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Western India Plywoods Ltd.

BSE: 538415 Sector: Others
NSE: WIPL ISIN Code: INE215F01023
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Western India Plywoods Ltd. (WIPL) - Auditors Report

Company auditors report

To the Members of The Western India Plywoods Limited Kannur

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of The Western IndiaPlywoods Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 thereunder.

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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the 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 affairs of the Companyas at 31st March 2017 and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note No. 12.01 to the standalone financial statements which statesthat in view of the business plans of the subsidiary company M/s Mayabandar DoorsLimited which is expected to bring in positive cash flows in the near future and theestimated realisable value of the assets at the Unit the management is of the opinionthat no diminution in value of investments in the subsidiary company is anticipated atthis stage.

Our opinion is not modified in respect of this matter.

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 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 to the extent applicable.

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.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. (e) On the basis of the written representations receivedfrom the directors as on 31st March 2017 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2017 from being appointed as a directorin terms of Section 164 (2) of the Act. (f) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in "Annexure B". (g) With respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact its financial position. ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There were no amounts which were required to betransferred to the Investor Education and Protection Fund by the Company. iv. The Companyhas provided requisite disclosures in its standalone financial statements as to holdingsas well as dealings in Specified Bank Notes during the period from 8 November 2016 to 30December 2016. Based on the audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books ofaccounts maintained by the Company and as produced to us by the Management. Refer Note16.03 to the standalone financial statements.

For VARMA & VARMA
Chartered Accountants
FRN 004532S
VIJAY NARAYAN GOVIND
Place: Kochi Partner
Date : 27.05.2017 M. No. 203094

ANNEXURE A REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR INDEPENDENT AUDIT REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF THE WESTERN INDIA PLYWOODS LIMITED FOR THE YEAR ENDED31ST MARCH 2017

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

(b) We are informed that fixed assets of the company are physically verified by themanagement in accordance with a phased programme at reasonable intervals and that nomaterial discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us the records of thecompany examined by us and based on the details of land and buildings furnished to us bythe company the title deeds of immovable properties are held in the name of the Company.

2. We are informed that the physical verification of inventory (other than stock oftimber lying in the pond and finished goods lying with agency depots) has been conductedby the management at the year end and that no material discrepancies were noticed on suchverification.

3. According to the information and explanations given to us and the records of thecompany examined by us the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Act. Accordingly the reporting requirements underclauses (iii) (a) to (c) of paragraph 3 of the Order are not applicable.

4. According to the information and explanations given to us and the records of thecompany examined by us the company has complied with the provisions of sections 185 and186 of the Act in respect of investments as applicable. The company has not granted anyloans or given any security or guarantee for which the provisions of sections 185 and 186of the Act are applicable.

5. The Company has not accepted any deposits from the public during the year and hencethe directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76or any other relevant provisions of the Act and the rules framed there under are notapplicable.

6. To the best of our knowledge and according to the information and explanations givento us the Central Government has not prescribed the maintenance of cost records underSection 148 (1) of the Act for the company at this stage.

7. (a) As per the information and explanations furnished to us and according to ourexamination of the records of the Company the Company has been generally regular indepositing undisputed statutory dues including Provident Fund Employee's State InsuranceIncome Tax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cessand other statutory dues as applicable to the Company to the appropriate authoritiesduring the year.

There are no arrears of undisputed statutory dues outstanding at the last day of thefinancial year for a period of more than six months from the date on which they becomepayable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no disputed amounts due to be deposited under sales taxservice tax duty of customs duty of excise and value added tax and the followingdisputed amounts of income tax have not been deposited with the authorities as at March31 2017:

Nature of dues Statute Amount (Rs in lakhs) Period to which the amount relates Forum where the dispute is pending
Income Tax Income Tax Act 1961 20.17 2009-10 (AY 2010-11) Commissioner of Income Tax (Appeals)
Income Tax Income Tax Act 1961 25.41 2011-12 (AY 2012-13) Commissioner of Income Tax (Appeals)
Income Tax Income Tax Act 1961 12.91 2012-13 (AY 2013-14) Commissioner of Income Tax (Appeals)

8. In our opinion and according to the information and explanations given to us and therecords of the Company examined by us the Company has not defaulted in repayment of loansor borrowings to financial institution or banks. The Company has not taken any loans orborrowings from government or raised any money by way of issue of debentures.

9. According to the information and explanations given to us and the records of theCompany examined by us no moneys were raised by way of initial public offer or furtherpublic offer (including debt instruments) and the term loans availed by the company havebeen applied for the purpose for which the loans were obtained.

10. During the course of our examination of the books and records of the companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have been informed of any such case by themanagement.

11. According to the information and explanations given to us and the records of theCompany examined by us the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

12. The company is not a Nidhi Company. Accordingly the reporting requirements underclause (xii) of paragraph 3 of the Order are not applicable.

13. According to the information and explanations given to us and the records of theCompany examined by us all transactions with the related parties are in compliance withsections 177 and 188 of the Act where applicable and the details have been disclosed inNote 30 to the standalone financial statements as required by the applicable accountingstandards.

14. According to the information and explanations given to us and the records of theCompany examined by us the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly the reporting requirements under clause (xiv) of the paragraph 3 of the orderare not applicable.

15. According to the information and explanations given to us and the records of theCompany examined by us the company has not entered into any non-cash transactions withdirectors or persons connected with the directors. Accordingly the reporting requirementunder clause (xv) of paragraph 3 of the Order is not applicable. 16. According to theinformation and explanations given to us and the records of the Company examined by usthe company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934. Accordingly the reporting requirement under clause (xvi) of paragraph 3of the Order is not applicable.

For VARMA & VARMA
Chartered Accountants
FRN 004532S
VIJAY NARAYAN GOVIND
Place: Kochi Partner
Date : 27.05.2017 M. No. 203094

ANNEXURE B REFERRED TO IN PARAGRAPH 2(f) UNDER THE HEADING "REPORT ON OTHER LEGALAND REGULATORY REQUIREMENTS" OF OUR INDEPENDENT AUDIT REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF THE WESTERN INDIA PLYWOODS LIMITED FOR THE YEAR ENDED31ST MARCH 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of The WesternIndia Plywoods Limited ("the Company") as of March 31 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 judgement 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 controlover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

Emphasis of Matter

We draw attention to Note No 33 to the standalone financial statements regarding theexistence of internal controls over financial reporting which has been reviewed/tested bythe management/internal auditors on an ongoing basis based on which there are no materialweakness/deficiencies and that further strengthening of the internal controlsystem/improvements thereof are being assessed/carried out by the management on acontinuing basis.

Our opinion is not modified in respect of this matter.

For VARMA & VARMA
Chartered Accountants
FRN 004532S
VIJAY NARAYAN GOVIND
Place: Kochi Partner
Date : 27.05.2017 M. No. 203094