Mar 31, 2023
SHRI JAGDAMBA POLYMERS LIMITED Ahmedabad.
Report on the Audit of the Financial Statements Auditor''s
Opinion
We have audited the accompanying financial statements of Shri Jagdamba Polymers Limited ("the Company"), which comprise the balance sheet as at March 31, 2023, and the statement of Profit and Loss (including Other Comprehensive income), statement of changes in equity and statement of cash flows for the year ended, on that date and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as " 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") Act in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind As") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, profit, total comprehensive Income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. 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 independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, 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 we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the 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 that there are no key audit matters 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 comprises the information included in the Board''s Report and Annexure to Board''s Report, but does not include the financial statements and our auditor''s report thereon. The other information is expected to be made available to us after the date of this auditor''s report thereon.
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.
Management''s Responsibility for the Financial Statement
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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India. 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^ 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 are also responsible for overseeing the Company^ financial reporting process. Auditors Responsibilities for the Audit of the 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 auditors 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 scepticism 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 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 auditors 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 auditors 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 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors 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",
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 including Other Comprehensive income, the statement of changes in equity 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 March 31, 2023 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) 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".
(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, the managerial remuneration has been paid by the company to its directors during the year is in accordance with provisions of Section 197 of the Act.
(h) 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 financial statements - Refer Note no 31 to the financial statements;
ii. Provision has been made in the financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to the investor''s education and protection fund by the company.
iv. (i) The Management has represented that, to the best of their 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 entities, 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;
(ii) the management has represented, that, to the best of their 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
(iii) Based on such audit procedures, nothing has come to our notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.
v. The dividend declared or paid during the year by the company is in compliance with section 123 of the Companies Act, 2013.
For A S R V & Co.
Chartered Accountants
Firm Registration Number: 135182W
Reeturaj Verma Partner
Membership Number: 193591 UDIN: 23193591BGUVKC4992 Place: Ahmedabad Date: May 29,2023
Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying Ind AS Financial Statements of SHRI JAGDAMBA POLYMERS LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, 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 significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) 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 ofthe Act, read with the Companies (Indian Accounting Standards) Rules, 2016, 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; design, implementation and maintenance of adequate internal financial controls, that are 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 Ind AS 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 of the Ind AS financial statements in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) ofthe 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the 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 Companyâs management and Board of 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 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 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 including other 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 (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act, we give in the âAnnexure Aâ, a statement on the matters specified in paragraphs 3 and 4 ofthe Order, to the extent applicable.
2. As required by section 143(3) of the Act,we further report that:
(i) 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.
(ii) 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.
(iii) The Balance Sheet, Statement of Profit and Loss including other comprehensive income. Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(iv) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards prescribed under Section 133 ofthe Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2016, as amended;
(v) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none ofthe directors is disqualified as on March 31,2018, from being appointed as a director in terms ofSection 164(2) of the Act.
(vi) With respect to adequacy ofthe internal financial controls over financial reporting ofthe Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ, and
(vii) With respect to other matters to be included in the Auditorâs Report in accordance with Rule 11 ofthe 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, if any on its financial position in its Ind AS financial statements -Refer Note 30 to the Ind AS financial statements.
ii) The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.
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 the heading âReport on Other Legal And Regulatory Requirementsâ of Our Independent Audit Report of even date on the Financial Statements of SHRI JAGDAMBA POLYMERS LIMITED for the year ended 31st March, 2018.
On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:In respect of its Property, plant and equipments:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, plant and equipment.
(b) As explained to us, the management during the year has physically verified the Property, plant and equipments in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.
(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 included in Property, plant and equipments are held in the name of the Company.
(i) As explained to us, in our opinion, the management has physically verified inventories at reasonable intervals during the year and there was no material discrepancies noticed on such physical verification as compared to the book records.
(ii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 ofthe Companies Act, 2013and hence, paragraph 3(iii) ofthe Order is not applicable to the Company.
