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B J Duplex Boards Ltd.

BSE: 531647 Sector: Industrials
NSE: N.A. ISIN Code: INE265C01017
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B J Duplex Boards Ltd. (BJDUPLEXBOARD) - Auditors Report

Company auditors report

TO THE MEMBERS OF B J DUPLEX BOARDS LIMITED

CIN: L21090DL1995PLC066281

Report on the Financial Statements

1. We have audited the accompanying financial statements of B J Duplex BoardsLimited ("the company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act' 2013 ("the Act") with respect to the preparationand presentation of these financial Statements that give a true and fair view of thefinancial position financial performance and cash flows of the company in accordance withthe accounting principles generally accepted in India including the accounting standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these Financial Statements based onour audit.

4. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statement whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as 31stMarch 2017 its loss 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the "Annexure-A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable to the Company.

10. 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the accountingstandards 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as directors in terms of section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure-B"; and

g) With respect to the other matters to be included in the Auditor's report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has no pending litigation as at March 31 2017 which would have anyimpact on its financial position.

ii. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management.

for SSAR & ASSOCIATES

Chartered Accountants

FRN 004739N

Sd/-

CA Sanjay Kumar Aggarwal

Partner

M No: 090834

Place: New Delhi

Dated: 25.05.2017

ANNEXURE-A TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of B J Duplex Boards Limited on the financial statements as of and for the yearended 31st March 2017.

1. Fixed Assets

The Company does not own any fixed assets. Therefore the provisions of paragraph 3(i)of the said order are not applicable to the company.

2. The inventory has been physically verified by the management during the year atreasonable intervals and according to the information and explanation given to us theprocedures of physically verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

3. The Company has not granted any loans secured or unsecured to companies firmsLLPs or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Therefore the provisions of clauses (a) (b) and (c) of paragraph3(iii) of the said Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities wherever applicable.

5. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013 and the rules framed there under to the extent notified.

6. In our opinion and according to the information and explanations given to us inthe absence of production activity the maintenance of cost records under sub-section (1)of Section 148 of the Act are not applicable to the Company.

7. Statutory Dues

(a) According to the records of the Company in our opinion the Company has notdeposited the dues of Employees Provident Fund and Sales Tax with the appropriateauthorities in India and arrears of these dues as at 31st March 2017outstanding for a period of more than six months from the date from which they becamepayable were Rs. 1181835/- on account of E.P.F.

b) As per the records of the Company there are no disputed dues in respect of incometax or sales tax or service tax or duty of custom or duty of excise or value added taxoutstanding as at 31st March 2017.

8. Based on our audit procedures records and the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to any Bank. Further the Company has neither availed any loan orborrowing from financial institution or government nor has issued any debentures.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable to the Company.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no fraud on the Company by its officers oremployees has been noticed or reported during the year.

11. The company has neither paid nor provided any managerial remuneration; accordinglyparagraph 3(xi) of the Order is not applicable.

12. The Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order isnot applicable.

13. In our opinion and according to the information & explanation given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and details of such transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debenture duringthe year under review.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into Non-cashtransactions with directors or persons connected with him.

16. The Company is not required to be registered u/s 45 IA of the Reserve Bank of IndiaAct 1934.

for SSAR & ASSOCIATES

Chartered Accountants

FRN 004739N

Sd/-

CA Sanjay Kumar Aggarwal

Partner

M No: 090834

Place: New Delhi

Dated: 25.05.2017

ANNEXURE –B TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of B J DuplexBoards Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by the Institute ofChartered Accountants of India (ICAI) and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations of themanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany'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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe 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 givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

for SSAR & ASSOCIATES

Chartered Accountants

FRN 004739N

Sd/-

CA Sanjay Kumar Aggarwal

Partner

M No: 090834

Place: New Delhi

Dated: 25.05.2017