We have audited the accompanying financial statements Premium Plast Limited ("the
Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and
Loss and the Statement of Cash Flows for the year then ended and notes to the financial
statements including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as 'the financial statements ).
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 Companies Act, 2013
("the Act") in the manner so required and give a true and fair view in conformity with the
Accounting Standards specified under section 133 of the Act read with the Companies
(Accounting Standards) Rules, 2014, and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2024, and its profit, and its cash flows for
the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter
Based on our examination, the company, has used accounting software for maintaining its l
of account which does not have a feature of recording audit trail (edit log) facility. Conseal^rfTy^X^
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the company has not operated an audit trail for all transactions recorded in the software
throughout the year,
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023,
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of
audit trail as per the statutory requirements for record retention is not applicable for the financial
year ended March 31, 2024.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Board's Report including
Annexures to Board's Report but does not include the financial statements and our auditor's
report thereon. The above-referred information is expected to be made available to us after the
date of this audit report.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
When we read the information, if we conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged with governance and take appropriate
actions necessitated by the circumstances & the applicable laws and regulations.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to 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 principles generally accepted in India, specified under section 133 of the Act. 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, 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.
In preparing the financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's finance
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process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance
is not a guarantee that an audit conducted in accordance with SAs will always detect a mate
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exerc.se professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
. Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other^njat
planned scope and timing of the audit and significant audit findings, including 'a^j^^ai^-v
V?t 104727VJ )j)
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
Annexure "A", 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 except for the matter
stated in paragraph (i) (vi) below on reporting under rule 11(g);
c. the Balance Sheet, the Statement of Profit and loss, and the Statement of Cash Flows
dealt with by this Report are in agreement with the books of account.
d. in our opinion, the aforesaid financial statements comply with the AS specified under
Section 133 of the Act.
e. on the basis of the written representations received from the directors as on March 31,
2024, taken on record by the Board of Directors, none of the directors is disqualified as
on March 31, 2023, from being appointed as a director in terms of Section 164(2) of the
Act;
f. the observation relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph (b) above on reporting under Section 143(3)(b)
and paragraph (i) (vi) below on reporting under Rule 11(g).
g. with respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate report in Annexure "B";
h. with respect to the other matters to be included in the Auditor's Report in aaocd^nce
with the requirements of section 197(16) of the Act, as amended, in our opin
the best of our information and according to explanations given to us, the c&Apppy \
a private company, Section 197 of the Act related to the managerial remur^atlOixE'wJJ
applicable.
i. 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
position;
(ii) the Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses;
(in) there were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company;
(iv)
(a) the management has represented that, to the best of it's knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any
other person(s) or entity(ies), including foreign entities ("Intermediaries"), with
the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;
(b) the management has represented, that, to the best of it's knowledge and belief,
no funds have been received by the company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
and
(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
(v) The Company has not declared or paid any Dividend during the year and has not
proposed final dividend for the year.
(vi) Based on our examination which included test checks, the company.rh|?g^c!
accounting software for maintaining its books of account which has
recording audit trail (edit log) facility. However, the company has no£eff#8HJi€bam\
1^,1 104727WJj’J
(vl) Based on our examinalion which included test checks, the company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility. However, the company has not enabled the
edit log facility throughout the year for all the transactions recorded in the
software. We are unable to comment on the tampering of audit log for the
reason stated above.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable
from the period April 1, 2023 reporting under Rule 11(g) of the Companies Act
(Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the financial
year ending March 31, 2024
. Company has not quantified the amount of gratuity and provision of gratuity has not made so far
by the company.
For VRCA & Associates
Chartered Accountants
Firm's Registration No. 104727W
- I ~ • VvA 104727^ J •]
CA Krunal Brahmbhatt Xggcf
Partner -• ••
Membership No. 150053
UDIN: 24150053BKEPMO3346
Place: Vadodara
Date: 9,h September, 2024
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