(iii) In our opinion and according to the information and explanations given to us, the Company has not given any loans, investments, guarantees and security in terms of section 185 and 186 of the Companies Act, 2013.
(iv) The Company has notaccepted any deposits from the public covered under Section 73 to 76 ofthe Companies Act, 2013.
(v) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 ofthe Companies Act, 2013, in respect of products ofthe Company. Accordingly, paragraph 3(vi) of the Order is not applicable.
(vi) In respect of statutory dues:
(a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of goods and service tax with effect from July 1 2017, and is regular in depositing undisputed statutory dues, including Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Services Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues were in arrears as at 31 March, 2018 for a period of more than six months from the date they become payable.
(c) According to the information and explanation given to us and the records of the Company examined by us, the particular of dues of Value Added Tax, sates tax and Income Tax as at March 31, 2018, which have not been deposited on account of a dispute, are as follows:-
Name of the statue |
Nature of dues |
Amount (Rs. in Lakhs) |
Period to which the amount related |
Forum where the dispute is pending |
Income Tax Act, 1961 |
Income Tax |
51.04 |
AY 2015-16 |
Commissioner of Income Tax (Appeals) |
*Out ofthe total disputed dues, an amount ofRs.10.50 Lakhs was pre-deposited by the Company
(vii) According to the records ofthe Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of borrowings to any bank as at the Balance Sheet date.
(viii) According to information and the explanations given by the management, the Company has not raised any money byway 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.
(ix) During the course of our examination of the books and records of the Company carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud by the Company or by its officers or employees on it, has been noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.
(x) According to the information and explanation given by the management, the managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
(xi) In our opinion and according to information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) ofthe Orderis notapplicable.
(xii) According to information and explanations given to us and based on our examination ofthe records ofthe Company, in our opinion, all the transactions entered with the related parties are in compliance with sections 177 and 188 of the Act and the details of such transactions have been disclosed in the Financial Statements as required by the applicable accounting standards.
(xiii) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence, reporting requirements under Clause 3 (xiv) are notapplicable to the Company and not comment upon.
(xiv) According to information and explanations given to us and based on our examination of the records of the Company, the company has not entered into any non-cash transactions with directors or persons connected with directors. Accordingly, paragraph 3(xv) ofthe Order is not applicable.
(xv) According to the information and explanations given to us and the records ofthe Company examined by us, the company is not required to be registered under section 45-IA ofthe Reserve Bankof India Act, 1934. Accordingly, the reporting requirement under clause 3(xvi) of the Order is not applicable
Annexure - B to the Independent Auditorsâ Report
Referred to in paragraph 2(F) under the heading âReport on Other Legal And Regulatory Requirementsâ of Our Independent Audit Report of even date on the Financial Statements of SHRI JAGDAMBA POLYMERS LIMITED for the year ended 31st March, 2018.
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 Shri Jagdamba Polymers Limited (âthe Companyâ) as of 31 March, 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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 companyâs 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 Companyâs 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, as specified under section 143(10) ofthe Companies Act, 2013, to the extent 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. 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 auditorâs 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 ofthe assets ofthe 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 authorisations of management and directors ofthe company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs 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 31 March 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Loonia & Associates
Chartered Accountants
(Registration No.130883W)
Hitesh Loonia
Place : Ahmedabad Proprietor
Date :29th May 2018 Membership No. 135424
Mar 31, 2016
INDEPENDENT AUDITORSâ REPORT
To,
The Members of
Shri Jagdamba Polymers Limited Ahmadabad
Report on the Financial Statements:
We have audited the accompanying standalone financial statements of Shri Jagdamba Polymers Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements:
The Companyâs 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 and financial performance 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, 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.
Auditorsâ Responsibility:
Our responsibility is to express an opinion on 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 issued by the Institute of Chartered Accountants of India 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the financial statements that give 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 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 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:
(i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
(ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure âAâ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent possible.
