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Ganesh Benzoplast Ltd.

BSE: 500153 Sector: Industrials
NSE: GANESHBENZ ISIN Code: INE388A01029
BSE 10:09 | 18 Oct 33.85 0.90
(2.73%)
OPEN

33.40

HIGH

33.85

LOW

33.40

NSE 05:30 | 01 Jan Ganesh Benzoplast Ltd
OPEN 33.40
PREVIOUS CLOSE 32.95
VOLUME 44
52-Week high 60.90
52-Week low 24.20
P/E 5.37
Mkt Cap.(Rs cr) 175
Buy Price 33.10
Buy Qty 100.00
Sell Price 33.85
Sell Qty 1.00
OPEN 33.40
CLOSE 32.95
VOLUME 44
52-Week high 60.90
52-Week low 24.20
P/E 5.37
Mkt Cap.(Rs cr) 175
Buy Price 33.10
Buy Qty 100.00
Sell Price 33.85
Sell Qty 1.00

Ganesh Benzoplast Ltd. (GANESHBENZ) - Auditors Report

Company auditors report

To

The Members of Ganesh Benzoplast Limited

Report on the Audit of the Ind AS Financial Statements

1. We have audited the accompanying Ind AS financial statements of Ganesh BenzoplastLimited ("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 the Statement of Cash Flows for the year then endedand summary of the Significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

2. 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 Ind AS financial statements that give a true and fair view of the state ofaffairs profit/ loss and other comprehensive income changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ("Ind AS") prescribed under Section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Ind AS financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe Ind AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial controls relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

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

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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 of the state of affairs of the Companyas at 31st March 2018 its profit and other comprehensive incomechanges in equity and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of Section 143 of the Act ("theOrder") and on the basis of such checks of the books and records of the Company aswe considered appropriate and according to the information and explanations given to uswe give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

10. 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 the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis Report are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act. (e) On the basis of thewritten representations received from the directors as on 31st March 2018taken on record by the Board of Directors none of the directors is disqualified as on 31stMarch 2018 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 with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B".

(g) 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. TheCompany has disclosed the impact if any of pending litigations on its financial positionin its Ind AS financial statements refer Note no. 34 to the Ind AS financial statements.ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts. iii. There has been no delay in transferring amounts if anyrequired to be transferred to the Investor Education and Protection Fund by the Company.iv. The disclosures regarding details of specified bank notes held and transacted during 8thNovember 2016 to 30th December 2016 has not been made since the requirementdoes not pertain to financial year ended 31st March 2018.

For Samria & Co.
Chartered Accountants
Firm Registration No. : 109043W
S. R. Rathi
Partner
Mumbai 30th May 2018 Membership No. : 112376

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of Ganesh Benzoplast Limited on the Ind AS financial statements for the year ended31st March 2018 :

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) The Company has a regular programof physical verification of its fixed assets by which its fixed assets are verified in aphased manner. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its fixed assets. No materialdiscrepancies were noticed on such verification. (c) Immovable properties of land andbuildings whose title deeds have been pledged as security for credit facilities taken frombanks are held in the name of the Company. In respect of immovable properties of land thathave been taken on lease and disclosed as fixed asset in the Ind AS financial statementsand the buildings constructed on such leasehold land whose lease deeds have been pledgedas security credit facilities taken from banks the lease agreements are in the name ofthe Company where the Company is the lessee in the agreement. ii. The management hasconducted physical verification of inventory at reasonable intervals during the year. Theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business. TheCompany is maintaining proper records of inventory and no material discrepancies werenoticed on physical verification carried out at the end of the year. iii. During the yearthe Company has granted Interest Free loan/ advance to one party covered in the registermaintained under Section 189 of the Companies Act 2013 (‘the Act') to the extent ofRs 4.33 Millions and the yearend balance of loan granted to such party was Rs 19.64Millions. There is no overdue amount of principal loans/ advances and interest granted toCompanies firms or other parties listed in the register maintained under Section 189 ofthe Companies Act 2013. iv. In our opinion and according to the information andexplanations given to us the Company has complied with the provisions of Section 186 ofthe Companies Act 2013 in respect of investment made. The Company has not granted anyloans or provided any guarantees and security to which the provisions of Section 185 ofthe Companies Act 2013 . v. The Company has not accepted any deposits in accordance withthe provisions of Section 73 to 76 of the Act and the rules framed thereunder. vi. We havebroadly reviewed the records maintained by the Company pursuant to the rules prescribed byCentral Government for maintenance of cost records under Section 148 (1) of the Act andare of the opinion that prima facie the prescribed accounts and records have been madeand maintained. However we have not made a detailed examination of the records. vii. (a)According to the information and explanations given to us and the records of the Companyexamined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund professional Tax income tax salestax service tax duty of customs duty of excise value added tax cess goods andservice tax [(GST) with effect from 1st July 2017] and other materialstatutory dues as applicable with the appropriate authorities. According to theinformation and explanations given to us undisputed dues in respect of provident fundProfessional tax and other statutory dues which were outstanding at the yearend for aperiod of more than six months from the date they became payable and pertaining toprevious years are as follows

