B.J.DUPLEX BOARDS LIMITED
ANNUAL REPORT 1999-2000
To the Members
of B.J. DUPLEX BOARDS LIMITED
We have audited the attached Balance Sheet of B.J. Duplex Boards Limited as
at 31st March 2000 and Profit 8 Loss Account of the company for the year
ended on that date annexed there to and report that :-
1. As required by the manufacturing and other companies ( auditor's report)
order 1988, issued by the Company Law Board in terms of section 227 (4A) of
the companies Act 1956, we annex hereto statement on the matters specified
in the said order, to the extent applicable to the Company.
2. Further to our comment in the Annexure referred to in paragraph (1)
a) We have obtained all the information and explanations which to the best
to our knowledge and belief, were necessary for the purpose of our audit;
b) 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 ;
c) The Balance Sheet and Profit & Loss account dealt with by this report
are in agreement with the books of accounts.
d) In our opinion the Balance Sheet and the Profit and Loss account
complies with the mandatory Accounting standards referred in Section 211
(3C) of the Companies Act, 1956.
e) In our opinion and to the best of our information and according to the
explanations given to us the said accounts read with schedules annexed here
to and notes thereon give the information required by the Companies act
1956 in the manner so required and give a true & fair view.
i) In case of the Balance Sheet of the state of the Company's affairs as at
31st march 2000 and
ii) In case of the Profit & Loss account, of the Loss of the company for
the year ended on that date
For RAJIV SRICHAND & CO.
Place: Delhi RAJIV JAIN
Dated: 13th April, 2000 Prop
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date on the Accounts of
B.J. Duplex Boards Limited for the year ended 31st March, 2000)
i. The company has maintained proper records showing full particulars
including quantitative details and situation of the fixed assets. We have
been explained that all the fixed assets were physically verified by the
management and no discrepancy was found.
ii. None of the fixed assets have been revalued during the year,
iii. To the best of our knowledge and according to the information and
explanations given to us the stock of stores and spare parts, packing
material and raw materials have been physically verified by the management
at reasonable intervals during the year.
iv. The procedures adopted for the physical verification of the above stock
were reasonable and adequate in relation to the size of the Company and the
nature of its business.
v. We have been explained that discrepancies noticed on physical
verification of stock as compared to book records; were not material in
relation to the operations of the Company and the same have been properly
dealt with in the books of account.
vi. In our opinion, valuation of inventory is fair and proper in accordance
with the normally accepted accounting principles.
vii. The Company has obtained Interest free loan from the parties listed in
the register maintained under section 301 of the, Companies Act 1956. The
Other terms and conditions of such loans are prima- facie not prejudicial
to the interest of the Company. We have been informed that there is no
company under the same management defined under sub section (1-B) of
section 370 of the Companies Act, 1956.
viii. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties listed in the register maintained under
Section 301 of the Companies act, 1956. We have been informed that there is
no company under the same management as defined under sub Section (I-B) of
section 370 of the Companies Act, 1956.
ix. The Company has not given any loans and advances in the nature of
x. On the basis of our evaluation of internal control procedures and
according to the information and explanations given to us, it appears that
reasonable internal control procedures commensurate with the size of the
company and nature of its business for the purchase of raw material,
packing material, components, plant & Machinery, equipments, Spares and
Other assets and for the sale of goods.
xi. In our opinion and according to the information and explanations given
to us the transaction of purchase of goods and material and sale of goods,
material and services made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Company's Act
1956 and aggregating Rs. 50000/- or more in respect of each party have been
made at prices which are reasonable having regard to prevailing market
prices for such goods, materials or services or the price at which
materials or services have been made with other parties.
xii. We have been explained that unserviceable or damaged stores, raw
material or finished goods have been determined and adequate provisions
have been made, wherever considered necessary.
xiii. The Company has not accepted any deposits within the meaning of
section 58 A of the Companies Act, 1956 from the Public.
xiv. To the best of our knowledge, reasonable records have been maintained
by the Company for the sale and disposal of scrap realised, wherever
significant. No by product is generated in the manufacturing process of the
xv. In our opinion, the Company has an internal audit system commensurate
with the size and nature of its business
xvi. We have broadly reviewed the cost records maintained by the Company as
prescribed under section 209(1) (d) of the Companies Act 1956 and are of
the opinion that, prima-facie the said records have been maintained. We
have, however not made any detailed examination of such records with view
to determine whether they are accurate or complete.
xvii. As per the records of the Company the Company has not deposited the
dues of Employees State Insurance and Employees Provident Fund with the
appropriate authorities during the year except the amount which remained
payable as at 31st March 1999.
xviii. No undisputed amounts in respect of Income Tax, Sales Tax, Custom
Duty, and Excise Duty were outstanding as at 31st March 2000 for a period
of more than six months from the day they became payable.
xx. The Company is a sick industrial Company within the meaning of clause
(o) of sub Section 3 of the Sick Industrial Companies (special provisions)
for RAJIV SRICHAND & CO.
Place : Delhi Rajiv Jain
Dated : 13th April, 2000 Prop.