You are here » Home » Companies » Company Overview » Premier Synthetics Ltd

Premier Synthetics Ltd.

BSE: 509835 Sector: Industrials
NSE: N.A. ISIN Code: INE940N01012
BSE 00:00 | 16 Apr 18.50 0
(0.00%)
OPEN

18.50

HIGH

18.85

LOW

18.50

NSE 05:30 | 01 Jan Premier Synthetics Ltd
OPEN 18.50
PREVIOUS CLOSE 18.50
VOLUME 447
52-Week high 19.25
52-Week low 1.56
P/E 41.11
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.50
CLOSE 18.50
VOLUME 447
52-Week high 19.25
52-Week low 1.56
P/E 41.11
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Premier Synthetics Ltd. (PREMSYNTHETIC) - Auditors Report

Company auditors report

To

The Members of

PREMIER SYNTHETICS LIMITED Report on the Financial Statements

We have audited the accompanying Ind As Financial Statements of PREMIERSYNTHETICS LIMITED ("the Company") which comprise the Balance Sheet as at March31 2020 the Statement of Profit and Loss (including Other Comprehensive Income) and theStatement of Changes in Equity and statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 ("the act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards ("Ind AS")prescribed under Section 133 of the act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia of the state of affairs of the Company as at 31st March 2020 and its profit andtotal comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit of the financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India (ICAI) together with the ethical requirements that arerelevant to our audit of the financial statements under the provisions of the Act and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the ICAI's Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined that there are no key audit mattersto be communicated in our report.

Information Other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Report Board's Report includingAnnexures to Board's Report and Shareholder's Information but does not includethe financial statements and our auditor's report thereon. The above mentionedreports are expected to be made available to us after the date of this auditor'sreport.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information identified above when it becomes availableand in doing so consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the auditor otherwise appears to be materially misstated. If based on work we have performed weconclude that there is a material misstatement of this other information; we are requiredto report that fact. We have nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance including other Comprehensive Income cash flowsand Changes in Equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with Companies (Indian Accounting Standards) Rules2015 as amended.

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; 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 financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial 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 financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

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 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we further report that:

(i) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit.

(ii) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(iii) The Balance Sheet Statement of Profit and Loss including othercomprehensive income the statements of Cash Flows and statement of changes in equitydealt with by this Report are in agreement with the books of account.

(iv) In our opinion the aforesaid financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended.

(v) On the basis of written representations received from the directorsas on March 31 2020 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2020 from being appointed as a director in terms ofSection 164(2) of the Act.

(vi) With respect to adequacy of the internal financial controls overfinancial reporting of the Company

and the operating effectiveness of such controls refer to our separatereport in "Annexure B"

(vii) With respect to other matters to be included in theAuditor'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 does not have any pending litigations which would impactits financial position.

ii) The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise.

iii) There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

3. With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the company did not pay any remuneration to its directors during the year interms of section 197 of the Act.

For Loonia & Associates
Chartered Accountants
(Registration No. 130883W)
Hitesh Loonia
Place: Ahmedabad Proprietor
Date: 29th June 2020 Membership No. 135424
UDIN: 20135424AAAABS5989

Annexure ‘A' to the Independent Auditor's Report

Referred to in paragraph 1 under the heading "Report on OtherLegal And Regulatory Requirements" of Our Independent Audit Report of even date onthe Financial Statements of PREMIER SYNTHETICS LIMITED for the year ended 31st March2020.

On the basis of such checks as we considered appropriate and accordingto the information and explanations given to us during the course of our audit we reportthat:

(i) In respect of its Property plant and equipments:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property plant and equipments.

(b) As explained to us the management during the year has physicallyverified the Property plant and equipments in a phased periodical manner which in ouropinion is reasonable having regard to the size of the Company and nature of its assets.No material discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties included in Property plant and equipments are held in the name of the Company.

(ii) As explained to us in our opinion the management has physicallyverified inventories at reasonable intervals during the year and there was no materialdiscrepancies noticed on such physical verification as compared to the book records.

