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TPL Plastech Ltd.

BSE: 526582 Sector: Industrials
NSE: TPLPLASTEH ISIN Code: INE413G01022
BSE 00:00 | 02 Feb 35.95 3.65
(11.30%)
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33.00

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37.55

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32.40

NSE 00:00 | 02 Feb 36.15 3.85
(11.92%)
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32.80

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37.65

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OPEN 33.00
PREVIOUS CLOSE 32.30
VOLUME 25192
52-Week high 43.50
52-Week low 21.06
P/E 20.31
Mkt Cap.(Rs cr) 280
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 33.00
CLOSE 32.30
VOLUME 25192
52-Week high 43.50
52-Week low 21.06
P/E 20.31
Mkt Cap.(Rs cr) 280
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

TPL Plastech Ltd. (TPLPLASTEH) - Auditors Report

Company auditors report

To the Members of

TPL Plastech Limited

REPORT ON THE AUDIT OF FINANCIAL STATEMENTS

OPINION

We have audited the accompanying financial statements of TPL Plastech Limited ("theCompany") which comprises of Balance Sheet as at 31st March 2022 theStatement of Profit and Loss the Statement of Changes in Equity and the Statement of CashFlow for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information in which are includedthe financial statements of 8 manufacturing units located across India for the year endedon that date audited by us.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 (the Act) in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2022 its profit (including othercomprehensive income) changes in equity and its cash flows for the year ended on thatdate.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Sr. No. Key Audit Matter Auditor's Response
1. Accuracy Completeness and disclosure with reference to Ind AS 16 of Property Plant and Equipment. Principal Audit Procedures
Our audit approach consisted of testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
Peculiarity and technical complexities of Property Plant and Equipment used in the operations requires more attention to ensure reasonably accurateness and completeness of financial reporting in respect of Property Plant and Equipment. a) We assessed the Company's process regarding maintenance of records Valuation and accounting of transactions relating to Property Plant and Equipment as per the Ind AS 16.
b) We have evaluated the design of Internal Controls relating to recording and valuation of Property Plant and Equipment.
c) We have carried out substantive audit procedures at financial and assertion level to verify the capitalization of asset as Property Plant and Equipment.
d) We have verified the maintenance of records and accounting of transactions regarding capital work in progress by carrying out substantive audit procedures at financial and assertion level.
e) We have reviewed management judgement pertaining to estimation of useful life and depreciation of the Property Plant and Equipment in accordance with Schedule II of Companies Act 2013.
2. Valuation Accuracy Completeness and disclosures pertaining to Inventories with reference to Ind AS 2. Principal Audit Procedures
Inventories constitutes material component of financial statement. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
Correctness completeness and valuation are critical for reflecting true and fair financial results of operations of the company. a) We assessed the Company's process regarding Maintenance of records Valuation and accounting of transactions relating to Inventory as per the Indian Accounting Standard 2.
b) We have evaluated the design of Internal Controls relating to recording and valuation of Inventory.
c) We have carried out substantive audit procedures at financial and assertion level to verify the allocation of overheads to Inventory.
d) We have carried out physical verification of Inventory to verify the balance of the inventory at the year end.
e) We have verified the compliance with the standard norms relating to production as framed and timely updated by the management.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the preparation of otherinformation. The Other information comprises the information included in the Board'sReport including Annexures to the Board report and Management Discussion and Analysisbut does not include the financial statement and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained duringthe course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we required to report that fact. We have nothingto report in this regard.

MANAGEMENT'S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 with respect to the preparation and presentation ofthese financial statements that give a true and fair view of the financial positionfinancial performance (including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the accounting Standards specified under section 133 of the Act readwith Rule 7 of the Companies (accounts) Rules 2014 (as amended).

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 accounting policies; making judgments and estimates that arereasonable and prudent; and 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 the 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.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financialstatements are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

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 financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• 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 Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial control system in place and the operating effectiveness ofsuch controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the entity'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of a reasonablyknowledgeable user of the financial statements may be influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work and (ii) to evaluate the effect of an identifiedmisstatements in the financial statements.