2. As required by Section 143(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 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 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 the written representations received from the Directors as on March 31, 2016, taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2016, from being appointed as a Director in terms of Section 164(2) of the Act.
f. With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in Annexure âBâ may be referred;
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 explanation 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 derivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring the amounts required to be transferred to the Investor Education and Protection Fund by the Company.
Referred to in Paragraph 1 under the heading of âreport on other legal and regulatory requirementsâ of our report of even date
1. In respect of the Companyâs 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 during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its fixed assets. No material discrepancies were noticed on such physical verification.
c) The title deed of all Immovable Properties of the Company shown under the Fixed Assets schedule are held in the name of the Company.
2. In respect of the Companyâs inventories:
As explained to us, the management has physically verified inventories during the year. In our opinion the frequency of verification is reasonable and the Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification as compared to the book records.
3. In respect of the loans and Advances granted :
According to the information & explanations given to us, the Company has not granted any loan to companies, firms or other parties covered in the register maintained u/s. 189 of the Companies Act, 2013. The Company has not granted loans, secured or unsecured to Companies, Firms, LLP''s or other parties covered in the register maintained U/s. 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanation given to us, in respect of loans, investments and guarantees, the provisions of Section 185 and 186 of the Companies Act,2013 have been complied with.
5. The Company has not accepted any deposit to which provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under and the directions issued by RBI are applicable.
6. According to the information and explanations provided by the Company, the Central Government has not prescribed to Maintenance of cost records under Section 148(1) of the Companies Act, 2013 in respect of product of the Company.
7. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues including provident fund, employee state insurance, sales tax, wealth tax, service tax, income tax, custom duty, excise duty, value added tax, cess and other material statutory dues have been generally regularly deposited with appropriate authorities, wherever applicable to it.
b) According to information and explanation given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Service Tax, or duty of custom or duty of excise or value added tax or cess and other statutory bodies which have remained outstanding as on 31st March, 2016 for a period of more than six months from the date they become payable. Further, as per information and explanations, there are no such statutory dues which have not been deposited on account of any dispute.
8. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions, banks and Governments. The Company does not hold any debentures.
9. In our opinion and according to the information and explanation given to us, the term loans were applied for the purpose for which they were obtained. Company had not raised money by way of initial public offer or further public offer (including debt instruments).
10. During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.
11. The Managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by section 197 r/w schedule V to the Companies act, 2013.
12. In our opinion, the company is not Nidhi Company. Therefore the provisions of clause 3(xii) of the Companies (Auditors Report) order, 2016 are not applicable to the company.
13. During the year all the transactions with the related parties were done with the compliance with Section 177 and 188 of the companies act, 2013 and details of the same have been disclosed in the Financial Statements as required by the applicable accounting standards.
14. Company had not made any preferential allotment or private placement of shares or debentures during the year and therefore clause 3(14) of the order is not applicable to the company.
15. Company had not entered into any non-cash transactions with Directors and persons connected with him as stipulated u/s 192 of the Act and therefore clause 3(15) of the order is not applicable to the company.
16. Company has not carry on business of NBFC so registration under section 45-IA of Resereved Bank of India Act, 1934 is not required to the company.
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 Shri Jagdamba Polymers 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 Companyâs 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 companyâs 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. 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 auditorâs 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 Companyâs 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 Loonia& Associates.
Chartered Accountants
(Firm Registration No.130883W)
Sd/-
Place: Ahmedabad Hitesh Loonia
Date: May 30, 2016 (Proprietor)
M.No.-135424
Mar 31, 2015
1. We have audited the accompanying Financial Statements of SHRI
JAGDAMBA POLYMERS LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, the Statement of Profit & 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
2. The management and Board of Directors of the Company are
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 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 Companies (Accounts) Rules, 2014. This
responsibility 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; design, implementation and maintenance of adequate internal
financial controls, that are 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. 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.
