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Ganesh Benzoplast Ltd.

BSE: 500153 Sector: Industrials
NSE: GANESHBE ISIN Code: INE388A01029
BSE 00:00 | 24 Sep 85.65 1.60
(1.90%)
OPEN

84.15

HIGH

89.45

LOW

83.25

NSE 00:00 | 24 Sep 85.85 2.05
(2.45%)
OPEN

83.80

HIGH

89.70

LOW

83.50

OPEN 84.15
PREVIOUS CLOSE 84.05
VOLUME 70862
52-Week high 104.00
52-Week low 51.00
P/E 27.28
Mkt Cap.(Rs cr) 534
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 84.15
CLOSE 84.05
VOLUME 70862
52-Week high 104.00
52-Week low 51.00
P/E 27.28
Mkt Cap.(Rs cr) 534
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ganesh Benzoplast Ltd. (GANESHBE) - Auditors Report

Company auditors report

To

The Members of Ganesh Benzoplast Limited

Report on the Audit of Standalone Ind AS Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statements of GaneshBenzoplast Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2020 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the standalone Ind AS financial statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 as amended ("the Act") in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India Including the Indian Accounting Standards of the state ofaffairs of the Company as at 31st March 2020 its profit (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India ("ICAI") together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the standalone Ind AS financial statements for the currentperiod. These matters were addressed in the context of our audit of the standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in Annual report but does not include thestandalone Ind AS financial statements and our auditor's report thereon. Our opinion onthe standalone Ind AS 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 standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. 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 for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgements and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS 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 as applicablematters 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.

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

Auditor's Responsibilities for the Audit of the Standalone Ind AS 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. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional scepticism 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 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.

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

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant de_ciencies in internal control that we identify during 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 Ind ASfinancial statements for the financial year ended 31st March 2020 and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our reportbecause the adverse consequences of doing so would reasonably be expected to outweigh thepublic interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books; (c) The Balance Sheet Statement ofProfit and Loss (including Other Comprehensive Income) the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account; (d) In our opinion the aforesaid standalone Ind AS financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended; (e) On the basis of thewritten representations received from the directors as on 31st March 2020taken on record by the Board of Directors none of the directors is disqualified as on 31stMarch 2020 from being appointed as a director in terms of Section 164 (2) of the Act;(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company with reference to these standalone Ind AS financial statementsand the operating effectiveness of such controls refer to our separate Report in "Annexure2" to this report; (g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of Section 197(16) of the Act asamended; In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid/ provided by the Company to its directorsduring the year is in accordance with the provisions of Section 197 of the Act; (h) Withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestof our information and according to the explanations given to us: i) The Company hasdisclosed the impact of pending litigation on its financial position in its standalone IndAS financial statement – Refer Note 33 to the standalone Ind AS financial statement;ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses iii) There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.

For Samria & Co.
Chartered Accountants
Firm Registration No. : 109043W
Shivraj Rathi
Partner
Mumbai 30th July 2020 Membership No. : 112376
UDIN:20112376AAAAAG9252

ANNEXURE 1

Referred to in paragraph 1 of the Independent Auditors' Report of even date to themembers of Ganesh Benzoplast Limited on the Standalone Ind AS financial statements for theyear ended 31st March 2020:

i. (a) The Company has maintained proper records showing full including quantitativedetails and situation of fixed assets.

(b) All fixed assets have been physically verified by the management during the yearand there is a regular program of verification which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere noticed on such verification.

(c) Immovable properties of land and buildings whose title deeds have been pledged assecurity for credit facilities taken from banks are held in the name of the Company. Inrespect of immovable properties of land that have been taken on lease and disclosed asfixed asset in the Ind AS financial statements and the buildings constructed on suchleasehold land whose lease deeds have been pledged as security credit facilities takenfrom banks the lease agreements are in the name of the Company where the Company is thelessee in the agreement.

ii. The management has conducted physical verification of inventory at reasonableintervals during the year. The procedures of physical verification of inventory followedby the management are reasonable and adequate in relation to the size of the Company andthe nature of its business. The Company is maintaining proper records of inventory and nomaterial discrepancies were noticed on physical verification carried out at the end of theyear.

iii. According to the information and explanations given to us in the previous yearsthe Company has granted interest free loan to one party covered in the register maintainedunder Section 189 of the Companies Act 2013 and the yearend balance of loan granted tosuch party was Rs 19.64 Millions. There is no overdue amount of principal loans/ advancesand interest granted to Companies firms or other parties listed in the registermaintained under Section 189 of the Companies Act 2013.

iv. Based on information and explanations given to us and on the basis of legal opinionobtained by the Company in respect of loans investments guarantees and securities theCompany has complied with the provisions of section 185 and 186 of the Act.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of sections 73to 76 of the Act and the rules framed there under.

vi. The Central Government has prescribed maintenance of the cost records under subsection (1) of section 148 of the Companies Act 2013 in respect to the company'sproducts. We have broadly reviewed the books of accounts & records maintained by thecompany in this connection and are of the opinion that prima facie the prescribedaccounts and records have been made & maintained. We have however not made a detailedexamination of the records with a view to determining whether they are accurate orcomplete.

vii. (a) According to the information and as explanation given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingwith appropriate authorities undisputed statutory dues including provident fundemployees' state insurance labour welfare fund profession tax income-tax goods andservice tax customs duty cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us there are no undisputedstatutory dues including provident fund employees' state insurance labour welfare fundprofession tax income-tax goods and service tax customs duty cess and other materialstatutory dues which were outstanding at the year-end for a period of more than sixmonths.

(viii) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not defaulted in repayment ofloans or borrowings to any financial institution bank or Government. The Company hadneither any outstanding debenture at the beginning of the year nor has it issued anydebenture during the year.

(ix) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that no fraud by the Company or nomaterial fraud on the Company by the officers and Employees of the Company has beennoticed or reported during the year.

(x) According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xi) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.

(xii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiii) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). As per the information and explanation given tous by the management term loans were applied for the purpose for which the loans wereobtained.

(xiv) This clause is not applicable since the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non- cash transactions with directors or persons connected withhim.

(xvi) 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.

For Samria & Co.
Chartered Accountants
Firm Registration No. : 109043W
Shivraj Rathi
Partner
Mumbai 30th July 2020 Membership No. : 112376
UDIN:20112376AAAAAG9252

ANNEXURE 2

Referred to in paragraph 2(f) of the Independent Auditors' Report of even date to themembers of Ganesh Benzoplast Limited on the Standalone Ind AS financial statements for theyear ended 31st March 2020:

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 GaneshBenzoplast Limited ("the Company") as of 31st March 2020 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 the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting (the "Guidance Note")and the Standards on Auditing as specified under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls and both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting withreference to these standalone financial statements was established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone financial statements and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting with reference to these standalonefinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 internal financial controls over financialreporting with reference to these standalone financial statements.

Meaning of Internal Financial Controls over Financial Reporting with Reference to thesestandalone Financial Statements

A company's internal financial control over financial reporting with reference to thesestandalone financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting with referenceto these standalone financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the Company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting withreference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone financial statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these standalonefinancial statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these standalone financial statementsand such internal financial controls over financial reporting with reference to thesestandalone financial statements were operating effectively as at 31st March2020 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Samria & Co.

Chartered Accountants

Firm Registration No. : 109043W

Shivraj Rathi

Partner

Mumbai 30th July 2020

Membership No.: 112376

UDIN:20112376AAAAAG9252

.