Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS Financial Statements of Wim Plast Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS Financial Statements based on our audit. In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Board of Directors, as well as evaluating the overall presentation of the standalone Ind AS Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the aforesaid standalone Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018, and its profit, total comprehensive income, its cash flows and 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 (âthe Orderâ) issued by the Central Government in terms of sub-section (11) of the Section 143 of the Act, we give in Annexure A, a statement on the matters specified in paragraph 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 best of 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 the Company so far as it appears from our examination of those books,
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report, are in agreement with the relevant books of account,
d) In our opinion, the aforesaid standalone Ind AS Financial Statements comply with the Indian 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 March 31, 2018, taken on record by the Board of Directors, none of the director(s) is disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164(2) of the Act,
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Ind AS Financial Statements. Refer Note 35 to the Standalone Ind AS Financial Statements
ii. The Company did not have any long term contracts including derivative contracts for which there could have any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirements'' of our report of even date)
i. In respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars, including quantitative 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 the management in a phased manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations provided to us and the title deeds/lease deeds and other records examined by us, we report that the title deeds/lease deeds 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 reasonable intervals by the Management.
b) The procedure of physical verification of Inventories followed by the management is reasonable 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 material discrepancies were noticed on physical verification.
iii. According to the information and explanations provided to us, the Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 (2) of the Companies Act 2013 (âActâ). 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 us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to grant of loans, making investments and providing guarantees and securities.
v. According to the information and explanation provided to us, the Company has not accepted any deposits from the public. Accordingly, the provisions of clause (v) of Paragraph 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 the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under section 148(1)(d) of the Act and are of the opinion that, prima facie, the prescribed accounts and cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
vii. In respect of statutory dues:
a) According to the information and explanation provided to us, undisputed amounts payable in respect of Provident Fund, Income Tax, Goods and Service Tax, Sales Tax, Value Added Tax, Customs Duty, Service Tax, Cess and other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the records of the company and information and explanations provided to us, no undisputed amounts payable in respect of the aforesaid dues, were outstanding as at March 31, 2018, for a period of more than six months from the date they become payable.
b) According to the records of the company and information and explanations provided to us, particulars of disputed amounts payable in respect of, Provident Fund, Income Tax, Goods and Service Tax, Sales Tax, Value Added Tax, Customs Duty, Service Tax, Cess and other material statutory dues, as on the last day of the period ending March 31, 2018 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 |
Bihar Value Added Tax Act, 2005 |
Value Added Tax |
14,13,873/- |
2014-15 |
Joint Commissioner (Appeals) |
Central Excise Act, 1944 |
Excise Duty |
1,05,129/- |
2013-14 |
Commissioner of Central Excise (Appeals) |
Central Excise Act, 1944 |
Excise Duty |
1,84,712/- |
2005-06 |
Commissioner of Central Excise (Appeals) |
Central Excise Act, 1944 |
Excise Duty |
6,13,604/- |
2012-13 |
Commissioner of Central Excise (Appeals) |
Central Sales Tax Act,1956 |
Central Sales Tax |
1,48,10,656/- |
2012-13 |
Joint Commissioner (Appeals), Excise and Taxation Department |
viii. Based on our audit procedures and on the basis of information and explanation provided to us, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks, governments or debenture holders. The company did 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 by way of Initial public offer / further public offer (including debt instruments) during the year. Accordingly, the provisions of clause (ix) of Paragraph 3 of the said Order are not applicable to the Company.
x. Based upon the audit procedures performed and as per the information and explanations provided to us, we have neither come across any instance of fraud on or by the company, its officers or employees, noticed or reported during the period, nor have we been informed of any such case by the management.
xi. According to the information and explanation provided to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. In our opinion, company is not a Nidhi Company. Accordingly, the provisions of clause (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 our examination of the records of the Company, all transactions with the related parties are in compliance with section 177 and 188 of the Act, where applicable and the details have been disclosed in the standalone Ind AS Financial Statements etc; as required by the applicable accounting standards.
xiv. According to the information and explanation provided to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period under review.
