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Poddar Pigments Ltd.

BSE: 524570 Sector: Industrials
BSE 00:00 | 27 Jan 269.00 1.40






NSE 00:00 | 27 Jan 267.75 0.70






OPEN 266.25
52-Week high 343.00
52-Week low 231.00
P/E 11.29
Mkt Cap.(Rs cr) 285
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 266.25
CLOSE 267.60
52-Week high 343.00
52-Week low 231.00
P/E 11.29
Mkt Cap.(Rs cr) 285
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Poddar Pigments Ltd. (PODDARMENT) - Auditors Report

Company auditors report


I. Report on tfi*Audtofth* Rnanolal Stotomttit* FOR THE YEAR ENDED 31 "MARCH2021

1. Opinion

A. We have audited ttie accompanying Rnancial Statements of Poddnr Pigment* Limited("the Company") which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss {Including Other Comprehensive Income) the Statement ofChanges In Equity and the Statement of Cash Flows for the year ended on that data and asianmary of the significant accointing policies and other explanatory Information{hereinafter referred to as The Rnancial Statements").

B. In our opinion and to the best of our Information and according to the explanationsgiven to us the aforesaid Rnancial Statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view In conformity wtth the Indian Accounting Standards prescribed under section 133of the Act read with the Companies {Indian Accounting Standards) Rules 2015 as amendedfind AST) and other accountkig principles generally accepted in India of the state ofaffairs of the Company as at March 312021 its profit and total comprehensive incomechanges in equity and its cash flows forthe year ended on that date.

2. Baals for Opinion

We conducted our audit of the Rnancial Statements in accordance with the Standard eonAuditing specified undereection 143(10) of the Act (SAs). Oir responsibilities under thoseStandards are farther described in the Auditor's Responsibilities forthe Audit of theRnandal Statements section of on report We are Independent of the Company In accordancewtth the Code of Ethics Issued by the Insfltuteof Chartered Accountants of lndla(ICAI)together with the Independent requirements that are relevant to our audit of the financialstatements under the provisions of the Act and the Rules made thereimder and we havefiied our other ethical responsibiSties in accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence we have otataiied is sufficientand appropriate to provide a baste for o\m audit opinion on the Financial Statements.

3. Key Aucft Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit orf the Rnancial Statements of the current period. These matterswere addressed In the context of o\w audt of the Rnancial Statements as a whole and Informkig our opinion thereon and we do not provide a separate opinion on these matters. Wehave determtoed that there are no matter which is required to be described as key auditmatter to be commuiicated in our report.

4. Information Other than tfi* Rnancial Statement* and Auditor'* Report Th#r*on

A The Company's Board of Directors Is responsible for the preparation of the otherInformation. The other ^formation comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notfodudethe RnancW Statements and our audtor's report thereon. Our opinion on the standaloneInd AS Ffoandal Statements does not cover the otherinformation and we do not express anyform of assii'ance conclusion thereon.

B. In connection wtth our audit of the financial statements our responsibility Is toread the other Information and In doing so consider whether the other erformation ismaterially inconsistent with the Rnancial Statements or our knowledge obtained during thecoiFse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there Is no material misstatement of this otherInformation wears reqiired to report that fact. We have noth frig to report in thisregard.

6. Menegement'e Reeponebll tty tor the Fhanclal Statements

A. The Company's Board of Directors Is responsible for the matters staled fa section134(5) of the Act wtth respect to the preparation of these Rnancial Statements that give atrue and feir view of the financial position financial performance total comprehensiveIncome changes In equity and cash Hows of the Company In accordance wtth the Ind AS andother accounting prlndples generally accepted fa India. This responsibility also Indudesmaintenance of adequate accounting records In accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother Irregularities; selection and application of appropriate accounting policies; makingJudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate irtemal financial controls that were operating effectively forensuring the accuracy and completeness erf the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

B. In preparing the Financial Statements management Is responsWe tor assessing theCompany's abllty to continue as a going concern dlsdosbig as applicable matters relatedto going concern and using the going concern basis of accounting lmiIbss management eitherIntends to llquldatethe Company or to cease operations or has no realistic alternativebut to do so.

The Board of Directors are rosporeside for overseeing the Company'sfinancial reportingprocess.

6. Auditor's Rea pons! bllltles for the Audi of the Financial Statements

A. 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 audt conducted In accordance with SAswill always detect a material misstatement when It exists. Misstatements can arise fromfraud or error and are considered material If bidh/tdually or ki the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Financial Statements.

B. As part of an audt In accordance with SAs we exercise professional Judgement andmaintain professional skepticism throughoutthe audit. We also;

I) Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedires responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a baslsforour opinion. The risk of not detecting a material misstatement resulting from fraud Ishigher than for one resulting from error as fraud may Involve cduslon forgeryIntentional omissions misrepresentations or the override of kitemal control.

