You are here » Home » Companies » Company Overview » Jyoti Resins and Adhesives Ltd

Jyoti Resins and Adhesives Ltd.

BSE: 514448 Sector: Industrials
NSE: N.A. ISIN Code: INE577D01013
BSE LIVE 11:30 | 11 Dec 65.90 3.10
(4.94%)
OPEN

65.90

HIGH

65.90

LOW

65.90

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 65.90
PREVIOUS CLOSE 62.80
VOLUME 56
52-Week high 224.95
52-Week low 57.00
P/E
Mkt Cap.(Rs cr) 26
Buy Price 65.90
Buy Qty 4216.00
Sell Price 0.00
Sell Qty 0.00
OPEN 65.90
CLOSE 62.80
VOLUME 56
52-Week high 224.95
52-Week low 57.00
P/E
Mkt Cap.(Rs cr) 26
Buy Price 65.90
Buy Qty 4216.00
Sell Price 0.00
Sell Qty 0.00

Jyoti Resins and Adhesives Ltd. (JYOTIRESINS) - Auditors Report

Company auditors report

To The Members of JYOTI RESINS AND ADHESIVES LTD

Report on the Financial Statements

We have audited the accompanying (Standalone) financial statements of JYOTI RESINS ANDADHESIVES LTD ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss Cash Flow Statement for the year then ended 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 Act 2013 ("the Act") with respect to the preparation ofthese (Standalone) financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 and Accounting Standard 30 "Financial Instruments". Recognition andMeasurements issued by the Institute of Chartered Accountants of India to the extent itdoes not contradict any other Accounting Standard referred to in Section133 of the Actread with Rule 7 of the Companies (Accounting) Rules 2014. This responsibility includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable & prudent design implementation &maintenance of adequate Internal Financial Controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Financial Statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

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 thereunder.

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.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

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 a) In the case of Balance Sheet of the state ofaffairs of the Company as at March 31 2017; a) In the case of Statement of Profit andLoss of the Profit for the year ended on that date; and b) In the case of Cash FlowStatement of the 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) Order 2016 ("the Order")issued by the Central Government of India in terms of Sub-Section (11) of Section143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanation given to us wegive in the Annexure – B a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

2. 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 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 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 (Standalone) financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

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 - A".

g. in our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. In our opinion and as per the information and explanations provided to us theCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses.

iii. There has not been any occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund and thus thequestion of delay in transferring such sums does not arise.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well asdealings 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 accountsmaintained by the Company and as produced to us by the Management – Refer Note 31.

For Raman M. Jain & Co.

Chartered Accountants

Firm Registration No.: 113290W

Raman M. Jain

Partner

Membership No-045790

Place: Ahmedabad

Date: 30-05-2017

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to the financial statements of theCompany for the year ended March 31 2017:

1 In respect of Fixed Assets:

a) The Companyhas generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets;

b) the fixed assets have been physically verified by the management during the yearaccording to a phased program designed by the Company to cover all the items which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. In accordance with this program fixed assets have been physically verified by themanagement during the year and according to the information and explanations given to usno material discrepancies have been noticed on such verification;

c) The title deeds of immovable properties other than self-constructed immovableproperties as disclosed in fixed assets note to the Financial Statements are held in thename of Company.

2 In our opinion and according to the information and explanations given to usphysical verification of inventories has been conducted at reasonable intervals by themanagement during the year and discrepancies noticed on verification between the physicalstocks and book records were not material having regard to the size of the Company.

3 In respect ofloans secured or unsecured granted by the Company to CompaniesFirms LLP or other parties covered in the Register maintained under Section189 of theCompanies Act 2013 according to the information and explanation given to us.

The Company has not granted any secured or unsecured loans to Companies Firms LLP orother parties covered in the register maintained under Section189 of the Companies Act2013. Therefore the provisions of clause III of paragraph 3 of the aforesaid Order inour opinion are not applicable to the Company.

4 In our opinion and according to the information and explanations given to us theCompany has not granted any loans or given any guarantee or provided any security or madeany investment to any parties covered under Section 185 of the Act. The Company has notadvanced any loans or given guarantees or provided any security or made investmentspursuant to the provisions ofSection 186 of the Act.

5 In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public and hence the provisions ofSection73 to 76 or any other relevant provisions of the Companies Act 2013 andRulesframed thereunder with regard to the deposits accepted from the public are notapplicable to the Company.

6 We have broadly reviewed the books of accounts maintained by the Company pursuantto the Rules prescribed by the Central Government for maintenance of cost records underSub-Section (1) of Section 148 of the Companies Act 2013 for the business activitiescarried out by the Company and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made a detailedexamination for the same with a view to determine whether they are accurate or complete.

7 In respect of Statutory Dues:

(a) According to the records of the Company the Company is generally regular indepositing with appropriateauthorities undisputed statutory dues including provident fundinvestor education and protection fund employees' state insurance income tax sales taxwealth tax custom duty excise duty cess andother statutory dues if any. According tothe information and explanations given to us no undisputed amounts payable in respect ofincome tax wealth tax sales tax customs duty and excise duty etc. were outstanding asatMarch 31 2017 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax service tax value added tax wealthtax excise duty and cesswhich have notbeen deposited on account of any dispute.

8 In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans and borrowings to any banks or financialinstitutions or government. The Company has not issued any Debentures.

9 To the best of our knowledge and belief and according to information andexplanations given to us the Company has not raised moneys by way of initial public offeror further public offer (including debt instruments). However term loans obtained wereprima facie applied by the Company during the year for the purpose for which they wereraised.

10 To the best of our knowledge and belief during the course of our examination ofthe books and records of the Company carried out with the generally accepted auditingpractices in India and according to the information and explanations given to us we haveneither come across of any instances of material fraud by the Company or on the Company byits officers or employees noticed or reported during the year nor we have been informedof any such case by the management.

11 To the best of our knowledge and belief and according to the information andexplanations given to us managerial remuneration has been paid/ provided in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the Act.

12 As the Company is not Nidhi Company and the Nidhi Rules 2014 are not applicableto it; the provisions of Clause 3(xii) of the Order are not applicable to the Company.

13 To the best of our knowledge and belief and according to the information andexplanations given to us all the transactions with related parties are in compliance withthe provisions of Section 177 and Section 188 of the Act wherever applicable. The detailsof related party transactions have been disclosed in the Financial Statements as requiredunder Accounting Standard 18"Related Party Disclosures" specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

14 Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15 To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not entered into any non-cash transactions withits Directors or persons connected with them. Consequently the provisions of Clause 3(xv)of the Order are not applicable to the Company.

16 According to the nature of business of the Company the Company is not requiredto be registered under Section 45-IA of the Reserve Bank of India Act 1934.Consequentlythe provisions of Clause 3(xvi) of the Order are not applicable to the Company.

For Raman M. Jain & Co.

Chartered Accountants

Firm Registration No.: 113290W

Raman M. Jain

Partner

Membership No-045790

Place: Ahmedabad

Date: 30-05-2017

"Annexure B" to the Independent Auditor's Report of even date on theFinancial Statements of JYOTI RESINS AND ADHESIVES LTD

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 JYOTIRESINS AND ADHESIVES LTD ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 was 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Raman M. Jain & Co.

Chartered Accountants

Firm Registration No.: 113290W

Raman M. Jain

Partner

Membership No-045790

Place : Ahmedabad

Date : 30-05-2017