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Perfectpac Ltd.

BSE: 526435 Sector: Industrials
NSE: N.A. ISIN Code: INE759I01016
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NSE 05:30 | 01 Jan Perfectpac Ltd
OPEN 155.00
PREVIOUS CLOSE 155.00
VOLUME 1392
52-Week high 223.50
52-Week low 121.20
P/E 20.00
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 155.00
CLOSE 155.00
VOLUME 1392
52-Week high 223.50
52-Week low 121.20
P/E 20.00
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Perfectpac Ltd. (PERFECTPAC) - Auditors Report

Company auditors report

To the Members of

PERFECTPAC LIMITED

Report on the audit of the Ind AS Financial Statements Opinion

We have audited the Ind AS financial statements of Perfectpac Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss Statement of Changes in Equity and Statement of Cash Flowsfor the year then ended and notes to the Financial Statements including a summary ofsignificant accounting policies and other explanatory information.

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2021its profit includingother comprehensive income changes in equity and its flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section

Our responsibilities under those SAs are further described in the Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by TheInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the Ind AS financial statements under the provisions of theCompanies Act 2013 and the Rules there-under 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 opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Ind AS financial statements of the current period. Thesematters were addressed in the context of our audit of the AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

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

Information other than the Ind AS Financial Statements and Auditor's Report thereon

The Company's Board of Directors are responsible for the other information. The otherinformation comprises the information included in the annual report but does not includethe Ind AS Financial Statements and our auditors' report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management's Responsibility 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 of these Ind AS financialstatements that give a true and fair view of the Comprehensive Income changes in equityand cash flows of financial positionfinancial the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act.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 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company'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.

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

Auditor's Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialfrom material misstatement whether due to fraud or error and to issue an auditor'sreport that includes our opinion. Reasonable assurance is a high level of assurance butis not a guarantee that an audit conducted in accordance with SAs will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of these Ind ASfinancial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Ind AS financialstatements whether due to fraud or design and perform audit procedures responsive tothose risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 relateddisclosures financialstatementsor if theIndAS such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained upto 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 Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships 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 Ind AS financial statements ofthe current period and are the refore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror 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 outway the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on the mattersspecified in paragraphs 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 andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Lossincluding Other Comprehensive Income and the Cash

Flow Statement dealt with by this Report are in agreement with the books of account. d)In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of the written representations receivedfrom the directors as on 31st March 2021 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2021 from being appointed as adirector in terms of Section 164 (2) of the Act. f) With respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B". g)In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us. h) With respect to the other matters to be includedin the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us: i) The Company has disclosed the impact of pending litigationson its financial position in its Ind AS financial statements - refer Note 29 to Ind ASfinancial statements. ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses. iii) There wereno amounts which were required to be transferred to the Investor Education and ProtectionFund by the Company.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
CA Samir Vaid
Partner
Place : New Delhi Membership No. 091309
Dated : June 05 2021 UDIN : 21091309AAAACX2527

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT ON THE IND AS FINANCIAL STATEMENTS OFPERFECTPAC LIMITED

(Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements ofour Report of even date) i. a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. b) The Companyhas a regular program of physical verification of its fixed assets through which all fixedassets are verified in a phased manner over a period of three years. In our opinion theperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. As to us no material discrepancies were noticed onsuch verification during the year. c) According to the information and explanations givento us and on the basis of our examination of the records of the Company the title deedsof immovable properties included in property plant and equipment are held in the name ofthe Company. In respect of immovable properties taken on lease and disclosed asright-of-use-assets in the financial statements the lease agreements are in the name ofthe Company. ii. The inventories except goods in transit have been physically verified bythe management at reasonable intervals during the year and no material discrepancies werenoticed on physical verification. iii. The Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013 as per informationand explanations given to us. Consequently the provisions of clauses 3(iii)(a) (iii)(b)and (iii)(c) of the Order are not applicable. iv. In our opinion and according to theinformation and explanations given to us in respect of investmentsguarantees andsecurity provisions of Section 185 and 186 of the Companies Act 2013 have been compliedwith. v. As per information and explanations given to us the Company has not accepted anydeposits from the public under Section 73 to 76 of the Companies Act 2013 and hence theprovisions of clause 3 (v) of the Order are not applicable. vi. We have broadly reviewedthe records maintained by the Company pursuant to the Rules prescribed by the CentralGovernment for maintenance of cost records under Sub Section (1) of Section 148 of the Actand are of the opinion that prima facie the prescribed accounts and records have been madeand maintained. However we are not required to and have not carried out any detailedexamination of such accounts and records. vii. a) According to the information andexplanations given to us and the records of the Company examined by us the Company hasbeen generally regular in depositing undisputed statutory dues including Provident FundEmployees' State Insurance Income Tax duty of Customs Goods and Services Tax Cess andother statutory dues with the appropriate authorities during the year. We are informedthat there are no undisputed statutory dues as at the year end outstanding for a periodof more than six months from the date they become payable. b) According to the informationand explanations given to there are no dues of Income Tax Goods and Services TaxSalesTax Service Tax Duty of Customs Duty of Excise Value Added Tax as on 31st March 2021which have not been deposited with the appropriate authorities on account of any disputeother than those mentioned below:-

