You are here » Home » Companies » Company Overview » Deccan Polypacks Ltd

Deccan Polypacks Ltd.

BSE: 531989 Sector: Industrials
NSE: N.A. ISIN Code: INE132E01015
BSE 00:00 | 29 Nov 4.30 0
(0.00%)
OPEN

4.30

HIGH

4.30

LOW

4.29

NSE 05:30 | 01 Jan Deccan Polypacks Ltd
OPEN 4.30
PREVIOUS CLOSE 4.30
VOLUME 330
52-Week high 4.60
52-Week low 2.13
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.30
CLOSE 4.30
VOLUME 330
52-Week high 4.60
52-Week low 2.13
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Deccan Polypacks Ltd. (DECCANPOLYPACKS) - Auditors Report

Company auditors report

To

The Members of

Deccan Polypacks Limited

Report on the Standalone Financial Statements

Opinion:

We have audited the accompanying Standalone financial statements of M/s. DeccanPolypacks Limited ("the Company") which comprises the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss (including other comprehensive income)the statement of changes in equity and statement of cash flows for the year then endedthe notes to the financial statements including a summary of significant accountingpolicies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2021 and profit and its cash flows 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 of theFinancial 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 Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

Attention is invited to

1. Note No. 26 to the Ind AS Financial Statements regarding preparation of Ind ASFinancial statements on a realizable value basis.

2. Note No. 27 to the Ind AS regarding absence of confirmation of balances.

In view of the uncertainties of the matter the impact if any could not be determined atthis point of time. Our opinion is not modified in this regard.

Key Audit Matters:

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Except for the matter described in Emphasis of Matter paragraph we have determinedthat there are no other key audit matters to communicate in our report.

Other Information

The Company's Management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sAnnual Report but does not include the financial statements and our auditors' reportthereon.

Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation; we are required to report that fact. We have nothing to report in thisregard.

Management's and Board of Directors Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of 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 for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: Identify and assess therisks of material misstatement of the Financial Statements whether due to fraud or errordesign and perform audit procedures responsive to those risks and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Financial Statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern including the disclosures and whether the Financial

• Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

• Evaluate the overall presentation structure and content of the FinancialStatements including the disclosures and whether the Financial Statements represent theunderlying transactions and events in a manner that achieves 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 also communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings that we identifyduring our audit.

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

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

The Companies (Auditor's Report) Order 2016 ("the Order") issued by theCentral Government of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 is given in "Annexure-A" to this report.

As required by Section 143 (3) of the Act we report that:

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit.

a. 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.

b) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the cash flow statement and statement of changes in equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards (Ind AS) specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended and other accounting principlesgenerally accepted in India.

e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls a separatereport is given in "Annexure-B" to this report.

g) In our opinion and to the best of our information and according to the explanationsgiven to us no remuneration has been paid or provided by the Company to its Directorsduring the year. Hence reporting under Sec. 197 sub-section (16) of the Act is notapplicable.

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 in our opinionand to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact if any of pending litigations as at March 312021 on its financial position in its financial statements – Refer Note No.20 to theFinancial Statements.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any.

iii) The company does not have any amounts that are needed to be transferred to theInvestor Education and Protection Fund.

Annexure -A to the Audit Report

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the financial statements for the year ended 31st March 2021 we report that:

(1) a. The Company has maintained requisite records showing required particularsincluding quantitative details and situation of fixed assets.

b. Fixed assets have not been physically verified by the management during the year.Therefore we are unable comment on discrepancies if any arising out of such verification.

c. The Company does not have any immovable property as on reporting date accordinglyparagraph 3(i)(c) of the Order are not applicable.

(2) The company does not have inventory of goods hence provisions of Para 3(ii) of theCompanies (Auditors Report) 2016 is not applicable.

(3) Based on our scrutiny and as per information and explanations provided to us by themanagement the company has not granted any fresh loans during the period under reviewcovered in the registers maintained under section 189 of the Companies Act 2013.

(4) Based on our scrutiny and as per the information provided by the management thecompany does not have any transactions in respect of loans investments guarantees andsecurities granted to be complied with the provisions of Sections 185 and 186 of theCompanies Act 2013.

(5) Based on our scrutiny and as per the information provided by the management thecompany has not accepted any deposits during the year under review.

(6) The maintenance of Cost Records has been specified by the Central Government underSec. 148(1) (d) of the Act. However as the company has discontinued its operations theserecords have not been maintained by the Company.

(7) a) According to the books and records as produced and examined by us in accordancewith Generally Accepted Auditing Practices in India and also based on managementrepresentations undisputed statutory dues in respect of provident fund employee stateinsurance income tax service tax sales tax value added tax excise duty goods andservice tax cess and other material statutory dues have been regularly deposited by thecompany during the year with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of provident fundincome tax sales tax value added tax duty of customs service tax goods and servicetax cess and other material statutory dues were in arrears as at 31 March 2021 for aperiod of more than six months from the date they became payable.

b) Disputed Statutory dues have not been deposited on account of matters pending beforeappropriate authorities are as under:

Status Nature of Dues Forum where dispute is pending Period to which Amount relates Amount (in Lakhs)
Sales Tax Restriction of Set off tax Appellate Tribunal A.P. FY2001-02 3.60

(8) As observed by us and as per the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto its financial institution or bank during the year under audit.

(9) As observed by us the company has applied the Term Loans raised from Banks duringthe year for the purpose for which they were raised. The clause regarding the moneysraised by way of IPO or FPO are not applicable to the company.

(10) Based upon the audit procedures performed and information and explanations givenby the management we report that no material fraud on or by the company by its officersor employees has been noticed or reported during the course of our audit.

(11) According to the information and explanations given to us and based on ourexamination of the records of the company the managerial remuneration paid/providedduring the year by the company is as per the provisions of section 197 read with ScheduleV of the Companies Act 2013.

(12) 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.

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

(14) According to the information and explanations given to us and based on ourexamination of the records of the company the company has made preferential allotment ofshares during the year.

(15) As observed by us and as per the information and explanations given by themanagement the company has not entered into any non-cash transactions with the directorsor persons connected with him during the period under review.

(16) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act1934.

Annexure -B to the Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the act")

We have audited the internal financial controls over financial reporting of DECCANPOLYPACKS LIMITED ("the company'') as of 31 March 2021 in conjunction with our auditof the standalone financial statements of the company for 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Control 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 of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas 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 section143 (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 of records that in reasonable detail accurately andfairly reflect the transaction 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 accountingprinciple and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 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 31 March 2021 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial reporting issued by the institute of CharteredAccountants of India.

for GMK Associates
Chartered Accountants
Registration No: 006945S
M S PRAKASA RAO
Partner
Membership No: 027278
UDIN No. 21027278AAAAKB7482
Place : Hyderabad
Date : 21.06.2021

.