We have audited the accompanying financial statements of PANKAJ POLYMERS LIMITED (“the
Company”), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and
Loss and the Cash Flow Statement for the year ended and notes to the financial statements, including
the summary of the material accounting policies and other explanatory information.
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, 2024 and its loss and 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 (“ICAI”) together with the ethical requirements that are
relevant to our Audit of the Financial Statements under the provision of the Act and the Rules made
there under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of Financial Statements of the current period. These matters were addressed in the context
of our audit of the Financial Statements as a whole and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. We have determined there is no key audit matters
required to be communicated in our report.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information
comprise the information included in the annual report, but does not include the financial statements
and our auditor's report thereon. The annual report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the financial statements does not cover the other information and we will 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 during
the course of our audit or otherwise appears to be materially misstated.
When we read the annual report, 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 action
as applicable under the relevant laws and regulations.
Management 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 of these 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)
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and
the companies (Indian Accounting Standards) Rule, 2015, as amended. 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 financial reporting process.
Auditor's Responsibilities for the Audit of Financial Statements.
Our objectives are to obtain reasonable assurance about whether the financial statements as a 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, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material 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 exercise 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 any involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls 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 system 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.Materiality is the magnitude of
misstatements in the financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the financial
statements may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the financial
statements.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant 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.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
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 the “Annexure A” statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, based on our audit 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 the statement of Other
Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Ind AS specified
under section 133 of the Act.
e. On the basis of 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 31,2024 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 “Annexure B”. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company's internal financial
controls over financial reporting.
g. With respect to the other matters to be included in the Auditor's Report in accordance
with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations
given to us, remuneration has been paid by the Company to its directors during the
year is in accordance with the provisions of section 197 of the Act.
h. With respect to 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 as on March 31,2024
(iii) There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund.
(iv) a) The Management of the company have represented to us, to the best of their
knowledge and belief, no funds have been advanced or loaned or invested
(either from the borrowed funds or share premium or any other sources or kind
of funds) by the Company to or in any other person or entity including foreign
entity (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall 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 of the Company have represented to us, to the best of the
knowledge and belief, no funds have been received by the company from any
person or entity, including foreign entity (“Funding parties”) with the
understanding, whether recorded in writing or otherwise, that the Company
shall directly or indirectly, lend or invest in other persons or entities identified in
any manner what's the 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 audit procedures that have been considered reasonable and
appropriate in the circumstances performed by us on the Company, nothing has
come to our notice that has caused us to believe that the representations are
under sub clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.
3) The company has not declared any dividend in the previous financial year which has been
paid in current year. Further, no dividend has been declared/ proposed for the current year
accordingly the section 123 of the Act is not applicable to the company.
4) With respect to reporting on audit trail under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 as amended, on the use of accounting software for maintaining books of
account, we report as follows.
Based on our examination, the company has used a software (tally ERP 9) for maintaining
books of accounts which does not have the feature of recording audit trail (edit log) facility.
Accordingly, the audit trail facility has not been operated throughout the year for all
transactions recorded in the accounting software.
For Rakesh S Jain & Associates
Chartered Accountants,
Firm Registration Number: 0010129S
Sd/-
(Pankaj Chandak)
Place: Secunderabad Partner
Dated: 27th May, 2024 M.No. 229355
UDIN: 24229355BKAQHL5489
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