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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matters:

Our opinion on the financial statement and our report on the other legal and regulatoryrequirements below is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure "A" a statement on the matters specified inparagraphs 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 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 and records.

(c) The Balance sheet the Statement of Profit & Loss (including othercomprehensive income) Statement of Changes in Equity and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

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

(e) On the basis of the written representation received from the directors as on 31stMarch 2022 taken on records by the Board of Directors none of the directors aredisqualified as on 31st March 2022 from being appointed as a Directors interms of Section 164(2) of the Act.

(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 Auditor's Report inaccordance with the requirements of Sec 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

(h) With respect to the matters to be included in the Auditor's report in accordancewith the rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and tothe best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialperformance in its financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. a) The management has represented that to the best of their knowledge and beliefno funds (which are material either individually or in the aggregate) have been advancedor loaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend to orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries.

b) The management has represented that to the best of their knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend to or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries.

c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representation under sub clause (i) and (ii) of Rule 11(e) of The Companies (Audit andAuditors) Rules 2014 as provided under (a) and (b) above contains any materialmisstatement.

v. The Board of Directors of the Company has proposed final dividend for the year whichis subject to the approval

of the members at the ensuing annual general meeting. The dividend declared is inaccordance with Section 123 of the Act to the extent it applies to the declaration ofdividend.

For RAMAN S SHAH & ASSOCIATES
Chartered Accountants
Firm registration No. - 119891W
Bharat C Bhandari
Partner
Membership No. 106122
UDIN: 22106122AJQURQ9230
Place : Mumbai
Date : May 26 2022

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT- 31st MARCH 2022

ANNEXURE "A" REFERRED TO IN PARA 1 UNDER "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" SECTION OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF TPLPLASTECH LIMITED ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31st MARCH2022

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:-

(i) In respect of Company's Property Plant and Equipment (PPE) and Intangible Assets:

a) (A) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment and relevant detailsof right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

b) As explained to us the Company has a phased program for physical verification ofthe PPE for all manufacturing locations. In our opinion the frequency of verification isreasonable considering the size of the Company and nature of its PPE. Physicalverification of the assets has been carried out during the year pursuant to the programmein that respect. According to the information and explanations given to us and on thebasis of our examination of the records no material discrepancies were noticed on suchverification.

c) Based on our examination of the property tax receipts and lease agreement for landon which building is constructed registered sale deed / transfer deed / conveyance deedprovided to us we report that the title in respect of self constructed buildings andtitle deeds of all other immovable properties (other than properties where the company isthe lessee and the lease agreements are duly executed in favour of the lessee) disclosedin the financial statements included under Property Plant and Equipment are held in thename of the Company as at the balance sheet date.

d) The Company has not revalued any of its PPE (including right-of-use assets) andintangible assets during the year and hence reporting under clause 3(i)(d) of the Order isnot applicable to the Company.

e) In our opinion and according to the information and explanations given to us and onthe basis of our examination of the records neither any proceedings have been initiatedduring the year nor are pending as at March 31 2022 for holding any benami property underthe Benami Transactions (Prohibition) Act 1988 as amended and rules made thereunder andhence reporting under clause 3(i)(e) of the Order is not applicable to the Company.

ii) a) The inventory except goods-in-transit and stocks lying with third parties hasbeen physically verified by the management during the year. For stocks lying with thirdparties at the year-end written confirmations have been obtained and for goods-in-transitsubsequent evidence of receipts has been linked with inventory records. In our opinionthe frequency of such verification is reasonable and procedures and coverage as followedby management were appropriate. No discrepancies were noticed on verification between thephysical stocks and the book records that were more than 10% in the aggregate of eachclass of inventory.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has been sanctioned working capitallimits in excess of Rs. 5 crore in aggregate from banks on the basis of security ofcurrent assets; according to the information and explanations given to us and on the basisof records examined by us the quarterly returns and statements comprising stock andcreditors statements book debt statements and other stipulated financial informationfiled by the Company with such bank are not having material difference with the unauditedbooks of account of the Company of the respective quarters.

iii) In respect of Investment in provided any guarantee or security or granted anyloans or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties:-

(a) The Company has not provided any loans or advances in the nature of loans orguarantee or provided security to any other entity during the year and hence reportingunder clause 3(iii)(a) is not applicable to the Company.

