To The Members of Wim Plast Limited
Report on the Audit of Standalone Financial Statements Opinion
We have audited the accompanying Standalone Financial Statements of WIM PLASTLIMITED ("the Company") which comprise of Balance Sheet as at March 312021 the Statement of Profit and Loss including the statement of Other ComprehensiveIncome the Statement of Changes in Equity and the Statement of Cash Flow for the yearthen ended and notes to the Standalone Financial Statements including a summary ofsignificant accounting policies and other explanatory information.
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 Companies Act 2013 as amended ("the Act") in the manner so required andgive a true and fair view in conformity with accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2021 its profits includingother comprehensive income changes in equity and its cash flows for the year ended onthat date.
Basis for Opinion
We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the AuditorsResponsibilities for the Audit of the Financial Statements section of our report. Weare independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the Standalone Financial Statements underthe provisions of the Act and the Rules there under and we have fulfill edour otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Standalone Financial Statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statements for the year ended March31 2021. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.
There are no key audit matters identified in our audit.
Information Other than the Standalone Financial Statements and Auditors reportthereon
The Companys Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual Report but does notinclude the Standalone Financial Statements and our auditors report thereon.
Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone Financial Statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these Standalone Financial Statementsthat give a true and fair view of the financial position financial performancecomprehensive income changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian accountingStandards ("Ind AS") specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. 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 the 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 Standalone FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the Standalone Financial Statements the management isresponsible for assessing the Companys ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Companys financialreporting process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditors report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Standalone Financial Statements. As part of an auditin accordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Standalone FinancialStatements whether due to fraud or error design and perform audit procedures responsiveto those risks sufficient and appropriate to provide a obtain audit evidence thatis basis 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 to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial control system with reference to financial statements in placeand the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompanys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors report to therelated disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditors report. However future events or conditionsmay cause the company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the Standalone 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 Standalone Financial Statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone Financial Statements may be influenced. Weconsider quantitative materiality and qualitative factors in
(i) Planning the scope of our audit work and in evaluating the results of our work and
(ii) To evaluate the effect of an identified misstatement in the Standalone FinancialStatements.
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 year ended and are therefore the audit of theStandalone Financial Statements for the financial the key audit matters. We describe thesematters in our auditors report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure "A" a statement on thematters specified in paragraphs 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 book;
c) The Balance sheet the Statement of Profit & Loss including the statement ofOther Comprehensive Income Statement of Changes in Equity 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 Companies (IndianAccounting Standards) Rules 2015 as amended;
e) On the basis of the written representation received from the directors as on March31 2021 taken on records by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a Director in terms of Section 164(2) of theAct;
f) With respect to the adequacy of the internal financial controls overfinancialreporting of the Company with reference to these Standalone Financial Statementsand the operating effectiveness of such controls refer to our separate Report in Annexure"B" to this report;
g) In our opinion the managerial remuneration for the year ended March 31 2021 hasbeen paid/provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;
h) With respect to the matters to be included in the Auditors report inaccordance with the rule 11 of the Companies (Audit and Auditors) Rules 2014 as amendedin our opinion and to the best of our information and according to the explanations givento us:
(i) The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements. [Refer note no 35 to Standalone FinancialStatements]
(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 tothe Investor Education and Protection Fund by the Company.
For Jeswani & Rathore
Khubilal G Rathore
Date: June 11 2021
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT
Annexure "A" to the Independent Auditors Report of even date on theStandalone Financial Statements of Wim Plast Limited
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements of our report of even date)
i. In respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of availableinformation.
(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased manner which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies were noticedon such verification.
(c) According to the information and explanations provided to us and the titledeeds/lease deeds and other records examined by us we report that the title deeds/leasedeeds in respect of all the immovable properties are held in the Companys name.
ii. In respect of Inventories:
a) The physical verification of the Inventories has been conducted at reasonableintervals by the Management.
b) The procedure of physical verification of Inventories followed by the management isreasonable and adequate in relation to the size of the company and nature of its business.
c) The company has maintained proper records of Inventories and no materialdiscrepancies were noticed on physical verification.
iii. According to the information and explanations provided 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)(a)(b) and (c) of the Order are notapplicable to the Company and hence not commented upon.
iv. In our opinion and according to the information and explanations provided to usthe Company has not granted any loans or provided any guarantees or security to theparties covered under Section 185 of the Act. The Company has complied with the provisionsof Section 186 of the Act in respect of investments made or loans or guarantee or securityprovided to the parties covered under Section 186 of the Act.
