AMBITIOUS PLASTOMAC COMPANY LIMITED Ahmedabad
1. Report on the Ind AS Financial Statements
We have audited the accompanying IndASfinancial statements of AMBITIOUS PLASTOMACCOMPANY LIMITED(herein after referred as "theCompany") which comprise theBalance Sheet as at 31stMarch 2018 the Statement of Profit andLoss(includingOther Comprehensive Income) the Cash Flow Statementthe Statement ofChanges in Equity for the year thenended and a summary of the significant accountingpoliciesand other explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for thematters stated in Section 134(5)of the Companies Act 2013("the Act") with respect to the preparation oftheseInd AS financial statements that give a true andfair view of the financial positionfinancial performance including other comprehensiveincome cash flows and changes inequity of the Companyin accordance with the accounting principles generallyaccepted inIndia including the Indian Accounting Standards(Ind AS) prescribed under section 133 ofthe Act.
This responsibility also includes maintenance of adequateaccounting records inaccordance with the provisions of theAct for safeguarding the assets of the Company andforpreventing and detecting frauds and other irregularities;selection and application ofappropriate accounting policies;making judgments and estimates that are reasonableandprudent; and design implementation and maintenance ofadequate internal financialcontrols that were operatingeffectively for ensuring the accuracy and completeness oftheaccounting records relevant to the preparation andpresentation of the Ind AS financialstatementsthat give a true and fair view and are free from materialmisstatement whetherdue to fraud or error.
3. Auditors' Responsibility
Our responsibility is to express an opinion on theseInd AS financial statements basedon our audit.We have taken into account the provisions of the Act theaccounting andauditing standards and matters which arerequired to be included in the audit report undertheprovisions of the Act and the Rules made thereunder.
We conducted our audit of the Ind AS financialstatements in accordance with theStandards on Auditingspecified under Section 143(10) of the Act. Those Standardsrequirethat we comply with ethical requirements and planand perform the audit to obtainreasonable assurance aboutwhether the Ind AS financial statements are freefrom materialmisstatement.
An audit involves performing procedures to obtain auditevidence about the amounts andthe disclosures in theIndAS financial statements. The proceduresselected depend on theauditor's judgment including theassessment of the risks of material misstatement oftheIndAS financial statements whether due tofraud or error. In making those riskassessments; the auditorconsidersinternal financial control relevant to theCompany'spreparation of the IndAS financial statementsthat give a true and fair view inorder to design auditprocedures that are appropriate in the circumstances. Anaudit alsoincludes evaluating the appropriateness of theaccounting policies used and thereasonableness of theaccounting estimates made by the Company's Directors aswell asevaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained are issufficient and appropriate toprovide a basis for our auditopinion on the IndAS financial statements.
In our opinion and to the best of our information andaccording to the explanationsgiven to us the aforesaidIndASfinancialstatements give the informationrequired by the Actin the manner so required and give a trueand fair view in conformity with the accountingprinciplesgenerally accepted in India including the Ind AS of the financial position ofthe Company as at 31stMarch 2018 and its financial performanceincluding othercomprehensive income its cash flows andthe changes in equity for the year ended on thatdate.
5. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order2016 ("the Order")issued by the Central Government interms of Section 143(11) of the Act we give in"Annexure A"a statement on the matters specified in paragraphs 3 and 4of theOrder.
2. 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 ouraudit.
b) In our opinion proper books of account as requiredby law have been kept by theCompany so far as itappears from our examination of those books.
c) The Balance Sheet the Statement of Profit andLoss the Cash Flow Statement andStatement ofChanges in Equity dealt with by this Report are inagreement with the books ofaccount.
d) In our opinion the aforesaid IndASfinancial statements comply with theIndianAccounting Standards prescribed under section 133of the Act.
e) On the basis of the written representations receivedfrom the directors as on 31stMarch 2018 taken onrecord by the Board of Directors none of thedirectors is disqualifiedas on 31st March 2018 frombeing appointed as a director in terms of Section164(2) of theAct.
f) With respect to the adequacy of the internal financialcontrols over financialreporting of the Company andthe opera6ting effectiveness of such controls refer toourseparate Report in "Annexure B".
