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B & A Packaging India Ltd.

BSE: 523186 Sector: Industrials
NSE: N.A. ISIN Code: INE00FM01013
BSE 00:00 | 30 Jun 204.20 9.35
(4.80%)
OPEN

202.90

HIGH

204.55

LOW

192.10

NSE 05:30 | 01 Jan B & A Packaging India Ltd
OPEN 202.90
PREVIOUS CLOSE 194.85
VOLUME 3731
52-Week high 355.40
52-Week low 97.95
P/E 11.10
Mkt Cap.(Rs cr) 101
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 202.90
CLOSE 194.85
VOLUME 3731
52-Week high 355.40
52-Week low 97.95
P/E 11.10
Mkt Cap.(Rs cr) 101
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

B & A Packaging India Ltd. (BAPACKAGING) - Auditors Report

Company auditors report

To

The Members of

B & A Packaging India Limited

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying financial statements of B & APACKAGING INDIA LTD ("the Company") which comprise the Balance Sheet as at31st March 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 thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"the financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2021 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with the aforesaidrequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the 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 onthese matters. We have determined the matters described below to be the key audit mattersto be communicated in our report.

Revenue recognition

The accuracy of recognition measurement disclosure and presentationof revenues accrued or deemed to have accrued during the year in accordance with theprinciples laid down in Ind AS 115.

Principal audit procedures

The principal audit procedures performed by us comprise:

(a) obtaining an understanding of the Company's internalprocedures to identify the stage at which the risk and reward in the goods are transferredto the Company's customers and significant control over the goods ceases to remainwith the Company;

(b) assessing the extent and quality of controls embedded in thoseprocedures and

(c) testing a representative sample of transactions to ensure thatrevenue has not been recognised until the risk and reward in the goods and significantcontrol over them has passed from the Company to its customers.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Directors' Report and Annexures thereto but does not include thefinancial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the aforesaidother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated. If in doing so we conclude that there is a material misstatement of this otherinformation we are required to report that fact.

We have nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandardsspecified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial 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 misstatement resulting from fraudis higher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal controls.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors' report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of the Act we give in "Annexure A" 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the relevant books of account.

(d) In our opinion the aforesaid financial statements comply with theInd ASs specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended).

(e) On the basis of the written representations received from thedirectors as on 31st March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2021 from being appointed as a director interms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure B to this Report. Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company'sinternal financial control over financial reporting.

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 (as amended) in our opinion and to the best of our information and accordingto the explanations given to us:

(i) The Company has disclosed the impact of pending litigation on itsfinancial position in its financial statements.

(ii) The Company does not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses and

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31st March 2021.

For Ghosal Basu & Ray
Chartered Accountants
(Firm Regn. No. : 315080E)
Tapan Kumar Das
Partner
Place : Kolkata (Membership No. 050661)
Date : 25th June 2021 UDIN : 2150661AAAAAE7688

Annexure "A" To The Independent Auditor's Report dated25th June 2021

 

(Referred to under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of B & A Packaging IndiaLimited of even date)

Matters to be included in the Auditor's Report under Companies(Auditor's Report) Order 2016

(i) In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of its fixed assets.

(b) We are informed that these fixed assets have been physicallyverified by the management at reasonable intervals and as reported to us no materialdiscrepancies were noticed on such verification and

(c) The title deeds of the immovable properties appearing in the booksof the Company as its assets are held in the Company's name.

(ii) Physical verification of inventories was carried out at reasonableintervals by the management and discrepancies between physical and book balances whichwere not material have been properly dealt with in the accounts.

(iii) The Company has not granted unsecured loans to any companycovered in the register maintained under section 189 of the Companies Act 2013 andconsequently the question of reporting on the terms and conditions of the loansincluding terms of their repayment does not arise.

(iv) The Company has not given any loans investments guarantees andsecurities that attract the provisions of Section 185 and 186 of the Companies Act 2013;hence the question of our reporting under this clause does not arise.

(v) The company has not accepted deposits of the nature that attractsthe directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder. Hence the question of our reporting under this clause does not arise.

(vi) We have broadly reviewed the Cost records maintained by theCompany under Section 148(1) of the Act and are of the opinion that prima facie therecords are made and maintained.

(vii) (a) The company is regular in depositing undisputed statutorydues including provident fund employees' state insurance income tax sales taxservice tax duty of customs duty of excise value added tax cess and any otherstatutory dues to the appropriate authorities;

(b) The Company has disputed the following demands raised by governmentauthorities and has preferred appeal before the appellate authority established under therespective taxing laws:

Name of the Satute Nature of Dues Amount (Rs.) Relevant Period Forum where is pending
Employees' State Insurance Act Employees' State Insurance 61398 2002-2003 Employees' State Insurance Court Kolkata
Central Sales Tax Act Sales Tax 337309 2015-2016 Central Sales Tax Appellate Tribunal Balasore Odisha
Central Sales Tax Act Sales Tax 506158 2016-2017 Central Sales Tax Appellate Tribunal Balasore Odisha
Central Sales Tax Act Sales Tax 129697 2017-2018 Central Sales Tax Appellate Tribunal Balasore Odisha
Income Tax Act Income Tax 35534 2009-2010 (AY) Commissioner Of Income Tax (Appeal) Bhubaneswar

(viii) The Company has not defaulted on the repayment of itsborrowings which have been obtained from banks.

(ix) The Company has not raised moneys by way of initial public offeror further public offer (including debt instruments). Money raised from banks by way ofterm loans were applied for the purposes for which those were raised.

(x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the company or no material fraud on the company byits officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanationsgiven to us the Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

(xii) The Company is not a Nidhi Company; hence the question of ourreporting under clause 3 (xii) of the Order is not applicable to the Company.

(xiii) All transactions with related parties are in compliance withSections 177 and 188 of the Companies Act 2013 where applicable and their details havebeen disclosed in accordance with the requirements of the applicable Indian AccountingStandard.

(xiv) The company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures during the year underreview; hence the question of our reporting under this clause does not arise.

(xv) The company has not entered into any non-cash transactions withits directors or persons related to any of them and hence the question of our reportingunder this clause does not arise.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For Ghosal Basu & Ray
Chartered Accountants
(Firm Regn. No. : 315080E)
Tapan Kumar Das
Partner
Place : Kolkata (Membership No. 050661)
Date : 25th June 2021 UDIN : 2150661AAAAAE7688

Annexure "B" To The Independent Auditor's Report dated25th June 2021

 

[Referred to under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of B & A Packaging IndiaLimited of even date]

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of B&A Packaging India Limited (‘‘the Company'')as of 31st March 2021 in conjunction with our audit of the Financial Statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguardingof its 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 internal financialcontrols over financial reporting of the Company based on audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India as well as the Standards on Auditing also issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent such standardsare applicable to an audit of internal financial controls. Those Standards and theGuidance

Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement(s) of the Financial Statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting of the Company.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Financial Statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of FinancialStatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31st 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 Ghosal Basu & Ray
Chartered Accountants
(Firm Regn. No. : 315080E)
Tapan Kumar Das
Partner
Place : Kolkata (Membership No. 050661)
Date : 25th June 2021 UDIN : 2150661AAAAAE7688

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