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Yashraj Containeurs Ltd.

BSE: 530063 Sector: Industrials
NSE: N.A. ISIN Code: INE095C01018
BSE 00:00 | 06 Dec 4.22 0.18
(4.46%)
OPEN

4.05

HIGH

4.23

LOW

4.05

NSE 05:30 | 01 Jan Yashraj Containeurs Ltd
OPEN 4.05
PREVIOUS CLOSE 4.04
VOLUME 4840
52-Week high 4.89
52-Week low 1.92
P/E 211.00
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.05
CLOSE 4.04
VOLUME 4840
52-Week high 4.89
52-Week low 1.92
P/E 211.00
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Yashraj Containeurs Ltd. (YASHRAJCONTAIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF YASHRAJ CONTAINEURS LIMITED

Report on the Financial Statements Opinion

We have audited the financial statements of Yashraj Containeurs Limited ("theCompany") which comprise the balance sheet as at 31st March 2020 and the statementof Profit and Loss (including the other comprehensive income) statement of changes inequity and statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and otherexplanatory(herein after referred to as "Standalone Financial Statements").

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 ('the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended('Ind AS')and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 and loss changes in equity and its cashflows for the year ended on that date.

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 together with the ethical requirements that are relevant to our audit of thefinancial statements under h t e provisions of the CompaniesAct 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

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 Matters Auditor's Response
1 Revenue is recognized net of returns trade allowances and rebates owed to the customers based on the arrangement with customers. We have performed the following procedures:
Assessed the appropriateness of the company's revenue recognition accounting policies those relating to trade allowances and rebates by comparing with applicable accounting standards. Our audit procedures included testing controls automated or manual di spatches/deliveries inventory reconciliations and circularization of receivables balances substantive testing for cut-offs and analytical review procedures.
2 The Company has a huge deferred tax asset due to timing difference in charge of depreciation huge losses and other differences. The Company has not recognized the asset as it believes that the chances of utilization of the asset is quite less in the foreseeable future and thus recognizing the asset would be violating the principle of Prudence and Conservatism. Evaluated the design and implementation of the relevant controls and the operating effectiveness of such internal controls which are inter-alia includes the completeness and accuracy of the input data considered and reasonableness of assumptions considered in determining the future projections and the assumptions considered in preparing the financials statements. The calculations of the asset have been shown in notes supporting the financial statement.

Management's Responsibility for the Standalone Financial Statements

The Company's Management is responsible for the matters stated in section 134(5) of theCompanies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance including the other comprehensive income changes in equity andcash flows of the Company in accordance with the Ind AS and accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate implementation and maintenance of accountingpolicies; making judgments and estimates that are reasonable and prudent; anddesignimplementation 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements 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. That Management are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Standalone financial statements.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

1) 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) and the Cash Flow Statement dealt with by this Report are in agreement with thebooks 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 received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act. h) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us:

i. The Company has no pending litigation and hence there is no need for anydisclosurewith the impact of pending litigations on its financial position in its financialstatements.(Refer note 33).

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

2) 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 Companies Act 2013 we give in the Annexure "B" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Yashraj Containeurs Limited of evendate)

Report on the Internal Financial Controls Over Financial Reporting under Clause

(i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of YASHR AJCONTAINEURS LIMITED ("the Company")as of March 31 2020 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Managem ent of the Com pany is responsi ble for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note onAudit of Internal Financial Controls Over FinancialReporting is sued by the Institute of CharteredAccountants of India. Theseresponsibilities include the design implem entation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financi al r eporting 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 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 authorizations 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.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations ofinternal financial controls over financialreporting including the possibility of collusion or im proper manageme nt override ofcontrol s materi al 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 31 2020 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note onAudit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report to the Members of Yashraj Containeurs Limited of even date)

i. n respect of the I Company's fixed assets:

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

(b) The Company has a program of verification to cover all the it ems of fixed assetsin a phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the program certain fixed assets werephysically verified by the management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds/registered sale deeds provided tous we report that the title deeds comprising the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate.

ii. The Inventory has been physically verified during the year by the management . Inour opinion t he freq uency of verification is reasonable. The procedures of physicalverification of inventories followed by the management are adequate enough in relation tothe size and nature of its business. The company is maintaining proper reco rds ofinventory. The discrepancies n oticed on verification between the physical stock and booksof accounts were not material.

iii. According to the information and explanations given to us the Company has grantedunsecured loans to parties covered in the e r gister maintained under section 189 of theCompanies Act 2013 in respect of which:

a) There are no covenants so we are not able to comment about repayment the rate ofinterest and other terms and conditions of loans given by the company under section 189 ofthe Companies Act 2013.

b) The loans granted are repayable on demand and there are no overdue amountoutstanding as at the year end

iv. n I our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

v. According to the information and explanat ions given to us the Company has notaccepted any deposit during the year and does not have any unclaimed deposits as at March31 2020 and therefore the provisions of the clause 3 (v) of the Order are not applicableto the Company.

vi. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Thus reporting under clause 3(vi) of the order is not applicable to theCompany.

vii. a) According to the information and explanations given to us in respect ofundisputed statutory dues including provident fund Employees State Insurance Income TaxSales Tax Excise Duty Custom Duty Goods and Service Tax have generally being regularlydeposited with the appropriate authorities except few delays.

b) According to the information and explanations given to us the amounts payable inrespect of service tax and excise duty which have not been deposited on account of disputeare as follows:

Name of Statutory dues Amount Period for Which it Related Forum Where The Dispute is Pending Amount Agreed Date of Payment
Excise Duty 3160831 2012-13 Addl. Comm Vapi Nil Nil
Excise Duty 3461989 2012-13 Addl. Comm Vapi Nil Nil

 

Name of Statutory dues Amount Period for Which it Related Forum Where The Dispute is Pending Amount Agreed Date of Payment
Excise Duty 9587553 2011-12 High Court Mumbai. Nil Excise Deptt filed in High Court agst the order given by Appelate Tribunal Ahmedabad. The Order was issued as no liability.
Excise Duty 542107 2011-12 Appelate Tribunal Ahmedabad Nil Nil

viii. The Company has defaulted in its repayment of dues to the financial institutionsbanks. Further we are informed that these amounts are outstanding for a long period andexact length cannot be ascertained

Details of Defaults in payment of dues to Financial Institutions and Banks.

Sr. No. Name of the Financial Institution Principal (Rs.) Interest (Rs.) Paid (Rs.) Total (Rs.)
1 Bank of India 499453000 147158192 0 646611192

ix. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans during the year hence reporting underclause 3(ix) of the Order is not applicable to the company.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or no material f r aud on the Company by its officers oremployees has been noticed or reported during the year.

xi. n I our opinion and according to the information and explanations given to u s theCom pany has paid/ provided managerial r e muneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

xii. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

xiii. n I our opinion and according to the information and explanations given to usthe Company is in compliance with Section 177 and 188 of t he C ompanies Act 20 13 whe reapplicable f or all transactions with the related parties and the details of relatedparty transactions have been disclosed in the financial statements as required by theapplicable accounting standards. xiv. During the year the Company has not made anypreferential allotment or private placement of shares or fully or partly paid convertibledebentures and hence reporting under clause 3 (xiv) of the Order is not applicable to theCompany. xv. n I our opinion and according to the information and explanations given tous during the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company.

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

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