Piramal Glass Ltd


BSE: 532949 | NSE: PIRGLASS | ISIN: INE748E01018 
Market Cap: [Rs.Cr.] 874 | Face Value: [Rs.] 10
Industry: Glass & Glass Products

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Auditor's Report

Auditors

To the Member of Piramal Glass Limited

1. We have audited the attached Balance Sheet of PIRAMAL GLASS LIMITED,(hereinafter referred to as the ‘Company’) as at 31st March, 2012, theProfit and Loss Account and also the Cash Flow Statement for the year ended on that dateannexed thereto which we have signed under reference to this report. These financialstatements are the responsibility of the Company’s management. Our responsibility isto express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overallfinancial statements presentation. We believe that our audit provides reasonable basis forour opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by thecompanies (Auditor’s Report) (amendment) Order 2004, (together the,"Order") issued by the Central Government of India in terms of sub section (4A)of section 227 of the Companies Act, 1956 of India (the Act) and on the basis of suchchecks of the books and records of the Company as we considered appropriate and accordingto the information and explanations given to us we enclose in the Annexure a statement onthe matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in para 3 above, we report that:

a) We have obtained all the information and explanations, which to the best of ourknowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of accounts as required by law have been kept by theCompany, so far as appears from our examination of those books;

c) The Balance Sheet and Profit and Loss Statement and the Cash Flow Statement dealtwith by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the Profit and Loss Statement and the CashFlow Statement, dealt with by this report comply with the Accounting Standards referred toin sub-section (3C) of Section 211 of the Companies, Act, 1956.

e) On the basis of the written representations received from the Directors of theCompany as on 31st March, 2012, and taken on record by the Board of Directors of theCompany, we report that none of the Directors are disqualified as on 31st March, 2012 frombeing appointed as a director in terms of clause (g) of sub section (1) of section 274 ofthe Companies Act, 1956.

f) In our opinion, and to the best of our information and according to explanationsgiven to us, the said accounts read together with Notes to Accounts and SignificantAccounting Policies and General Notes forming part thereof, give the information requiredby the Companies Act, 1956 in the manner so required and give a true and fair view inconformity 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 31stMarch, 2012.

ii) in the case of Profit and Loss Statement, of the profit of the Company for the yearended on that date and

iii) in the case of Cash Flow statement, of the cash flows of the Company for the yearended on that date.

For HARIBHAKTI & CO.,
CHARTERED ACCOUNTANTS
Firm Reg. No. 118013W
HITESH J. DESAI
PARTNER
Mumbai, 7th May, 2012 M. No. 37569

Annexure To Auditors’ Report

ANNEXURE REFERRED TO IN PARAGRAPH (3) OF AUDITORS’ REPORT OF EVEN DATE TO THEMEMBERS OF PIRAMAL GLASS LIMITED ON THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST MARCH2012.

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) The fixed assets of the Company in its possession, are physically verified by themanagement according to a phased programme designed to cover all the items over a periodof three years, which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. Pursuant to the programme a portion of the fixedassets have been verified by the management during the year and no material discrepanciesbetween the book records and the physical inventory has been noticed. Confirmations havebeen received in respect of fixed assets lying with third parties.

(c) In our opinion and according to the information and explanations, the fixed assetsdisposed off during the year were not substantial and therefore do not affect the goingconcern assumption.

ii. (a) The inventory (excluding stocks with third parties and materials in transit)has been physically verified by the management during the year. In respect of stocks lyingwith third parties, these have been substantially confirmed by them. In our opinion thefrequency of verification is reasonable.

(b) In our opinion, and according to the information and explanations given to us, theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion andaccording to the information and explanations given to us, the Company is maintainingproper records of its inventories. The discrepancies noticed on physical verification ofinventory as compared to the book records were not material and the same have beenproperly dealt with in the books of account.

iii. (a) In our opinion and according to the information and explanations given to us,the Company has not granted any loans secured or unsecured to companies, firms or otherparties covered in the register maintained under section 301 of the Companies Act, 1956.Accordingly sub-clauses (b), (c) and (d) of clause 4 (iii) of the Order are not applicableto the Company.

(b) In our opinion and according to the information and explanations given to us, theCompany has not taken any loans secured or unsecured from companies, firms or otherparties covered in the register maintained under section 301 of the Companies Act, 1956.Accordingly sub-clause (f) and (g) of clause 4 (iii) of the Order are not applicable tothe Company.

iv. In our opinion and according to the information and explanations given to us,having regard to the explanation that certain items purchased/sold are of special naturefor which suitable alternative sources do not exist for obtaining comparative quotation,there are adequate internal control system commensurate with the size of the Company andnature of its business with regard to purchase of inventory and fixed assets and for thesale of goods and services. Further, on the basis of our examination of the books andrecords of the Company, and according to the information and explanations given to us, wehave neither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.

v. In respect of transactions entered in the register maintained in pursuance ofsection 301 of the Act:

(a) To the best of our knowledge and belief and according to the information andexplanations given to us, particulars of contracts or arrangements referred to in section301 of the Act have been entered in the register required to be maintained under thatsection.