I) Obtain an understanding of Internal financial controls relevant to the audit kiorder to design audit procedures that are appropriate In the ckctanstances. Under section143(3) (1) of the Act we are also responsive for expressfcig our opkilon on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

IV) 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 conttiueasa going concern. If we conclude that a material uncertairty 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 friture events or conditions may cause the Company to cease to contkiueas a going concern.

v) Evaluate the overall presentation structure and content of the FinancialStatements Including the tisdosures and whether the Standalone Ind AS FinancialStatements represent the underlying transactions and events In a manner that achieves fakpresentation.

C. Materiality is the magnitude of misstatements ki the Financial Statements thatindividually 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 qualtative factors In (I) planning the scope of our audt workand In evaluating the results of our work; and (ii) to evaluatethe effect of anyidentified misstatements in the Financial Statements.

D. We communicate wtth those charged with governance regarding among other mattersthe planned scope and tknlng of the audit and significant audit findings Including anysignificant defldendes In Internal controlthatwe Identify during our audt.

E. 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.

F. From the mattere communicated wtth those charged wtth governance we determine thosematters that were of most significance In the audit of the Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse coresequences of dokig so would reasonablybe expected to outweigh the public Interest benefits of such communication.

II. Report on Other Legal and Regdirtory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that

A Wo have sought and obtained all the information and explanations which to the bestof our knowledge and befiof 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.

0. The Balance Sheet the Statement of Profit and Lose Including Other ComprehensiveIncome Statement of Changes In Equity and the Statement of Cash Row dealt with by thisReport are in agreement with the relevant books of account

D. In our opinion the aforesaid financial statements comply wtth the Ind AS specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accoarts) Rules2Q15 asamended.

E. On the basis of the written representations received from the directors as on March312021 taken on record by the Board erf Directors none of the directors te disqualifiedas on March 312021 from being appointed as a director In terms of Section 164 (2) of theAcL

F. Withreepect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report In "Annexire A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's Internal financial controls overfinancial reporting.

G. With respect to the other matters to bo Included In the Auditor's Report Inaccordance wtth the requfrements of section 197(16) of the Act as amended:

In on- opeiion and to the best of on information and according to the explanationsgiven to us the remuneration paid by the Company to Its directors during the year Is Inaccordancewtththeprovlslonsof section 197 of the Act.

H. With respect to the other matters to be Included hi the Auditor's Report Inaccordance wtth 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 dbdosed the Impact of pending litigations on Its financial positionIn Its Financial Statements.

1} The Company has made provision as required under the applicable law or accountingstandards tor material foreseeable losses H any on long-term contracts Includingderivative contracts.

iv) There has been no delay intransfonwig amoiMrts required to be transferred to theInvestor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 flhe Order'') Issued bythe Central Government In terms of Section 143 (11) of the Act we give in "AnnMOireS" a statement on the matters specified in paragraphs 3 and 4 of the Order.

M. NO. 008650
UDIN : 21006860AAAABQ6797


(Referred to In paragraph (I11F) under Report on other Legal and RegulatoryReqilremerte1 of our report of even date)


We have audted the Internal financial controls over fkiandal reporting of PoddarPigments Limited ("the Company") as of March 31 2021 in conjunctionwithourauditofthe financial statements of the Company for the year ended on that date.


The Company's management is responsible for establishmg and maintaining kitemalfinancial controls based on "the internal control over-financial reporting criteriaestablished by the Company considering the essential components of Internal control statedki the Giidance Note on Audit of Internal Fkiandal Controls over Financial ReportingIssued by the Institute of Chartered Accountants of India". These responsibWesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of Itsbusiness Including adherence to company's policies the safeguarding of Its assets theprevention and detection of frauds and enors the accuracy and completeness of theaccountkig records andthetimety preparation of reliable financial information asrequired under the Companies Act 2013.


On- responsibly Is to express an opinion on the Company's Internal financial controlsover fkiandal reporting based on oi* audit. We conducted our audt ki accordance wtth theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") andthe Standards on AudtJng Issued by ICAI and deemed to beprescribed under section 143 (10) ofthe Companies Act 2013 to the extent applicable toan au<ft of internal financial controls both appficableto an audit of InternalFinancial Controls and both Issued by the Institute of Chartered Accountants of Intfa.Those Standards and the Guidance Note require that we comply wtth ethical requirements andplan and perform the audit to Obtain reasonable assurance about whether adequate kitemalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in al material respects.

Oir audit kivoh/es performing procedures to obtain audit evidence about the adequacy ofthe Internal financial controls system over financial reporting and their operatingeffectiveness.

On- audit of Internal financial controls over fkiandal reporting Included obtalnkig anunderstarxfrig of Internal financial controls over financial reporting assessing the rl6kthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of Internal control based on the assessed risk. The procedures selecteddepend on the auditor's Judgement Including the assessment of the risks of materialmisstatement ofthe fkiandal statements whether due to fraud or error.

We believe that the aiKft evidence we have obtained Is sufficient and appropriate toprovide a basis for our audt opinion on the Company's internal financial controls systemoverfinancial reporting.


A company's kitemal financial control over fkiandal reporting Is a process designed toprovide reasonable assirance reganflng the reSability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's Internal financial control over financialreportkig Indudes those policies and procedures that (1) pertaki to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets ofthe company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation offlnandal statements Inaccordance wtth generaly accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or tknely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.


