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Archidply Decor Ltd.

BSE: 543231 Sector: Others
NSE: ADL ISIN Code: INE0CHO01012
BSE 00:00 | 06 Dec 51.95 2.35
(4.74%)
OPEN

47.60

HIGH

51.95

LOW

47.60

NSE 00:00 | 06 Dec 50.05 0.05
(0.10%)
OPEN

50.00

HIGH

51.50

LOW

47.60

OPEN 47.60
PREVIOUS CLOSE 49.60
VOLUME 463
52-Week high 55.95
52-Week low 21.60
P/E 86.58
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 47.60
CLOSE 49.60
VOLUME 463
52-Week high 55.95
52-Week low 21.60
P/E 86.58
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Archidply Decor Ltd. (ADL) - Auditors Report

Company auditors report

To the Members of

M/S. ARCHIDPLY DECOR LIMITED

Report on the standalone Financial Statements

Opinion

We have audited the accompanying Standalone financial statements of M/s. ArchidplyDecor Limited ("the Company") which comprises the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of changes in Equity and the Statement of Cash Flows for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information.

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 sorequired 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 31March 2021 and its Loss total comprehensive income the changes in equity and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.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 thereunder and we have fulfilled our other 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.

Information other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Board's Report including Annexure tothe Board's Report but does not include the financial statements and our auditor's reportthereon.

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 and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Responsibility of Management for the Standalone 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equityof the Company in accordance with the Indian Accounting standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian Accountingstandards)Rules 2015 as amended and other accounting principles generally accepted inIndia.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection applicationimplementation and maintenance of appropriate of accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statement that give a true and fair view and arefree from material misstatement whether due to fraud or error.

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.

The Board of Directors is also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

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.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the entity's internal controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

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 Companies Act 2013 we give in the "Annexure A" statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 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 including other ComprehensiveIncome Statement of changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with the Companies(Indian Accounting standards) Rules 2015

e. On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 the requirements of section 197(16) of the Act as amended:

In our opinion and according to the information and explanation given to us theremuneration paid by the Company to its Directors during the current year is in accordancewith the provisions of section 197 of the Act. The remuneration paid to any director isnot in excess of limit laid down under section 197 of the Act.

h. 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company hasdisclosed the impact of pending litigations on its financial positionin its financial statements - Refer to Note 34 to the financial statements

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For G R V & P K

Chartered Accountant

FRN : 008099S

(KAMAL KISHORE)

Partner

M.No.205819

UDIN: 21205819AAAACU 3034

Place: Bangalore

Date: 26/062021

Annexure -A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of M/sArchidply Decor Limited ("the Company") on the standalone financialstatements for the year ended 31 March 2021. We report that:

(i) (a) The company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties of thecompany are being received by the Company on account of demerger of Chintamani unit ofArchidply Industries Limited being 31st January 2020 was the effective dateof Scheme. All these immovable properties are in the name of M/s Archidply IndustriesLimited.

(ii) (a) On basis of information and explanation given to us Physical verificationof Inventory has been conducted at reasonable intervals by the management.

(b) Procedure of physical verification of Inventory followed by the management isreasonable &adequate in relation to the size of company and nature of its business.

(c) In our opinion and according to the information and explanations given to usthe Company has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks as compared to book records.

(iii) The Company has not granted any unsecured loans to any of the parties coveredin the Register maintained under Section 189 of the Companies Act 2013. Accordinglyclause (iii) of the order is not applicable.

(iv) In our opinion and according to the information and explanations given to usthe company has not provided any loans guarantees and Investments to which the provisionof sec 185 of the act apply.

However regarding loans guarantees and Investments to which the provision of sec 186applythe company has complied with the provision of the Section.

(v) The company has not received any public deposits during the year. Accordinglyclause (v) of the order is not applicable.

(vi) As informed to us the Central Government has not prescribed maintenance ofcost records under sub-section (1) of Section 148 of the Act in respect of the activitiescarried on by the Company. Accordingly clause (vi) of the order is not applicable.

(vii) (a) According to the records of the company and information and explanationsgiven to us and on the basis of our examination of the records of the company the Companyhas generally been regular in depositing undisputed statutory dues including ProvidentFund Employees State Insurance (ESI) Investor Education and Protection Fund Income-taxTax deducted at source Tax collected at source Professional Tax Goods & ServiceTax (GST) Custom Duty Excise Duty Cess and other material statutory dues applicable toit with the appropriate authorities. As explained to us the company did not have anydues on account of employee's state insurance and duty of excise.

According to the information and explanations given to us there were no undisputedamounts payable in respect of Provident fund Income-tax Custom Duty Excise Duty Goods& Service Tax (GST) Cess and other material statutory dues in arrears /wereoutstanding as at 31 March 2021 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us details of disputedSales Tax Income Tax Customs Duty Service Tax Excise duty and Cess which have not beendeposited as on 31st March 2021 on account of any dispute are given below:

Name of Statute Nature of the dues Disputed amount pending Period to which the amount relates (Financial Years) Forum where dispute is pending.
Central Excise Act Excise duty Rs 1257472/- 2011-2012 Appellate Tribunal- Karnataka

(viii) In our opinion and according to the information and explanations given tous the company has not defaulted in the repayment of dues to financial institutions andbanks.

(ix) No money has been raised by way of initial public offer or further publicoffer (including debt instruments) during the year. Term Loans which has been transferredto the company on account of demerger of Chintamani unit of M/S Archidply IndustriesLimited are still in the name of M/S Archidply Industries Limited and are being utilizedfor the purposes for which they were taken.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no material fraud by the Company and no material fraud on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

(xi) The company did not pay any managerial remuneration during the year thereforeprovisions of Sec 197 with respect to Managerial Remuneration do not apply. Accordinglyclause (xi) of the order is not applicable.

(xii) In our opinion and according to the information and explanations given to usthe company is not a Nidhi Company. Accordingly clause (xii) of the order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly clause (xiv) of the order is not applicable..

(xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) of theorder is not applicable.

(xvi) The company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934. Accordingly clause (xvi) of the order is not applicable.

For G R V & P K

Chartered Accountant

FRN : 008099S

(KAMAL KISHORE)

Partner

M.No.205819

UDIN: 21205819AAAACU 3034

Place: Bangalore

Date: 26/36/2021

Annexure - B to the Auditors' 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 the internal financial controls over financial reporting of M/sArchidply Decor Limited ("the Company") as of 31 March 2021 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's Board of Directors are responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that Ire operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.

Opinion

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 are operating effectively as at 31 March 2021 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 G R V & P K

Chartered Accountant

FRN : 008099S

(KAMAL KISHORE)

Partner

M.No.205819

UDIN: 21205819AAAACU 3034

Place: Bangalore

Date: 26/062021.

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