g) With respect to the other matters to be included inthe Auditor's Report inaccordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 inour opinionand to the best of our information andaccording to the explanations given to us:
i. The Company has disclosed the impact ofpending litigations on its financial positionin itsInd AS financial statements in Note No.42 to the financial statements;
ii. The Company has made provision as requiredunder the applicable law oraccountingstandards for material foreseeable losses ifany on long-term contractsincluding derivativecontracts;
iii. During the year there has been no delay in transferringamounts required to betransferred to theInvestor Education and Protection Fund by theCompany.
| ||For K. P. Sompura &Co. Chartered Accountants |
| ||[Firm Regd. No- 131641W] |
|Place : Ahmedabad Date :28/05/2018 ||(K.P.Sompura) |
| ||Partner |
| ||[M.No.045155] |
Annexure "A" to the Independent Auditors' Report of even date on theFinancial Statements of AMBITIOUS
PLASTOMAC COMPANY LIMITED
Referred to in paragraph 5(1) of our Report of even date to the Members ofAMBITIOUSPLASTOMAC COMPANY LIMITEDfor the year ended 31st March 2018.
1. In respect of Inventories :
As per the information and explanations given to us inventories were physicallyverified during the year by the management at reasonable intervals. No materialdiscrepancy was noticed on such physical verification.
2. In respect of Loans grantedduring the year:
The Companyhas granted unsecured loans to party covered in the Register maintainedunder section 189 of the Companies Act 2013. The details in respect of clause (iii) (a)to (c) of the Order are as under:-
(a) The terms and conditions of the grant of such loans are prima facie not prejudicialto the interest of the company.
(b) The principal amount of loan has been repaid as per stipulated terms and such partyis regular in payment of interest.
(c) There isno overdue amount of loans granted to parties covered in the Registermaintained under section 189 of the Companies Act 2013.
3. Loans Investments and guarantees:
In our opinion and according to information and explanations given to us the Companyhas complied with provisions of Section 185 and 186 of the Companies Act2013 in respectof loans investments guarantees and security.
4. 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 clauses (v) of Companies (Auditor's Report) Order2016 is not applicable.
5. In respect of Statutory Dues :
(a) According to the records of the Company the Company isby and large regular indepositing with appropriate authoritiesundisputed statutory dues including providentfundemployees' state insuranceincome tax Value added taxCentral Sales TaxGoods andService Tax service tax duty of customs duty of excisecess and any other statutorydues with the appropriate authorities applicable to it. According to the information andexplanations given to us no undisputed amounts payable in respect of statutory dues wereoutstanding as at 31st March 2018 for a period of more than six months fromthe date they became payable.
6. Based on our audit procedure and according to the information and explanation givento us we are of the opinion that the Company has not defaulted in repayment of dues toBanks or Government. The Company has no debenture holder borrowing during the year.
7. Accordingto the information and explanations given to us the Company had not raisedany money by way of public issue during the year. According to the information andexplanations given to us and on an overall examination of the balance sheet of theCompany in our opinion the term loans taken during the year were applied for the purposefor which they were obtained.
8. 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.
9. In our opinion and according to the information and explanations given to us theCompany had paid managerial remuneration which is in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V of The CompaniesAct 2013.
10. In our opinion and according to the information and explanations given to us theprovisions of special statute applicable to chit funds and nidhi / mutual benefit funds /societies are not applicable to the Company. Hence paragraph3(xii) of the Company's(Auditor's Report) Order 2016 is not applicable.
11. 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.
12. 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.
13. 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.
14. 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.
| ||For K. P. Sompura &Co.. Chartered Accountants [Firm Regd. No- 131641W] |
|Place : Ahmedabad Date :28/05/2018 ||(K.P.Sompura) |
Annexure "B" to the Independent Auditors' Report of even date on theFinancial Statements of AMBITIOUS
PLASTOMAC COMPANY LIMITED
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 the internal financial controls over financial reporting of AMBITIOUSPLASTOMAC COMPANY LIMITEDas of 31st March 2018 in conjunction with our audit of thefinancial 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 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.
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 reportingassessingthe 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 regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 2018 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 K. P. Sompura &Co. Chartered Accountants [Firm Regd. No- 131641W] |
|Place : Ahmedabad Date :28/05/2018 ||(K.P.Sompura) |