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Captain Polyplast Ltd.

BSE: 536974 Sector: Industrials
NSE: N.A. ISIN Code: INE536P01021
BSE 00:00 | 18 Jun 38.45 -0.05
(-0.13%)
OPEN

38.50

HIGH

39.00

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37.50

NSE 05:30 | 01 Jan Captain Polyplast Ltd
OPEN 38.50
PREVIOUS CLOSE 38.50
VOLUME 276925
52-Week high 54.80
52-Week low 24.50
P/E 21.36
Mkt Cap.(Rs cr) 194
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.50
CLOSE 38.50
VOLUME 276925
52-Week high 54.80
52-Week low 24.50
P/E 21.36
Mkt Cap.(Rs cr) 194
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Captain Polyplast Ltd. (CAPTAINPOLYPLAS) - Auditors Report

Company auditors report

TO THE MEMBERS OF 'CAPTAIN POLYPLAST LIMITED'

Report on Audited Standalone Ind AS Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statementsof CAPTAIN POLYPLAST LIMITED ('the Company") which comprises the Balance Sheet as at31st March 2020; the Statement of Profit and Loss (including Other Comprehensive Income)Statement of Changes in Equity and the Statement of Cash Flows for the year then ended andnotes to financial statements including a summary of significant accounting policies andother explanatory information (hereinafter referred to as "Standalone FinancialStatements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements readtogether with the notes thereon give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the Ind AS and accountingprinciples generally accepted in India to the extent applicable; of the state of affairsof the Company as at 31st March 2020; its Profit including Other Comprehensive Incomeits Cash Flows and the Statement Changes in Equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion

Key Audit Matters

Key audit matters are those matters that in auditor's professionaljudgment are of most significance in the audit of the financial statements of thecompany. These matters are addressed in the context of audit of the financial statementsas a whole and in forming auditor's opinion thereon.

Based on our audit of Financial Statements of the Company for theperiod under review we did not come across any material Key Audit Matters to becommunicated in our report.

Information other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the preparation ofthe other information. The other information comprises the information included in theManagement Discussion and Analysis Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholder's Information butdoes not include the standalone financial statements and our auditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management and those charged with Governance forthe Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone Ind AS financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomechanges in equity and cash flows of the Company in accordance with accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related

to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibility for the audit of Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone Ind AS financialstatements.

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 thestandalone Ind AS financial statements whether due to fraud or error design and performaudit procedures responsive to those risks and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• 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 the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone Ind AS financial statements or if such disclosuresare inadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content

of the standalone Ind AS financial statements including thedisclosures and whether the standalone Ind AS financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 statementwherever found necessary that we have complied with relevant ethical requirementsregarding independence and to communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalone IndAS financial statements of the current period and are therefore the key audit matters ifany identified. We describe these matters if any in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

Report on Other Legal and Regulatory Requirements.

1. 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 have beenkept by the Company so far as it appears from our examination of those books;

c) the Balance Sheet Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equitydealt with by this report are in agreement with the books of account as submitted to us;

d) in our opinion the aforesaid standalone Ind AS financial statementscomply with the accounting standards specified under Section 133 of the

Companies Act read with Companies (Indian Accounting Standard) Rules2015 as amended;

e) On the basis of written representations received from the directorsas on 31st March 2020 and taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2020 from being appointed as a director interms of Section 164(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 - A. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of

the Companies (Audit and Auditors) Rules 2014 as amended in ouropinion and to the best of our information and according to the explanations given to us :

i. There were no pending litigations which would impact the financialposition of the Company except for pending litigation as referred to in Note No. 33

ii. The Company has made all material provisions except as mentionedin the notes to accounts if any as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

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

2. 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(11) of the Act we give in the Annexure - B a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. - 118564W
SD/-
Shilpang V. Karia
Partner
Place : Rajkot M. No. - 102114
Date : 25.06.2020 UDIN : 20102114AAAACT2435

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal andRegulatory Requirements' section of our report to the Members of CAPTAIN POLYPLAST LIMITEDof 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 CAPTAIN POLYPLAST LIMITED ("the Company") as of 31st March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error.

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 is aprocess 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 to the best of our information and according to theexplanations given to us 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.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. - 118564W
SD/-
Shilpang V. Karia
Partner
Place : Rajkot M. No. - 102114
Date : 25.062020 UDIN : 20102114AAAACT2435

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and

Regulatory Requirements' section of our Report to the

Members of CAPTAIN POLYPLAST LIMITED of even date)

i. FIXED ASSETS :

a. In our opinion the company has generally maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets onthe basis of available information.

b. As explained to us the Company has a program of verification tocover all the items of fixed assets in a phased manner which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Asfurther explained to us pursuant to the said program certain fixed assets werephysically verified by the management during the year. According to the said informationand explanations given to us no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us therecords examined by us and based on the examination of the conveyance deeds / registeredsale deed provided to us we report that the title deeds comprising all the immovableproperties of land and buildings which are freehold are held in the name of the Companyas at the balance sheet date. In respect of immovable properties of land and building thathave been taken on lease and disclosed as fixed assets in the financial statements thelease agreements are in the name of the Company.

