You are here » Home » Companies » Company Overview » Tinplate Company of India Ltd

Tinplate Company of India Ltd.

BSE: 504966 Sector: Metals & Mining
NSE: TINPLATE ISIN Code: INE422C01014
BSE 14:15 | 19 Mar 151.60 5.35
(3.66%)
OPEN

147.55

HIGH

151.60

LOW

145.10

NSE 14:04 | 19 Mar 147.70 1.30
(0.89%)
OPEN

147.20

HIGH

148.80

LOW

145.10

OPEN 147.55
PREVIOUS CLOSE 146.25
VOLUME 67154
52-Week high 258.75
52-Week low 118.00
P/E 26.98
Mkt Cap.(Rs cr) 1,587
Buy Price 151.35
Buy Qty 74.00
Sell Price 151.70
Sell Qty 255.00
OPEN 147.55
CLOSE 146.25
VOLUME 67154
52-Week high 258.75
52-Week low 118.00
P/E 26.98
Mkt Cap.(Rs cr) 1,587
Buy Price 151.35
Buy Qty 74.00
Sell Price 151.70
Sell Qty 255.00

Tinplate Company of India Ltd. (TINPLATE) - Auditors Report

Company auditors report

TO THE MEMBERS OF THE TINPLATE COMPANY OF INDIA LIMITED

Report on the Indian Accounting Standards (Ind AS) Financial Statements

1. We have audited the accompanying financial statements of The Tinplate Company ofIndia Limited ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Pro3 t and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the signi3 cant accounting policies and other explanatory information

Management's Responsibility for the Ind AS Financial Statements

2. The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements to give a true and fair view of the financial positionfinancial performance (including other comprehensive income) cash 3 ows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards specified in the Companies (IndianAccounting Standards) Rules 2015 (as amended) under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effiectively 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.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit.

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

5. We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered

Accountants of India. Those Standards and pronouncements require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Ind AS financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Ind AS financial statements. The procedures selected depend onthe auditors' judgement 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 the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit 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 the Ind AS financial statements.

7. We believe that the audit evidence we have obtained is su3 cient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

8. 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 of the state of a3 airs of the Companyas at March 31 2018 and its total comprehensive income (comprising of pro3 t and othercomprehensive income) its cash 3 ows and the changes in equity for the year ended on thatdate.

Other Matter

9. The Ind AS financial statements of the Company for the year ended March 31 2017were audited by another 3 rm of chartered accountants under the Companies Act 2013 whovide their report dated April 21 2017 expressed an unmodi3 ed opinion on those financialstatements. Our opinion is not quali3 ed in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of Section 143 of the Act ("theOrder") and on the basis of such checks of the books and records of the Company aswe considered appropriate and according to the information and explanations given to uswe give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

11. 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 Pro3 t and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport 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.

(e) On the basis of the written representations received from the directors as on April2 2018 taken on record by the Board of Directors none of the directors is disquali3 edas 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 with reference tofinancial statements of the

Company and the operating effiectiveness of such controls refer to our separate Reportin Annexure A.

(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 knowledge and belief and according to the information andexplanations given to us:

i. The Company has disclosed the impact if any of pending litigations as at March 312018 on its financial position in its Ind AS financial statements – Refer Note 33(a);

ii. The Company did not have any long-term contracts including derivative contracts asat March 31 2018;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312018 except for amounts aggregating to Rs.0.28 lakhs which according to the informationand explanation provided by the management is held in abeyance due to pending legal cases– Refer Note 18(b).

iv. The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2018.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Chartered Accountants
Rajib Chatterjee
Gurugram Partner
April 24 2018 Membership Number : 057134

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 11(f) of the Independent Auditors' Report of even date to themembers of The Tinplate Company of India Limited on the financial statements for the yearended March 31 2018.

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

1. We have audited the internal financial controls over financial reporting of TheTinplate Company of India Limited ("the Company") as of March 31 2018 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

2. 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effiectively for ensuring the orderly and e3 cient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

3. 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 deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effiectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffiectiveness. Our audit of internal financial controls over

financial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effiectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is su3 cient 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

6. 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 reffiect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effiect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. 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

8. 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 effiectively as at March 31 2018 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.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Chartered Accountants
Rajib Chatterjee
Gurugram Partner
April 24 2018 Membership Number : 057134

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 10 of the Independent Auditors' Report of even date to themembers of The Tinplate Company of India Limited on the financial statements as of and forthe year ended March 31 2018.

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets of the Company have been physically verified by the Managementduring the year and no material discrepancies have been noticed on such veri3 cation. Inour opinion the frequency of veri3 cation is reasonable.