(b) According to the information and explanations given to us the company has not madeany investment hence reporting under clause 3(b) is not applicable to the company.

(c) The Company has not granted any loans or advances in the nature of loans during theyear and hence reporting under clauses 3( iii) (c) ( d) ( e) and (f) of the Order isnot applicable to the Company.

iv) In our opinion and according to the information and explanations given to us and onthe basis of our examination of the records the Company has complied with the provisionsof section 185 and 186 of the Act to the extent applicable with respect to theinvestments made during the year. The Company has not provided any loans guarantee andsecurity during the year.

v) In our opinion and according to the information and explanations given to us nodeposits or amounts which are deemed to be deposits within the meaning of Section 73 to 76or any other relevant provisions of the Act and the Companies (Acceptance of Deposits)Rules 2014 have been accepted by the Company and hence reporting under clause 3(v) of theOrder is not applicable to the Company.

vi) We have broadly reviewed the books of account maintained by the Company pursuant torules made by the central government for the maintenance of cost records under sub section1 of section 148 of the Act in respect of company's products and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. Howeverwe have not made a detailed examination of the records with a view to determine whetherthey are accurate and complete.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records the Company is generally regular in depositing undisputedstatutory dues including Goods and Services tax provident fund employees' stateinsurance income tax sales tax custom duty duty of excise value added tax cess andother statutory dues during the year with the appropriate authorities. No undisputedamounts payable in respect of the aforesaid statutory dues were outstanding as at the lastday of the financial year for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records there are no statutory dues mentioned in clause vii (a) whichhave been not deposited on account of any dispute except the following:

Name of the statute Nature of dues Amount Rs. in Lakhs Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 23.08 2017-18 Commissioner of Income Tax (Appeals)

viii) According to the information and explanations given to us and on the basis of ourexamination of the records there were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961) and hence reporting under clause3(viii) of the Order is not applicable to the Company.

ix) (a) Based on our audit procedures and on the basis of information and explanationsgiven to us and on the basis of our examination of the records we are of the opinion thatthe Company has not defaulted in the repayment of loans or other borrowings or in therepayment of interest thereon to the lenders and hence reporting under clause 3(ix) of theOrder is not applicable to the Company.

(b) The Company has not been declared as wilful defaulter by any bank or financialinstitution or other lender.

(c) In our opinion and according to the information and explanations given to us and onthe basis of our examination of the records the Company has not taken any term loanduring the year and hence reporting under clause 3(ix)(c) of the Order is not applicableto the Company.

(d) On an overall examination of the financial statements in our opinion the Companyhas not utilized funds raised on short term basis for long term purposes.

(e) Based on our audit procedures and on the basis of information and explanationsgiven to us the Company has not taken any funds from any entity or person on account ofor to meet the obligations of its subsidiaries associates or joint venture and hencereporting under clause 3(ix)(e) of the Order is not applicable to the Company.

(f) Based on our audit procedures and on the basis of information and explanationsgiven to us during the year the Company has not raised any funds on the pledge ofsecurities held in its subsidiaries joint venture and associates and hence reportingunder clause 3(ix)(f) of the Order is not applicable to the Company.

x) (a) In our opinion and according to the information and explanations given to usthe Company has not raised any money by way of Initial public offer or further publicoffer (including debt instrument) during the year and hence reporting under clause 3(x)(a)of the Order is not applicable to the Company.

(b) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment private placement of shares or fully or partly convertible debentures duringthe year or in the recent past and hence reporting under clause 3(x)(b) of the Order isnot applicable to the Company.

xi) (a) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by or on the Company noticed or reported during the year nor have webeen informed of such case by the management.