(iii) The Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the Register maintained under Section 189 ofthe Companies Act 2013 and hence paragraph 3(iii) of the Order is not applicable to theCompany.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has not given any loans investments guarantees and security interms of section 185 and 186 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public coveredunder Section 73 to 76 of the Companies Act 2013.

(vi) According to the information and explanations given to us theCentral Government has not prescribed the maintenance of cost records under sub-section(1) of section 148 of the Companies Act 2013 in respect of products of the Company.Accordingly paragraph 3(vi) of the Order is not applicable

(vii) In respect of statutory dues:

(a) According to the information and explanation given to us and on thebasis of our examination of the records of the Company undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Goodsand Services Tax Service Tax Customs Duty Excise Duty Value Added

Tax Cess and other material statutory dues have been generallydeposited regularly with the appropriate authorities in India.

According to the information and explanation given to us no undisputedamounts payable in respect of Provident Fund Employees' State Insurance Income TaxSales Tax Service Tax Goods and Services Tax Customs Duty Excise Duty Value AddedTax Cess and other material statutory dues were in arrears as at 31 March 2020 for aperiod of more than six months from the date they become payable.

(b) According to the information and explanations given to us thereare no dues of Income-tax or Sales tax or Service tax or Goods and Services tax or duty ofCustoms or duty of Excise or Value added tax which have not been deposited by the Companyon account of disputes.

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of dues to banks. The Companyhas not taken any loan either from financial institutions or from the government and hasnot issued any debentures.

(ix) According to information and the explanations given by themanagement the Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

(x) During the course of our examination of the books and records ofthe Company carried out in accordance with the auditing standards generally accepted inIndia we have neither come across any instance of fraud by the Company or by its officersor employees on it has been noticed or reported during the course of our audit nor havewe been informed of any such instance by the Management.

(xi) According to the information and explanation given to us and basedon our examination of the records of the Company the Company did not pay any managerialremuneration in terms of Section 197 of the Act read with Schedule V to the Act.Accordingly paragraph 3(xi) of the Order is not applicable.

(xii) In our opinion and according to information and explanationsgiven to us the Company is not a Nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable.

(xiii) According to information and explanations given to us and basedon our examination of the records of the Company in our opinion all the transactionsentered with the related parties are in compliance with sections 177 and 188 of the Actand the details of such transactions have been disclosed in the Financial Statements asrequired by the applicable Indian Accounting Standards.

(xiv) According to the information and explanations given to us andbased on our examination of the records of the company the company has not made anypreferential allotment or private placement of shares or fully or partly paid convertibledebentures during the year and hence reporting under paragraph 3(xiv) of the order is notapplicable.

(xv) According to information and explanations given to us and based onour examination of the records of the Company the company has not entered into anynon-cash transactions with directors or persons connected with directors. Accordinglyparagraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us and therecords of the Company examined by us the company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Accordingly the reportingrequirement under clause 3(xvi) of the Order is not applicable

For Loonia & Associates
Chartered Accountants
(Registration No. 130883W)
Hitesh Loonia
Place: Ahmedabad Proprietor
Date: 29th June 2020 Membership No. 135424
UDIN: 20135424AAAABS5989

Annexure - B to the Independent Auditors' Report

Referred to in paragraph 2(F) under the heading "Report on OtherLegal And Regulatory Requirements" of Our Independent Audit Report of even date onthe Financial Statements of PREMIER SYNTHETICS LIMITED for the year ended 31st March2020.

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Premier Synthetics Limited ("the Company") as of 31 March 2020 inconjunction with our audit of the Ind As financial statements of the Company for the yearended on that date.

In our opinion to the best of our information and according to theexplanations given to us 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 31 March 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over 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(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing as specifiedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls and both issued by the Institute of Chartered Accountants ofIndia. 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 reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's

judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper management overrideof controls 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.

For Loonia & Associates
Chartered Accountants
(Registration No. 130883W)
Hitesh Loonia
Place: Ahmedabad Proprietor
Date: 29th June 2020 Membership No. 135424
UDIN: 20135424AAAABS5989

.