by it'sofficer or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations given to us the Company had not paidany 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 us theprovisions 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 us thetransactions 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 areproperly disclosed in the financial statements as required by the applicable accountingstandard.
14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible 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 directors orpersons connected with him during the year hence section 192 of the Companies Act 2013is not Applicable hence clause (xv) of Company's (Auditor's Report) Order 2016 is notapplicable.
16. As the Company is not required to register under section 45-IA of Reserve Bank ofIndia Act 1934 hence clause (xvi) of Company's (Auditor's Report) Order 2016 is notapplicable.