xv. According to the information and explanation provided to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions during the period with directors or persons connected with him. Accordingly, the provisions of clause (xv) of Paragraph 3 of the said Order are not applicable to the Company
xvi. According to the information and explanation provided to us and based on our examination of the records of the company, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
(Referred to in paragraph 2 (f) under âReport on Other Legal and Regulatory Requirements'' of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Wim Plast Limited (âthe Companyâ) as of March 31, 2018, in conjunction with our audit of the standalone Ind AS Financial Statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the standalone Ind AS Financial Statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone Ind AS Financial Statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that:
1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorization of management and directors of the company and;
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the 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 given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components 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
Mar 31, 2017
INDEPENDENT A UDITORSâ REPORT
To the Members of Wim Plast Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Wim Plast Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls and ensuring their operating effectiveness and the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at 31st March, 2017 and its profit and its cash flows for the year end on that date.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditors'' Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of subsection (11) of Section 143 of the Act, we give in âAnnexure Aâ, a statement on the matters specified in paragraphs 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 best of 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 the Company 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 Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of written representations received from the directors as on 31st March, 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, we give our separate Report in âAnnexure Bâ.
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its financial positions in its financial statements.
(ii) The Company did not have any long term contracts including derivative contracts for which there could be any material foreseeable losses;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.
(iv ) The company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and these are in accordance with the books of accounts maintained by the company. Refer schedule 22 note 13 to the financial statements.
Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of Wim Plast Limited on the standalone financial statements for the year ended 31st March, 2017.
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) During the year, fixed assets have been physically verified by the management as per the regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the tittle deeds/ lease deeds and other records examined by us, we report that the title deeds/ lease deeds in respect of all the immovable properties of land which are freehold, immovable properties of land that have been taken on lease and disclosed as fixed assets in the financial statement and building are held in the company''s name.
(ii) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate relation to the size of the company and nature of business.
(c) The company has maintained the proper records of inventory and no material discrepancy were noticed on physical verification.
(iii) The Company has not granted loans, secured or unsecured to companies, firm or other parties covered in the register maintained under section 189(2) of the act and hence sub clause (a) (b) (c) are not applicable.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investments made.
(v) The Company has not accepted any deposits from the public in accordance with the provisions of sections 73 to 76 of the Act and the Rules framed there under.
(vi) We have broadly reviewed the books of accounts maintained by the company pursuant to the Rules made by Central Government of India, maintenance of cost records has been prescribed under sub section (1) of Section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
(vii) (a) According to the information and explanation given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the records of the company and information and explanations given to us there were no arrears of outstanding statutory dues as at 31st March, 2017 for a period of more than six months from the date they become payable.
(b) According to the records of the company and information and explanations given to us the following are the particulars of disputed amounts payable in respect of, income tax, sales tax, custom duty, excise duty and entry tax and other statutory dues as at the last day of the period ending 31st March, 2017 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 Excise Act, 1944 |
Excise Duty |
11,67,539/- |
August 2013 to November 2014 |
Commissioner Appeal (Central Excise and Service Tax) |
Bihar Value Added Tax Act, 2005 |
Value Added Tax |
14,13,873/- |
Financial Year 2014-15 |
Commissioner Appeal Level |
Central Excise Act, 1944 |
Excise Duty |
1,05,129/- |
Financial Year 2013-14 |
Commissioner Appeal (Central Excise and Service Tax) |
(viii) Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks, governments or debenture holders. The company did not have any outstanding dues to debenture holders during the year.
(ix) The Company has not applied for any Term Loan and has not raised money by way of Initial public offer / further public offer (including debt instruments) during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
(x) Based upon the audit procedures performed and as per the information and explanations given to us, we have neither come across any instance of fraud on or by the company, its officers or employees, noticed or reported during the period, nor have we been informed of such case by the management.
(xi) According to the information and explanation given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion, company is not a Nidhi Company. Therefore, the provisions of clause (xii) of paragraph 3 of the order are not applicable to the company.
(xiii) According to the information and explanation given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
(xiv) According to the information and explanation given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period under review.
(xv) According to the information and explanation given to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions during the period with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) According to the information and explanation given to us and based on our examination of the records of the company, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of Wim Plast Limited on the standalone financial statements for the year ended 31st March, 2017.
We have audited the internal financial controls over financial reporting of Wim Plast Limited (âthe Companyâ) as of 31st March, 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing specified under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company ;and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For B. P. Shah & Co.
Chartered Accountants
ICAI Firm Registration No.109517W
Bharat P. Shah Partner
Mumbai: 26th May, 2017 Membership No. 033530
Mar 31, 2016
To
The Members of Wim Plast Limited Goregaon.
