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TPL Plastech Ltd.

BSE: 526582 Sector: Industrials
NSE: TPLPLASTEH ISIN Code: INE413G01014
BSE 00:00 | 20 Mar 136.50 -1.85
(-1.34%)
OPEN

138.00

HIGH

138.00

LOW

135.55

NSE 00:00 | 20 Mar 138.05 -0.50
(-0.36%)
OPEN

137.45

HIGH

139.50

LOW

131.80

OPEN 138.00
PREVIOUS CLOSE 138.35
VOLUME 603
52-Week high 508.00
52-Week low 110.00
P/E 9.65
Mkt Cap.(Rs cr) 108
Buy Price 136.50
Buy Qty 200.00
Sell Price 140.85
Sell Qty 50.00
OPEN 138.00
CLOSE 138.35
VOLUME 603
52-Week high 508.00
52-Week low 110.00
P/E 9.65
Mkt Cap.(Rs cr) 108
Buy Price 136.50
Buy Qty 200.00
Sell Price 140.85
Sell Qty 50.00

TPL Plastech Ltd. (TPLPLASTEH) - Auditors Report

Company auditors report

To

The Members of

TPL PLASTECH LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of TPL PLASTECH LIMITED(the "Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss (including other comprehensive income) Statement of Changesin Equity and the Cash Flow Statement for the year then ended and a summary ofsignificant other explanatory information.

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 Act 2013 ("the Act") with respect to the preparation ofthese financial statements to 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 (Ind AS) specified under section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of 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 designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its profit including other comprehensive income changes in equity and itscash flowsfor 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 exercise of powers conferred by sub-section11 of section 143 of the Act and on the basis of such checks of books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure A attached hereto our comments on the mattersspecified in the paragraphs 3 and 4 of the said Order.

2. As required by Section 143(3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books..

(c) The Balance Sheet the Statement of Profit and Loss Statement of Changes in Equityand the Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Account) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termssection 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 matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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 31.1 (i) to the financial statements).

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

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

(iv) The Company has disclosed in the financial statements as to holding as well asdealings in Specified Bank Notes (SBN) during the period from 8th November 2016 to 30thDecember 2016 and these are in accordance with books of account maintained by the Company(Refer Note 31.10 to the financial statements)

For LODHA & COMPANY
Chartered Accountants
Firm Registration No.301051E
R. P. Baradiya
Place: Mumbai Partner
Date: 25th May 2017 Membership No. 44101

Annexure A referred to in Independent Auditors' Report to the members of the Company onthe financial statements for the year ended 31 March 2017 we report that:

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

b. The fixed assets are physically verified by the management according to a phasedprogram designed to cover all the items over the period which in our opinion isreasonable considering the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

c. Based on the verification and examination of records title deeds of immovableproperties are in the name of the Company except freehold land of Rs. 19500000 inrespect of which possession taken and registration process is in progress.

2. The inventories have been physically verified by the management at reasonableintervals during the year. The procedures of physical verification of the inventoriesfollowed by the management are reasonable and adequate in relation to the size of theCompany and nature of it's business. As per the information and explanations given to usno material discrepancies were noticed on physical verification of inventories as comparedto book records.

3. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theAct. Accordingly the provisions of clause 3(iii) of the Order are not applicable to theCompany.

4. During the year the Company has not given any loans made investments issuedguarantees and security. Therefore Para 3 (iv) of the Companies (Auditor's Report) Order2016 is not applicable to the Company.

5. No deposits have been accepted by the Company within the meaning of directivesissued by RBI (Reserve Bank of India) and Section 73 to 76 or any other relevantprovisions of the Act and rules framed thereunder.

6. We have broadly reviewed the cost records maintained by the Company pursuant to theOrder of the Central Government under Section 148(1) of the Act and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Weare however not required to make a detailed examination of the records with a view todetermine whether they are accurate or complete.

7. a. According to the information and explanations given to us and on the basis of ourexamination of the records the Company is regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax custom dutycess excise duty service tax value added tax and other material statutory dues duringthe year with the appropriate authorities. No undisputed amounts payable in respect of theaforesaid statutory dues were outstanding as at the last day of the financial year for aperiod of more than six months from the date they became payable.

b. According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added tax cesswhich have been not deposited on account of any dispute except the following :

Nature of dues Amount in Rs. Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 5744050 Assessment Year 2011-12 Commissioner (Appeals) Mumbai

8. Based on our audit procedures and on the basis of information and explanations givento us we are of the opinion that the Company has not defaulted in the repayment of duesto bank. The Company has not taken any loans from financial institutions government ordebenture holders.

9. In our opinion and according to the information and explanations given to us theterm loans have been applied for the purpose for which they were raised. The Company hasnot raised any money by way of Initial public offer or further public offer (Includingdebt instrument) during the year or in the recent past.

10. 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 by its officers or employees noticed or reportedduring the year nor have we been informed of such case by the management.

11. According to the information and explanations given to us and based on ourexamination of the books and records of the Company the Company has paid / provided forthe managerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the Orderare not applicable to the Company.

13. 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 (Refer Note31.9 to the financial statements).

14. 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 or private placement of shares or fully or partly convertible debentures duringthe year or in the recent past. Therefore the provisions of clause 3(xiv) of the Orderare not applicable to the Company.

15. 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 year withdirectors or persons connected with them during the year.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For LODHA & COMPANY
Chartered Accountants
Firm Registration No.301051E
R. P. Baradiya
Place: Mumbai Partner
Date: 25th May 2017 Membership No. 44101

Annexure B referred to in Independent Auditors' Report to the members of the Company onthe financial statements for the year ended 31 March 2017

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

We have audited the internal financial controls over financial reporting of TPLPLASTECH LIMITED ("the Company") as of March 31 2017 in conjunction with ouraudit of the 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 ("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 issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting establishedand maintained 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 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 effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting issued by the ICAI.

For LODHA & COMPANY
Chartered Accountants
Firm Registration No.301051E
R. P. Baradiya
Place: Mumbai Partner
Date: 25th May 2017 Membership No. 44101