(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed / transferred deed /conveyance deed provided to us we report that the title deeds comprising all theimmovable properties of land and buildings which are freehold are held in the name of theCompany as the Balance Sheet Date. In respect of immovable properties of self -constructed buildings on leasehold land which are disclosed as fixed assets in thefinancial statements the land lease agreement is in the name of the Company where theCompany is the lessee in the agreement. ii. As explained to us the inventories werephysically verified during the year by the Management at reasonable intervals and nomaterial discrepancies were noticed on physical veri3 cation. iii. There are no companies/ firms / Limited Liability Partnerships/ other parties covered in the register maintainedunder Section 189 of the Act. iv. The Company has not granted any loans or made anyinvestments or provided any guarantees or security to the parties covered under Section185 and 186. Therefore the provisions of Clause 3(iv) of the said Order are notapplicable to the Company. v. The Company has not accepted any deposits from the publicwithin the meaning of Sections 73 74 75 and 76 of the Act and the Rules framed thereunder to the extent notified. vi. Pursuant to the rules made by the Central Government ofIndia the Company is required to maintain cost records as specified under Section 148(1)of the Act in respect of its products. We have broadly reviewed the same and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete. vii. (a) The Company has been regularin depositing undisputed statutory dues including Provident Fund Income-tax Sales-taxService Tax Duty of Customs Duty of Excise Value Added Tax Cess and Goods and ServiceTax with effiect from July 1 2017 and other material statutory dues applicable to it tothe appropriate authorities. We have been informed that the Company has applied forexemption from payment of dues under the Employee's State Insurance Act and necessarysteps in this regard has already been taken by the Company. We understand that the pastdemands made by the authorities in this regard have not been paid by the Company as thematter is subjudice and the Company has obtained stay in its favour from the judicialauthorities. Refer Note 33(a).

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of Goods and Service Tax which have not beendeposited on account of any dispute. The particulars of dues of Sales Tax Service TaxDuty of Customs Duty of Excise Value Added Tax and Income Tax as at March 31 2018 whichhave not been deposited on account of a dispute are as follows:

Name of the statute

Nature of dues

Amount Period to which the amount Forum where the dispute is pending
(Rs. In Lacs) relates
Central Sales Tax Act 1956

Central Sales Tax

5.75 1979-80 Joint Commissioner of Commercial
Taxes (Appeals)
Central Sales Tax Act 1956

Central Sales Tax

18.30 1999-00 The Commissioner of Commercial
Taxes
Central Sales Tax Act 1956

Central Sales Tax

33.47 2004-05 Commercial Taxes Tribunal
Central Sales Tax Act 1956

Central Sales Tax

3.74 2012-13 The Commissioner of Commercial
Taxes (Appeal to be 3 led)
Bihar Finance Act 1981

Sales Tax

675.50 1994-95 1995-96 1996-97 The Commissioner of Commercial
Taxes
Jharkhand Value Added Tax

Valued Added

2247.40 2011-12 2013-14 2014-15 The Commissioner of Commercial
Act 2005

Tax

Taxes
Name of the statute Nature of dues

Amount

Period to which the amount Forum where the dispute is pending

(Rs. In Lacs)

relates
Jharkhand Value Added Tax Valued Added

850.81

2010-11 2012-13 Commercial Taxes Tribunal
Act 2005 Tax
Central Excise Act 1944 Excise Duty

405.30

2005-06 2006-07 2007-08 Customs Excise and Service Tax
2008-09 2009-10 2010-11 Appellate Tribunal
2011-12 2012-13 2013-14
2014-15 2015-16
Central Excise Act 1944 Excise Duty

798.42

1999-2000 2000-01 Customs Excise and Service Tax
2005-06 Appellate Tribunal (To be 3 led)
Customs Act 1962 Customs Duty

215.65

1984-85 Calcutta High Court
Finance Act 1994 Service Tax

3828.52

2001-02 2002-03 2003-04 Customs Excise and Service Tax
2004-05 2005-06 2006-07 Appellate Tribunal
2007-08 2008-09 2009-10
2010-11 2011-12 2012-13
2013-14 2014-15
Income-tax Act 1961 Income Tax

447.66

2006-07 2007-08 2008-09 Assessing O3 cer
2009-10
Income-tax Act 1961 Income Tax

2587.36

2010-11 2014-15 Commissioner of Income Tax
(Appeals)
Income-tax Act 1961 Income Tax

7.62

2011-12 Income Tax Appellate Tribunal

viii. As the Company does not have any loans or borrowings from any financialinstitution or bank or Government nor has it issued any debentures as at the balancesheet date the provisions of Clause 3(viii) of the Order are not applicable to theCompany. ix. The Company has not raised any moneys by way of initial public o3 er furtherpublic o3 er (including debt instruments) and term loans. Accordingly the provisions ofClause 3(ix) of the Order are not applicable to the Company. x. During the course of ourexamination of the books and records of the Company carried out in accordance with thegenerally accepted auditing practices in India and according to the information andexplanations given to us we have neither come across any instance of material fraud bythe Company or on the Company by its o3 cers or employees noticed or reported during theyear nor have we been informed of any such case by the Management. xi. The Company haspaid/ provided for managerial remuneration in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Act. xii. As theCompany is not a Nidhi Company and the Nidhi Rules

2014 are not applicable to it the provisions of Clause 3(xii) of the Order are notapplicable to the Company. xiii. The Company has entered into transactions with relatedparties in compliance with the provisions of Sections 177 and 188 of the Act. The detailsof such related party transactions have been disclosed in the financial statements asrequired under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specifiedunder Section 133 of the Act. xiv. The Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly the provisions of Clause 3(xiv) of the Order are not applicableto the Company. xv. The Company has not entered into any non cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order 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. Accordingly the provisions of Clause3(xvi) of the Order are not applicable to the Company.

For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009
Chartered Accountants
Rajib Chatterjee
Gurugram Partner
April 24 2018 Membership Number : 057134