(b) In our opinion and according to the information and explanations given to us,having regard to the fact that certain items purchased / sold and service rendered /received are of special nature and suitable alternative, sources do not exist forobtaining comparative quotations, the transactions made in pursuance of such contracts orarrangements and exceeding the value of RS 5 Lacs in respect of any party, during theyear, have been made at price which are reasonable having regard to the prevailing marketprices at relevant time or the prices at which the transactions for similar goods havebeen made with other parties.

vi. In our opinion and according to the information and explanations given to us, theCompany has not accepted any deposits within the meaning of Section 58A, 58AA or any otherrelevant provisions the Companies Act, 1956 and the rules framed there under.

vii. In our opinion, the Company has an internal audit system commensurate with thesize and nature of its business.

viii. We have broadly reviewed the books of account maintained by the company pursuantto the Rules made by the Central Government for the maintenance of cost records undersection 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, theprescribed accounts and records have been made and maintained.

ix. According to the information and explanations given to us and the records of theCompany examined by us in respect of statutory and other dues:

(a) The Company is generally regular in depositing undisputed statutory dues, includingProvident Fund, Investor Education and Protection Fund, Employees State Insurance, IncomeTax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and otherstatutory dues with the appropriate authorities in India. According to the information andexplanations given to us, there are no undisputed amount payable in respect of suchstatutory dues which have remained outstanding as at 31st March 2012 for a period morethan six months from the date they became payable.

(b) Disputed Income Tax liability of RS 5.50 million and Excise duty of RS 9.04 millionhas not been deposited since the matters are pending with the relevant AppellateAuthorities.

x. The Company does not have any accumulated losses as at the end of the financialyear. The Company has not incurred cash losses during the current financial year and inthe immediately preceding financial year.

xi. According to the records of the Company examined by us and the information andexplanations given by the management, we are of the opinion that, the Company has notdefaulted in repayment of dues to financial institutions or banks as at the balance sheetdate.

xii. Based on our examination of documents and records and according to the informationand explanations given to us, we are of the opinion that the Company has not granted anyloans and/or advances on the basis of security by way of pledge of shares, debentures andother securities.

xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual benefitfund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicableto the Company.

xiv. In our opinion, the Company is not dealing in or trading in shares, securities,debentures and other investments. Accordingly, the provisions of clause 4(xiv) of theorder are not applicable to the Company.

xv. The Company has given guarantees, for term loan and working capital facilitiesavailed by its Subsidiary Companies viz. Piramal Glass USA Inc. and Piramal Glass EuropeSARL. According to the information and explanation given to us we are of the opinion thatthe terms and conditions thereof are not prima facia prejudicial to the interest of theCompany.

xvi. According to the information and explanations given to us and to the best of theour knowledge and belief, term loans availed by the Company were, prima facie, applied bythe Company during the year for the purpose for which the loans were obtained, other thantemporary deployment pending applications.

xvii. According to the information and explanations given to us and on the overallexamination of the Balance Sheet of the Company and Cash Flow Statement we report that nofunds raised on short term basis have been used for long term investment of the Company.

xviii. The Company has not made during the year any preferential allotment of shares tothe parties and companies covered in the register maintained under section 301 ofCompanies Act, 1956.

xix. The Company has not issued any debentures during the year and hence the clauserelating to the creation of security or charge for debentures is not applicable to theCompany.

xx. The Company has not raised any money by public issue during the year.

xxi. During the course of our examination of books of account and records of theCompany, carried out in accordance with the generally accepted auditing practices in Indiaand according to information and explanation given to us, we have neither come across anyinstance of material fraud on or by the Company, noticed or reported during the year, norhave been informed of such cases by the management.

For HARIBHAKTI & CO.,
CHARTERED ACCOUNTANTS
Firm Reg. No. 118013W
HITESH J. DESAI
PARTNER
Mumbai, 7th May, 2012 M. No. 37569
   

Peer Comparison

Company Market Cap
(Rs. in Cr.)
P/E (TTM)
(x)
P/BV (TTM)
(x)
EV/EBIDTA
(x)
ROE
(%)
ROCE
(%)
D/E
(x)
Asahi India Glas 1,480.48 0.00 4.87 12.63 0.0 0.0 12.31
Hind.Natl.Glass 1,301.08 0.00 1.45 28.16 -17.4 -1.3 2.41
Piramal Glass 874.23 31.05 1.82 8.16 1.0 6.5 1.63
La Opala RG 801.04 28.85 10.81 8.59 35.3 38.9 0.42
Shreno Ltd 433.52 0.00 5.09 0.00 4.8 8.0 0.50
Empire Inds. 327.03 11.37 3.27 6.34 38.6 27.6 0.66
Borosil Glass 313.01 8.71 0.50 6.72 2.7 3.5 0.00
Saint-Gob. Sekur 139.40 0.00 1.91 18.34 0.8 3.8 0.07
Haldyn Glass 73.06 4.09 0.77 1.77 25.5 33.7 0.13
Guj. Borosil 59.54 72.75 1.94 11.94 0.0 0.0 0.41
Banaras Beads 23.40 9.07 0.61 2.72 8.8 11.2 0.15
Victory Glass 15.61 0.00 0.56 0.00 2.8 10.6 1.26
Haryana Sheet 15.20 0.00 -0.13 295.77 0.0 0.0 0.00
Triveni Glass 12.35 2.15 -0.22 41.25 113.8 1.4 0.00
Sezal Glass 11.94 0.00 0.09 48.07 0.0 0.0 0.46

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Key Information

Key Executives:

Ajay G Piramal , Chairman  

Vinita Bali , Director  

Vimal Bhandari , Director  

Dharendra Chadha , Director  


Company Head Office / Quarters:
Piramal Tower,
Ganpatrao Kadam Marg,
Mumbai,
Maharashtra-400013
Phone : 91-022-30466969
Fax : 91-022-24908824
E-mail : complianceofficer.pgl@piramal.com
Web : http://www.piramalglass.com
Registrars:

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