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C J Gelatine Products Ltd.

BSE: 507515 Sector: Industrials
NSE: N.A. ISIN Code: INE557D01015
BSE LIVE 14:37 | 06 Dec 7.60 -0.39
(-4.88%)
OPEN

7.60

HIGH

7.60

LOW

7.60

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.60
PREVIOUS CLOSE 7.99
VOLUME 50
52-Week high 12.16
52-Week low 6.31
P/E
Mkt Cap.(Rs cr) 3.66
Buy Price 7.60
Buy Qty 70.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.60
CLOSE 7.99
VOLUME 50
52-Week high 12.16
52-Week low 6.31
P/E
Mkt Cap.(Rs cr) 3.66
Buy Price 7.60
Buy Qty 70.00
Sell Price 0.00
Sell Qty 0.00

C J Gelatine Products Ltd. (CJGELATINE) - Auditors Report

Company auditors report

To

The Members of

C.J.Gelatine Products Limited

Mumbai

1. We have audited the accompanying financial statements of M/s. C. J. GelatineProducts Limited which comprise the Balance Sheet as at 31st March 2015 the Statementof Profit & Loss and Cash Flow Statement for the year ended on that date and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements:

The Company’s Board Of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. Theresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords: relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of India as specified under Section 143(10) of the Act. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgments including the assessment of the risk of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 at March31 2015 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s report) Order2015 ("theOrder") issued by the Central Government of India in terms of sub-section(11) ofsection 143 of the Act we give in the Annexure 1 a statement on the matters specified inparagraphs 3 and 4 of the Order.

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 bestof 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 theCompany so far as it appears from our examination of those books;

c. The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealt withby 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)Rules2014;

e. On the basis of written representations received from the Directors as on March312015 and taken on record by the Board Of Directors none of the Directors isdisqualified as on March 312015 from being appointed as a Director in terms of section164(2) of the Act;

f. With respect to other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best of our information and according to the explanations given to us:

(a) The Company has disclosed the impact of pending/settled litigations on itsfinancial position in its financial statements – Refer Note 22 to the financialstatements.

(b) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

(c) There has been no delay in transferring amounts if any to the Investor Educationand Protection Fund by the Company.

For: R. Kini & Associates
Chartered Accountants
Firm Regn. No.116134W
Place: Bhopal R.Kini
Date: 15th May 2015 Proprietor- M.No.021611

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in our Report of even date)

1a. The Company is in the process of updating its fixed assets register to show fullparticulars including quantitative details and situation of fixed assets.

b. The Company has not carried out physical verification of its fixed assets during theyear pending Updation of fixed assets register. However the Management has assured thatthe physical verification of fixed assets will be carried out once the fixed assetsregister is updated. c. During the year the Company has not disposed off a substantialpart of the fixed assets.

2a. The inventories have been physically verified by the Management during the year. Inour opinion the frequency of verification is reasonable.

b. In our opinion the procedures of verification of inventories followed by theManagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

c. In our opinion the Company has maintained proper records of inventories. Thediscrepancies noticed on physical verification of inventories as compared to book recordswere not material and the same have been properly dealt with in the books of account.

3a. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies firms or other parties listed inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theprovisions of clause 3(iii) (a) and (b) of the Order are not applicable to the Company andhence not commented upon.

b. The Company is regular in repaying the principal amounts as stipulated and has beenregular in the payment of interest in respect of unsecured business loan of Rs.25.50 Lakhstaken from Bajaj Finance Limited taken during the current financial year.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company andnature of its business for the purchase of inventory and fixed assets and for the sale ofgoods. During the course of the audit we have not observed any major weakness orcontinuing failure to correct any major weakness in internal controls system of theCompany in respect of these areas.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public in accordance with provisions ofsections 73 to 76 of the Act and rules framed there under.

6. We have been informed that the Central Government has not prescribed maintenance ofcost records under Section 148(1) of the Act for any products of the Company.

7. a. According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including Provident FundEmployees State Insurance Income Tax Service Tax Sales Tax Wealth Tax etc. withappropriate authorities. However as explained to us the Company is yet to pay arrears ofIncome Tax of Rs.640465/- (excluding interest accrued on above) (Previous Year-Rs.640465/-) for Asst. Year 2010-11 and Export Tax of Rs.341330/- (PreviousYear-Rs.341330/-)

b. According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income Tax Service TaxSales Tax Wealth Tax and other material statutory dues were outstanding at the year endfor a period of more than six months from the date they became payable.

c. According to the records of the Company no dues of Income Tax Service Tax WealthTax Sales Tax Value Added Tax etc. are outstanding on account of any dispute. The onlydisputed Case of demand of Central Excise Duty of Rs.532800/-for the year 2007-08 whichwas under appeal with the Customs Excise & Service Tax Appellate Tribunal Delhi hasbeen settled/cleared and paid along with Penalty of Rs.532800/- and interest ofRs.275616/- during the financial year 2014-15.

d. According to the information and explanations given to us the amount required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act1956 (1 of 1956) and rules made there under has beentransferred to such fund within time.

8. The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses during the current and immediately preceding financial year.

9. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to its bankers. The Company did not haveany outstanding dues to any financial institution or debentures holders during the year.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from Banks or Financial Institutions.

11. In our opinion and according to the information and explanations given to us theCompany has not raised any term loans during the year.

12. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the Company has been noticed or reportedduring the year.

For: R.Kini & Associates
Chartered Accountants
Firm Regn. No.116134W
Place: Bhopal R.Kini
Date: 15th May 2015 Proprietor- M.No.021611

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