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MPL Plastics Ltd.

BSE: 526143 Sector: Industrials
NSE: MILTONPLAS ISIN Code: INE343A01016
BSE 00:00 | 19 Feb 5.88 -0.20
(-3.29%)
OPEN

5.79

HIGH

6.18

LOW

5.79

NSE 05:30 | 01 Jan MPL Plastics Ltd
OPEN 5.79
PREVIOUS CLOSE 6.08
VOLUME 1102
52-Week high 18.85
52-Week low 5.58
P/E
Mkt Cap.(Rs cr) 7
Buy Price 5.88
Buy Qty 50.00
Sell Price 6.10
Sell Qty 974.00
OPEN 5.79
CLOSE 6.08
VOLUME 1102
52-Week high 18.85
52-Week low 5.58
P/E
Mkt Cap.(Rs cr) 7
Buy Price 5.88
Buy Qty 50.00
Sell Price 6.10
Sell Qty 974.00

MPL Plastics Ltd. (MILTONPLAS) - Auditors Report

Company auditors report

To the Members of

MPL PLASTICS LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS Financial Statements of MPL PLASTICS LIMITED("the Company”) which comprise the Balance Sheet as at 31st March 2018the Statement of Profit and Loss (including other comprehensive income) the Statement ofChanges in Equity the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information. Management'sResponsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese Ind AS Financial Statements that give a true and fair view of the financialposition financial performance including other comprehensive income changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 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 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

Our responsibility is to express an opinion on these Ind AS Financial Statements basedon our audit. In conducting our audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financials in accordance with the Standards onAuditing specified under Section 143 (10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Ind AS Financial Statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS Financial Statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control 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.

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

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 including Ind AS specified under section133 of the Act of the state of affairs of the Company as at 31st March 2018 its profittotal comprehensive income the changes in equity and its cash flows for the year ended onthat date.

Other Matters

The audited Ind AS Financial Statements for the year ended 31st March 2017 wascarried out and reported by predecessor auditor vide their unmodified audit report dated29th May 2017 whose report has been furnished to us by the management andwhich has been relied upon by us for the purpose of our audit of the Ind AS FinancialStatements. Our audit report is not qualified in respect of this matter.

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 subsection (11) of section 143 ofthe Act we give in the ‘Annexure A' a statement on the matters specified inthe paragraph 3 and 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 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 Cash Flow Statement dealt with by thisReport are in agreement with the books of account.;

d) In our opinion the aforesaid Ind AS Financial Statements comply with the AccountingStandards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31stMarch 2018 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 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 operative effectiveness of such controls refer to ourseparate report in “Annexure B”. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting;

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements - Refer Note No 24;

ii. In our opinion and as per the information and explanations provided to us theCompany has not entered into any long term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses;

iii. In our opinion and as per the information and explanation provided to us there isno amount required to be transferred to the Investor Education and Protection Fund by theCompany; and

iv. The disclosures regarding details of specified bank notes held and transactedduring 8th November 2016 to 30th December 2016 has not been madesince the requirement does not pertain to financial year ended 31st March2018.

For BASTAWALA AND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No: 121789W
PRANAV BASTAWALA
PARTNER
MEMBERSHIP NO. 100468
Place: Thane
Date: 29th May 2018