Report on the Financial Statements
We have audited the accompanying financial statements of Wim Plast Ltd which comprise the Balance Sheet as at 31 March 2016, & the Statement of Profit and Loss and for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The company''s board of director is responsible for the matter stated in section 134(5) of the companies act, 2013 with respect to preparation and presentation of these standalone financial statements that give a true and fair view of the financial position. Financial performance and cash flow of the Company in accordance with the Accounting principal generally accepted in India. Including accounting Standards specified under section 133 of the company act 2013 read with rule 7 of the companies (Accounts) rules, 2014. This responsibility also includes maintenance of adequate accounting record in accordance with the provision of the act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularity; Selection and application of appropriate accounting policy ; making judgment and estimates that are reasonable and prudent: and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s Judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at 31 March 2016 and its profit and its cash flows for the year end on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âorder'') issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters 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 best of our knowledge and belief were necessary for the purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid Standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors as on 31 March 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2016 from being appointed as a director in terms of Section 164(2) of the Act;
f. with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure B'': and
g. with respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the information given to us :
1. The Company has disclosed the impact of pending litigations on its financial positions in its financial statements.
2. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on longterm contracts including derivative contracts.
3. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Provident Fund by the company.
The Annexure referred to in Independent Auditors'' Report to the Company on the standalone financial statements for the year ended 31 March 2016, we report that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. (a) The management has conducted he physical verification of inventory at reasonable intervals.
(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate relation to the size of the company and nature of business
(c) The company has maintained the proper records of inventory and no material discrepancy were noticed on physical verification.
iii. The Company has not granted loans, secured or unsecured to companies, firm or other parties covered in the registered maintained under section 189(2) of the act.
iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act, with respect to the loans and investment made.
v. The Company has not accepted any deposits from the public.
vi. The company has maintained the records as specified by the central government under section (1) of section 148 of the company act 2013.
vii. (a) According to the information and explanation given to us, no undisputed amounts payable in respect of provident fund, income tax,
sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and.
According to the information and explanation given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at 31 March 2016 for a period of more than six months from the date they became payable.
(b) According to the information and explanation given to us, there are no material dues of duty of customs which have not been deposited with the appropriate authorities on account of any dispute. However, a According to the information and explanation given to us, the following dues of duty of excise have not been deposited by the Company on account of disputes:
Name of the Statute |
Nature of the Dispute |
Amount (in) |
Period to which the amount relates |
Forum where the dispute is pending |
Central Excise Act, 1944 |
Excise Duty |
2,66,792/- |
Sept 2008 to April 2009 |
Customs Excise and Service Tax Appellate Tribunal. |
viii. The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
x. According to the information and explanation given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanation given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. According to the information and explanation given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
xiii. The Company has not made any preferential allotment or private placement of share fully or partly.
xiv. The company has not entered into any non-cash transactions with directors or persons connected with him.
xv. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE B TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WIM PLAST LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Wim Plast Limited (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. My / Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For B. P. Shah & Co
Chartered Accountants
(FRN: 109517W)
Bharat P. Shah
Place: Mumbai Partner
Date: 27th May, 2016 (Membership No. 033530)
Mar 31, 2015
We have audited the accompanying financial statements of Wim Plast
Limited (''the Company''), which comprise the Balance Sheet as at 31st
March 2015, the Statement of Profit and Loss and the Cash Flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgements and estimates that are reasonable and
prudent; and design, implementation maintenance of adequate internal
financial controls, that are reasonable and prudent ;and design
implementation and maintenance of adequate internal financial
controls,that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section
143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 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 best of 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 the Company 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 statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial positions.;
ii. The Company did not have any long term contracts including
derivative contract for which there were any material foreseeable
losses., and
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in our Independent Auditors'' Report to the
members of the Company on the financial statements for the year
ended 31st March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has implemented system of physical verification of its
fixed assets by which fixed assets are verified in a phased manner. In
accordance with this programme, certain fixed assets were verified
during the year and no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification
is reasonable having regard to the size of the Company and the nature
of its assets.
(ii) (a) The Management has conducted the physical verification of
inventory at reasonable intervals.
(b) The procedure of physical verification of inventory followed by
Management is reasonable and adequate in relation to the size of the
Company and the nature of business.