Because of the Inherent limitations of Internal financial controls over financialreporting Including the posslbilty 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 depee of compliance with the poficies or procedues may deteriorate.


In on* opinion the Company has ki all material respects an adequate Internalfinancial Controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312021 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of Internal control stated ki the Giidance Note onAudit of Internal Fkiandal Controls over Financial Reporting Issued by the Institute offChartered Accountants of India"

FRN 001604N
M. NO. 008650
UDIN : 21006860AAAABQ6797


The Annexure "B* referred to ki paragraph (II) 2 of our report of even date to themembers of Fodder Pigments Limited on the Financial Statements for the year ended 31 stMarch 2021.

I) (a) The Company has makitalned proper records showing TU particulars Includingquantitative details and situation of fixed


(b) As explakied to us physical verification of fixed assets has been carried out bythe Company and no material dscrepandes were noticed on such verification. There isstructued programme for verification to cover the entire assets over a period of 3 years.In our opinion the frequency of verification Is reasonable herring regard to the size ofthe Company and nature of Its business.

(c) Title deeds of Immovable properties of the company are held In th8 name of theCompany.

II) (a) The Inventories have been physlcaly verified during the year by the managementat reasonable Intervals.

(b) In our opinion no material discrepancies were noticed on physical verification ofmventories.

iii) Accorxfcig to the information and explanations given to us the Company hasduring the year not granted any loans secured or unsecured to companies firm Limitedlability partnerships firms or other parties covered In the retfster maintained undersection 189 of the companies Act.2013. Accordingly parayaph 3(111) orfthe Order Is notapplicable to the Company.

Iv) Accor*ig to the biformatlon and explanation given to us the company has no Invsstment Loans and guarantees which required compliance of provisions of section I65and186 of the Companies Act 2013 and hence paragraph of 3 (iv) of the Outer is notapplicable to the Company.

v) The Company has not accepted any deposits during the year and hence paragraph 3(v)of the Order Is not applicable to the Company.

vi) We have broadly reviewed the books of account makrtained by the Company pursuant tothe rules made by the Central Government of Intia for the maintenance of cost records ofthe Company inder clause (d) of Sub Section (1>of Section 148 of the Companies Act2013 and are of the opinion that prima facie the prescrft>ed accounts and records havebeen maintained. We are however not required to and have not earned out any detailedexamination of such accounts and records with a viewto determining whether they areaccurate or complete.

vll) (a) According to the records examined by us the Company Is generally regular Indepositing with appropriate authorities undisputed statutory dues Including providentfind employees state Insurance Income tax Goods & Service tax duty of custom cessand other statutory dues wherever applicable.

According to the Womnatlon and explanations given to us no undisputed arrears ofstatutory dues were outstanding as on Ihe last date of the financial year for a period ofmore than six months from the date they became payable.

(b) According to the records of the Company the details of dues In respect of Incometax and Sendee tax which have not been deposited on account of disputes and the forumwhere the dispute is pending are as under:

8L Name of the No. Statute Native of the Dues Amount (Re. In laldie) Period to which the amount rotates Forum where dispute Is pendng
1. Income Tax Act Disallowance of Expenses 9.24 AY 2007-08 ITAT

vill) Based on our aixft procedures and accorcfcig to the ^formation given by themanagement the company has not defaulted repayment in respect of any loans or borrowingsfrom any financial institution bank government or dues to debentures holders durfcig theyear.

lx) In our opinion and acconjng to the Information and explanations given to us theCompany has not taken any term loan during the fkiandal year and has not done any Initialpublic offer or further public offer (Including debt kistroment) nor term loans and henceparagraph 3(lx) of the Order Is not applicable to the Company.

>0 Based upon the auflt procedures performed and to the best of our knowledge andaccording to the WormaUon and explanations given to us by the management we report that nofraud by the Company or any fraud on the company by Its officer or employees has beennoticed or reported durkig the coisae of our audit.

xl) The managerial remuneration has been paid / provided (by the Company) are InCompiance with Section 197 read with schedule Vto the Companies Act 2013.

xji) In our opinion and according to the information and explanations given to us theCompany is not a Nkdhi Company and hence paragraph 3 Odl) of the Order Is not applicableto the Company.

xlll) As explained to us and as per the records of the company In our opinion thetransactions with the related parties are In Compliance with Section 177 and Section 188of the Companies Act 2013 and the details have been disclosed in theflnandal statementsas required bytheappficable accounting standard.

xiv) According to the records of the company it has not made any preferential aiotmentof shares or private placement of shares or fulty/partiy convertible debentures during theyear under report. Accordingly paragraph 3 (xtv) of the Order Is not appicable to theCompany.

xv) During the year the Company has not entered into any non-cash transaction withDirector or person connected with han. Hence paragraph 3 (xv) of the Order Is notapplicable to the Company.

xvl) The Company Is not required to be registered under section 46-1A of the ReserveBank of I ndla Act 1834 and hence paragraph 3 (xvl) of the Order Is not applicable to theCompany.

FRN 001004N
M. NO. 008850
UDIN: 21008850AAAABQ8797