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Premier Polyfilm Ltd.

BSE: 514354 Sector: Industrials
NSE: PREMIERPOL ISIN Code: INE309M01012
BSE 00:00 | 23 Sep 22.40 0.90
(4.19%)
OPEN

21.50

HIGH

23.95

LOW

21.40

NSE 00:00 | 23 Sep 22.30 1.10
(5.19%)
OPEN

24.20

HIGH

24.20

LOW

21.40

OPEN 21.50
PREVIOUS CLOSE 21.50
VOLUME 1959
52-Week high 38.65
52-Week low 19.40
P/E 9.66
Mkt Cap.(Rs cr) 47
Buy Price 21.40
Buy Qty 190.00
Sell Price 22.40
Sell Qty 500.00
OPEN 21.50
CLOSE 21.50
VOLUME 1959
52-Week high 38.65
52-Week low 19.40
P/E 9.66
Mkt Cap.(Rs cr) 47
Buy Price 21.40
Buy Qty 190.00
Sell Price 22.40
Sell Qty 500.00

Premier Polyfilm Ltd. (PREMIERPOL) - Auditors Report

Company auditors report

TO THE MEMBERS OF

PREMIER POLYFILM LTD.

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of PREMIER POLYFILMLTD. ("the Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss ( including other comprehensive income ) the Statementof Cash Flow and the Statement of Changes in Equity for the year then ended and a summaryof the significant and other explanatory information (hereinafter referred to as ‘IndAS financial statements) .

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the Ind AS financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards of Auditing specified requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free of materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe Ind AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the Ind AS financial statements fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the financialposition of the Company as at 31st March2018 and its financial performance includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.

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 Section 143(11) of theAct and according to the information and explanations given to us and also on the basisof such checks as we considered appropriate we give in the ‘ Annexure A’ astatement on the matters specified in paragraphs 3 and 4 of the Order.

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

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law relating to thepreparation of the financial statements have been kept by the Company so far as it appearsfrom our examination of those books;

c. The Balance sheet the Statement of Profit and Loss the Statement of Cash Flowsand the Statement of changes in Equity dealt with by this report are in agreement with thebooks of account ;

d. In our opinion the aforesaid Ind AS financialstatements comply with the AccountingStandards specified under Section 133 of the Act read with relevant Rules issuedthereunder;

e. On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect 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 "Annexure B".

g. With respect to the other matters to be included in the Auditors’ 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 the impact of pending litigations on its financialposition in its financial statements refer note 2.31& 2.39 to the Ind AS financialstatements;

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
Vipul Kumar Gupta
Place : New Delhi Partner
Date : 29th May 2018 M.No : 522310

‘Annexure A’ to the Independent Auditors’ Report

Referred to in Paragraph 1 under the heading of ‘Report on Other Legal andRegulatory Requirements’ section of our report of even date.

1.1 a. The Company has maintained proper records showing full particulars includingquantitative details and situations of its fixed assets. b. According to the informationand explanations given to us the fixed management. No material discrepancies were noticedon such physical verification. c. The lease agreements relating to leasehold land are heldin the name of Company and are duly registered with the appropriate authority.

1.2 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.

1.3 The Company has not granted any loans secured or unsecured to any company firmlimited liability partnership or other parties covered in the register maintained underSection 189 of the Act. Accordingly paragraph 3(iii) (a) to (c) of the Order is notapplicable to the Company.

1.4 According to the information and explanations given to us since the Company hasnot given any loan or guarantee or provided any security in connection with loan oracquired securities during the year paragraph 3(iv) of the Order is not applicable to theCompany.

1.5 The Company has not accepted any public deposits and accordingly the provisions ofSection 73 to 76 or any other relevant provisions of the Act and the rules framedthereunder are not applicable to the Company.

1.6 We have broadly reviewed the books of account maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules2014 made by the Central Government formaintenance of cost records under Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained.

1.7 a. According to the information and explanations given to us and the records of theCompany examined by us the Company is generally regular in depositing the undisputedstatutory dues for the year including provident fund employees’ state insuranceincome tax service tax value added tax customs duty excise duty and other materialstatutory dues as applicable with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at March 31 2018 for a period of more than six monthsfrom the date of becoming payable.

b. The disputed statutory dues as at 31st March 2018 aggregating to Rs.15455289 /-that have not been deposited on account of matters pending before appropriate authoritiesare as under :

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/-
Sales Tax Act Entry Tax Allahabad High Court 1588473/-

1.8 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.

1.9 The Company has raised monies only by way of term loans and the loans are appliedfor the purpose for which the loans are raised. 1.10 During the course of our examinationof the books of account carried out in accordance with the generally accepted auditingpractices in India we have neither come across any incidence of fraud by the Company oron the Company by its officers or employees nor have we been informed of any such case bythe management.

1.11 In our opinion and according to the information and explanations given to usmanagerial remuneration including the sitting fees to the directors has been paid orprovided by the Company in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Companies Act2013.

1.12 In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

1.13 According to the information and explanations given to us the transactions withrelated parties are in compliance with Section 177 & 188 of the Companies Act2013where applicable and details of such transactions have been disclosed in the Ind ASfinancial statements as required by the applicable Accounting Standard.

1.14 During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and therefore paragraph3(xiv) of the Order is not applicable to the Company.

1.15 According to the information and explanations given to us during the year theCompany has not entered into any non-cash transactions with directors / persons connectedwith the directors and therefore provisions of section 192 of the Act are not applicableto the Company.

1.16 According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
Vipul Kumar Gupta
Place : New Delhi Partner
Date : 29th May 2018 M.No : 522310

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

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

We have audited the internal financial controls over financial reporting of PremierPolyfilm Ltd. ("the Company") as at March 31 2018 in conjunction with our auditof the Ind AS financial statements 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 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 Reportingissued by 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 internal financialcontrols both

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 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 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 reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that 1. pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions 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. providereasonable assurance regarding prevention or timely detection of unauthorised acquisitionuse or disposition of the company’s assets that could have a material effect on thefinancial 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 financialinternal 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 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 31st March 2018 control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

FOR M A R S & ASSOCIATES
Chartered Accountants
(Firm Registration No. :010484N:)
Vipul Kumar Gupta
Place : New Delhi Partner
Date : 29th May 2018 M.No : 522310