Name of the statute Nature of the dues Amount (Rs In Millions) Period to which the amount relates Due Date Date of Payment
Professional Tax & MLWF Professional Tax 0.75 FY 2006-2008 & 2010-2011 Various dates Payable as per Sanctioned Scheme by Hon'ble High Court of Delhi
Employees Provident Fund Act Provident Fund 1.44 FY 2009-2011

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of income tax sales tax as at 31stMarch 2018 which have not been deposited on account of a dispute are as follows

Name of the statute Nature of dues Amount (in Millions) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Interest u/s 234A/B/C & 220(2) of the Act. 28.21 AY 1999-2000 & AY 2000-01 Company has approached Income tax for waiver of total interest payable u/s 234A/B/C and 220(2) of the Act. As per the recommendations in Sanctioned Scheme by Hon'ble High Court of Delhi
Sales tax and MVAT Sales Tax Dues 50.00 FY 2001-2010 Jt. Commissioner of sales tax (Appeal)

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government. Further the Company has not issuedany debentures as at the balance sheet date. ix. In our opinion and according to theinformation and explanations given to us term loans have been applied for the purposesfor which they were obtained. The Company has not raised any moneys by way of initialpublic o_er further public o_er (including debt instruments). x. During the course of ourexamination of the books and records of the Company carried out in accordance with thegenerally accepted auditing practices in India and according to the information andexplanations given to us we have neither come across any instance of material fraud bythe Company or on the Company by its Officers or employees noticed or reported during theyear nor have we been informed of any such case by the Management. xi. According to theinformation and explanations given to us and based on our examination of the records ofthe Company the Company has paid/ provided for managerial remuneration in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V tothe Companies Act 2013. xii. In our opinion and according to the information andexplanations given to us the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of Companies (Auditor's Report) Order 2016 are not applicable to theCompany. xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties as perSection 177 and Section 188 of the Act where applicable and details of such transactionshave been disclosed in the Ind AS financial statements as required by the applicableIndian Accounting Standards. xiv. According to the information and explanations given tous and based on our examination of the records of the Company the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year. Therefore the provisions of clause 3(xiv) of Companies(Auditor's Report) Order 2016 are not applicable to the Company. xv. According to theinformation and explanations given to us and based on our examination of the records ofthe Company the Company has not entered into non-cash transactions with directors orpersons connected with him. Therefore the provisions of clause 3(xv) of Companies(Auditor's Report) Order 2016 are not applicable to the Company. xvi. According to theinformation and explanations given to us the Company is not required to be registeredunder Section 45-IA of the Reserve Bank of India Act 1934.

For Samria & Co.
Chartered Accountants
Firm Registration No. : 109043W
S. R. Rathi
Partner
Mumbai 30th May 2018 Membership No. : 112376

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 10 (f) of the Independent Auditors' Report of even date to themembers of Ganesh Benzoplast Limited on the Ind AS financial statements for the year ended31st March 2018.

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

1. We have audited the internal financial controls with reference to financialstatements of Ganesh Benzoplast Limited ("the Company") as of 31stMarch 2018 in conjunction with our audit of the Ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls with reference to financial statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance note") issued by the Institute of CharteredAccountants of India ("ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and e_cient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility

3. 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 deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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 with Reference to Financial Statements

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reffect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to FinancialStatements

7. 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

8. 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 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Samria & Co.
Chartered Accountants
Firm Registration No. : 109043W
S. R. Rathi
Partner
Mumbai 30th May 2018 Membership No. : 112376