(c) The Company has maintained proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other parties covered in the registered maintained
under Section 189 of the Act.
(iv) In our opinion and information and explanations given to us there
is adequate internal control systems commensurate with the size of the
Company and the nature of its business, for the purchase of inventory
and fixed assets and for the sale of goods and services. We have not
observed any major weakness in the internal control system during the
course of Audit.
(v) The Company has not accepted any deposits from the public.
(vi) The Company has maintained cost records as specified by the
Central Government under subsection (1) of section 148 of Companies
Act, 2013.
(vii) (a) The Company is regular in depositing the undisputed statutory
dues including provident fund, employee''s state insurance, income
- tax, sales tax, wealth tax, service tax, duty of customs, duty of
excise, value added tax, cess and the other statutory dues with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of provident
fund, income tax, wealth tax, service tax, sales tax, duty of customs,
value added tax, cess and other material statutory dues were in arrears
as at 31st March, 2015 for a period of more than six months for the
date they became payable.
(b) According to the information and explanations given to us there are
no material dues of Income Tax, Wealth Tax, Service Tax, Sales Tax,
Value Added Tax which have not been deposited with the appropriate
authorities on account of any dispute. However, according to the
information and explanations given to us the following dues of Excise
and Custom Duties have not been deposited by the Company on account of
disputes:
Name of the Statute Nature of the Dispate Amount (in RS. )
Central Excise Act, Excise Duty 2,66,792/-
1944
Customs Act, 1962 Custom Duty 17,74,982/-
Name of the Statute Period to which the Forum where the
amount relates dispute ispending
Central Excise Act, Sept 2008 to Customs Excise and Service
1944 April 2009 Tax Appellate Tribunal.
Customs Act, 1962 2009 - 10 Customs Excise and Service
Tax Appellate Tribunal.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1of 1956) and rules there under has been
transferred to such fund within time.
(viii) The Company does not have any accumulated losses at the end of
the financial year 31st March, 2015 and has not incurred cash losses in
the financial year and immediately preceding financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
(xi) The Company did not have any term loan outstanding during the
year.
(xii) According to the information and explanations given to us no
fraud on or by the Company has been noticed or reported during the year
the course of Audit.
For Bharat P. Shah & Co,
Chartered Accountants,
FRN - 109517W
Bharat P. Shah
Mumbai, 23rd May, 2015 Partner, M. No. 033530
Mar 31, 2014
We have audited the accompanying financial statements of Wim Plast
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on the Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Wim Plast Limited on the accounts of the company for
the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets on the
basis of available information.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, the company has not disposed off a substantial part of its
fixed assets during the year and therefore does not affect the going
concern assumption.
2. In respect of inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
As expalined to us, there was no material discrepancies noticed on
physical verification of inventories as compared to book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/ from companies, firms or other parties covered in the
register maintained under section 301 of companies act, 1956:
(a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses 3(b),
3(c) and 3(d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses 3(f) & 3(g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchases of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act and exceeds five lacs rupees with any party during the
year have been made at prices which are reasonable having regard to the
prevailing market price at the relevant time.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from the public covered under
section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. In respect of stautory dues:
a. According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
b. According to the information and explanations given to us, there
are disputed amount of Rs.97,20,378/- with statutory authorities the
details of which are as under:
Name of Statute Nature of the Dispute Amount (Rs)
Central Excise Act, 1944 Excise Duty 42,73,976.00
Central Excise Act, 1944 Excise Duty 34,04,628.00
Central Excise Act, 1944 Excise Duty 2,66,792.00
Customs Act, 1962 Custom Duty 17,74,982.00
Name of Statute Period to which Forum where dispute is
amount relates pending
Central Excise Act, 1944 2005-06 to 2007-08 Customs, Excise and
Service Tax Appellate
Tribunal
Central Excise Act, 1944 June 2001ÂSep 2001 Commissioner of (Appeals
Central Excise Act, 1944
Central Excise Act, 1944 Sept2008ÂApril2009 Customs, Excise and
Service Tax Appellate
Tribunal
Customs Act, 1962 2009-10 Customs, Excise and
Service Tax Appellate
Tribunal
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year. t
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. Inour opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/society. Therefore, the provision of this clause (xiii) of
paragarph 4 of the Companies (Auditor''s Report) Order, 2003 (as
amended) is not applicable to the Company.