5. 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 misstatements.
6. 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 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
7. 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
8. 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 March 31, 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
9. 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 paragraphs 3 and 4 of the Order.
10. As required by section 143(3) of the Act, we further 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 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 financial statements comply with the
applicable 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 March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under 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.
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts - Refer Note No.
9 to the financial statements;
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure referred to in paragraph 9 of Our Report of even date to the
Members of SHRI JAGDAMBA POLYMERS LIMITED ("the Company") on the
accounts of the Company for the year ended 31st March, 2015 On the
basis of such checks as we considered appropriate and according to the
information and explanations given to us during the course of our
audit, we report that:
1. In respect of the Company's 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 during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its fixed assets. No material
discrepancies were noticed on such physical verification.
2. In respect of the Company's inventories:
a) As explained to us, the management has physically verified
inventories 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 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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification as compared to the 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 189 of the Companies Act, 2013:
According to the information & explanations given to us, the Company
has not granted any loan to companies, firms or other parties covered
in the register maintained u/s. 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods and services during the course of our audit. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weakness in internal
control system.
5. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
6. According to the information and explanations provided by the
Company, the Company had maintained accounts as prescribed by the
Central Government for cost records under Section 148(1) of the
Companies Act, 2013.
7. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including provident fund, employee state insurance, sales tax, wealth
tax, service tax, income tax, custom duty, excise duty, value added
tax, cess and other material statutory dues have been generally
regularly deposited with appropriate authorities, wherever applicable
to it.
b) According to information and explanation given to us, there are no
undisputed amounts payable in respect of Income Tax, Sales Tax, Service
Tax, or duty of custom or duty of excise or value added tax or cess and
other statutory bodies which have remained outstanding as on 31st
March, 2015 for a period of more than six months from the date they
become payable. Further, as per information and explanations, there are
no such statutory dues which have not been deposited on account of any
dispute.
c) According to information and explanations given to us the amount
which were required to be transferred to the Investor Education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956(1 of 1956) and rules there under has been
transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the
financial year. The company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
9. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and banks.
The Company does not hold any debentures.
10. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. In our opinion and according to the information and explanation
given to us, the term loans were applied for the purpose for which they
were obtained.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of material fraud on or by the Company, noticed or reported during the
course of our audit nor have we been informed of any such instance by
the Management.
FOR LOONIA & ASSOCIATES,
CHARTERED ACCOUNTANTS,
Sd/-
Hitesh Loonia
Proprietor
M. No:-135424 Date: 29.05.2015
Firm Reg No:- 130883W Place: Ahmedabad
Mar 31, 2014
We have audited the accompanying financial statements of Shri Jagdamba
Polymers Limited ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
The Company''s 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 notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 Dated
13th September 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013. 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.
Auditors'' Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We 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 misstatements.
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 the 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 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and 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 Section 227(4A) 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 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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the notified under the Act read
with the General Circular 15/2013 Dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013.
e. On the basis of the written representations received from the
Directors as on March 31, 2014, 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 Section 274(1) (g) of
the Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other
legal and regulatory requirements" of our report of even date
1. In respect of the Company''s 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 during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its fixed assets. No material
discrepancies were noticed on such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of the Company''s inventories:
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year.
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) The Company has maintained proper records of inventories. As
explained to us, the discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
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 the Companies Act, 1956:
According to the informations & explanations given to us, the Company
has not granted any loan to Companies, firms or other parties covered
in the register maintained u/s. 301 of the Companies Act, 1956. The
Company has taken unsecured loans of '' 265.40 Lacs from four parties
covered in the register maintained under section 301 of the Act. The
maximum amount involved during the year involved was '' 372.22 lacs.
a) In our opinion and according to the information and explanation
given to us, the rate of interest, wherever applicable and other terms
& conditions are not prima facie prejudicial to the interest of the
Company.
b) In our opinion and according to the information and explanation
given to us, the interest payments are regular and the principal amount
is repayable on demand.
c) There is no overdue amount in respect of loans taken by the Company.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods and services during the course of our audit. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weakness in internal
control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the 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 contracts or
arrangements entered in the register maintained u/s. 301 of the
Companies Act, 1956 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 information and explanations given to us, the Company
has not invited or accepted any public deposit, hence the provisions of
section 58A, 58AA and any other relevant provision of the Companies
Act, 1956 and the rules framed there under are not applicable to the
Company and no order under the aforesaid section have been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any tribunal, on the Company.
