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Premier Polyfilm Ltd.

BSE: 514354 Sector: Industrials
NSE: PREMIERPOL ISIN Code: INE309M01012
BSE 00:00 | 16 Jun 49.80 -0.10
(-0.20%)
OPEN

49.90

HIGH

50.00

LOW

49.05

NSE 00:00 | 16 Jun 49.60 -0.30
(-0.60%)
OPEN

49.60

HIGH

50.15

LOW

49.20

OPEN 49.90
PREVIOUS CLOSE 49.90
VOLUME 884
52-Week high 57.40
52-Week low 19.05
P/E 18.24
Mkt Cap.(Rs cr) 104
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 49.90
CLOSE 49.90
VOLUME 884
52-Week high 57.40
52-Week low 19.05
P/E 18.24
Mkt Cap.(Rs cr) 104
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Premier Polyfilm Ltd. (PREMIERPOL) - Auditors Report

Company auditors report

TO THE MEMBERS OF PREMIER POLYFILM LTD. Report on the Standalone Ind AS FinancialStatements

Opinion

We have audited the accompanying standalone Ind AS financial statements of PREMIERPOLYFILM LTD. ("the Company") which comprises the Balance Sheet as atMarch 31 2019 the Statement of Profit and Loss (including Other Comprehensive Income)Statement of Changes in Equity and Statement of cash flows for the year then endedfinancialstatements and notes to the including a summary of significant accountingpolicies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Ind AS and accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2019 and profit/loss total comprehensive incomethe changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards specifiedunder section Auditing(SAs)143(10) of the Companies Act

2013. Our responsibilities under those Standards are further described in theAuditor’s Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the standalone Ind AS financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that in our professional judgement were of mostsignificance in our audit of the standalone Ind AS financial statements of the currentperiod. These matters were addressed in the context of our audit of the Standalone Ind ASfinancial statements as a whole and informing our opinion thereon and we do not providea separate opinion on these matters.

Responsibilities of Management and those charged with governance for the standalone IndAS financial statements

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 preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income changesin equity and cash flows of the Company in accordance with accounting principles generallyaccepted in India including Indian Accounting Standards (Ind AS) prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended. 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 implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone Ind AS financial statement that give a trueand fair view and are free from material misstatement whether due to fraud or error. Inpreparing the Ind AS financial statements management is responsible for assessing theCompany’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.

Those Board of Directors are also responsible for overseeing the company’sfinancial reporting process.

Auditor’s Responsibilities for the Audit of standalone Ind AS financial statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASfinancial 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 standalone Ind AS financial statements.

A further description of the auditor’s responsibilities for the audit of thestandalone Ind AS financialstatements is included in

Annexure A. This description forms part of our auditor’s report.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure B 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 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the Internal Financial Control over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in "Annexure C"

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) The Company has disclosed theimpactofpendinglitigations financialposition inits standalone Ind its 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 required to be transferred tothe Investor Education and Protection Fund by the Company

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
CA Vipul Kumar Gupta
Place : New Delhi Partner
Date : 28-05-2019 M.No : 522310

"ANNEXURE A" TO THE INDEPENDENT AUDITOR’S REPORT Responsibilities forAudit of Standalone Ind AS Financial Statement

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

• Identify and assess the risks of material misstatement of the Standalone Ind ASfinancial 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significantCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone Ind AS financial are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However future events or conditions may cause the Company to ceaseto continue as a going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

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 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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor’s report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
CA Vipul Kumar Gupta
Place : New Delhi Partner
Date : 28-05-2019 M.No : 522310

"ANNEXURE B" TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of

Premier Polyfilm Ltd. of even date) i. In respect of the Company’s fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a program of verification to cover all the items of fixed assets ina phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification

(c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds / registered sale deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate. In respect of immovable properties of land and building that have been taken onlease and disclosed as fixed assets in the standalone financial statements the leaseagreements are in the name of the

Company.

