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Captain Polyplast Ltd.

BSE: 536974 Sector: Industrials
NSE: N.A. ISIN Code: INE536P01021
BSE 00:00 | 19 Aug 16.35 0.10
(0.62%)
OPEN

16.40

HIGH

16.40

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16.10

NSE 05:30 | 01 Jan Captain Polyplast Ltd
OPEN 16.40
PREVIOUS CLOSE 16.25
VOLUME 58461
52-Week high 30.65
52-Week low 14.65
P/E 34.79
Mkt Cap.(Rs cr) 82
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.40
CLOSE 16.25
VOLUME 58461
52-Week high 30.65
52-Week low 14.65
P/E 34.79
Mkt Cap.(Rs cr) 82
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 Financial Statements

Opinion

We have audited the accompanying standalone financial statements of CAPTAINPOLYPLAST LIMITED (‘the Company") which comprises the Balance Sheet as at31s t March 2021; the Statement of Profit and Loss (including OtherComprehensive Income) Statement of Changes in Equity and the Statement of Cash Flows forthe year then ended and notes to financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements read together with thenotes thereon give the information required by the Act in the manner so required and givea true and fair view in conformity with the Ind AS and accounting principles generallyaccepted in India to the extent applicable; of the state of affairs of the Company as at31st March 2021; its Profit including Other Comprehensive Income its Cash Flows and theStatement 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) specifiedunder section 143(10) of the Companies Act 2013. 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 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 professional judgment areof most significance in the audit of the financial statements of the company. Thesematters are addressed in the context of audit of the financial statements as a whole andin forming auditor’s opinion thereon.

Based on our audit of Financial Statements of the Company for the period under reviewwe did not come across any material Key Audit Matters to be communicated in our report.

Emphasis of Matter

We draw attention on Note No. 9 forming part of the audited financialstatements being "Trade Receivables" amounting to Rs. 11217.34 Lacsrepresenting 53.20% of the total assets of the company as on 31st March 2021. It includesRs. 4845.32 Lacs being trade receivables outstanding for a period more than 1 yearrepresenting 43.19% of the total trade receivables as on 31st March 2021. TradeReceivable comprises the most significant portion of the liquid assets of the company. Inthe opinion of the management of the company they do no expect any credit loss on thesaid trade receivables including trade receivables comprising of more than 1 year henceour opinion is not modified in this regard.

Information other than the Standalone Financial Statements and Auditor’s ReportThereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the standalone 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 during the course of our 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.

Responsibilities of Management and those charged with Governance for the StandaloneFinancial 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 preparationof these standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income changesin equity and cash flows of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone 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 are also responsible for overseeing the company’s financialreporting process.

Auditor’s Responsibility for the audit of Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASfinancial 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 standalone Ind AS financial statements.

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

? Identify and assess the risks of material misstatement of the standalone Ind ASfinancial 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 financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting 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 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 conditionsmay cause the Company to cease to continue as a going concern.

? Evaluate the overall presentation structure and content of the standalone Ind ASfinancial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

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 financial statements may be influenced. We considerquantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

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 wherever foundnecessary that we have complied with relevant ethical requirements regardingindependence and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements of the current period and are therefore the key audit matters if anyidentified. 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 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 Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisreport are in agreement with the books of account as submitted to us;

d) in our opinion the aforesaid standalone Ind AS financial statements comply with theaccounting standards specified under Section 133 of the Companies Act read with Companies(Indian Accounting Standard) Rules 2015 as amended;

e) On the basis of written representations received from the directors as on 31stMarch 2021 and 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 – A. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g) In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of 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. There were no pending litigations which would impact the financial position of theCompany.

ii. The Company has made all material provisions except as mentioned in the notes toaccounts if any as required under the applicable law or accounting standards formaterial foreseeable losses if any and as required on long-term contracts includingderivative contracts.

