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Shree Jagdambe Paper Mills Ltd.

BSE: 531019 Sector: Industrials
NSE: N.A. ISIN Code: INE198F01013
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Shree Jagdambe Paper Mills Ltd. (SHJAGDAMBEPAP) - Auditors Report

Company auditors report

SHREE JAGDAMBE PAPER MILLS LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT TO The Members SHREK JAGDAMBE PAPER MILLS LTD., REGU ROAD, SIRSA We have audited the attached Balance Sheet of M/s Shree Jagdambe Paper Mills Ltd.,Sirsa as at 31st March, 2008 and the Annexed Profit. & Loss Account of the Company for the year ended on that, date annexed thereto and the Cash Flow statement for the year ended on that date. These financial statements are the responsibility of the Company's Management, Our responsibility is to express an opinion on these financial statements based on our audit, and. report that:- We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misste-ments. An audit includes examining, on a test basis, evidence supporting the amounts and, disclosures in the financial statements, An audit also includes assessing the accoutring principles used and significant, estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditor' Report) Order, 2003 issued by the Low Board in terms of section 227(4A) of Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate, we give in the Annexure to Statement on the matters specified in paragraph 4 and 5 of the said Order. 2. Further to our comments in. the Annexure referred to in paragraph (1) above, we report as under:- a) We have obtained all the information & explanations which to the best of 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 maintained by the Company, subject to Note No.(4), (5) & (6) of significant Accounting Policies in Part (A) of Schedule 18 and Note 4 to 7 in Notes to the Accounts of Part (B) of Schedule 18. 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 profit and loss account dealt by this report are in compliance with the Accounting Standard referred under section 211(3C) of the Companies Act, 1956. e) Our observations/comments having adverse effects on the functioning of the company have been made in thick wherever do they appear in the report. f) On the basis, of the written representation, received from directors/ as on 31st March, 2008 and taken on by the Board of Directors record no director is disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of Subsection (1) of section 274 of the Companies Act, 1956. In our opinion and to the best of information and according to the explanations given, to us, the said accounts read together with the accounting policies and notes apearing in Schedule 18 and subject to our comments in Annexure-II give the information required by the Companies Act,1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2008. ii) In the case of the Profit & Loss Account of the Profit for the year ended on 31st March, 2008. iii) In the case of cash flow statement of the cash flows for the year ended on that day. FOR BHUDLADIA & COMPANY CHARTERED ACCOUNTANTS (S.K. JAIN) PARTNER PLACE : SIRSA DATED : The 9th day of July, 2008. ANNEXURE-I TO THE AUDITOR'S REPORT (Referred to in paragraph-1 of the Report of even date on the statement of accounts of M/s Shree Jagdambe Paper Mills Ltd., - Sirsa for the year ended on 31st March, 2008). 1. a) The Company has maintained proper record showing full particulars including quantitative details & situation of Fixed Assets. b) We are informed that Fixed Assets have been physically verified by the Management during the year and no material discrepancies was reveled on such varification. c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and therefore, do not affect, the going concern assumption. 2. a) Inventories (except stock with third party and in transit) have been physically verified by the Management to the extent practicable at reasonable intervals during the year or at the year end at all locations of the Company. b) Procedures for physical verification of the inventories followed by the Management are reasonable and adequate in relation to the size of the company and nature of its business. c) In our opinion the Company is maintaining proper records of inventory. The discrepancies noticed on such verification as compared to the book records were not material having regard to the size and nature of the operations of the Company and have been properly adjusted in the books of account. 3. a) The Company has not granted any Loan, Secured or Unsecured to/from Companies, Firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. b) Since there are no such loans, the Comments regarding terms and conditions, receipt of the principal amount and interest thereon and overdue amount are not required. 4. In our opinion and. according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and with regard to sale of goods and services. Further on the basis of our examination of the books and record of the Company carried out in accordance with generally accepted auditing practices in India, we have neither come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control procedure. 5. a) Based upon the audit procedures applied by us and according to information and explanations given to us, there are no particulars of contracts or arrangements, that needed to be entered into the register maintained under section 301 of the, Companies Act, 1956. b) In our opinion, and according to the information and explanations given to us, there are no transactions made in pursuance in contracts or arrangements entered in the register maintained under section 301 of the Act. 6. In our opinion and according to the information and explanations given to us, we are of the opinion that the Company has not accepted any deposits from the public under provisions of section 58A & 58AA or any other relevant provision of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rule, 1975. 7. In our opinion, the Company has an internal audit system commensurate with size and nature of its business. 8. We have broadly reviewed the books of accounts maintained by the company pursuant to the order made by the Central Government for maintenance of cost record under Section 2Q9(l)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have how ever not made detailed examination of the record, with a view to determine whether they are accurate or complete, 9. a) The Company has regularly deposited during the year statutory due including provident fund, income-tax, wealth-tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it with appropriate authorities. b) According to the information and explanations given to us, and as per books of records examined by us, there are no dues of income-tax, custom duty, wealth-tax, and cess, which have not been deposited on account of any dispute. 10. There are no accumulated, losses of the Company at the end of the financial year and in the immediately financial year. 11. According to the information and explanations given to us, and as per books of records examined by us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders, 12. According to information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion the Company does not fall with in the category of chit fund, nidhi/mutual benefit fund/society and hence the related reporting requirement is not applicable. 14. According to the information and explanations & given to us, the Company is not dealing or trading in shares, securities, debentures arid other investments and hence the related reporting requirements are not applicable. 15. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee against loans taken by others from banks or financial institutions the terns arid conditions whereof are prejudicial to the interest of the Company. 16. In our opinion, and according to the information and explanations given to us, the term loan raised during the year by the company have been applied for the purpose for which the said, loans were obtained where such end use has been stipulated by the lenders. 17. According to the information, and explanations given to us and as per the books of records examined by us, as on the date the Balance Sheet, the funds raised by the Company on short term basis have not been applied for long term investments. Long term funds have been partly applied for financing core working capital in consonance with principles of sound financial management. 18. The Company has not made any preferential allotment of shares to parties and Companies: covered in the Register maintained under section 301 of the Companies, 1956. 19. The Company has not raised any money by way of issue of debentures. 20. The Company has not raised any money by way of Public Issue during the year. 21. During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed and reported during the year, nor have been informed of such case by the management. FOR BHUDLADTA & COMPANY CHARTERED ACCOUNTANTS (S.K.JAIN) PARTNER. PLACE: SIRSA DATED: The 9th day of July, 2008. ANNEXURE-TI TO THE AUDITORS REPORT (Referred to in paragraph (2) of our report of even date to the share holders of M/s Shree Jagdambe Paper Mills Ltd., Sirsa on the accounts for the year ended on 31.03.2008) i) Liability for gratuity and encashment, of leave has been accounted for on cash basis. ii) Interest on post office saving bank account has been accounted for on cash, basis. ill) Since, it is not possible to ascertain with, reasonable accuracy the quantum to be provided, for in respect of liabilities of taxes and other unforeseen claim the same are continued to be accounted for on settlement/payment basis. iv) Balance in personal accounts are unconfirmed. v) Stores & spares consumption and Salary/Wages include partly for repair & maintenance. For BHUDLADIA & COMPANY CHARTERED ACCOUNTANTS (S.K.Jain) PARTNER PLACE: SIRSA DATED: The 9th day of July, 2008.