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed 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.
9. In respect of statutory dues:
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, Customs Duty Excise Duty, Cess, and other statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2014 for a period of more than six months
from the date they become payable.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and banks.
The Company does not hold any debentures.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
investments.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Companies (Auditors Report) Order 2003 are not
applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in shares,
securities, Debentures and other investments. Accordingly, the
provisions of Clause (xiv) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the Company.
15. According to the informations and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were applied for the purpose for which they
were obtained.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, prima facie,
the quantum of long term funds of the Company is not significantly
different from the long term application and accordingly, we report
that fund raised on short-term basis have not significantly been used
during the year, for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties and Companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures and therefore the
question of creating security & charge in respect thereof does not
arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For G. C. Surana & Co.
Chartered Accountants
(Firm Registration No.122012W)
G. C. Surana
Place: Ahmedabad (Proprietor)
Date: May 29, 2014 Membership No. 16025
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of Shri Jagdamba
Polymers Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
The Company''s 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 principles generally accepted in India
including Accounting Standards referred to in Section 211(3C) 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.
Auditors'' Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We 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 misstatements.
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 the 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 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:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and 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 Section
227(4A) 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 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
directors as on March 31, 2013, 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 Section 274(1) (g) of
the Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
1. In respect of the Company''s 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 during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its fixed assets. No material
discrepancies were noticed on such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of the Company''s inventories:
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year.
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) The Company has maintained proper records of inventories. As
explained to us, the discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
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 the Companies Act, 1956:
According to the informations & explanations given to us, the Company
has not granted any loan to companies, firms or other parties covered
in the register maintained u/s. 301 of the Companies Act, 1956. The
Company has taken unsecured loans of 704.17 Lacs from six parties
covered in the register maintained under section 301 of the Act.
a) In our opinion and according to the information and explanation
given to us, the rate of interest, wherever applicable and other terms
& conditions are not prima facie prejudicial to the interest of the
Company.
b) In our opinion and according to the information and explanation
given to us, the interest payments are regular and the principal amount
is repayable on demand.
c) There is no overdue amount in respect of loans taken by the Company.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods and services during the course of our audit. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weakness in internal
control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the 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 contracts or
arrangements entered in the register maintained u/s. 301 of the
Companies Act, 1956 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 information and explanations given to us, the Company
has not invited or accepted any public deposit, hence the provisions of
section 58A, 58AA and any other relevant provision of the Companies
Act, 1956 and the rules framed thereunder are not applicable to the
Company and no order under the aforesaid section have been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any tribunal, on the Company.
7. In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed 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.
9. In respect of statutory 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, Customs Duty Excise Duty, Cess, and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2013 for a period of more than six months
from the date they become payable except stated herein below.
b) The disputed statutory dues aggregating Rs. 2.44 Lacs that have not
been deposited on account of disputed matters pending before
appropriate authorities are as under:
10. The Company does not have accumulated losses at the end of the
financial year. The company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and banks.
The Company does not hold any debentures.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
investments.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Companies (Auditors Report) Order 2003 are not
applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in shares,
securities, Debentures and other investments. Accordingly, the
provisions of Clause (xiv) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the Company.
15. According to the informations and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were applied for the purpose for which they
were obtained.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, prima facie,
the quantum of long term funds of the company is not significantly
different from the long term application and accordingly, we report
that fund raised on short-term basis have not significantly been used
during the year, for long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures and therefore the
question of creating security & charge in respect thereof does not
arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For G.C.Surana & Co.
