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Tokyo Plast International Ltd.

BSE: 500418 Sector: Industrials
NSE: TOKYOPLAST ISIN Code: INE932C01012
BSE 00:00 | 25 Mar 53.00 -0.10
(-0.19%)
OPEN

45.05

HIGH

63.45

LOW

45.05

NSE 00:00 | 25 Mar 52.85 -0.25
(-0.47%)
OPEN

54.85

HIGH

54.85

LOW

50.60

OPEN 45.05
PREVIOUS CLOSE 53.10
VOLUME 134
52-Week high 107.00
52-Week low 33.80
P/E
Mkt Cap.(Rs cr) 50
Buy Price 52.00
Buy Qty 176.00
Sell Price 53.70
Sell Qty 2.00
OPEN 45.05
CLOSE 53.10
VOLUME 134
52-Week high 107.00
52-Week low 33.80
P/E
Mkt Cap.(Rs cr) 50
Buy Price 52.00
Buy Qty 176.00
Sell Price 53.70
Sell Qty 2.00

Tokyo Plast International Ltd. (TOKYOPLAST) - Auditors Report

Company auditors report

To the Members of

Tokyo Plast International Limited

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

We have audited the accompanying Ind AS financial statements of TokyoPlast International Limited (‘the Company') which comprise the BalanceSheet as at March 31 2018 the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow statement and the Statement of Changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Ind AS 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 and presentation of these financial statements that give a true and fairview of the financial position financial performance (including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standardsspecified in the Companies (Indian Accounting Standards) Rules 2015(as amended) underSection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act andthe Rules made thereunder including the accounting and auditing standards and matterswhich are required to be included in the audit report under the provisions of the Act andthe Rules made thereunder. We conducted our audit in accordance with the Standards onAuditing specified under Section 143 (10) of the Act and other applicable authoritativepronouncements issued by the Institute of Chartered Accountants of India. Those Standardsand pronouncements require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the Ind AS financial statements arefree from material misstatements. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the Ind ASfinancial statements. We believe that the audit evidence we have obtained other thanmatters in sub-paragraph 1 of the Other Matters paragraph is sufficient and appropriateto provide a basis for our audit opinion on the Ind AS financial statements.

Other Matters:

The comparative financial information of the Company for the year ended31st March 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedstatutory financial statements for the years ended 31st March 2017 and 31st March 2016prepared in accordance with the Companies (Accounting Standards) Rules 2006 (as amended)which were audited by predecessor auditors on which they have expressed an unmodifiedopinion dated 30th May 2017 and 30th May 2016 respectively. The adjustments to thosefinancial statements for the differences in accounting principles adopted by the Companyon transition to the Ind AS have been audited by us. Our opinion is not qualified inrespect of this matter.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its profit (including other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

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 section 143(11) of the Act we give in the Annexure – ‘A' statement on the mattersspecified in the paragraph 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit. (b) In our opinion proper books of account as required by law have been kept bythe Company so far as it appears from our examination of those books; (c) The BalanceSheet the Statement of Profit and Loss (including other comprehensive income) the CashFlow Statement and the Statement of Changes in Equity dealt with by this report are inagreement with the books of account; (d) In our opinion the aforesaid Ind AS financialstatements comply with the Indian Accounting Standards prescribed under Section 133 of theAct; (e) On the basis of the written representations received from the directors as onMarch 31 2018taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2018 from being appointed as a director in terms of Section164 (2) of the Act; (f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure ‘B'; (g) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 (as amended) in our opinion and to the bestof our information and according to the explanations given to us: (i) The Company hasdisclosed the impact of pending litigations on its financial position in its Ind ASfinancial statements in accordance with the Generally Accepted accounting practise –also Refer Note 26 to the financial statements. (ii) The Company has made provision whererequired under any law or accounting standard for material foreseeable losses on long termcontracts including derivative contracts. (iii) There has not been an occasion in case ofthe Company during the year under report to transfer any sums to the Investor Educationand Protection Fund. The question of delay in transferring such sums does not arise. (iv)The disclosures regarding details of specified bank notes held and transacted during 8November 2016 to 30 December 2016 has not been made since the requirement does not pertainto financial year ended 31 March 2018.

For Vinodchandra R Shah & Co.
Chartered Accountants
Firm Registration No.: 115394W
Gaurav Parekh
Partner
Membership Number: 140694

Place : Mumbai Date : May 30 2018

"ANNEXURE A" TO INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report tothe members of the Company on the Ind AS financial statements for the year ended 31stMarch 2018 we report that:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of itsfixed assets by which fixed assets are verified in a phased manner over a period of threeyears. In accordance with this programme certain fixed assets were verified during theyear and no material discrepancies were noticed on such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets.

(c) The title deeds of immovable properties are held in the name of theCompany.

(ii) (a) The inventory has been physically verified during the year bythe management. In our opinion the frequency of verification is reasonable.

(b) The company is maintaining proper records of inventory. Thediscrepancies noticed on verification between the physical stock and the book records werenot material.

(iii) The Company has granted loans to two parties covered in theregister maintained under Section 189 of Companies Act 2013 ('the Act').

(a) In our opinion the rate of interest and other terms and conditionson which the loans had been granted to the parties listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company.

(b) There is no stipulation of schedule of repayment of principal andpayment of interest and hence we are unable to make specific comment on the regularity ofrepayment of principal & payment of interest in such case.

(c) There are no stipulations made regarding receipt of principal andinterest amount so we are unable to comment on the amount overdue.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of section 185 and 186 of theAct with respect to the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account relating tomaterial labour and other items of cost maintained by the Company prescribed by theCentral Government for the maintenance of cost records under section 148 (1) of the Actand are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. However we have not made a detailed examination of the records.

(vii) (a) According to the information and explanations given to us andon the basis of our examination of the records of the Company amounts deducted/accrued inthe books of account in respect of undisputed statutory dues including Provident FundEmployees' State Insurance Income-Tax Wealth Tax Sales-Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and other material statutory dues asapplicable to company have generally been regularly deposited during the year by theCompany with the appropriate authorities.

According to the information and explanations given to us noundisputed amounts payable in respect of Provident Fund Employees' State InsuranceIncome-Tax Wealth Tax Sales-Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and other material statutory dues as applicable to the company were inarrears as at March 31 2017 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there isno amounts payable in respect of Income Tax Wealth Tax Service Tax Sales Tax Customsduty and Excise duty which have not been deposited on account of any disputes.

(viii) In our opinion and according to the information and explanationsgiven to us the company has not defaulted in repayment of dues to financial institutionsbanks or debenture holders during the year.

(ix) The Company did not raise any money by way of initial public offeror further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and basedon our examination of the records of the Company the Company has paid / provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

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

(xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations give 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 convertibledebentures during the year.

(xv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For Vinodchandra R Shah & Co.
Chartered Accountants
Firm Registration No.: 115394W
Gaurav Parekh
Partner
Membership Number: 140694

Place : Mumbai Date : May 30 2018