v. According to the information and explanation provided to us the Company has notaccepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order are not applicable to the Company.
vi. We have broadly reviewed the books of accounts maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records underSection 148(1) of the Act related to the manufacturing activities and are of the opinionthat prima facie the specified accounts and records have been made and maintained. Wehave not however made a detailed examination same.
vii. In respect of statutory dues:
a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident fund Employees State InsuranceIncome-tax Sales-tax Goods and Services tax Duty of Custom Duty of Excise Value AddedTax Cess and Other Statutory Dues applicable to it.
b) According to the information and explanations provided to us no undisputed amountspayable in respect of Provident fund Employees State Insurance Income-tax SalesTax Goods and Service tax Duty of custom Duty of excise Value added tax Cess andOther Statutory Dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.
c) According to the records of the Company the dues of Income-tax Sales-tax Servicetax Duty of Custom Duty of Excise Value added tax and Cess and Goods and Service Taxwhich have not been deposited on March 31 2021 on account of any dispute are as follows:
|Name of the Statute ||Name of the dispute ||Amount (In Rs) ||Period to which the amount relates ||Forum where the dispute is pending |
|Central Sales Tax Act1956 ||Central Sales Tax ||14810656/- ||2012-13 ||Joint Commissioner (Appeals) Excise and Taxation Department |
viii. In our opinion and according to the information and explanations provided by themanagement the Company has not defaulted in repayment of loans or borrowing to afinancialinstitution bank or government. The company did not have any outstanding dues todebenture holders during the year.
ix. The Company has neither applied for any Term Loan nor it has raised any money byway of Initial public offer / further public offer (including debt instruments) during theyear. Therefore the provisions of clause 3(ix) of the Order are not applicable to theCompany and hence not commented upon.
x. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the Financial Statements and according to the information and explanationsprovided by the management we report that no fraud by the Company or no material fraud onthe Company by the officers and employees of the Company has been noticed or reportedduring the year.
xi. According to the information and explanation provided by the management managerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Act.
xii. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.
xiii. According to the information and explanation provided to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with section 177 and 188 of the Act where applicable and the details havebeen disclosed in the Standalone Financial Statements etc as required by the applicableaccounting standards.
xiv. According to the information and explanations provided to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) of the Order are notapplicable to the Company and not commented upon.
xv. According to the information and explanations provided by the management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him as referred to in Section 192 of the Act.
xvi. According to the information and explanations provided to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.
For Jeswani & Rathore
Khubilal G Rathore
Date: June 11 2021
Annexure "B" to the Independent Auditors Report of even date on theStandalone Financial Statements of Wim Plast Limited
ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 (f) under Report on Other Legal and RegulatoryRequirements of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") financialreporting Wehaveauditedthe internal financial of Wim Plast Limited ("theCompany") as of March 31 2021 in conjunction with our audit of theStandalone Financial Statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Companys policies thesafeguarding of its assets the prevention and detection and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Companys internal financialcontrols over financial reporting with reference to these Standalone Financial Statementsbased on our audit. We conducted our audit in accordance with the Guidance Note and theStandards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these Standalone Financial Statements 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 with reference to theseStandalone Financial Statements and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting with reference to these StandaloneFinancial Statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditors judgement includingthe assessment of the risks of material misstatement of the Standalone FinancialStatements 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 internal financial controls over financialreporting with reference to these Standalone Financial Statements.
COVID-19 pandemic has resulted in a different and unique working environment whichrequired performance of audit procedures remotely.
Meaning of Internal Financial Controls Over Financial Reporting with reference to theseStandalone Financial Statements
A companys internal financial control over financial reporting with reference tothese Standalone Financial Statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A companys internal financial control over financialreporting with reference to these Standalone Financial Statements includes those policiesand procedures that:
1. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorization of management and directors of the Company and;
3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Companys assets that could havea material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting withreference to these Standalone Financial Statements
Because of the inherent limitations of internal financial controls over financialreporting with reference to these Standalone Financial Statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financialcontrols over financial reporting with referenceto these Standalone Financial Statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these StandaloneFinancial Statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these Standalone Financial Statementsand such internal financial controls over financial reporting with reference to theseStandalone Financial Statements were operating effectively as at March 31 2021 based onthe 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.
For Jeswani & Rathore
Khubilal G Rathore
Date: June 11 2021