14. The company has maintened proper records of the transaction and
contracts in respect of dealing or trading in mutual fund, securities
and timely entries have been made therein. All mutal funds, securities
have been held by the Company in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us, we report
that no funds raised on short-term basis have been used for long-term
investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been notices or reported during the year, nor have we been informed
of such case by the management.
For Bharat P. Shah & Co.
Chartered Accountants
FRN: 109517W
Bharat P. Shah
Proprietor
Mumbai, 26th May, 2014 Membership
No. : 033530
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of Wim Plast
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on the Regulatory Requirements:
1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2) As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Wim Plast Limited on the accounts of the company for
the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no major fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) &. (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generaUy an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956 have been entered in the register required to
be maintained under that section. b) As per information & explanations
given to us and in our opinion, the transaction entered into by the
company with parties covered u/s 301 of the Act and exceeds five lacs
rupees with any parry during the year have been made at prices which
are reasonable having regard to the prevailing market price at the
relevant time. Â
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information (k explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause
(d) of sub-section (1) of section 209 of the Act and we are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31 st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bharat P. Shah &. Co.
Chartered Accountants
FRN: 109517W
Bharat P. Shah
Place: Mumbai Proprietor
Date: 18th May, 2013 Membership No.: 033530
Mar 31, 2012
(1) We have audited the attached Balance Sheet of WIM PLAST LTD., as at
31st March, 2012, the Statement of Profit and Loss and Cash Flow
Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
(2) We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
(3) As required by the Companies (Auditor's Report) order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us, we have set out in the enclosed annexure a
statement on the matters specified in the paragraph 4 and 5 of the said
order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above, we report that :-
(a) We have obtained all the information and explanations which to the
best of our knowledge andbelief were necessary for the purpose of our
audit ;
(b) In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books ;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report are in agreement with the books of
accounts ;
(d) In our opinion, the Balance Sheet , Statement of Profit and Loss
and Cash Flow Statement dealt with by this report have been prepared in
compliance with the applicable Accounting Standards referred to in
Section 211 (3C) of the Companies Act, 1956, to the extent applicable ;
(e) According to the information and explanations given to us and on
the basis of written representation received from the Directors of the
Company and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on March 31, 2012 from being
appointed as a Director in terms of section 274 (1) (g) of the
Companies Act, 1956 ;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956
in the manner so required and also give a true and fair view in
conformity with the accounting principles generally accepted in India :
I. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 ;
II. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date ; and
III. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, all fixed assets have been physically verified
by the management during the year. No material discrepancies were
noticed on such physical verification.
c. In our opinion, during the year the Company has not disposed off
substantial part of its fixed assets and the going concern status of
the Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management are found reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us there were nomaterial discrepancies noticed on physical
verification as compared to book records and the Inventories have been
properly dealt with in the books of account.
3. During the year the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information explanations given
to us, there are adequate internal control systems commensurate with
size of the Company and nature of its business, for the purchase of
inventory, fixed assets and for the sale of goods and services. During
the course of our audit we have not observed any continuing failure to
correct major weaknesses in internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of Companies Act, 1956:
a. In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintain under
Section 301 of Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value ofrupees five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. According to the information and explanation given to us, the
Company has not accepted any deposits from public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company has an adequate internal audit system,
commensurate with the size and nature of its business.
8. The Company has maintained Cost Records pursuant to the Rules made
by Central Government of India and pursuant to the Section 209 (1) (d)
of Companies Act, 1956.
9. In respect of statutory dues:
a. According to the information and explanation given to us and on the
basis of our examination of the records of the company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Excise Duty,
Service Tax, Custom Duty and other material statutory dues have
generally been regularly deposited during the year by the company with
the appropriate authorities.
b. The disputed statutory dues aggregating Rs. 41,22,998/- that have not
been deposited on account of disputed matters pending before
appropriate authorities are as under:
Name of
Statute Nature of
the Amount (Rs.) Period to
which the Forum where Dispute
is pending
dues amount
relates
Service
Tax
Act -
1994 Service
Tax 340,340/- 2006-07 Appellate Tribunal
(Custom Excise &
Service Tax)
Central
Excise
Act
- 1944 Excise Duty 92,356/- 2006-07 Custom Excise &
Service Tax - Appeal
Bihar
Finance
Act, 1981 Sales tax 10,55,757/- 2002-03 &
2003-04 Dy. Commissioner
(Commercial Tax)
Patna
Customs
Act, 1962 Custom duty 17,74,982/- 2009-10 Asst. Commissioner
of Customs
(Adjudication) Mumbai
Rajasthan
VAT Act,
2003 VAT 8,59,563/- 2009-10 Dy. Commossioner
(Appeals), Jodhpur
Total 41,22,998/-
10. The Company does not have accumulated losses at the end of
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in immediately preceding
financial year.