Chartered Accountants
(Firm Registration No.122012W)
G.C.Surana
Place: Ahmedabad (Proprietor)
Date: May 29, 2013 Membership No. 16025
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. Shri Jagdamba
Polymers Limited, Ahmedabad as at 31st March' 2012, the Statement of
Profit & 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.
We 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report that:
1. We have obtained all the informationÃs and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
2. 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
3. The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement referred to in this report are in agreement with the books of
accounts.
4. In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report complies with the
mandatory accounting standards referred in sub-section (3C) of section
211 of the Companies Act, 1956.
5. On the basis of the written representations received from the
Directors of the Company and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31.03.2012
from being appointed as Director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes on Accounts thereon,
give the information required by the Companies Act, 1956 in the manner
so required and give a true & fair view in conformity with the
accounting principles generally accepted in India.
i. In the case of Balance Sheet of the state of affairs of the Company
as at 31st March' 2012.
ii. In the case of the Statement of Profit & 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.
7. As required by the Companies (Auditors Report) order, 2003 as
amended by the Companies (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
(the Act), we report hereunder on the matters specified in paragraphs 4
and 5 of the said Order to the extent applicable to this Company.
i) a. The Company has maintained proper records in respect of its
fixed assets showing full particulars including quantitative details
and situation of fixed assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and the nature of its fixed assets.
No material discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
ii) a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
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. The Company has maintained proper records of inventories. As
explained to us, the discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
iii) According to the informationÃs & explanations given to us, the
Company has not granted any loan to companies, firms or other parties
covered in the register maintained u/s. 301 of the Companies Act, 1956.
The Company has taken unsecured loans of Rs. 197.23 Lacs from four
parties covered in the register maintained under section 301 of the
Act.
a. In our opinion and according to the information and explanation
given to us, the rate of interest, wherever applicable and other terms
& conditions are not prima facie prejudicial to the interest of the
Company.
b. In our opinion and according to the information and explanation
given to us, the interest payments are regular and the principal amount
is repayable on demand.
c. There is no overdue amount in respect of loans taken by the
Company.
iv) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods and services during the course of our audit. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weakness in internal
control system.
v) a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the 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 contracts or
arrangements entered in the register maintained u/s. 301 of the
Companies Act, 1956 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.
vi) According to information and explanations given to us, the Company
has not invited or accepted any public deposit, hence the provisions of
section 58A, 58AA and any other relevant provision of the Companies
Act, 1956 and the rules framed there under are not applicable to the
Company and no order under the aforesaid section have been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any tribunal, on the Company.
vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its business.
viii) We are informed that the Central Government has not prescribed
maintenance of Cost Records under Section 209 (1) (d) of the Companies
Act, 1956 for the products manufactured by the company.
ix) 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, Customs Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March,2012 for a period of more than six months
from the date they became payable.
b. The disputed statutory dues aggregating Rs. 5.35 Lacs that have not
been deposited on account of disputed matters pending before
appropriate authorities are as under:
Name of the Nature of Amount Period to which Forum where
Statue Dues (Rs.in amount relates dispute is
Lacs) pending
Central Excise Excise Duty 5.35 F.Y.2010-11 Gujarat High
Act, 1944 Court
x) The Company has no accumulated losses and has not incurred any cash
losses during the financial year and in the immediately preceding
financial year.
xi) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in the repayment of dues to financial institutions and banks.
The Company does not hold any debentures.
xii) In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
investments.
xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order 2003 are not applicable to 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 the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) In our opinion and according to the information and explanation
given to us, the term loans were applied for the purpose for which they
were obtained.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, prima
facie, the quantum of long term funds of the company is not
significantly different from the long term application and accordingly,
we report that fund raised on short-term basis have not significantly
been used during the year, for long term investments.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
xix) The Company has not issued any debentures and therefore the
question of creating security & charge in respect thereof does not
arise.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For G. C. Surana & Co.
