You are here » Home » Companies » Company Overview » CCL Products (India) Ltd

CCL Products (India) Ltd.

BSE: 519600 Sector: Agri and agri inputs
NSE: CCL ISIN Code: INE421D01022
BSE 00:00 | 17 Aug 262.60 1.95
(0.75%)
OPEN

263.05

HIGH

265.00

LOW

261.95

NSE 00:00 | 17 Aug 261.00 0.15
(0.06%)
OPEN

262.00

HIGH

264.85

LOW

260.10

OPEN 263.05
PREVIOUS CLOSE 260.65
VOLUME 2774
52-Week high 354.60
52-Week low 253.00
P/E 34.51
Mkt Cap.(Rs cr) 3,494
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 263.05
CLOSE 260.65
VOLUME 2774
52-Week high 354.60
52-Week low 253.00
P/E 34.51
Mkt Cap.(Rs cr) 3,494
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

CCL Products (India) Ltd. (CCL) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR'S REPORT

To the Members of CCL Products (India) Limited

Report on the Audit of Standalone ind AS Financial Statements:

We have audited the accompanying Standalone Ind AS financial statements of CCL Products(India) Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive income) theStatement of changes in Equity and Statement of Cash Flows for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as "the standalone Ind AS financial statement").

Management's responsibility for the ind AS Financial Statements:

The company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the act') with respect to the preparation ofthese Standalone Ind AS financial statements that give a true and fair view of the stateof affairs profit/loss (including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act.

This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and effectively design implementation and maintenance of adequate internalfinancial controls that were operating for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Standalone Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility:

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made hereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs of the Company as at 31st March 2018 its Profit (including othercomprehensive income) its changes in equity and its cash flows for the year ended on thatdate.

Other Matters:

The comparative financial information of the company for the year ended 31stMarch2017 and Transition date opening balance sheet as on 1st April 2016included in these Standalone Ind AS financial statements are based on the previouslyissued statutory financial statements prepared in accordance with the Companies(Accounting Standards) Rules 2006 audited by the then auditors as on 31stMarch 2017 and 1st April 2016 and their reports for the year ended 31stMarch 2017 and 31st March 2016 dated 22nd May 2017 and 02nd May2016 respectively expressed unmodified opinion on those financial statements.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Government of India in terms of sub-section (11) of section 143 of the Actwe give in the "Annexure-A" a statement on the matters Specified in paragraphs 3and 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 purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss the statement of Changes in Equityand Statement of Cash Flow dealt with by this Report are in agreement with the books ofaccount;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act.

(e) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164(2) of the Act;

(f) With respect to the adequacy of internal financial controls over financialreporting of the company and operating effectiveness of such controls refer to ourseparate report in "Annexure-B"; and

(g) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS financial statements - Refer to Note No. 2.37 to theStandalone Ind AS financial statements;

(ii) The Company has made provision as required under the applicable laws oraccounting standards for material foreseeable losses if any on long term contractsincluding derivative contracts;

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For RAMANATHAM & RAO

Chartered Accountants Firm Registration. No. 002934S

Place: Hyderabad Date: 21st May 2018

(K SREEMVASAN)

Partner

ICAI Membership No. 206421

Annexure - A to the independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of the CCLProducts (India)

Limited on the Standalone Ind AS financial statements for the period ended 31stMarch 2018 we report that:

1.1 The Company has maintained proper records showing full particulars including thequantitative details and the situation of fixed assets.

1.2 As explained to us the fixed assets have been physically verified by theManagement in a periodical manner which in our opinion is reasonable having regard tothe size of the company and the nature of its business. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

1.3 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 property are heldin the name of company.

2.1 The inventory has been physically verified by the management during the year. Inour opinion the frequency of such verification is reasonable. The company has maintainedproper records of inventory. The discrepancies noticed on verification between thephysical stock and book records were not material.

3.1 The Company has not granted any loans secured or unsecured during the period. Thusparagraphs 3

(iii) of the order is not applicable to the company.

4.1 In our opinion and according to the information and explanations given to us theCompany has not given any loans made investments or provided securities to companies andother parties listed under section185 and 186 of the Act.

5.1 The Company has not accepted any deposits from the public within the meaning ofSections 73 to76 of the Act and rules framed thereunder.

6.1 We have broadly reviewed the cost records maintained by the company as prescribedunder section 148 (1) of the Act and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained.

7.1 According to the information and explanations given to us and on the basis of ourexamination of the records the Company is generally regular in depositing undisputedstatutory dues including provident fund employees state insurance income tax sales taxservice tax Goods and Services Tax duty of customs duty of excise value added taxcess and other material statutory dues as applicable to the appropriate authorities havegenerally been regularly deposited during the year by the Company with the appropriateauthorities.

According to the information and explanations given to us no undisputed amounts payablein respect of provident fund employees state insurance income tax sales tax servicetax Goods and Services Tax duty of customs duty of excise value added tax cess andother material statutory were in arrears as at 31st March 2018 for a period ofmore than six months from the date they became payable.

7.2 According to the information and explanations given to us there are no materialdues of income tax or sales tax or service tax or Goods and Services Tax or duty ofcustoms or duty of excise or value added tax which have not been deposited by the companyon account of dispute except for the following:

Name of the Statute Nature of Dues Amount Rs in Lakhs Period Forum Where dispute is pending
The Income Tax Act 1961 Income Tax 2883.28 (Amount deposited under protest) Assessment years from 2006-07 to 2009-10 A P High Court

8.1 According to the information and explanations given to us the Company has notdefaulted in the repayment of loans or borrowings to financial institutions and banks. Thecompany did not have any outstanding loans or borrowings from financial institutions orGovernment and there are no dues to debenture holders during the year.

9.1 In our opinion and according to the information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) and the term loans have been used by the Company during theyear for the purpose for which they were raised.

10.1 To the best of our knowledge and according to the information and explanationsgiven to us no material fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the course of our audit.

11.1 According to information and explanation given to us and based on our examinationof records of the company the company has paid /provided for managerial remuneration withthe requisite approvals mandated by the provisions of section 197 read with Schedule V ofthe Act.

12.1 In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable to the company.

13.1 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 standalone Ind AS financial statements as requiredby the applicable accounting standards.

14.1 According to the information and explanations given to us and based on ourexamination of records of the company the Company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable to the company.

15.1 According to the information and explanations given to us and based on ourexamination of records of the company the Company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable to the company.

16.1 According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For RAMANATHAM & RAO

Chartered Accountants Firm Registration. No. 002934S

Place: Hyderabad Date: 21st May 2018

(K SREENiVASAN)

Partner

ICAI Membership No. 206421

Annexure - B to the independent Auditors' Report

(Referred to in paragraph (f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of 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 CCLProducts (India) Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the Standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's responsibility for internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). 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 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 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 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 were operating effectively as at 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For RAMANATHAM & RAO

Chartered Accountants Firm Registration. No. 002934S

Place: Hyderabad Date: 21st May 2018

(K SREEMVASAN)

Partner

ICAI Membership No. 206421