11. Based on the audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to the bank. There are no dues
payable to any financial institution or debenture holders.
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the Company on the basis of the security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause (xiii) of
the Companies (Auditor's Report) Order 2003 is not applicable to the
company.
14. The business of the Company is not of dealing in or trading in
shares, securities, debentures, or other Investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not obtained any Term Loans.
17. Funds raised on short-term basis have not been used for long-term
investments.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. During the year, the Company has not raised money by way of public
issue.
21. Based on the audit procedures performed by us and according to the
information and explanations given by the management, we report that no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Bharat P. Shah & Co.
Chartered Accountants
FRN 109517W
Date: 21st May, 2012 Bharat P. Shah
Place: Mumbai Proprietor
Membership No. 33530
Mar 31, 2011
(1) We have audited the attached Balance Sheet of WIM PLAST LTD., as at
31st March, 2011 and also the Profit and Loss Account and Cash Flow
Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
(2) We have conducted our audit in accordance with the Auditing
Standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
(3) As required by the Companies (AuditorÃs Report) order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
as we considered appropriate and according to the information and
explanations given to us, we have set out in the enclosed annexure a
statement on the matters specified in the paragraph 4 and 5 of the said
order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above, we report that :-
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit ;
(b) In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books ;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of accounts ;
(d) In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report have been prepared in
compliance with the applicable Accounting Standards referred to in
Section 211 (3C) of the Companies Act, 1956, to the extent applicable ;
(e) According to the information and explanations given to us and on
the basis of written representation received from the Directors of the
Company and taken on record by the Board of Directors, we report that
none of the Directors are disqualified as on March 31, 2011 from being
appointed as a Director in terms of section 274 (1) (g) of the
Companies Act, 1956 ;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by the Companies Act, 1956
in the manner so required and also give a true and fair view in
conformity with the accounting principles generally accepted in India :
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 ;
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date ; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
1. In respect of its fixed assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. Fixed assets have been physically verified by the management during
the year. No material discrepancies were noticed on such verification.
c. In our opinion, during the year the Company has not disposed off
substantial part of its fixed assets and the going concern status of
the Company is not affected.
2. In respect of its inventories :
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management are found reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us there were no material discrepancies noticed on
physical verification as compared to book records and the Inventories
have been properly dealt with in the books of account.
3. During the year the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information explanations given
to us, there are adequate internal control systems commensurate with
size of the Company and nature of its business, for the purchase of
inventory, fixed assets and for the sale of goods and services. During
the course of our audit we have not observed any major weaknesses in
internal controls.
5. a. Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are
of opinion that the particulars of transactions that need to be
entered into the register in pursuance of Section 301 of Companies Act,
1956 have been entered.
b. In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of rupees five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted deposits from public.
7. The Company has an adequate internal audit system, commensurate
with the size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of Companies Act, 1956.
9. a. According to the information and explanation given to us and on
the basis of our examination of the records of the company,
amounts deducted / accrued in the books of account in respect of
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Excise Duty,
Service Tax, Custom Duty and other material statutory dues have
generally been regularly deposited during the year by the company with
the appropriate authorities.
b. The details of disputed statutory dues are as following :
Name of the Nature of the Amount Period to Forum where
dues (Rs.) the amount Dispute is
relates pending
Service Tax Act Service Tax 340,340/ 2006-07 Appellate
-1994 Tribunal
(Custom
Excise &
Service
Tax)
Central Excise Excise Duty 92,356/ 2006-07 Custom
Act - 1944. Excise &
Service Tax
- Appeal
Bihar Finance Sales Tax 10,55,757/ 2002-03 & Dy.Commiss-
Act,1981 2003-04 ioner
(Commercial
Tax) Patna
Customs Act, Custom duty 17,74,982/ 2009-10 Asst. Comm-
1962 issioner of
Customs(Adj-
udication)
Mumbai
10. The Company does not have accumulated losses, has not incurred
cash losses in the financial year and in the immediately preceding
financial year.
