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Shri Jagdamba Polymers Ltd.

BSE: 512453 Sector: Industrials
NSE: N.A. ISIN Code: INE564J01026
BSE LIVE 11:41 | 24 Nov 153.30 0
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153.30

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 153.30
PREVIOUS CLOSE 153.30
VOLUME 600
52-Week high 153.34
52-Week low 56.07
P/E 15.94
Mkt Cap.(Rs cr) 135
Buy Price 153.30
Buy Qty 7204.00
Sell Price 0.00
Sell Qty 0.00
OPEN 153.30
CLOSE 153.30
VOLUME 600
52-Week high 153.34
52-Week low 56.07
P/E 15.94
Mkt Cap.(Rs cr) 135
Buy Price 153.30
Buy Qty 7204.00
Sell Price 0.00
Sell Qty 0.00

Shri Jagdamba Polymers Ltd. (SHJAGDAMBAPOL) - Auditors Report

Company auditors report

To

The Members of

Shri Jagdamba Polymers Limited Ahmedabad

Report on the Financial Statements:

We have audited the accompanying standalone financial statements of Shri JagdambaPolymers Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss and 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:

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 preparationof these standalone financial statements that give a true and fair view of the financialposition and financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance 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:

Our responsibility is to express an opinion on standalone financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India specified under Section 143 (10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditors considers internal control relevant to the Company’s preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

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:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

(ii) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(iii) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143 (11) of theAct we give in the Annexure "A" a statement on the matters specified inparagraphs 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 ourknowledge 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 Standalone 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 a Director interms of Section 164 (2) of the Act.

f. With respect to the adequacy of internal financial controls over financial reportingof the Company and operating effectiveness of such controls our separate report inAnnexure "B" may be referred;

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) Rules 2014 in our opinionand 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 financialposition;

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii. There has been no delay in transferring the amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The company has provided requisite disclosure in the financial statements as toholdings as well as dealings in specified Bank Notes (SBN) during the period from 08thNovember 2016 to 30th December 2016. Based on audit procedure and relying themanagement representative we report that the disclosures are in accordance with the booksof accounts maintained by the Company and as produced to us by the Management. (Refer toNote No. 31 to the Financial Statements)

For Loonia& Associates.
Chartered Accountants
(Firm Registration No.130883W)
SD/-
Place: Ahmedabad Hitesh Loonia
Date: May 30 2017 (Proprietor)
Membership No. - 135424

Annexure A to Independent AuditorsRs Report

Referred to in Paragraph 1 under the heading of "report on other legal andregulatory 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 includingquantitative 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 themanagement during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its fixed assets. Nomaterial discrepancies were noticed on such physical verification.

c) The title deed of all Immovable Properties of the Company shown under the FixedAssets schedule are held in the name of the Company.

2. In respect of the Company’s 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 maintainedproper records of inventories. As explained to us there was no material discrepanciesnoticed 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 notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained u/s. 189 of the Companies Act 2013. Accordingly paragraph 3 (iii)(a) 3 (iii) (b) & 3 (iii) (c) of the order are not applicable to the company.

4. In our opinion and according to the information and explanation given to us inrespect of loans investments and guarantees the provisions of Section 185 and 186 of theCompanies Act 2013 have been complied with.

5. The Company has not accepted any deposit to which provisions of Sections 73 to 76 orany other relevant provisions of the Act and the rules framed there under and thedirections issued by RBI are applicable.

6. According to the information and explanations provided by the Company the CentralGovernment has not prescribed to Maintenance of cost records under Section 148(1) of theCompanies Act 2013 in respect of product of the Company.

7. In respect of statutory dues:

a) According to the information and explanations furnished to us and according to ourexamination of the records of the Company the Company has been regular in depositing theundisputed statutory dues including provident fund employee state insurance sales taxwealth tax service tax income tax custom duty excise duty value added tax cess andother material statutory dues have been generally regularly deposited with appropriateauthorities wherever applicable to it and no undisputed amounts in respect of materialstatutory dues were in arrears as at March 31 2017 for a period of more than six monthsfrom the date they became payable.

b) According to information and explanation given to us and based on the records ofthe Company examined by us the particulars of dues of Income Tax Sales Tax Service Taxor duty of custom or duty of excise or value added tax or cess and other statutory bodieswhich have remained outstanding as on 31st March 2017 on account of anydispute is as follows:-

Statute Nature of dues Amount in Lakhs Period to which the amount relates Forum where the dispute is pending
Central Excise Act 1944 Service Tax (Including Penalty) 17.19 2010-11 to 2014-15 Commissioner of Central Excise Appeals Ahmedabad

8. Based on our audit procedures and according to the information and explanation givento us we are of the opinion that the Company has not defaulted in the repayment of duesto financial institutions banks and Governments. The Company does not hold anydebentures.

9. In our opinion and according to the information and explanation given to us theterm loans were applied for the purpose for which they were obtained. Further Company hadnot raised money by way of initial public offer or further public offer (including debtinstruments).

10. During the course of our examination of the books and records of the Companycarried out in accordance with the auditing standards generally accepted in India we haveneither come across any instance of material fraud on or by the Company noticed orreported during the course of our audit nor have we been informed of any such instance bythe Management.

11. The Managerial remuneration has been paid / provided in accordance with therequisite 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 ofclause 3(xii) of the Companies (Auditors Report) order 2016 are not applicable to thecompany.

13. During the year all the transactions with the related parties were done with thecompliance with Section 177 and 188 of the companies act 2013 and details of the samehave been disclosed in the Financial Statements as required by the applicable accountingstandards.

14. The Company had not made any preferential allotment or private placement of sharesor debentures during the year and therefore clause 3(xiv) of the order is not applicableto the company.

15. The Company had not entered into any non-cash transactions with Directors andpersons connected with him as stipulated u/s 192 of the Act and therefore clause 3(xv) ofthe order is not applicable to the company.

16. The Company has not carry on business of NBFC so registration under section 45-IAof Reserved Bank of India Act 1934 is not required to the company.

For Loonia& Associates.
Chartered Accountants
(Firm Registration No.130883W)
SD/-
Place: Ahmedabad Hitesh Loonia
Date: May 30 2017 (Proprietor)
Membership No. - 135424

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial Statements of Shri Jagdamba Polymers Limited.

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 ShriJagdamba Polymers Limited ("the Company") as of 31st March 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 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.

Auditor’s 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 judgment 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 controlssystem over 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Loonia& Associates. Chartered Accountants
(Firm Registration No.130883W)
SD/-
Place: Ahmedabad Hitesh Loonia
Date: May 30 2017 (Proprietor)
Membership No. - 135424