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Wim Plast Ltd.

BSE: 526586 Sector: Industrials
NSE: WIMPLAST ISIN Code: INE015B01018
BSE 13:37 | 24 Apr 545.35 -5.10
(-0.93%)
OPEN

558.80

HIGH

558.80

LOW

545.05

NSE 05:30 | 01 Jan Wim Plast Ltd
OPEN 558.80
PREVIOUS CLOSE 550.45
VOLUME 596
52-Week high 1119.45
52-Week low 511.60
P/E 15.96
Mkt Cap.(Rs cr) 654
Buy Price 545.35
Buy Qty 5.00
Sell Price 549.90
Sell Qty 2.00
OPEN 558.80
CLOSE 550.45
VOLUME 596
52-Week high 1119.45
52-Week low 511.60
P/E 15.96
Mkt Cap.(Rs cr) 654
Buy Price 545.35
Buy Qty 5.00
Sell Price 549.90
Sell Qty 2.00

Wim Plast Ltd. (WIMPLAST) - Auditors Report

Company auditors report

To

The Members of

Wim Plast Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS Financial Statements of Wim PlastLimited ("the Company") which comprise the Balance Sheet as at March 31 2018and the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity lor the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS 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 Ind AS Financial Statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS 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 Ind AS FinancialStatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder.

We conducted our audit of the standalone Ind AS Financial Statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS Financial Statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS Financial Statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS Financial Statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS Financial Statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sBoard of Directors as well as evaluating the overall presentation of the standalone IndAS 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 Ind AS

Financial Statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of sub-section (11) of the Section 143 of theAct we give in Annexure A a statement on the matters specified in paragraph 3 and 4 ofthe 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

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account

d) In our opinion the aforesaid standalone Ind AS Financial Statements comply with theIndian Accounting Standards prescribed under section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended

e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the director(s) isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act

f) With respect to the adequacy of the internal financial 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 Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS Financial Statements. Refer Note 35 to the StandaloneInd AS Financial Statements

ii. The Company did not have any long term contracts including derivative contracts forwhich there could have 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

Chartered Accountants

(FRN: 104202W)

K.L.Rathore

(Partner)

M.No: 012807

Date: May 29 2018

Place: Mumbai

(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 available information

(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 company's 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 (2) ofthe Companies Act 2013 ("Act"). Accordingly the provisions of clause (iii)(a)/ (b) and (c) of Paragraph 3 of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations provided to usthe Company has complied with the provisions of Section 185 and 186 of the Act withrespect to grant of loans making investments and providing guarantees and securities.

v. According to the information and explanation provided to us the Company has notaccepted any deposits from the public. Accordingly the provisions of clause (v) ofParagraph 3 of the said Order are not applicable to the Company

vi. We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government undersection 148(1)(d) of the Act and are of the opinion that prima facie the prescribedaccounts and cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

vii. In respect of statutory dues:

a) According to the information and explanation provided to us undisputed amountspayable in respect of Provident Fund Income Tax Goods and Service Tax Sales Tax ValueAdded Tax Customs Duty Service Tax Cess and other material statutory dues have beengenerally regularly deposited with the appropriate authorities. According to the recordsof the company and information and explanations provided to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2018 for aperiod of more than six months from the date they become payable.

b) According to the records of the company and information and explanations provided tous particulars of disputed amounts payable in respect of Provident Fund Income TaxGoods and Service Tax Sales Tax Value Added Tax Customs Duty Service Tax Cess andother material statutory dues as on the last day of the period ending March 312018 areas follows:

Name of the Statute Name of the dispute Amount (In Rs) Period to which the amount relates Forum where the dispute is pending
Bihar Value Added Tax Act 2005 Value Added Tax 1413873/- 2014-15 Joint Commissioner (Appeals)
Central Excise Act 1944 Excise Duty 105129/- 2013-14 Commissioner of Central Excise (Appeals)
Central Excise Act 1944 Excise Duty 184712/- 2005-06 Commissioner of Central Excise (Appeals)
Central Excise Act 1944 Excise Duty 613604/- 2012-13 Commissioner of Central Excise (Appeals)
Central Sales Tax Act1956 Central Sales Tax 14810656/- 2012-13 Joint Commissioner (Appeals) Excise and Taxation Department

viii. Based on our audit procedures and on the basis of information and explanationprovided to us we are of the opinion that the company has not defaulted in the repaymentof dues to financial institutions banks governments or debenture holders. The companydid not have any outstanding dues to debenture holders during the year.

ix. The Company has neither applied for any Term Loan nor has it raised any money byway of Initial public offer / further public offer (including debt instruments) during theyear. Accordingly the provisions of clause (ix) of Paragraph 3 of the said Order are notapplicable to the Company.

x. Based upon the audit procedures performed and as per the information andexplanations provided to us we have neither come across any instance of fraud on or bythe company its officers or employees noticed or reported during the period nor have webeen informed of any such case by the management.

xi. According to the information and explanation provided to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii. In our opinion company is not a Nidhi Company. Accordingly the provisions ofclause (xii) of Paragraph 3 of the said Order are not applicable to the Company

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 Ind AS Financial Statements etc; as required by theapplicable accounting standards.

xiv. According to the information and explanation provided 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 period under review.

xv. According to the information and explanation provided to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions during the period with directors or persons connected with him. Accordinglythe provisions of clause (xv) of Paragraph 3 of the said Order are not applicable to theCompany

xvi. According to the information and explanation provided to us and based on ourexamination of the records of the company the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For Jeswani & Rathore

Chartered Accountants (FRN: 104202W)

K.L.Rathore

(Partner)

M.No: 012807

Date: May 29 2018

Place: Mumbai

(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")

We have audited the internal financial controls over financial reporting of Wim PlastLimited ("the Company") as of March 31 2018 in conjunction with our audit ofthe standalone Ind AS 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 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 Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's 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 and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. 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 standalone Ind AS Financial Statements whether due to fraudor error. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over 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 standalone Ind AS Financial Statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and 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 company's assets that could have amaterial 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For Jeswani & Rathore

Chartered Accountants (FRN: 104202W)

K.L.Rathore

(Partner)

M.No: 012807

Date: May 29 2018

Place: Mumbai