(b) During the year no report under sub section 12 of Section 143 of the Act has beenfiled in Form ADT-4 as prescribed in Rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government.

(c) Based on our audit procedure performed and according to the information andexplanations given to us no whistle blower complaints were received by the Company duringthe year and hence reporting under clause 3(xi)(c) of the Order is not applicable to theCompany.

xii) In our opinion and according to the information and explanations given to us andon the basis of our examination of the records the Company is not a Nidhi Company andhence reporting under clause 3(xii) of the Order is not applicable to the Company.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company all the transactions with related parties arein compliance with Section 177 and 188 of the Act and all the details have been disclosedin the financial statements as required by the applicable Accounting Standard.

xiv) (a) In our opinion and according to the information and explanations given to usthe Company has an adequate internal audit system commensurate with the size and nature ofits business.

(b) We have considered the internal audit reports for the year under audit issued tothe Company during the year and till date in determining nature timing and extent of ouraudit procedure.

xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions prescribed under Section 192 of the Act withdirectors or persons connected with them during the year.

xvi) (a) The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934 and hence reporting under clause 3(xvi) (a) (b) and (c)of the Order is not applicable to the Company.

(b) In our opinion there is no core investment company within the "Companies inthe Group" as defined in the Core Investment Companies (Reserve Bank) Directions2016 and hence reporting under clause 3(xvi)(d) of the Order is not applicable to theCompany.

xvii) The Company has not incurred any cash losses during the financial year covered byour audit and immediately preceding financial year.

xviii) There has been no resignation of the statutory auditors of the Company duringthe year and hence reporting under clause 3(xviii) of the Order is not applicable to theCompany.

xix) According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realisation of financial assets and paymentof financial liabilities other information accompanying the financial statements and ourknowledge of the Board of Directors and management plans and based on our examination ofpast Management discussion and analysis reports of earlier years and the evidencesupporting the assumptions nothing has come to our attention which causes us to believethat any material uncertainty exists as on the date of the audit report indicating thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

xx) (a) In our opinion and according to the information and explanations given to usthere is no unspent amount under sub-section (5) of Section 135 of the Act pursuant to anyproject other than ongoing projects. Accordingly clause 3(xx)(a) of the Order is notapplicable.

(b) In respect of ongoing projects the Company has transferred the unspent amount ofRs.2.82 Lakhs for the year ended 31 March 2022 to a Special Account as per section 135(6)of the said Act.

For RAMAN S SHAH & ASSOCIATES
Chartered Accountants
Firm registration No. - 119891W
Bharat C Bhandari
Partner
Place : Mumbai Membership No. 106122
Date : May 26 2022 UDIN: 22106122AJQURQ9230

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT- 31st MARCH 2022

ANNEXURE "B" REFERRED TO PARA 2(f) OF "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" SECTION OF OUR REPORT TO THE MEMBERS OF TPL PLASTECH LIMITEDOF EVEN DATE:

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (I) OFSUB-SECTION 3 OF SECTION 143 OF THE ACT

We have audited the internal financial controls over financial reporting of TPLPlastech Limited ("the Company") as of 31st March 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential component of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

AUDITORS' RESPONSIBILITY

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 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 judgment including the assessment of the risks ofmaterial misstatement of the 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 controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the entity are being made only in accordance with authorisations ofmanagement;(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the entity's assets that could have amaterial effect on the financial statements; and (4) also provide reasonable assurance bythe internal auditors through their internal audit reports given to the organisation fromtime to time.

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 to the best of our information and according to the explanations givento us the Company has broadly in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2022 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential Component of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For RAMAN S SHAH & ASSOCIATES
Chartered Accountants
Firm registration No. - 119891W
Bharat C Bhandari
Partner
Membership No. 106122
UDIN: 22106122AJQURQ9230
Place : Mumbai
Date : May 26 2022

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