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

2. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 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/-
Dhaval R. Karia
Partner Place: Rajkot
M. No. – 143121 Date: 15th June 2021
UDIN : 21143121AAAABE5242

ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of CAPTAIN POLYPLAST LIMITEDof even date)

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 CAPTAINPOLYPLAST LIMITED ("the Company") as of 31st March 2021 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Company is 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. 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 financial controls overfinancial reporting of the Company based on our 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 and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 misstatementof the financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the internal financial controls system over financial reporting of the Company.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st 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 SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. 118564W
Sd/-
Dhaval R. Karia
Partner Place: Rajkot
M. No. – 143121 Date: 15th June 2021
UDIN : 21143121AAAABE5242

ANNEXURE - B TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our Report to the Members of CAPTAIN POLYPLAST LIMITEDof 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 ofverification to cover all the items of fixed assets in a phased manner which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. As further explained to us pursuant to the said program certain fixed assetswere physically verified by the management during the year. According to the saidinformation and explanations given to us no material discrepancies were noticed on suchverification. c. According to the information and explanations given to us the recordsexamined by us and based on the examination of the conveyance deeds / registered sale deedprovided to us we report that the title deeds comprising all the immovable propertiesof land and buildings which are freehold are held in the name of the Company as at thebalance sheet date. In respect of immovable properties of land and building that have beentaken on lease the lease 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 andexplanation given to us no material discrepancies were noticed on physical verificationof inventories as compared to the book records.

iii. LOANS:

According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the

Companies Act 2013 during the year under review. Consequently the provisions ofclause (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 the basis of ourexamination of the books of account the company has not granted any loans directly orindirectly to any directors or person or entities in which directors are interested.During the year under review the company has provided guarantee in connection with loantaken by its Associate Company Rs. 135.00 Lacs.

According to the information and explanations given to us and on the basis of ourexamination of relevant records the company has complied with the provisions of section186 in respect of investments made and guarantee provided for the parties covered undersection 186 of the Act.

v. DEPOSITS:

As explained to us the company has not accepted any loans or deposits within meaningof Section 73 to 76 of the Companies Act 2013 read with Rule 2(b) of the Companies(Acceptance of Deposit’s) Rules 2014 during the year under review. Consequently theprovisions 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 Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government underSection 148(1)(d) of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and cost records have been maintained. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate 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 2021 for aperiod of more than 6 months from the date they become payable except for gratuity Rs.71.67 Lacs b. According to the information and explanation available to us there are nodues outstanding on account provident fund income-tax goods and service tax customduty cess and other material statutory dues on account of dispute:

viii. DUES TO FINANCIAL INSTITUTION BANKS OR DEBENTURE HOLDER: Based on our auditprocedures and as per information and explanation given to us by the management of thecompany we are of the opinion that company has not defaulted in repayment of dues tofinancial institutions and banks during the year under review. The company has not issuedany debentures.

ix. TERM LOANS & PUBLIC ISSUE:

Based on the audit procedures performed and according to the information explanationsgiven to us on an overall basis the existing as well as new term loans have been appliedfor the purpose for which they were obtained. The company has not raised any money througha public issue during the year under review.

x. FRAUD:

Based upon the audit procedures performed and as per the information and explanationgiven by the management we report that no fraud by the company or any fraud on thecompany by its officers / employees has been noticed or reported during the course of ouraudit.

xi. MANAGERIAL REMUNERATION:

In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

xii. NIDHI COMPANY:

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

xiii. RELATED PARTY TRANSACTIONS:

Based upon the audit procedures performed and as per the information and explanationgiven by the management all the transactions with the related parties are in compliancewith Section 177 and 188 of the Companies Act 2013 and have been duly disclosed in thefinancial statements as required by the applicable accounting standards.

xiv. PREFERENTIAL ALLOMENT / PRIVATE PLACEMENT:

Based on the audit procedures performed and according to the information andexplanations given to us the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Consequently the provisions of clause (xiv) of the order are not applicable tothe company.

xv. NON-CASH TRANSACTIONS:

Based on the audit procedures performed and according to the information andexplanations given to us the company has not entered into any non-cash transactions withdirectors or persons connected with him. Consequently the provisions of clause (xv) ofthe 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 on our examinationof the records of the company the company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. 118564W
Sd/-
Dhaval R. Karia
Partner Place: Rajkot
M. No. – 143121 Date: 15th June 2021
UDIN : 21143121AAAABE5242

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