Nature of dues Amount (Rs Lakhs) Period to which amount relates Forum where the dispute is pending
Income tax 0.21 2009-10 Deputy commissioner of income tax

viii. According to the records of the Company examined by us and on the basis ofinformation and explanations given to us the Company has not defaulted in repayment ofdues to banks financial institutions and Government. The

Company has not obtained any borrowings by way of debentures. ix. In our opinion andaccording to the information and explanations given to us term loans have been appliedfor the purpose for which they were raised. The Company has not raised any monies by wayof initial public offer or further public offer (including debt instruments). x. To thebest of our knowledge and according to the information and explanations given to us nofraud by the

Company and material fraud on the Company by its officers or employees has been noticedor reported during the year. xi. In our opinion and according to the information andexplanations given to us managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the 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 (xii) of the Order are not applicable to the Company. xiii. In our opinion andaccording to the information and explanations given to us all transactions with therelated parties are in compliance with Sections 177 and 188 of the Companies Act 2013where applicable.The details of such related party transactions have been disclosed in theInd AS Financial Statements as required by the applicable accounting standards. xiv.According to the information and explanations given to us and based on our examination ofthe records of the Company the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly provisions of clause 3(xiv) of the Order are not applicable to theCompany. xv. According to the information and explanations given to us the Company hasnot entered into any non-cash transactions with directors or persons connected with themand hence provisions of clause 3(xv) of the Order are not applicable to the Company. xvi.In our opinion and according to the information and explanations given to us the Companyis not required to be registered under Section 45-IA of the Reserve Bank of India Act1934.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
CA Samir Vaid
Partner
Place : New Delhi Membership No. 091309
Dated : June 05 2021 UDIN : 21091309AAAACX2527

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND AS FINANCIALSTATEMENTS OF PERFECTPAC LIMITED

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 PerfectpacLimited ("the Company") as of 31st March 2021 in conjunction with our audit ofthe Ind AS financialstatements 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 internalfinancialcontrols based on the internal control over financialreporting 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 ("the 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.

Auditor's 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 asspecified under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both issued by the Institute of Chartered

India. 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 established and maintained and if suchcontrols 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 judgement 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 with reference to theseInd AS Financial Statements with ACompany'sinternalfinancialcontroloverfinancialreference to these Ind AS financial statementsis a process designed to provide reasonableassurance regarding the reliability of financial reporting and the

Financial Statements for external purposes in accordance with Generally AcceptedAccounting Principles. A Company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance thetransactions and dispositions of the assets of the ofrecordsthatinreasonabledetailaccuratelyand fairly reflect

Company; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the Company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting withreference to these Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to AS financialstatements including the possibility of collusionor improper management override of controls material misstatements due to error or fraudmay occur and not be detected. Also projections of any evaluation of the internalfinancial controls over financial reporting to future periods are subject to the risk thatthe internal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal controls over financial reporting wereoperating effectively as at 31st March 2021 based on the internal control financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India.

For V S S A & Associates
Chartered Accountants
{Firm Registration No 012421N}
CA Samir Vaid
Partner
Place : New Delhi Membership No. 091309
Dated : June 05 2021 UDIN : 21091309AAAACX2527

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