(Chartered Accountants)
(G.C. Surana)
Proprietor
M. No. 16025
Firm Registration No. 122012W
Place : Ahmedabad
Date : 31/07/2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. Shri Jagdamba
Polymers Limited, Ahmedabad as at 31st March 2010, the Profit & Loss
Account for the year ended on that date 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.
We 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report that:
1. We have obtained all the informations and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
2. 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
3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
4. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report complies with the mandatory
accounting standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956.
5. On the basis of the written representations received from the
Directors and taken on record by the Board of Directors, we report that
none of the Directors is disqualified as at 31.03.2010 from being
appointed as Director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes on Accounts thereon,
give the information required by the Companies Act, 1956 in the manner
so required and give a true & fair view in conformity with the
accounting principles generally accepted in India.
i. In the case of Balance Sheet of the state of affairs of the Company
as at 31st March 2010.
ii. In the case of the Profit & Loss Account, of the Profit of the
Company 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.
7. 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 1956, we report hereunder on the matters
specified in paragraphs 4 and 5 of the said Order to the extent
applicable to this Company
i) a. The Company is maintaining proper records showing full
particulars including
quantitative details and situation of fixed assets on the basis of
available information.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
ii) a. As explained to us, inventories have been physically verified
by the management at regular intervals during the year.
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. The Company has maintained proper records of inventories. As
explained to us, the discrepancies noticed on physical verification of
inventories as compared to the book records were not material and have
been properly dealt with in the books of account.
iii) According to the informations & explanations given to us, the
Company has not granted any loan to companies, firms or other parties
covered in the register maintained u/s. 301 of the Companies Act,
1956. The Company has taken unsecured loans of Rs.85.04 Lacs from party
covered in the register maintained under section 301 of the Act.
In our opinion and according to the information and explanation given
to us, the rate of interest, wherever applicable and other terms &
conditions are not prima facie prejudicial to the interest of the
Company.
b. In our opinion and according to the information and explanation
given to us, the interest payments are regular and the principal
amount is repayable on demand.
There is no overdue amount in respect of loans taken by the Company.
iv) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for
the sale of goods and servicesduring the course of our audit. In our
opinion and according to the information and explanations given to us,
there is no continuing failure to correct major weakness in internal
control system.
v) a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the 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 contracts or
arrangements entered in the
c. register maintained u/s. 301 of the Companies Act, 1956 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.
vi) According to information and explanations given to us, the Company
has not invited or accepted any public deposit, hence the provisions of
section 58A, 58AA and any other relevant provision of the Companies
Act, 1956 and the rules framed thereunder are not applicable to the
Company and no order under the aforesaid section have been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any tribunal, on the Company
vii) In our opinion, the company has an adequate internal audit system
commensurate with the size and nature of its business.
viii) We are informed that the Central Government has not prescribed
maintenance of Cost Records under Section 209 (1) (d) of the Companies
Act, 1956 for the products manufactured by the company.
ix) 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, Customs Duty, Excise Duty, Cess and other statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date they became payable.
x) The Company has no accumulated losses and has not incurred any cash
losses during the financial year and in the immediately preceding
financial year.
xi) Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
doubtful in repayment of dues to financial institutions and banks. The
Company does not hold any debentures.
xii) In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
investments.
xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4 (xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to 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 the Companies (AuditorÃs Report) Order,
2003 are not applicable to the Company.
xv) According to the informations and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
xvii) Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment.
xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
xix) The Company has not issued any debentures and therefore the
question of creating security & charge in respect thereof does not
arise.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For G.C. Surana & Co.
(Chartered Accountants)
Place : Ahmedabad s/d.
Date : 15, July 2010 (G.C. Surana)
Proprietor
M.No. 16025
Firms Registration No. 122012 W