ii. INVENTORIES :

a. According to the information and explanation given to us theinventories have been physically verified during the year by the management and in ouropinion the frequency of verification is reasonable.

b. According to the information and explanation given to us nomaterial discrepancies were noticed on physical verification of inventories as compared tothe book records.

c. As explained to us by the management of the company year-endphysical verification of the inventory immediately after 31st March 2020 was notundertaken due to COVID-19 lockdown situation however it was undertaken for position asof 31st March 2020 as soon as business operations were resumed at respective placeswhere stock were lying.

iii. LOANS :

According to the information and explanations given to us and on thebasis of our examination of the books of account the company has not granted any loanssecured or unsecured to companies firms Limited Liability Partnerships or other partiescovered in the register maintained under Section 189 of the Companies

Act 2013 during the year under review. Consequently the provisionsof clause (iii) of the order are not applicable to the company.

iv. LOANS INVESTMENTS & GUARANTEES :

According to the information and explanations given to us and on thebasis of our examination of the books of account the company has not granted any loansdirectly or indirectly to any directors or person or entities in which directors areinterested and/or has not given any guarantee or provided any security in connection withloans taken by them;

According to the information and explanations given to us and on thebasis of our examination of the books of accounts the company has complied with theprovisions of section 186 in respect of investments made in securities of other bodycorporate.

v. DEPOSITS :

As explained to us the company has not accepted any loans or depositswithin meaning of Section 73 to 76 of the Companies Act 2013 read with Rule 2(b) of theCompanies (Acceptance of Deposit's) Rules 2014 during the year under review.Consequently the provisions of clause (v) of the order are not applicable to the company.

vi. COST RECORDS :

We have broadly reviewed the cost records maintained by the Companypursuant to the Companies (Cost Records and Audit) Rules 2014 prescribed by the CentralGovernment under Section 148(1)(d) of the Companies Act 2013 and are of the opinion thatprima facie the prescribed accounts and cost records have been maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete.

vii. STATUTORY DUES :

a. As per information and explanation available to us undisputedstatutory dues including provident fund income-tax goods and service tax custom dutycess and other material statutory dues have been generally regularly deposited with theappropriate authorities applicable to it though there had been some delays in certaincases. Further according to information explanation given to us no undisputed statutorydues applicable to the company were outstanding as at 31st March 2020 for a period ofmore than 6 months from the date they become payable except for professional tax of Rs17.44 lacs.

b. According to the information and explanation available to us thereare no dues outstanding on account provident fund income-tax goods and service taxcustom duty cess and other material statutory dues on account of dispute except asfollows :

Name of the status Nature of dues Amount under dispute Rs. In Lacs Period to which amount relates Forum where dispute is pending
The Income Tax Act 1961 Income Tax (Incl. Int.) Disallowance of Sales Commission Exp. 4.76 AY 07-08 CIT (A)-IV Rajkot

viii. DUES TO FINANCIAL INSTITUTION BANKS OR DEBENTURE HOLDER :

Based on our audit procedures and as per information and explanationgiven to us by the management of the company we are of the opinion that company has notdefaulted in repayment of dues to financial institutions and banks during the year underreview. The company has not issued any debentures.

ix. TERM LOANS & PUBLIC ISSUE :

Based on the audit procedures performed and according to theinformation explanations given to us on an overall basis the existing as well as newterm loans have been applied for the purpose for which they were obtained. The company hasnot raised any money through a public issue during the year under review.

x. FRAUD :

Based upon the audit procedures performed and as per the informationand explanation given by the management we report that no fraud by the company or anyfraud on the company by its officers / employees has been noticed or reported during thecourse of our audit.

xi. MANAGERIAL REMUNERATION :

In our opinion and according to the information and explanations givento 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. NIDHI COMPANY :

In our opinion the company is not a nidhi company. Consequently theprovisions of clause (xii) of the order are not applicable to the company.

xiii. RELATED PARTY TRANSACTIONS :

Based upon the audit procedures performed and as per the informationand explanation given by the management all the transactions with the related parties arein compliance with Section 177 and 188 of the Companies Act 2013 and have been dulydisclosed in the financial statements as required by the applicable accounting standards.

xiv. PREFERENTIAL ALLOMENT / PRIVATE PLACEMENT:

Based on the audit procedures performed and according to theinformation and explanations given to us the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Consequently the provisions of clause (xiv) of the order are notapplicable to the company.

xv. NON-CASH TRANSACTIONS :

Based on the audit procedures performed and according to theinformation and explanations given to us the company has not entered into any non-cashtransactions with directors or persons connected with him. Consequently the provisions ofclause (xv) of the order are not applicable to the company.

xvi. REGISTRATION UNDER SECTION 45-IA OF RBI ACT 1934 :

According to the information and explanations given to us and based onour examination of the records of the company the company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. - 118564W
SD/-
Shilpang V. Karia
Partner
Place : Rajkot M. No. - 102114
Date : 25.06.2020 UDIN : 20102114AAAACT2435