A and M Jumbo Bags Ltd.
|BSE: 535046||Sector: Industrials|
|NSE: AMJUMBO||ISIN Code: INE749Y01014|
|BSE 05:30 | 01 Jan||A and M Jumbo Bags Ltd|
|NSE 05:30 | 01 Jan||A and M Jumbo Bags Ltd|
|BSE: 535046||Sector: Industrials|
|NSE: AMJUMBO||ISIN Code: INE749Y01014|
|BSE 05:30 | 01 Jan||A and M Jumbo Bags Ltd|
|NSE 05:30 | 01 Jan||A and M Jumbo Bags Ltd|
To The Members A AND M JUMBO BAGS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of the A AND M JUMBO BAGS LIMITEDwhich comprise of the Balance Sheet as at 31st March 2019 the Statement ofProfit and Loss for the year ended Cash Flow Statement Statement of changes in equityfor the year ended and a summary of significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Ind As 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 preparationand presentation of these Ind AS financial statements that give a true and fair view ofthe financial position financial performance and cash flows and changes in equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards specified under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We conducted our audit in accordance with the Standards on Auditing issuedby the Institute of Chartered Accountants of India as specified u/s 143(10) of the act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Ind AS financial statements arefree from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS 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 control relevant to the Company s preparation and fairpresentation of the Ind AS financial statements in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onthe effectiveness of the entity s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of the Ind ASfinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe 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 2019; ii. in the case of the statement of profit and loss of the profit for theyear ended on that date. iii. in the case of the statement of Cash Flow for the yearended on that date. iv. in the case of change in Equity for the year ended on that date.
The comparative financial information of the Company for the year ended 31st March 2018and the transition date opening Balance Sheet at 1st April 2017 prepared in accordancewith Ind AS included in these Ind AS financial statements have been audited by us and haveexpressed an unmodified opinion.
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 subsection (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the order.
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 appears from our examination of those books.
c. The Balance Sheet The Statement of Profit and Loss The statement of change inequity and The statement of Cash Flow dealt with by this Report are in agreement with thebooks of account.
d. in our opinion the aforesaid Ind AS Financial Statements comply with the IndianAccounting Standards Specified under Section 133 of the Companies Act 2013 read with Rule7 of the Companies (Accounts) Rules 2014;
e. on the basis of written representations received from the directors as on 31stMarch 2019 and taken on record by the Board of Directors none of the directors isdisqualified as on 31stMarch 2019 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.
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 B ; and
g. with respect to the other matters to be included in the Auditors 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 explanations given to us :
I. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.
II. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
III. The Company is not required to transfer the amount to the Investor Education and Protection Fund and As per our report of even date
ANNEXURE A TO THE AUDITOR'S REPORT
Referred to in paragraph 1 under the heading `Report on other legal and regulatoryrequirements' of our report of even date to the financial statements of the Company forthe year ended on March 31 2019
Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:
(i) (a) Company is maintaining proper records showing full particulars includingquantitative Details and situation of fixed assets.
(b) These fixed assets have been physically verified by the management at reasonableIntervals; we have further informed that no material discrepancies were noticed on suchVerification.
(c) The title deeds of the properties held by the company are held in it's name.
(ii) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management;
(b) The company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.
(iii) The company has not granted any loans secured or unsecured to companies firmsLLP's or other Parties covered in the register maintained under section 189 of theCompanies Act except those in the nature of contractual obligations.
(iv) The Company has not provided loan Guarantees and Securities in respect of whichthe provisions of Section 185 and 186 of the companies act 2013 are applicable. Thecompany has complied with the provision of section 185 and 186 of companies act 2013 withrespect to loan and investment made.
(v) In our opinion and according to information and explanation given to us the companyhas not taken any deposit pursuant to provision of Section 73 to 76 of the Companies act2013
(vi) We have broadly reviewed the cost records maintained by the company pursuant tosection 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records whether they are complete or accurate.
(vii) (a) Based on the records produced before us the company is regular in depositingundisputed statutory dues like providend fund ESIC income-tax GST duty of customsduty of excise value added tax cess and any other statutory dues.
(b) According to information and explanation given to us there is no dues of providendfund ESIC income tax or sales tax or GST or wealth tax or service tax or duty of customsor duty of excise or value added tax or cess which have not been deposited on account ofany dispute.
(viii) The company has not defaulted in repayment of dues to a financial institution orbank. We have been informed that the company has not issued any Debenture during the year.
(ix) According to the informations & explanations given to us term loans in thebooks of account were used for the purpose it was taken.
(x) According to the informations & explanations given to us no fraud by thecompany or any fraud on the Company by its officers or employees has been noticed orreported during the year.
(xi) Provisions of section 197 read with Schedule V to the Companies Act 2013 relatedto managerial remuneration is applicable to company. The company has paid Total managerialremuneration of Rs. 4120000/-.
(xii) Provisions specified in Nidhi Rules 2014 are not applicable to company.
(xiii) According to the informations & explanations given to us all transactionswith the related parties are in compliance with sections 177 and 188 of Companies Act2013 and the details have been disclosed in the Financial Statements etc. as required bythe applicable accounting standards.
(xiv) According to the informations & explanations given to us the company has notmade preferential allotment or private placement of shares or fully or partly convertibledebenture during the year under review.
According to the informations & explanations given to us during the year on 31stOctober 2018 the Company has issued Non Cumulative Non convertible Redeemable 332230Preference shares of Rs. 100/- each to Analben for consideration other than cash beingland purchased.
(xv) According to the informations & explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him sothe provisions of section 192 of Companies Act 2013 are not applicable to company.
(xvi) Provisions of section 45-IA of the Reserve Bank of India Act 1934 are notapplicable to company.
ANNEXURE B TO THE AUDITOR'S REPORT
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 A & MJumbo Bags Limited (the Company') as of 31 March 2019 in conjunction with our auditof the financial statements of the Company for the year 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 (ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
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 byICAI and deemed to be prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 auditors' 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 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 authorizations of themanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.
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 31 March 2019 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.