11. Based on the audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to the bank. There are
no dues payable to any financial institution or debenture holders.
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the Company on the basis of the security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause (xiii) of
the Companies (Auditor's Report) Order 2003 is not applicable to the
company.
14. The business of the Company is not of dealing in or trading in
shares, securities, debentures, or other Investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not obtained any Term Loans.
17. Funds raised on short-term basis have not been used for long-term
investments.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. During the year, the Company has not raised money by way of public
issue.
21. Based on the audit procedures performed by us and according to the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For Bharat P. Shah & Co.
Chartered Accountants
Registration No. FRN 109517W
Bharat P. Shah
Proprietor
Membership No.33530
27th May, 2011
Mumbai
Mar 31, 2010
(1) We have audited the attached Balance Sheet of WIM PLAST LTD., as at
31st March, 2010 and also the Profit and Loss Account and Cash Flow
Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
(2) We have conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presenta- tion of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
(3) As required by the Companies (Auditors Report) order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1 956, and on the basis of such
checks as we considered appropriate and according to the information
and explanations given to us, we set out in the enclosed annexure a
statement on the matters specified in the paragraph 4 and 5 of the said
order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above, we report that :-
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit ;
(b) In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books ;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account ;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report have been prepared in
compliance with the applicable Accounting Standards referred to in
Section 211 (3C) of the Companies Act , 1956 , to the extent
applicable;
(e) According to the information and explanations given to us and on
the basis of written representation received from the Directors of the
Company and taken on record by the Board of Directors, we report that
none of the Directors are is disqualified as on March 31, 2010 from
being appointed as a Director in terms of section 274 (1) (g) of the
Companies Act, 1 956 ;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
notes thereon give the information required by the Companies Act, 1 956
in the manner so required and also give a true and fair view in
conformity with the accounting principles generally accepted in India :
I. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 ;
II. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
III. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
1. In respect of its fixed assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. Fixed assets have been physically verified by the management during
the year. No material discrepancies were noticed on such verification.
c. In our opinion, during the year the Company has not disposed off
substantial part of its fixed assets and the going concern status of
the Company is not affected.
2. In respect of its inventories :
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management are found reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us there were no material discrepancies noticed on
physical verification of inventory as compared to book records and the
Inventories have been properly dealt with in the books of account.
3. During the year the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business, for the
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit we have not observed any
major weaknesses in internal controls.
5. a. Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we
are of the opinion that the particulars of transactions that need to be
entered into the register in pursuance of Section 301 of Companies Act,
1956 have been entered.
b. In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of rupees five lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public.
7. The Company has an adequate internal audit system commensurate with
the size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of Companies Act, 1956.
9. a. According to information and explanation given to us on the
basis of our examination of the records of the company , amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Excise Duty
,Service Tax, Custom Duty and other material statutory dues have
generally been regularly deposited during the year by the company with
the appropriate authorities.
b. The details of disputed statutory dues are as followings:Ã
Name of the
Statute Nature of
the dues Amount (Rs.) Period to
which Forum where
the amount
relates Dispute is
pending
Service Tax
Act - 1994. Service Tax 3,40,340/- 2006-07 Appellate
Tribunal
(Custom Excise
& Service Tax)
Central
Excise
Act -1944. Excise Duty 92,356/- 2006-07 Custom Excise&
Service Tax -
Appeal
10. The Company does not have accumulated losses, has not incurred
cash losses in the financial year and in the immediately preceding
financial year.
11. Based on the audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to bank. There are no
dues payable to any financial institution or debenture holders.
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the Company on the basis of the security
by way of pledge of shares, debentures and other securities.
13. In our opinion , the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provision of clause
(xiii) of the Companies (Auditors Report) Order 2003 is not applicable
to the company.
14. The business of the Company is not of dealing in or trading in
shares, securities, debentures, or other Investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not obtained any Term Loans.
1 7. Funds raised on short-terms basis have not been used for long-term
investments.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued debentures during the year.
20. During the year, the Company has not raised money by way of public
issue.
21. Based on the audit procedures performed by us and according to the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For Bharat P.Shah & Co
Chartered Accountants
Registration No. FRN 109517W
Bharat P. Shah
Date 27 May, 2010 Proprietor
Place : Mumbai Membership No.33530