ii. As explained to us the inventories of the company have been physically verified bythe management at regular intervals during the year. There were no material discrepanciesnoticed on physical verification of inventory as compared to the book records. iii. TheCompany has not granted any loans secured or unsecured to any company firm limitedliability partnership or other parties covered in the register maintained under section189 of the Act. Accordingly paragraph 3(iii) (a) to (c) of the order is not applicable ofthe company. iv. According to the information and explanations given to us since thecompany has not given any loan or guarantee or provided any security in connection withloan or aquired securities during the year paragraph 3(iv) of the order is not applicableto the company. v. The Company has not accepted deposits during the year and does not haveany unclaimed deposits as at March 31 2019 and therefore the provisions of the clause 3(v) of the Order are not applicable to the Company vi. We have broadly reviewed the booksof account maintained by the company pursuant to the Companies (Cost records and

Audit) Rules 2014 made by the Central Government for maintenance of cost records underSection 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. vii. According to theinformation and explanations given to us in respect of statutory dues: (a) The Companyhas generally been regular in depositing undisputed statutory dues including ProvidentFund Employees’ State Insurance Income Tax Goods and Service Tax Customs DutyCess and other material statutory dues applicable to it with the appropriate authorities(b) There were no undisputed amounts payable in respect of Provident Fund Employees’State Insurance Income Tax Goods and Service Tax Customs Duty Cess and other materialstatutory dues in arrears as at March 31 2019 for a period of more than six months fromthe date they became payable.

(c) Details of dues of Income Tax Sales Tax Service Tax Excise Duty and Value AddedTax which have not been deposited as at March 31 2019 on account of dispute are givenbelow:

Nature of the statute Nature of the dues Forum where dispute is pending Amount (Rs.)
UP Trade Tax Act Sales Tax Allahabad High Court

13866816

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 dues to bank. TheCompany has not obtained any borrowings from any financial institution government ordebenture holders during the year. ix. The Company has not raised moneys by way of initialpublic offer or further public offer (including debt instruments) or term loans and hencereporting under clause 3 (ix) of the Order is not applicable to the Company. x. To thebest of our knowledge and according to the information and explanations given to us nofraud by the Company or no material fraud on the Company by its officers or employees hasbeen noticed or reported during the year. xi. In our opinion and according to theinformation and explanations given to us the Company has paid/provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act. xii. The Company is not a Nidhi Company andhence reporting under clause 3 (xii) of the Order is not applicable to the Company xiii.In our opinion and according to the information and explanations given to us the Companyis in compliance with Section 177 and 188 of the Companies Act 2013 where applicable forall transactions with the related parties and the details of related party transactionshave been disclosed in the standalone financial statements as required by the applicableaccounting standards. xiv. During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly paid convertible debenturesand hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.xv. In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its Directors orpersons connected to its directors and hence provisions of section 192 of the CompaniesAct 2013 are not applicable to the Company. xvi. The Company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
CA Vipul Kumar Gupta
Place : New Delhi Partner
Date : 28-05-2019 M.No : 522310

"ANNEXURE-C" TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in Paragraph-2(g) under "Report on Other Legal & RegulatoryRequirements" section of our report to the members of

Premier Polyfilm Ltd. of even date.

Report on the Internal Financial Controls under Clause(i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

WehaveauditedtheInternalFinancialControls overfinancial of Premier Polyfilm Ltd.("the Company") as at March 31

2019 in conjunction with our audit of the Ind AS financial statements of the Companyfor the year ended on that date

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the

Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of

India. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the CompaniesAct 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act2013 to the extent applicable to an audit of internalfinancialcontrols both applicable to an audit of Internal

Financial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was 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 obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat 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 of the Ind AS 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reliability of financial reporting and the preparation offinancialstatements for external purposes in accordance with generally accepted accountingprinciples. A company’s internal financial control over financial reporting includesthose policies and procedures that of the assets of the company;

2. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting effectively as at 31st March 2019based on the internal overfinancial andsuch internalfinancial control over financialreporting criteria established by the Company considering the essential components ofstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
CA Vipul Kumar Gupta
Place : New Delhi Partner
Date : 28-05-2019 M.No : 522310